CHARITY REGISTRATION NUMBER: 280611
Celestial Church of Christ Elephant & Castle Parish Unaudited Financial Statements
31 December 2021
TURPIN BARKER ARMSTRONG
Chartered Certified Accountants Allen House 1 Westmead Road Sutton Surrey SM1 4LA
Celestial Church of Christ Elephant & Castle Parish
Financial Statements
Year ended 31 December 2021
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 14 |
Celestial Church of Christ Elephant & Castle Parish
Trustees' Annual Report
Year ended 31 December 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2021.
Reference and administrative details
Registered charity name Celestial Church of Christ Elephant & Castle Parish Charity registration number 280611 Principal office 187 Glengall Road London SE15 6RN
The trustees
A Kupoluyi B Aina QC Dr S Idowu (Appointed 31 January 2021) Mr S Ogunsami (Appointed 25 July 2021) Independent examiner Bradley Suckling BSc (Hons) FCCA For and on behalf of turpin barker armstrong Allen House 1 Westmead Road Sutton Surrey SM1 4LA
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
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.
Objectives and activities
To advance the Christian religion by propogating the doctrines of the Celestial Church of Christ throughout the UK and Ireland, as espoused by our lord Jesus Christ.
Achievements and performance
Details of performance in the year can be found on page 4.
Financial review
Details of the charity's financial position can be found on pages 4 and 5.
1
Celestial Church of Christ Elephant & Castle Parish
Trustees' Annual Report (continued)
Year ended 31 December 2021
The trustees' annual report was approved on 24 July 2022 and signed on behalf of the board of trustees by:
B Aina QC Trustee
2
Celestial Church of Christ Elephant & Castle Parish
Independent Examiner's Report to the Trustees of Celestial Church of Christ Elephant & Castle Parish
Year ended 31 December 2021
I report to the trustees on my examination of the financial statements of Celestial Church of Christ Elephant & Castle Parish ('the charity') for the year ended 31 December 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Bradley Suckling BSc (Hons) FCCA For and on behalf of turpin barker armstrong Independent Examiner
Allen House 1 Westmead Road Sutton Surrey SM1 4LA
3
Celestial Church of Christ Elephant & Castle Parish
Statement of Financial Activities
Year ended 31 December 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 345,098 | 345,098 | 254,847 |
| Charitable activities | 5 | 71,100 | 71,100 | 43,124 |
|
|
|
||
| Total income | 416,198 | 416,198 | 297,971 | |
|
|
|
||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of raising donations and legacies | 6 | 251,459 | 251,459 | 329,130 |
| Expenditure on charitable activities | 7,8 | 26,434 | 26,434 | 27,791 |
|
|
|
||
| Total expenditure | 277,893 | 277,893 | 356,921 | |
|
|
|
||
|
|
|
||
| Net income/(expenditure) and net movement in funds | 138,305 | 138,305 | (58,950) | |
|
|
|
||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,058,621 | 1,058,621 | 1,117,571 | |
|
|
|
||
| Total funds carried forward | 1,196,926 | 1,196,926 | 1,058,621 | |
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|
|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 12 form part of these financial statements.
4
Celestial Church of Christ Elephant & Castle Parish
Statement of Financial Position
31 December 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 14 | 1,026,437 | 1,032,908 |
| Current assets | |||
| Debtors | 15 | 76,284 | 131,105 |
| Investments | 16 | 5,053 | 5,165 |
| Cash at bank and in hand | 307,714 | 125,681 | |
|
|
||
| 389,051 | 261,951 | ||
| Creditors: amounts falling due within one year | 17 | 52,380 | 53,897 |
|
|
||
| Net current assets | 336,671 | 208,054 | |
|
|
||
| Total assets less current liabilities | 1,363,108 | 1,240,962 | |
| Creditors: amounts falling due after more than one year | 18 | 166,182 | 182,341 |
|
|
||
| Net assets | 1,196,926 | 1,058,621 | |
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|
||
| Funds of the charity | |||
| Unrestricted funds | 1,196,926 | 1,058,621 | |
|
|
||
| Total charity funds | 19 | 1,196,926 | 1,058,621 |
|
|
These financial statements were approved by the board of trustees and authorised for issue on 24 July 2022, and are signed on behalf of the board by:
B Aina QC Trustee
The notes on pages 6 to 12 form part of these financial statements.
5
Celestial Church of Christ Elephant & Castle Parish
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 187 Glengall Road, London, SE15 6RN.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
6
Celestial Church of Christ Elephant & Castle Parish
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
7
Celestial Church of Christ Elephant & Castle Parish
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Freehold property | - | 0% straight line |
|---|---|---|
| Plant and machinery | - | 25% reducing balance |
| Fixtures and fittings | - | 25% reducing balance |
| Motor vehicles | - | 25% reducing balance |
| Equipment | - | 25% reducing balance |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
8
Celestial Church of Christ Elephant & Castle Parish
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations / collections | 337,281 | 337,281 | 181,355 | 181,355 |
| Donations - gift aid | – | – | 55,231 | 55,231 |
| Grants | ||||
| Grants receivable - Bexley Council | – | – | 10,000 | 10,000 |
| Grants receivable - CJRS | 7,817 | 7,817 | 8,261 | 8,261 |
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|
|
| 345,098 | 345,098 | 254,847 | 254,847 | |
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5. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Income from non-investment property | ||||
| in furtherance of the charity's objects | 71,100 | 71,100 | 43,124 | 43,124 |
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|
9
Celestial Church of Christ Elephant & Castle Parish
Notes to the Financial Statements (continued)
Year ended 31 December 2021
6. Costs of raising donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations and legacies | |||||
| - Donations | 251,459 | 251,459 | 329,130 | 329,130 | |
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| 7. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Support costs | 26,434 | 26,434 | 27,791 | 27,791 | |
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| 8. | Expenditure on charitable activities by activity type | ||||
| Total funds | Total fund | ||||
| Support costs | 2021 | 2020 | |||
| £ | £ | £ | |||
| Donations | 26,434 | 26,434 | 27,791 | ||
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| 9. | Analysis of support costs | ||||
| Total 2021 | Total 2020 | ||||
| £ | £ | ||||
| Finance costs | 5,828 | 3,133 | |||
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| 10. | Net income/(expenditure) | ||||
| Net income/(expenditure) is stated after charging/(crediting): | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 6,471 | 8,627 | |||
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||||
| 11. | Independent examination fees | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 3,888 | 3,888 | |||
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| 12. | Staff costs |
The average head count of employees during the year was 2 (2020: 2).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
10
Celestial Church of Christ Elephant & Castle Parish
Notes to the Financial Statements (continued)
Year ended 31 December 2021
13. Trustee remuneration and expenses
One trustee, Dr S Idowu, received remuneration during the year ended 31st December 2021.
14. Tangible fixed assets
Freehold property is included in the account at its historic cost. The trustees believe that the value of this property has increased significantly and will be seeking an independent valuation to confirm market value.
15. Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Prepayments and accrued income | 5,732 | 5,322 | |
| Other debtors | 70,552 | 125,783 | |
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| 76,284 | 131,105 | ||
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| 16. | Investments | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Other investments | 5,053 | 5,165 | |
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| 17. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Bank loans and overdrafts | 17,776 | 17,747 | |
| Trade creditors | 13,982 | 18,533 | |
| Accruals and deferred income | 4,510 | 3,500 | |
| Social security and other taxes | 16,112 | 14,117 | |
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| 52,380 | 53,897 | ||
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| 18. | Creditors: amounts falling due after more than one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Bank loans and overdrafts | 166,182 | 182,341 | |
|
|
11
Celestial Church of Christ Elephant & Castle Parish
Notes to the Financial Statements (continued)
Year ended 31 December 2021
19. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 | January 202 | 31 | December | ||
| 1 | Income | Expenditure | 2021 | ||
| £ | £ | £ | £ | ||
| General funds | 1,058,621 | 416,198 | (277,893) | 1,196,926 | |
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| At | At | ||||
| 1 | January 202 | 31 | December | ||
| 0 | Income | Expenditure | 2020 | ||
| £ | £ | £ | £ | ||
| General funds | 1,117,571 | 297,971 | (356,921) | 1,058,621 | |
|
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20. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Tangible fixed assets | 1,026,437 | 1,026,437 |
| Current assets | 389,051 | 389,051 |
| Creditors less than 1 year | (52,380) | (52,380) |
| Creditors greater than 1 year | (166,182) | (166,182) |
|
|
|
| Net assets | 1,196,926 | 1,196,926 |
|
|
|
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Tangible fixed assets | 1,032,908 | 1,032,908 |
| Current assets | 261,951 | 261,951 |
| Creditors less than 1 year | (53,897) | (53,897) |
| Creditors greater than 1 year | (182,341) | (182,341) |
|
|
|
| Net assets | 1,058,621 | 1,058,621 |
|
|
12
Celestial Church of Christ Elephant & Castle Parish
Year ended 31 December 2021
Management Information
The following pages do not form part of the financial statements.
13
Celestial Church of Christ Elephant & Castle Parish
Detailed Statement of Financial Activities
Year ended 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations / collections | 337,281 | 181,355 |
| Donations - gift aid | – | 55,231 |
| Grants receivable - Bexley Council | – | 10,000 |
| Grants receivable - CJRS | 7,817 | 8,261 |
|
|
|
| 345,098 | 254,847 | |
|
|
|
| Charitable activities | ||
| Income from non-investment property in furtherance of the charity's | ||
| objects | 71,100 | 43,124 |
|
|
|
|
|
|
| Total income | 416,198 | 297,971 |
|
|
14
Celestial Church of Christ Elephant & Castle Parish
Detailed Statement of Financial Activities (continued)
Year ended 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Costs of raising donations and legacies | ||
| Wages and salaries | 19,862 | 21,142 |
| Light and heat | 12,954 | 12,085 |
| Repairs and maintenance | 70,944 | 183,849 |
| Vehicle leasing/hire | 2,000 | 150 |
| Other motor/travel costs | 7,428 | 2,491 |
| CCBI Director expenses | 2,000 | 2,400 |
| Telephone | 1,635 | 1,594 |
| Other office costs | 24,194 | 23,828 |
| Pastoral fund contributions | 9,042 | 3,785 |
| Pastor's visit | 7,250 | – |
| Nursery | 430 | – |
| Choir and Sunday School | 16,199 | 9,992 |
| Harvest | 6,186 | – |
| Christ Castle magazine | 4,630 | 1,400 |
| Spiritual and prophets | 1,078 | 286 |
| Hospitality and refreshment | 9,879 | 8,405 |
| Youth and womens ministries | 10,339 | 3,700 |
| Welfare / charity | 42,209 | 54,023 |
| Evangelical ministries | 3,200 | – |
|
|
|
| 251,459 | 329,130 | |
|
|
|
| Expenditure on charitable activities | ||
| Rent | 3,680 | 4,074 |
| Insurance | 5,322 | 5,285 |
| Legal and professional fees | – | 1,000 |
| Telephone | 5,022 | 5,672 |
| Depreciation | 6,471 | 8,627 |
| Impairment | 111 | – |
| Interest on bank loans and overdrafts | 5,828 | 3,133 |
|
|
|
| 26,434 | 27,791 | |
|
|
|
|
|
|
| Total expenditure | 277,893 | 356,921 |
|
|
|
|
|
|
| Net income/(expenditure) | 138,305 | (58,950) |
|
|
15