THE SALIGHT FOUNDATION LIMITED ANNUAL REPORT AND FINANCL4L STATEMENTS ST FOR THE YEAR ENDED 31 DECEMBER 2018 Company Registration Number: N1035732 Charities Registration Tr¥umber: NIC105155
THE SALIGHT FOUNDATION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 CONTENTS Pages Report of the Trustees Independ¢nt Auditors Report Statement of Finan¢ial Activities (incorporating income and expenditure account) Statement of Finan¢ial PositionlBalante Sheet Cash Flow Statement 10 Notes to the financial statements
THE SALIGHT FOUNDATION LIMITED REPORT OF THE DIRECTORS (INCORPOIL4TINC TRUSTEES, REPORT) Th¢ Directors {who ar¢ also the tru5tce5) are pleased to present their annual report together with the financial statements of the charity for ihe year ending 3 1 December 2018, whi¢h are prepared to meei the requireinents for a directors, report and ac¢ounts for Companies Act purposes. The directors have adopted the provisions of the Companies Act 2006 and Ac¢ouniing and Reportinu by Charities.. Statement of Recommended Practice applicable to charities prepaTing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP - FRSI 02), in preparing the annual report and financial statements of the charity. Financial review and funds polity During the year the Charity received donations and interest for distribution totalling £328.773 and made payments of £93,982 towards a nurnber of ¢haritable activities along with payments of £53.996 to cover the operating costs of the Charity. The net incoming resources for the year aTnounting to £180,795 as Shown in the statement of financial activiti¢s n page 8 have been transferred to the company's funds. At the year end the ChaTity had £204,705 of ¢ash funds available for distribution. The company plans to cont2nue its activities in the forthcoming y&4rs. Objectives and Activities (and how they deliver publie benefit) The Objects of the Charity are.. To promote th¢ benefit of the inhabitants of Northern Ireland without distinction of sex, sexual orientation, race or of political, religious or other opinion by associating together with the said inhabitants and the local authorities, voluntary and oiher organisations in a common effort to relieve PL)verty and advance educatitsn and to provide facilities in the snterests of social welfare forthe recreation and leisure-titne occupation with the objeet of improving the conditions of life for the said inhabitants. To advan¢¢ the Christian religion. The main aim ofthe Charity is to reach outto both individuals and charities in the local community and practically express God's Love. The Charity financially supports organisations whose objective is to advance the Christian faith without prejudice or discrimination. As a result of this financial assistance, and the endeavour5 of the employees of the Chariry, we believe that we positively impact and improve lives of both individuals and familEes for the better. The Charity and its employees are willing to help anyone who finds themselves in hardship or distress. This in turn allow us to witness and share our Christsan faith, and through this lives are improved. People move away from poverty. addiction and deprivation to live new lives and come to know Jesus Christ. One of the objectives of the Charity is to promote the benefit of the public of Northern Ireland by associating wtih local authorities, voluntary and other organisations including churches in a Common effort to relieve poverty, to advance education and to provide facilities in the interestg of so¢ial welfare for recreation and leisure time occupation. This is achieved through assisting people from areas of social and economic deprivation both financially and practically as well as eneouragEng children and adults to develop as individuals and become active members of the community thereby increasing feelings of eonfidence and self-worth. It also seeks to provide children, young people. adults and elderly members of the community with th¢ opportunity to take part in recreational and creative events which is a direct benefit to individuals by providing a platfomi for p¢ople to interact, socialise and build relationships with their peers.. this is also an indirect benefit for the public as there is an improvement in social behaviour. The Charity will also meet the public benefit by seeking to advance the Christian faith which will be a direct benefit to people and an indirect benefit to the public due to the teaching of moral standards. This 5trengihens faTnilies and en¢ourage5 individuals to become more active citizens and make better lifesiyle choices leading to a reduction in homelessness, addiction and poverty. Please note we hereby confirni that there is no private benefjt or potential harm from the objects of the Charity. The Trustees have had regard to the Charity Commission's Public Benefit requirement.
THE SALIGHT FOUNDATION LIMITED REPORT OF THE DIRECTORS (conrlnued) Reference and administrative details Registered charity name.. Charity CoinTnission registratiort number.. HMRC charity reference.. Company registration number.. Principle office and rebFsstered office: The Salight Foundation Limited NIC105155 XR27703 N1035732 42 Tully Road, Ballymen County Antrim BT44 8DG. Direetor% and Trusttts of the Company The directors who held offic¢ during ihe year were as follow5.. Mr JetTrey Wright Mr William Wright Mrs Amanda Knowles Strueture? governance and management The Company is a charity limited by guarantee without share capital. The Company is govemed by its Memorandum and Articles of Association daied 3 M8Tch 1999. In the event of the Company being wound up members are required to ¢ontribure an amount not exceeding £1 O. The Board is responsible for the overnll governance of the Company and is actively involved in the day to day management of the organisation. Directors are appointed in line with the Memorandum and Arti¢l¢s of Association of the company. The Board of Directors are also known as Trustees for the purpos¢s of the Ctwiry Commission. Risk rnanagement The directors have conducted a review of the major risks to which the charity is exposed. Financial risk is reviewed on a monthly basis having due regard to ongoing incolne and expenses. Statement of direetors, re$pon5ibilities The directors (who are the trustees of The Salighi Foundation Limited) are responsible for preparing the directors, report and the financial statements in accordance with appli¢able law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in a¢cordan¢e with United Kingdoln Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law the directors must not approve the financial statements unless they are satisfied that they give a rrue and fair view of the state of affairs of the charitable eompany and of the incoming resources and application of resources, including income and expenditure for that period. In preparing these financial statetnents, the directors are required to= select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP-FRSIO2; tnake judgements and accounting estimates that are reasonable and PTudent' stat¢ whether applicable accounting standards have been followed, subject to any material departures disclosed and explained the financial statement., and pr¢pare the financial statemenis on the g02ng concern basis unless it 15 inappropriate to presume that the company will continue in business.
THE SALIGHT FOUNDATION LIMITED REPORT OF THE DIRECTORS (continued) Statement of directors, responsibilities (eonilnked) The directors are responsible forkeeping adequate accouniing records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial p05ltion of the charitable company and enable them to ensure that the financial statements comply with ihe 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 iNegularities. In the case of each director in office at the date the Directors. Report is approved.. 50 far as the director is aware, there is no relevant audit infomiation of which the ¢harity's auditors ar¢ unaware. and they have taken all the steps that they ought to have taken as a director in order to tnak¢ th¢m5elves aware of any relevant audit inforniation and to establish that the charitsble company's auditors are aware of that nforatIOn. Funds held as custodian trustee on bebalf of others The charity doe5 not hold any funds on beh21f of others. Auditors A resolution to appoEnt auditors will be proposed at the Annual General Meeting. STnall companies provision statement This report has been prepared in aLcordance with the speclal provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the Board on 26 June 2019 and signed on its b¢half by.. Amanda Knowles
THE SALIGHT FOUNDATION LIMITED INDEPENDENT AUDITORS REPORT TO THE MEMBERS OFTHE SALIGHT FOUNDATION LIMITED Opinion We have audited the financial statements of The Salight Foundation Limited for the year ended 31, December 2018, which ¢ompri5e the Statement of Financial Activities, Balance Sheet, Cash Flow and the related notes. The financial reportsllg framework that has been applied in their preparation is applicable law and Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2015)- (Charities SORP IFRS 102)). This report is made solely to the charitable company's directors, as a body. in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's directors those matters we are requir¢d to state to them in an auditor's report and for no other purpose. fo thc lIest ext¢nt permitied by law, we do not accept or assume rest>onsibility to anyone other than the chariiable company and its trustees as a body. for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements.. give a true and fair view of the State of the charitable company's affairs as at 3 Isi December 2018 and of its incoming resources and their application for the year then ended; have been properly prepar¢d in accordance with United Kingdotn Generally Accepted Accounting Practice- and have b¢¢n prepared in accordance with the requireTnents of the Companies Act 2006. Basis for opinio We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under ihose standards are further des¢ribed in the Auditor'5 responsibilities for the audit of the finaneial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that ar¢ relevant to our audit of the financial Statements the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS {UK) require us to report to you where.. the directors. use of the going ¢oncem basi5 of aCContIng in the preparatign of the financial statements is not appropriate. or the directors have not disclosed in the fInancial statements any identified material uncertaintle5 that rnay casi significant doubt about Company's ability to continue to adopi the going concern basi5 of accounting for a period of at least twelve months from the date when the financial statements are authoiised for issue. Other information The direaors are responsible for rhe other inforniation. The other information comprises the information included in the annual Teport. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, excepi to the extent oth¢rwise explicitly stated in our report. we do not ¢xpress any fonn of assurance conclusion thereon. In connection with our audit of the financial statement5, our responsibility is to read the other information and, in doing so. consider whether ihe other infomiation is materially inconsistent with the financial ststements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inctsnsistencies or apparent material misstatements, we are required to detem]ine whether there is a Tnaterial misstaiement in the financial statements or a material misstatement of th¢ other inforniation. If, based on the work we have perfonned. we con¢lude that there is a material misstatement of thi5 other infomiation, we are required to report that fact. We have nothing to report in this reLFard.
THE SALIGHT FOUNDATION LIMITED INDEPENDENT AUDITORS REPORT (evnlinued) Opinions on other Matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.- the inforniation given in the director5, report for the financial year for whi¢h the financial statements are prepared is consistent with the financial stat¢ments- and the directors, report has been prepared in accordance with applicable legal requir¢ments. Matters on whieh we are required to report by exception In the light of the knoi¥ledge and understanding of Company and its environment obtained in the course of the audit, we have not identified material misstaiements in the directors, report. We have nothing to report in respect of the followEng matter5 in relation to which the Companies Act 2006 requires Us to report to you if, in our opinion.. adequaie accounting records have not been kept by the Company, or returns adequate forouraudit hav¢ Dot been received froTn branches noi visited by us. or the financial statements ar¢ not in agreeTnent with the accounting records and retums. or certain disclosures of directors, remunerdtion specified by law are not made; or we have not received all the information and explanation5 we require for our audit.. or the director5 w¢r¢ not entitled to prepare the financial statements in cOrdanCe with the small companies regirne and take advantage of the small companies. exemptions in preparing the dir¢¢tors' report and from the requirernent to prepare a strategi¢ report. Responsibilities of directors As explalned more fully in ihe dir¢ctOTS' responsibilities statement set out on pages 3 - 4. the directors (who are klso the trustees of the charitable company) are responsible for the preparation of the financial statements and for bein¥ sat15fied that they give a true and fair view, and for such internal Control as the directors detemiine is necessary tu enable the preparation of financial statements that are free from material misstatement, whether due io fraud or error. In preparing the financial statements. the directors are responsible for assessing Company's ability to continue as a going concern, disclosing, as applicable. matter5 related to going toncem and using the goinbT conccrn basis of accounting unless the directors either int¢nd to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
THE SALIGHT FOUNDATION LIMITED INDEPENDENT AUDITORS REPORT (collilnued) Auditor's re5pon5ibilitTe5 for the audil oftht finaneial statements Our objeciives are to obtain reasonable assurance about whether the financial statements as a whole are free from Tnaterial misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material Tlli55taternent when it exists. Misstatements can arise from fraud or error and arc considered mat¢rial if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain prole55ional scepticism throughout the audit. We also= Identify and asse5S the risks of material mi55tatement of the financial ststements, whether due to fraud or error. design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting frorn error, as fraud may involve collusion, forgery, intentional omissions, misrepresenEation5, or the override of inteTnal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purkX)se of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of aceounting estirnates and related disclosures made by the directors. Conclude on the appropriateness of ihe directors. use of the going concern basis of accounting and. based on the audit evidence obtained, wh¢ther a material uncertainty exists related to events or conditions that may cast Significant doubl on the CoTnpany's ability to continue as a going concern. If we conclude Ihat a material uncertainty exists, we are required to diaw attention in our auditor's report to the related disclosures in the financial sratements or. if such disclosures are inadequate, to tnodify our opinion. Our conclusions are based on the audit evidence obtained up to ihe date of our auditor's report. However, future events or eonditions may cause the Company io cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures. and whether the financial statements represeni the underlying transactlolls and events in a manner that achieves fair presentation. We communicate with those charged with governanee regarding, among other matters, the planned scope and timing of the dudit and significant audit finding5, including any signific211t deficiencies in internal control that we identify during our audit. Peter Stevenson Senior 8tatutory Auditor For and on behalf of.. Stevenson and Wilson Chartered Accountants 22- 30 Broadway Avenue, Ballymena, BT43 7AA. 26 June2019
THE SALIGHT FOUNDATION LIMITED ST A TEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT 5T FOR THE YEAR ENDED 31 DECEMBER 2018 Unrestricted Funds 2018 Total Total 2018 2017 N(its Incoming resourees Donations re7ved Interesi received 328,726 47 328,726 47 150,000 36 Total income 328,773 328,773 150,036 Resources expended Charitable activities 147,978 147,978 205,699 Total ¢xpenditure 147.978 147,978 205,699 Net movement in funds 180,795 180,795 (55,663) Reconciliation of funds: Total funds brought forward 240.180 240,180 295,843 Total funds carried forward 420,975 420,97S 240.180 The statement of financial activities includes all gain5 and losses r¢cognised in the y&2r. All income and expenditure derives from continuing activities. The notes on pages I I to 15 forn) part of these a¢counts.
THE SALIGHT FOUNDATION LIMITED ST STATEMENT OF FINANCIAL POSITIONI BALANCE SHEET AS AT 31 DECEMBER 2018 Note 2018 2017 Current assets Debtors Cash at bank 217.429 204,705 422,134 221.179 23,539 244,718 Creditors: xmounts due within one year 1,159 4.538 Net current assets 1,159 240,180 Total net assets 10 420,975 240.180 Unrestricted funds General funds Total UrtrIcted funds 420,975 420,975 240,180 240,180 Total eharity funds 420,975 240,180 The financial statements have been prepared in accordance with rhe provisions applicable to companies subject to the Small companses, regime under The Companies Act 2006 and wirh Charities SORP-FRSIfj2. The notes on pages I I to 15 are an inte7 part of these financial statements. The financial statements on pages 8 to 15 were approved by the Board of Trustees on 26, June 2019 and signed on its behalf by.. Je Trustee Amanda Knowl¢s Trustee The notes on pages I I to 15 fonn part of these accounts.
THE SALIGHT FOUNDATION LIMITED ST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018 2018 2017 Cash flow from operating activities Net incomingl(outgoingl resources Decrease in debtors (D¢creaseyincrease in creditors Net eash inflow from incoming resourees 180.748 3,750 (3,379) 181.119 (55,699) 62,094 1,809 8,204 Returns on investrnents and serviLing of fTnanee Interest received 47 36 Net increase in cash for the year 181,166 8,240 Cash and cash equivalents at the beginning of the year 23539 15,299 Cash and cash equivalent at the end of the year 204.705 23,539 The notes on pages I I to 15 form part of these accounts. 10
THE SALIGHT FOUNDATION LIMITED ST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 l. Company informatio The Company is limited by guarnntee and is incorporated in Northern Ir¢land. The address of the registered office is 42 Tully Road, Portglenone, Ballymena, Co Antrim BT44 8DG. The financial statements were authorised for issue by the Board on 26 June 2019. 2. Aecounting policies The principal accounting polici¢s adopted, judgements and key sources of estimation uncertainty in th¢ preparation of the financial ststements are as follows.. Basis of preparation The financial stat¢ments have been prepared on a going concern ba8is in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice app1Cable to charities preparing their accounis in accordante with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- (Charitie5 SORP (FRS 102)), the Financial R¢porting Stsnd41rd applicable in the UK and Republic of Ireland (FRS 102) and the Compani¢s Act 2006. The Company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recOglSed at historical cost and transaciion valu¢ unles5 Othenvise stated in the r¢l¢vant accounting policy note(s). Preparation of accounts on a going coneern basis The Charity generally m¢ets lis day to day working capital requirements from its annual income. The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfIed that the Charity has resources to provide a reasonable expectation that it can continue to meet its financial obligations as they fall du¢ for the foreseeable future. Ther¢fore rhese fsnancial statements have been prepared on a going concern basis. Ineorning resources Donations received comprises 211 Cash receivable ltsr the accounting period, including any related tax recoverable under Gift Aid. Income is recogniscd when the Charity has established an entitlement to the income. For donation5 this is typically upon receipt. Gift aid income is accrued in respect of charitable donations already receipted. Re$ourees txpend¢d R¢sources expended are recognised in the period in which they are in¢urred. Charitable expenditure comprises those costs incuTred by the charity in the delivery of its activities and services to its beneficiaries. It includes boih costs th can be alloeated directly to such activities and those costs of an indirect nature necessary to support them. Short-term debtors and ereditors Debtors and creditors wilh no stated interest rate and re£¢ivabl¢ or payable within one year are recorded at transaction price. Financial assets, including debtors. are revicwcd at th¢ reporting date to determine if there is any evidence of poteniial impaimient. Any losse5 arising from impairment aTe recognised in th¢ income statement in operating expenses. Cash and eash equivalents Cash and cash equivalents includes cash in haDd and cash at banks. Finaneial irjstruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognis¢d at transaction price and subsequently measured at their settlement value.
THE SALIGHT FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (coiilinued) 2. Aeeoullting policie5 (tontlntsed) Funds Funds are cl&ssified as either unresthcted funds or restricted funds, defined as follows. Unrestricted funds are expendable at the discretion of the trustces in rtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of th¢ trustees for a particular purpose. thev are designated as a separate fund. This designation has an adtnini5trative purpose only and does not legally restrict the trustee5' discretion io apply the fund. Restricted fund5 are funds subject to speCriC requirements as to their use which may be de¢lared by the doTtor or with their authoTlty or ¢reat¢d through legal processes. but still within the wider objects of th¢ Charity. Pensions The Chariry operates a defined contribution scheme for all staff. Employer contributions are charged through the income and expenditure account when incurred. 3. Critical accounting judgements and estimation uneertainty Estimates and judgments made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events ihai are believed to b¢ reasonable under the circumstances. The Trustees do not consider that there are any critical .judgments made in applying the Company's accounting policies or that there are any critical accounting esiimates or assumptions which may have a significani risk of causing a material adjustment to carrying arnounts of assets and liabilities within the next financial year. 4. Analysis of income Unrestrieted Funds Total 2018 Total 2017 2018 Donations received From associated companies From individuals and corporate bodies 327.IMIO 1,726 328,726 327,000 1,726 328.726 150,(M)O 150,000 Interest re1Ved Bank interest reee'.ved 47 47 36 Total ineome 328,773 328,773 150,036 12
THE SALIGHT FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (conlinued) Analysis of expenditure Unrestricted Funds Total Total 2018 2018 2017 Charitable aetivities Wages and Salaries Charitable donations AdministratlQn CQ5ts 52,753 93,982 1,243 52,753 93,982 1,243 65,622 134,560 5,517 147.978 147,978 205,699 O. T*xatlOD The Salight Foundation Limited is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. 7. Analysis of Staff c05t4 trustee remuneration expense5, and the cost of key man&gement personnel 2018 2017 Salaries and wages N'ational insuranc¢ costs Employer pension ¢ontTibutions 49.546 3.040 167 61,285 4,190 147 52,753 65,622 The average number of employees during the year was 4 (2017: 4) There are no employees in receipt of employee benefits in ¢x¢ess of £30.000. No tstee or a person related io a trustee had any personal interest in any contract or trdnsaction entered into by the charity during th¢ year. 8. Debtors 2018 2017 Other debtors: proceeds from property di5P05al VAT recoverable 206,2SO 11,179 210.000 11,179 217,429 221,179 Of the amounts included above. £191,250 falls due for payment after more than one year. 13
THE SALIGHT FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (cflnilntsed) 9. Creditors: amounts due within one year 2018 2017 Creditors and accruals 1,159 4.538 10. Analysis of net assets Unrestricted General Total Net current asset5 420,975 420,975 Net a$5ets at 31" Decembtr 2018 420,975 420.975 I l. Funds of the Cornpany At31 Decernber 2018 At l January 2018 Income Expenditure Unrestrieted fund$ General fund 240,180 240,180 328.773 328,773 147,978 147.978 420,975 420,975 Total funds 240,180 328.773 147,978 420,975 12. Financial instruments At the balance sh¢¢t date the Company held the following financial instruments.. 2018 2017 Financial assets that are debt instruTnents measured at amortised cost 422.134 244.718 Financial liabilities measured at amortised cost 1,159 4,538 14
THE SALIGHT FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) 13. Related party transactions 2018 2017 Included in incorning resources are the following: Donation from associated company, The Cornerstone Group Limited 327,1)00 150.(X)O All of the above Companies are related by virtue of Common control. No payments were made to any of the Trustees during the year. 14. Capital commitments Th¢ con)pany had no capital commitments at the balance sheet date (2017= none). IS. Controlling party During the year The Salight Foundation Limited was under the control of the Trustees (who are also the directors). 15