Company Registration Number - 04847059 

The Charity Registration Number is :- 1104459 

Limehouse Town hall Consortium Trust Report and Accounts 

31 March 2022 



## **Limehouse Town hall Consortium Trust** 

## **Report and accounts for the year ended 31 March 2022** 

## **Contents** 

||**Page**|
|---|---|
|**Charity information**|1|
|**Trustees' Annual Report**|1|
|**Statement of directors'**|5|
|**responsibilities**||
|**Independent Examiner's Report**|8|
|**_Funds Statements:-_**||
|Statement of Financial Activities|9|
|Statement of Financial Activities - Prior|10|
|Year statement||
|Income and Expenditure account|12|
|**Balance sheet**|13|
|**Notes to the accounts**|14|





## **Limehouse Town hall Consortium Trust** 

## **Trustees’ Annual Report for the year ended 31 March 2022** 

The Trustees present their Report and Accounts for the year ended 31 March 2022, which also comprises the Directors' Report required by the Companies Act 2006. 

## **Reference and administrative details** 

## _**The charity name.**_ 

The legal name of the charity is:- Limehouse Town hall Consortium Trust. 

The charity is also known by its operating name, Limehouse Town Hall Consortium Trust. 

## _**The charity's areas operation and UK charitable registration.**_ 

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1104459. 

The charity does not operate in any overseas jurisdictions. 

## _**Legal structure of the charity**_ 

The charity is constituted as a company limited by guarantee, registered under the Companies Acts. The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation. 

Directors are elected at AGMs, serving for two years before standing down, at which point they may be proposed for re-election. There are currently **six** directors. 

There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law. 

By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation. 

The trustees are all individuals. 

## **The principal operating address of the charity are:-** 

Limehouse Town Hall 

646 Commercial Road, London E14 7HA 

The registered office of the charity for Companies Act purposes is the same as the operating address shown above. 



## **The Trustees in office on the date the report was approved were:-** 

S Begum Ali M S Boyle P Garayo O Pearson J D Wareing 

## **The following persons served as Trustees during the year ended 31 March 2022 :-** 

The trustees who served as a trustee in the reporting period, and, if applicable, their dates of appointment or resignation during the year were:-. 

**Name Appointed Resigned/Ret ired** S Begum Ali 0 Bellas M S Boyle P Garayo O Pearson 07-May-21 M Hayder 22-Feb-22 

All the trustees are also members of the charity. 

## **Objects and activities of the charity** 

## _**The purposes of the charity as set out in its governing document.**_ 

Limehouse Town Hall Consortium Trust (LTHCT) is a charity founded in 2004 as a resource for artists, community arts organisations, cultural producers, and communities. Its mission is to maintain, improve and promote Limehouse Town Hall’s use with the aims of advancing public education and involvement in arts and culture and restoring the building to its place as an active participant in Limehouse, the east end of London and beyond. It has acted as a support organisation for a range of important London artists and organisations working in theatre, visual art, digital art, dance and socially engaged practice who have found a home at Limehouse Town Hall. 

A grade II listed building, and one-time national labour history museum, Limehouse Town Hall is a place where artists, cultural producers, audiences and communities, from Tower Hamlets and beyond, are supported to share ideas, try out new things, and imagine a better here and now. 

## _**The main activities undertaken in relation to those purposes during the year.**_ 

The company’s activity over the year has continued to concentrate on the conservation, maintenance, operation and management of Limehouse Town Hall. This work can be broadly categorised under the following activities: 



- 1 The physical infrastructure’s conservation, maintenance and refurbishment 

2 The development, operation and management of organisational and project activities that support the building’s creative residents and their engagement with each other, local communities and the wider public 

- 3 The development of the Trust’s own public engagement activities 

- 4 The development of wider networks and partnerships that strengthen the organisation, its visibility and reputation in the sector 

## _**The main activities undertaken during the year to further the charity's purpose for the public benefit.**_ 

The Directors/Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. Despite reduced access to the building to wider publics throughout most of 2021, the Trust supported and initiated a range of activities for the benefit of the public. These included: 

- ●Ongoing maintenance of building – responding to and proactively addressing emergency and ongoing capital repairs to ensure the conservation of the building 

- ●Running our “Widening Access” project, with the primary aim of opening up our main hall, following a period of reduced activity due to Covid. The project focused on how the building could best be used as a resource for hyper local activity 

- ●Continuing to open up our garden and yard spaces for; growing, meeting and celebrating 

- ●Running 3 weeks of a “pop up” Food Coop in our entrance hall, offering a range of fresh produce at affordable prices 

## **The main achievements and performance of the charity during the year.** 

Due to Covid-19, our main hall had gone through long periods of low/no activity due to health and safety concerns, and Government guidance. With thanks to The Wakefield and Tetley Trust, we were able to run our Widening Access Programme to reduce barriers for local people to the community space at Limehouse Town Hall. The project produced improved usability and transparency for the hall management, robust and clear booking system and duty management training to enhance employment opportunities for local residents. The project took place with public health at the forefront, taking precautions including face coverings, ventilation and social distancing. 

Limehouse Town Hall Consortium Trust partnered with Women’s Environmental Network (WEN) and St. Hilda’s East Community Centre to deliver a series of “pop up” Food Coops at Limehouse Town Hall. Residents were able to; purchase fresh produce at an affordable cost, learn skills through volunteering and socialise. The pop up Food Coops were a massive success, and received a positive response and so Limehouse Town Hall Consortium Trust plan to work with WEN and St. Hilda’s East Community Centre in 2022/23 to deliver a regular, weekly, Food Coop for residents in Limehouse and Tower Hamlets. 

## _**The difference the charity's performance during the year has made to the beneficiaries of the charity.**_ 

Limehouse Town Hall Consortium Trust has strengthened its organisational stability by taking steps to open up its main hall, with scope for further community activities to take place, as well as greater 



income generating potential. The Board recruited a new Director/Trustee, Owen Pearson, to support the Operations Group in managing the organisational finances. 

The Trust also employed the freelance services of a Finance Director, on a short term agreement, to support the introduction of a new budgeting and financial management system. 

As the Trust ends the 2021/22 financial year, it is planning to make further structural changes to ensure the long term sustainability of the organisation. 

The Trust acknowledges that organisational sustainability is key to ensuring that the building can continue to be a resource for thousands of local residents each year, and will continue to prioritise this. 

## **Structure, governance and management of the charity** 

## _**The methods used to recruit and appoint new charity trustees.**_ 

The Trust engages in bi-annual strategy meetings where it reflects on the needs of the organisation and the kinds of skills, expertise and knowledge needed from its Board. Its recruitment process engages with the Trust’s current networks and its mailing lists as well as reaching beyond existing networks at partnership events. 

Recruitment includes proper briefing of prospective candidates (e.g. information packs, attendance at some building events and monthly open meetings before formal invitation, etc.). Trustees must be members of the organisation and Directors of the company. They are appointed at the Annual General Meeting of the organisation. The Trust plans to continue revitalising its Board and aims to recruit at least one new member in 2021-22 

With two part time employees, three project-based freelance workers and a handful of projectbased workers and volunteers, the Directors have been able to continue to attend to strategy formation. 

LTHCT is committed to being a beneficiary led organisation. As such, monthly open meetings are held with users of the building and working groups are supported to address specific operational issues. Work continues to examine how to best facilitate participation at open meetings by nonEnglish speaking constituencies and we are currently trailing live translations at all building wide meetings. We continue to relook at our meeting structures to support further centering access as a core to our governance work. 

## **Financial review** 

## _**The charity's financial position at the end of the year ended 31 March 2022**_ 

The financial position of the charity at 31 March 2022 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:- 

||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|**Net Income**|**-20,679**|**11,063**|





|Unrestricted Revenue Funds<br>available for the<br>general purposes of the<br>charity Designated Revenue<br>Funds<br>**Total Unrestricted Funds**<br>Restricted Revenue Funds<br>**Total Funds**|14,665<br>8,000<br>**22,665**<br>379<br>23,044||
|---|---|---|
|||29,201<br>8,000|
|||**37,201**|
|||6,522|
|||43,723|



## _**Financial review of the position at the reporting date, 31 March 2022.**_ 

All spaces for hire within the Trust's property are currently in use and producing income for the Trust. Income from licensing spaces within the Town Hall covers the Trust's core costs, including rent (to London Borough of Tower Hamlets), building insurance, utilities, basic administration, audit and statutory costs. In the financial year the Trust’s income did not produce a surplus, and so the charity utilised some of its free reserves to cover extraordinary expenditure. 

The Trust made a deficit of £20,679 in 2021-22. The Trust took the decision to utilise free reserves, as part of its organisational sustainability strategy. 

In 2022-23 The Trust plans to make adjustments to its Licence/Space Hire Fee income, in light of increasing costs and the volatile nature of the economy more generally. The Trust will undertake these adjustments whilst ensuring that all current creative residents and organisations are supported to remain in the building, and widen access to ever more people. 

The Trust acknowledges a discretionary charitable rates reduction granted by the London Borough of Tower Hamlets. 

## _**Policies on reserves.**_ 

Limehouse Town Hall Consortium Trust has a formal reserves policy. This ensures that there are sufficient funds to cover outstanding liabilities to suppliers and employees for two months. It also ensures there are resources for emergency capital repairs and seed funding for small research and development projects that benefit the organisation and its aims. 

## _**Availability and adequacy of assets of each of the funds**_ 

The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund. 

## _**The major risks to which the Charity is exposed and reviews and systems to mitigate them.**_ 



The Board has conducted a review of the major risks to which the charity is exposed. These include governance, operational, financial, compliance and external risks. Where appropriate, systems, procedures and resources have been established or allocated to mitigate the risks the charity faces. 

Internal control risks are reduced by systems for authorising expenditure and clear levels of delegated responsibilities. Procedures are in place to ensure compliance with health and safety of staff, volunteers, creative residents and visitors to the building. The Trust holds monthly meetings with regular users of the building to engage with their views on how it is operating and formally consults with them over the development of any policy change that may affect them. All these procedures and initiatives are periodically reviewed to ensure that they continue to meet the needs of the charity. Financial reports are made at each Board meeting and the company takes a pragmatic view with regards to new initiatives and to income generation 

The external risks to the charity include pressures on the organisation due to rapid urban development in the locality and the potential impact of possible changes to statutory support from the local council in relation to the organisation’s premises. The Trust continues its research into lease renewal of its premises. 

Economic uncertainty impacts Limehouse Town Hall’s financial stability. It is likely that core operating costs will rise in the coming years, and so the Trust is looking into different funding streams to support its operations, and continue supporting thousands of local residents every year. 

## **Details of The Independent Examiner** 

Joel David Williams - Member of Association of Accounting Technicians 

1 Montrose Avenue Stretford Manchester M32 9LN 

## **Trustees' Annual Report for the year ended 31 March 2022 Statement of the Directors Trustees' Responsibilities** 

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP). 

In particular, the Companies Act 2006 and charity law require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to:- 

- Prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) 



- Select suitable accounting policies and apply them consistently 

- Make judgements and estimates that are reasonable and prudent 

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

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

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year. 

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements. 

The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the memorandum and articles of the charity for the conducting of an audit, and that the accounts do not require an audit in accordance with Part 16 of the Companies Act 2006 and that no member or members have requested an audit pursuant to Section 476 of the Companies Act 2006. As a consequence, the Trustees have elected that the financial statements be subject to independent examination. 

## **Method of preparation of accounts - Small company provisions** 

The financial statements are set out on pages **8 - 25** . 

The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016). 

These financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006, applicable to companies subject to the small companies regime. 

This report was approved by the board of trustees on **21 March 2023** . 



OWEN PEARSON
Director and Trustee

## **Independent examiner’s report to the trustees of Limehouse Town hall Consortium Trust (‘the Company’)** 

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022. 

## **Responsibilities and basis of report** 

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. 

## **Independent examiner’s statement** 

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. 

Joel Williams 1 Montrose Avenue Stretford Manchester M32 9LN 

21 March 2023 

9 



## _**Limehouse Town hall Consortium Trust - Statement of Financial Activities for the year ended 31 March 2022**_ 

## _**Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 March 2022, as required by the Companies Act 2006)**_ 

|**Current year**<br>**Unrestricted**<br>**Funds**<br>**2022**<br>**£**<br>**Income &**<br>**Endowments from:**<br>Donations & Legacies<br>A1<br>62<br>Charitable activities<br>A2<br>63,073<br>Investments<br>A4<br>56<br>**Total income**<br>**A**<br>~~**63,191**~~<br>**Expenditure on:**<br>Charitable activities<br>B2<br>77,727<br>**Total expenditure**<br>**B**<br>~~**77,727**~~<br>**Net income for the**<br>**year**<br>**-**<br>**14,536**<br>**Net income after**<br>**transfers**<br>**A-B-**<br>**C**<br>**-**<br>**14,536**<br>**Net movement in**<br>**funds**<br>**-**<br>**14,536**<br>**Reconciliation of**<br>**funds:-**<br>**E**<br>**Total funds brought**<br>**forward**<br>37,201<br>**Total funds carried**<br>**forward**<br>~~**22,665**~~|**Current**<br>**year**<br>**Restricted**<br>**Funds**<br>**2022**<br>**£**<br>-<br>4,200<br>-<br>~~**4,200**~~<br>10,343<br>~~**10,343**~~<br>**-6,143**<br>**-6,143**<br>**-6,143**<br>6,522<br>~~**379**~~|**Current**<br>**year**<br>**Total**<br>**Funds**<br>**2022**<br>**£**<br>**62**<br>67,273<br>**56**<br>~~**67,391**~~<br>**88,070**<br>~~**88,070**~~<br>**-**<br>**20,679**<br>**-**<br>**20,679**<br>**-**<br>**20,679**<br>**43,723**<br>~~**23,044**~~|**Prior year**<br>**Total**<br>**Funds**<br>**2021**<br>**£**<br>52,735<br>69,861<br>10<br>~~**122,60**~~**6**<br>111,543<br>~~**111,54**~~**3**<br>**11,063**<br>**11,063**<br>**11,063**<br>32,660<br>~~**43,723**~~|
|---|---|---|---|



The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet. 

A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses. 

11 



All the prior year transactions were unrestricted items, and no further analysis is required 

All activities derive from continuing operations 

## **The notes attached on pages 14 to 24 form an integral part of these accounts.** 

12 



|**Prior year**<br>**Unrestricted**<br>**Funds**<br>**2021**<br>**£**<br>**Income &**<br>**Endowments from:**<br>Donations & Legacies<br>A1<br>6,436<br>Charitable activities<br>A2<br>43,749<br>Investments<br>A4<br>10<br>**Total income**<br>**A**<br>~~**50,195**~~<br>**Expenditure on:**<br>Charitable activities<br>B2<br>34,861<br>**Total expenditure**<br>**B**<br>~~**34,861**~~<br>**Net income for the**<br>**year**<br>**15,334**<br>**Net income after**<br>**transfers**<br>**A-B-**<br>**C**<br>**15,334**<br>**Net movement in**<br>**funds**<br>**15,334**<br>**Reconciliation of**<br>**funds:-**<br>**E**<br>**Total funds brought**<br>**forward**<br>21,867<br>**Total funds carried**<br>**forward**<br>~~**37,201**~~|**Prior year**<br>**Restricted**<br>**Funds**<br>**2021**<br>**£**<br>46,299<br>26,112<br>-<br>~~**72,411**~~<br>76,682<br>~~**76,682**~~<br>**(4,271)**<br>**(4,271)**<br>**(4,271)**<br>10,793<br>~~**6,522**~~|**Prior**<br>**year**<br>**Total**<br>**Funds**<br>**2021**<br>**£**<br>**52,735**<br>**69,861**<br>**10**<br>~~**122,60**~~**6**<br>**111,54**<br>**3**<br>~~**111,54**~~**3**<br>**11,063**<br>**11,063**<br>**11,063**<br>**32,660**<br>~~**43,723**~~|**Prior year**<br>**Total**<br>**Funds**<br>**2020**<br>**£**<br>11,918<br>84,533<br>14<br>~~**96,465**~~<br>94,306<br>~~**94,306**~~<br>**2,159**<br>**2,159**<br>**2,159**<br>30,501<br>~~**32,660**~~|
|---|---|---|---|



## **All activities derive from continuing operations** 

A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.' 

## **The notes attached on pages 14 to 24 form an integral part of these accounts.** 

13 



## **Limehouse Town hall Consortium Trust - Resources applied in the year ended 31 March 2022 towards fixed assets for Charity use:-** 

|Funds generated in the year as detailed in the<br>SOFA<br>**Net resources available to fund charitable**<br>**activities**|**2022**<br>**£**<br>-<br>20,67<br>9<br>~~**-**~~<br>**20,679**|**2021**<br>**£**<br>11,06<br>3<br>|
|---|---|---|
|||~~**11,0**~~<br>**63**|



## **The notes attached on pages 14 to 24 form an integral part of these accounts.** 

## **Movements in revenue and capital funds for the year ended 31 March 2022** 

## **Revenue accumulated funds** 

|**Unrestri**<br>**cted**<br>**Restri**<br>**cted**<br>**Funds**<br>**Funds**<br>**2022**<br>**2022**<br>**£**<br>**£**<br>Accumulated funds<br>brought forward<br>37,201<br>6,522<br>Recognised gains and<br>losses before<br>-14,536<br>-6,143<br>transfers<br>**22,665**<br>**379**<br>**Closing revenue funds**<br>~~**22,665**~~<br>~~**379**~~<br>**Designated revenue funds included within the**<br>**unrestricted funds above**<br>At 1 April<br>**At 31 March**|**Total**<br>**Funds**<br>**2022**<br>**£**<br>43,723<br>20,679<br>**23,044**<br>~~**23,044**~~<br>**Total**<br>**Funds**<br>**2022**<br>**£**<br>8,000<br>~~8,000~~|**Last**<br>**year**<br>**Total**<br>**Funds**<br>**2021**<br>**£**<br>**32,660**<br>11,063|
|---|---|---|
|||**43,723**<br>|
|||~~**43,723**~~|
|||**Last**<br>**year**<br>**Total**<br>**Funds**<br>**2021**<br>**£**<br>8,000<br>|
|||~~8,000~~|



The purposes for which these funds have been designated are described in Note 24 to the accounts. 

14 



|**Summary of funds**<br>**Unrestricted**<br>**and**<br>**Designated**<br>**funds**<br>**2022**<br>**£**<br>Revenue accumulated<br>funds<br>14,665<br>Revenue designated<br>funds<br>8,000<br>**Total funds**<br>**22,665**|**Restrict**<br>**ed**<br>**Funds**<br>**2022**<br>**£**<br>379<br>-<br>~~**379**~~|**Total**<br>**Funds**<br>**2022**<br>**£**<br>**15,044**<br>**8,000**<br>~~**23,044**~~|**Last**<br>**Year**<br>**Total**<br>**Funds**<br>**2021**<br>**£**<br>35,723<br>8,000<br>|
|---|---|---|---|
||||~~**32,660**~~|



## **The notes attached on pages 14 to 24 form an integral part of these accounts.** 

## **Limehouse Town hall Consortium Trust** 

**Income and Expenditure Account for the year ended 31 March 2022 as required by the Companies Act 2006** 

|**_Income_**<br>Income from operations<br>Investment income<br>Interest receivable<br>**Gross income in the year before exceptional items**<br>**Gross income in the year including exceptional items**<br>**_Expenditure_**<br>Charitable expenditure, excluding depreciation and<br>amortisation<br>Governance costs<br>**Total expenditure in the year**<br>**Net income before tax in the fnancial year**<br>Tax on surplus on ordinary activities<br>**Net income after tax in the fnancial year**<br>**Retained surplus for the fnancial year**|**2022**<br>**£**<br>67,335<br>56<br>**67,391**<br>~~**67,391**~~<br>86,951<br>1,119<br>~~**88,070**~~<br>**-**<br>**20,679**<br>-<br>**-**<br>**20,679**<br>~~**-**~~<br>**20,679**|**2021**<br>**£**<br>122,596<br>10|
|---|---|---|
|||**122,60**<br>**6**|
||||
|||~~**122,60**~~**6**|
|||104,298<br>7,245<br>|
|||~~**111,54**~~**3**|
|||**11,063**<br>-|
|||**11,063**<br>|
|||~~**11,063**~~|



15 



All activities derive from continuing operations 

In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities. 

## **The notes attached on pages 14 to 24 form an integral part of these accounts.** 

16 



## **Limehouse Town hall Consortium Trust - Balance Sheet as at 31 March 2022** 

|**SORP**<br>Note**Ref**<br>**Current assets**<br>B<br>Debtors<br>12<br>B<br>2<br>Cash at bank and in hand<br>B<br>4<br>**Total current assets**<br>**Creditors: amounts falling**<br>**due within one**<br>**year**<br>13<br>C1<br>**Net current assets**<br>**_Net assets_**<br>Creditors: amounts falling due<br>after more than one year<br>14<br>C<br>2<br>**The total net assets of the**<br>**charity**|878<br>40,464|**2022**<br>**£**<br>26,400<br>26,400<br>(3,356)<br>**23,044**|2,268<br>54,901|**2021**<br>**£**<br>47,079|
|---|---|---|---|---|
||41,342<br>(14,942)||57,169<br>(10,09<br>0)||
||||||
|||||47,079<br>(3,356<br>)|
|||||**43,72**<br>**3**|



## **The total net assets of the charity are funded by the funds of the charity, as follows:-** 

|||||**2022**|**2021**||
|---|---|---|---|---|---|---|
|**Restricted funds**|||||||
|Restricted Revenue Funds|22|D2||379|6,522||
|**Unrestricted Funds**|||||||
|Unrestricted Revenue Funds||22|D3|14,665||29,201|
|**Designated Funds**|||||||
|Designated Revenue Funds||22|D3|8,000|8,000||
|**Total charity funds**||||**23,044**|**43,723**||



The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA. 

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with section 476 of the Act. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. 

The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 8. The financial statements have been prepared in accordance 

17 



with the provisions in Part 15 of the Companies Act 2006, applicable to companies subject to the small companies regime. 

Approved by the board of trustees on 21 March 2023. **The notes attached on pages 14 to 24 form an integral part of these accounts.** 

18 



**Limehouse Town hall Consortium Trust** 

## **Notes to the Accounts for the year ended 31 March 2022** 

## **1 Accounting policies** 

## _**Policies relating to the production of the accounts.**_ 

## **Basis of preparation and accounting convention** 

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice. 

## **Going Concern** 

The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to **31 December 2023** , the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainties about the charity's ability to continue as a going concern. 

## **Risks and future assumptions** 

The Trustees recognise that in relation to ‘Risk Assessment’, risk is defined as ‘the threat of any action or event which will adversely affect an organisation’s ability to achieve its objectives and execute its strategies’.  It also accepts that the term ‘risk’ can include any circumstances that may, or do, have an adverse effect, and is wider than financial matters.  ‘Risks’ relate not only to the negative consequences of a threat, but also to the impact of not taking advantage of opportunities. The Trustees maintains and reviews at least annually its risk register. 

The Trustees recognise it requires a practical Health and Safety Policy covering activities within the community hall.  This is reviewed on a regular basis.  An Accident Book is maintained. 

The contents  and obligations of the Equality Act  2010 and the 2018 General Data  Protection Regulation are known and complied with to the best of the Trustee’s ability.  The Trustees are aware 



of its responsibilities in respect of the Regulatory Reform (Fire Safety) Order 2005 in its requirement to carry out a fire assessment to identify any possible dangers and risks, to take action to minimise the risks and to create a plan to deal with any emergencies, and also to write up and keep a record of its findings and to review its assessment annually. 

## _**Policies relating to categories of income and income recognition.**_ 

## **Nature of income** 

Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. 

## **Categories of Income** 

Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income. 

**Income from exchange transactions** is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser. 

**Income from a non-exchange transaction** is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange. 

## **Income recognition** 

Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably. 

Dividends are accrued when the shareholder’s right to receive payment is established. 

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met. 

All income is accounted for gross, before deducting any related fees or costs. 

## **Accounting for deferred income and income received in advance** 

Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can 



be met. 

Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met. 

When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met. 

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned, and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred. 

Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable. 

## _**Policies relating to expenditure on goods and services provided to the charity.**_ 

## **Recognition of liabilities and expenditure** 

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated. 

Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates. 

## _**Policies relating to assets, liabilities and provisions and other matters.**_ 

## _**Tangible fixed assets**_ 



Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition. 

Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives. 

Freehold premises 0 % straight line Leasehold premises 2 % straight line Plant and machinery 20 % straight line 

A regular annual review of the likelihood of asset impairment is undertaken. 

## **Accounting for capital grants and fixed asset funds.** 

Gifts of tangible fixed assets or grants of a capital nature, given for the purposes of acquiring specific assets to be fully utilised in the furtherance of the objects of the charity, are credited to fixed asset funds after the donated asset has been received or sums have been properly expended on the restricted purpose. 

Where the terms of the gift require the charity to hold the asset on an ongoing basis for a specific purpose, then the fixed asset fund so created is categorised as a restricted fixed asset fund, and the relevant restrictions are noted in the fixed asset note 10. 

Where the terms of the gift are met once the asset is acquired, so allowing the charity to use the asset on an unrestricted basis, including the right to receive the proceeds of any future sale of the asset on an unrestricted basis, then the fixed asset fund so created is categorised as a designated fixed asset fund. 

When assets are acquired for the furtherance of the charity's objects, utilising the charity's own unrestricted funds, a transfer is made from unrestricted funds to a designated fixed asset fund. 

Whether acquired with unrestricted or restricted funds, the asset acquired is initially shown in the balance sheet at the full cost of acquisition or subsequent revaluation. 

As the related assets are depreciated, in accordance with the depreciation policy, in order to reflect the dimunition in the asset, a transfer is made from the relevant fixed asset funds to either unrestricted or restricted revenue funds, as appropriate to the terms of the original gift, if any. 

The effect of this policy is that the aggregate of all fixed asset funds shall equate to the net book value of fixed assets. 

In the first year that this policy was adopted, a transfer to fixed asset funds was made equivalent to the net book value of the assets. 

Any residual liability to the donor arising from, for example, the asset's future sale, is disclosed as a contingent liability unless the event that would trigger repayment of the grant becomes probable in which case a liability for repayment is recognised. 

Insofar as this policy relates to Government grants and to the extent that it may be a departure from the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by 



Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), such departure is justified on the basis that it is in order to comply with the SORP. 

## **Stocks and work in progress** 

Stock is valued at the lower of cost and net realisable value. 

## **Debtors** 

Debtors are measured at their recoverable amounts at the balance sheet date. 

## **Creditors and provisions** 

The financial statements are prepared using the accruals basis and liabilities are recognised in the period in which they are incurred 

## **Cash and bank balances** 

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements. 

## **Fund Accounting** 

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. 

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. 

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law. 

There are no endowment funds. 

## **2 Liability to taxation** 

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities. 

## **3 Winding up or dissolution of the charity** 



If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity. 

## **4 Significance of financial instruments to the charity's position** 

There was no significance of financial instruments to the charity's position either in this financial year or the one preceding 

## **5  Net surplus before tax in the financial year** 

|**5  Net surplus before tax in the fnancial year**||
|---|---|
|The net surplus before tax in the fnancial year is stated<br>after charging:-<br>Trustees' remuneration<br>**6 Staf costs and emoluments**<br>**_Salary costs_**<br>Gross Salaries excluding trustees and key management<br>personnel<br>Trustees' Remuneration as detailed in note 9<br>**Total salaries, wages and related costs**|**2022**<br>**202**<br>**1**<br>**£**<br>**£**<br>X<br>6,535|
||**2022**<br>**£**<br>**202**<br>**1**<br>**£**<br>x<br>18,667<br>.34<br>x<br>6,535<br>|
||~~**x**~~<br>~~**25,20**~~<br>**2.34**|



The average number of part time staff employed in the year was x 2 The estimated full time equivalent number of all staff employed in the year was x 1 

## _**The estimated equivalent number of full time staff deployed in different activities in the year was:-**_ 



Engaged on charitable activities 

1 

x 

_**The estimated full time equivalent number of all staff employed as above**_ **x** 

**1** 

The details of remuneration paid to trustees is shown in note 9 

No employees received emoluments (excluding pension costs) in excess of £60,000 per annum. 

## **7 Defined contribution pension schemes** 

The charity does not operate a defined contribution pension scheme. 

## **8 Defined benefit pension scheme** 

The charity does not operate a defined benefit pension scheme. 

## **9 Remuneration and payments to Trustees and persons connected with them** 

|**_Remuneration payable to trustees or_**<br>**_connected persons_**<br>M Hayder<br>S Begum<br>**Total remuneration**|**2022**<br>**202**<br>**1**<br>**£**<br>**£**<br>x<br>5,8<br>55<br>x<br>680<br>|
|---|---|
||~~**x**~~<br>~~**6,5**~~<br>**35**|



In the financial year 2020/21 the Board agreed to pay M Hayder a significantly reduced fee for his specialist skills in building maintenance to support the charity's aims and objectives. The amount was agreed by the Board in respect of remuneration outside of his normal responsibilities as a Trustee. In the same financial year, S Begum stepped onto the Board, whilst the Leadership and Lived Experience Project had paused due to Covid-19. When the project resumed, the Board agreed to pay S Begum to complete her work on the project, outside of her responsibilities as a Trustee. 

As laid out in the charity's governing document, Trustees can provide professional services. Their paid roles proved the most cost effective and good value in relation to the needs and resources of the organisation. They reported to the Board on matters related to this role, took direction from them and the Board undertook ongoing monitoring of the effectiveness of the roles. 

|**_Employer's National Insurance contributions on_**<br>**_above remuneration_**|**2022**<br>**£**<br>**-**<br>**2021**<br>**£**<br>**-**|
|---|---|
||~~**-**~~<br>~~**-**~~|
||**2022**<br>**2021**|





||||||**£**|**£**||
|---|---|---|---|---|---|---|---|
||**_Pension payments relating to_**||**_trustees or connected_**||**-**|**-**||
||**_persons_**|||||||
||||||~~**-**~~|~~**-**~~||
||||||**2022**|**2021**||
||||||**£**|**£**||
||**_Benefts paid to trustees_**||||**-**|**-**||
||||||~~**-**~~|~~**-**~~||
|**10**|**Tangible fxed assets**|||||||
|**Current Year**||||||||
|||**Land and**|**Plant &**|**Motor Vehicles**|||**Total**|
|||**Buildings**|**Machinery**|||||
|||**£**|**£**||**£**||**£**|
|**Cost**||||||||
|At|1 April 2021|-|844||-||844|
|**At**|**31 March**|**-**|**844**||**-**||**844**|
|**2022**||||||||
|**Depreciation**||||||||
|At|1 April 2021|-|844||-||844|
|**At**|**31 March**|**-**|**844**||**-**||**844**|
|**2022**||||||||
|**Net book value**||**-**|**-**||**-**||**-**|
|**At**|**31 March**|**-**|**-**||**-**||**-**|
|**2022**||||||||
|**Prior Year**||||||||
|||**Land and**|**Plant &**|**Motor Vehicles**|||**Total**|
|||**Buildings**|**Machinery**|||||
|||**£**|**£**||**£**||**£**|
|**Cost**||||||||
|At|1 April 2020|-|844||-||844|
|**At**|**31 March**|**-**|**844**||**-**||**844**|
|**2021**||||||||
|**Depreciation**||||||||
|At|1 April 2020|-|844||-||844|
|**At**|**31 March**|**-**|**844**||**-**||**844**|
|**2021**||||||||
|**Net book value**||**-**|**-**||**-**||**-**|





**At 31 March 2021** 

**-** 

**-** 

**-** 

**-** 

## **11 Investment pooling schemes and arrangements** 

There were no investment pooling schemes or arrangements 

## **12 Debtors** 

|**Debtors**||
|---|---|
|Trade debtors<br>Prepayments and accrued income<br>**13 Creditors: amounts falling due within one**<br>**year**<br>Trade creditors<br>Accruals<br>PAYE, NIC VAT and other taxes<br>Other creditors<br>**14 Creditors: amounts falling due after one**<br>**year**<br>Other creditors|**2022**<br>**£**<br>**202**<br>**1**<br>**£**<br>645<br>(62<br>8)<br>233<br>2,8<br>96<br><br>|
||~~**878**~~<br>~~**2,2**~~<br>**68**|
||**2022**<br>**£**<br>**202**<br>**1**<br>**£**<br>11,293<br>5,7<br>55<br>2,487<br>3,8<br>01<br>1,162<br>-<br>-<br>534<br><br>|
||~~**14,942**~~<br>~~**10,**~~<br>**090**|
||**2022**<br>**£**<br>**202**<br>**1**<br>**£**<br>**3,356**<br>**3,3**<br>**56**|



## **15 Loans to trustees included in debtors** 

There were no loans to Trustees during the year, nor were there any in the previous year. 

## **16 Guarantees made by the charity on behalf of trustees** 

There were no guarantees made on behalf of Trustees during the year, nor were there any in the previous year. 

## **17 Contingent liabilities** 

There were no Contingent Liabilities either in this year or the preceding year 



|**18 Income and Expenditure account summary**<br>**At 1 April 2021**<br>Surplus after tax for the year<br>**At 31 March 2022**|**2022**<br>**£**<br>**2021**<br>**£**<br>43,7<br>23<br>32,6<br>60<br>-<br>20,6<br>79<br>11,0<br>63<br><br>|
|---|---|
||~~**23,0**~~<br>**44**<br>~~**43,**~~<br>**723**|



## **19 Post balance sheet events** 

There were no disclosable post Balance Sheet events either in this year or the preceding year 

## **20 No related party transactions** 

There were no transactions with related parties in the year. 

## **21 Particulars of how particular funds are represented by assets and liabilities** 

|**At 31 March 2022**<br>Current Assets<br>Current Liabilities<br>Long Term Liabilities<br>**At 1 April 2021**<br>Current Assets<br>Current Liabilities<br>Long Term Liabilities|**Unrestrict**<br>**ed**<br>**Designat**<br>**ed**<br>**Restric**<br>**ted**<br>**Total**<br>**funds**<br>**funds**<br>**funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>32,963<br>8,000<br>379<br>**41,34**<br>**2**<br>(14,942)<br>-<br>-<br>**(14,9**<br>**42)**<br>(3,356)<br>-<br>-<br>**(3,35**<br>**6)**<br><br><br><br>|
|---|---|
||~~**14,665**~~<br>~~**8,000**~~<br>~~**379**~~<br>~~**23,04**~~<br>**4**|
||**Unrestrict**<br>**ed**<br>**Designat**<br>**ed**<br>**Restric**<br>**ted**<br>**Total**<br>**funds**<br>**£**<br>**funds**<br>**£**<br>**funds**<br>**£**<br>**Funds**<br>**£**<br>42,647<br>8,000<br>6,522<br>**57,16**<br>**9**<br>(10,090)<br>-<br>-<br>**(10,0**<br>**90)**<br>(3,356)<br>-<br>-<br>**(3,35**<br>**6)**<br><br><br><br>|
||~~**29,201**~~<br>~~**8,000**~~<br>~~**6,522**~~<br>~~**43,72**~~<br>**3**|



**22 Change in total funds over the year as shown in Note 21, analysed by individual funds** 



|||**Funds**||**Movemen**|**Transfers**|**Funds**|
|---|---|---|---|---|---|---|
|||**brought**||**t in 2022**|**between**|**carried**|
|||**forward from**|||**funds in**|**forward to**|
|||**2021**||**See Note**|**2022**|**2023**|
|||||**23**|||
|||||**£**<br>**See note 0**|||
|||**£**|||**£**|**£**|
||**_Unrestricted and designated_**||||||
||**_funds:-_**||||||
||Unrestricted Revenue Funds|29,201||-14,536|-||
|||||||**14,665**|
||Designated Revenue Funds|8,000||-|-||
|||||||**8,000**|
||**Total unrestricted and**<br>**designated funds**|~~**37,201**~~||~~**-14,536**~~|**-**|**22,665**|
||**_Restricted funds:-_**||||||
||Tower Hill Main Grants Scheme -|6,522||-6,143|-|**379**|
||garden project||||||
||Wakefeld and Tetley Trust|-||-|-|**-**|
||**Total restricted funds**|~~**6,522**~~||~~**-6,143**~~|**-**|~~**379**~~|
||**Total charity funds**|~~**43,723**~~||~~**-20,679**~~|**-**||
|||||||**23,044**|
|**23**|**Analysis of movements in funds over the year as shown in Note 22**||||||
||||||**Other**|**Movement**|
|||**Income**||**Expendit**|**Gains &**|**in funds**|
|||||**ure**|**Losses**||
|||**2022**||**2022**|**2022**|**2022**|
||||**£**|**£**|**£**|**£**|
||**_Unrestricted and designated_**||||||
||**_funds:-_**||||||
||Unrestricted Revenue Funds||-|(-)|-|**-**|
||**_Restricted funds:-_**||||||
||Tower Hill Main Grants Scheme - garden||-|(6,143)|-|**(6,143)**|
||project||||||
||Wakefeld and Tetley Trust|4,200||(4,200)|-|**-**|
||Creative Land Trust||-|(-)|-|**-**|
||London Borough of Tower Hamlets|rates|-|(-)|-|-|
||relief||||||
||ACE - Adapting LTH in response to<br>COVID- 19||-|(-)|-|**-**|
|||**4,200**||**(10,343)**|**-**|**(6,143)**|



**24 The purposes for which the funds as** 



## _**Unrestricted and designated funds:-**_ 

Unrestricted Revenue Funds 

These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and, subject to charity legislation, are free from all restrictions on their use. 

## _**Restricted funds:-**_ 

Restricted Fixed Asset Funds The purpose of these funds is described under the accounting policy. Restricted Revaluation Reserve This fund represents the restricted surplus arising on the revaluation of the fixed assets. Tower Hill Main Grants Scheme – garden These funds were awarded to extend access to project Limehouse Town Hall’s outdoor spaces as part of the Greening Spaces project. Wakefield and Tetley Trust Experience education/training 8 week project. Creative Land Trust as well as some staff costs to ensure a safe reopening after lockdown. ACE These funds were to support Limehouse Town Hall's response to Covid-19, covering lost income and added expenditure to safely adapt in response to the pandemic. 

## **25 Ultimate controlling party** 

The charity is under the control of its legal members. 

Every member of the charity is obliged to contribute such amount as may be required not exceeding **£10** to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.