REGISTERED COMPANY NUMBER: 03848337 (England and Wale8) REGISTERED CHARITY NUMBER: 1128626 Report of the Trustees and Unaudlted Flnanclal Statements for the Year Ended 31 Augugt 2025 The Univer8lties' Chaplaincy In Leed8 Tru8t 'rk Newsholme Chartered Accountants 4315 Park Approach Thorpe Park Leeds West Yorkshire LS15 8GB
The Unlversitie8' Chaplalncy In Leeds Trust Contsnts of the Financial Statomènts for thè Year Ended 31 August 2025 Page Report of the Tru$le•s 1 to 4 Independent Examlnetr8 Report Statemant of Flnanclal Actlvltles 84lanc• Shoél 7 to 8 Notes to the Flnanclal Statements 9 10 15
The Univernilies. Chaplain¢y in Leeds Trusl Report of the Tru8tee8 for the Yeaf Ended 31 August 2025 The trustees who a also directors of the charity for purposes of the Companie5 Act 20C6, present their report with the financial statements of the charty for the year ended 31 August 2025. The trustees have adopted the provisions of Accounting and Reporting by Charilie5'. Statement of Recommended PraclKe applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191. REFERENCE AND ADMINISTRATIVE DETAILS Reg18t6r•d Company number 03848337 {England and Wales) Registered Charity numbor 1128626 Reglstorod offlce chapInCY Emmanuel Centre University of Leeds Woodhouse Lane Leeds West Yorkshire LS2 9JT Trustees M J Kelly Dr D W Dixon-Ha TCWShaw LMGrey Prof. P Cardew A l Fraser Prof. V M O'mara C J Maluila Dr A Arrigoni Dr T Wlson DrMGJByde Rev. Prof. S J Robinson Prof. P D Howdle Roman Catholic DISe of Leeds University cf Leeds Yorkshire Bap115t Association Leeds Dio¢ese of the Church of Erlgland Leeds Beckett Unwersity Melhodisl Church Quaker Lutheran Church Leeds Beckett University Co-opted to represent Orthodoxy University of Leeds Trust Chair- WYCT appointment Methodist Church resigned 05.11.2024 - resigned 23.07.2025 resigned 31.12.2025 appointed 09.01.2025 & resigned 27.06.2025 - appointed 22.01.2025 - appointed 01 08 2025 Rev. Dr R M Selby DrRBMwre United Reformed Church Methodist Church Independent examiner Kirk Newsholme Chartered Accountants 4315 Park Approach Thorpe Park Leeds West Yorkshire LS15 8GB STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, being the Memorandum and Articles of a charitable company lirroled by guarantee. as defined by the Companies Act 2008. Page 1 continued...
The Univernitigs. Chapl¥in¢y in Leed8 Trust Report of the Trustees - contlnued for tho Year Endod 31 Augu$t 2025 Recruitment and appointment of new trustees The Charity is govemed by the Memorandum and Articles dated 24th September 1999 as amended in March 2009. The trustees are appointed a¢¢ording to the Articles of Association of 2009 and comprise not less than 3 and no more than 15 in number. The Council of the University of Leeds and the Vwchancellor of Leeds Beckett University may each appoint and remove by noti in wrib'ng one trustee. The trustees may COwOPt up to two members of staff from the above hvo Univèrsities (but for the avoidan of doubl only one from each University) who are willing lo be trustees. and may cause their co<Jption to cease. In addition to Ihe UnNersily Staff Trustees co-opted by the board. the trustees may <¥pt up to fvrther Irustees who are willing lo act, and may cause their co-oplion to cease. West Yorkshire Churches Together IWYCT) shall appoint an individual to be trustee and a twslee so appointed will hold offi'ce of the chair of the trustees. meeting. Except for persons appointed per the above no person shall be appointed or reappointed a trustee unless they are duly and properly nominated by a member of the Charity and have Consented lo act lor continue to act) as a trustee. The members of the Charity are those Churches who covenanted together to fom the charity as listed in the Articles of Association. In the year ending 31 August 2025 a United Reformed Church Trustee was appointed, the Melhodisl Church Trustee was replaced twice and the Ctropted Trustee to Present Orthodoxy resigned., a replacement is still being sought. Trustees. respon$ibililio8 The business of the Chanty shall be managed by the trustees who may exercise all the powers of the Charity. The trustees shall expend the funds of the Charity in such a manner as they shall consider most beneficial for the achievement of the objects, invesl in the name of the Charity such part of the funds as they may see fit, dI¢t the sale or transposition of any such investment and expend the proceeds of any such sale in furtherance of the objects of the Charity The Charity has 4 pemanent employees who are all part time=_ 1 Co-ordinating Chaplain. 2 Chaplaincy SeNice Managers and 1 International Students, Chaplain. The Charity also employed 1 part tsrrE student Olrtreach worker on a fixed lemi contract basis. All Trust staff work closely wtth the Chaplains and the Chaplaincy Service Managers report regularly to the Chair of the Board of Trustees. The Board meets fomialty 4 times per year for which it receives detailed papers prepared and distributed one week in advance. The co-ordinating and lead chaplains attend the meetings of the board to ensure good and comprehengve communications. Risk managern8nt The trustee5 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. Page 2 continued...
The Univer6illes' Chaplalncy In Leeds Trust Report of the Trustees - continued ft>r the Year Ended 31 August 2025 OBJECTIVES AND ACTIVITIES Background The Universities, Chaplaincy in Leeds Trust serves the staff and Students across the University of Leeds, Leeds Beckett University. The University of Law In Leeds and Leeds Arts University. This means supporting the spiritual welfare of in excess of 68,000 students and 12,000 staff of all faiths and all wodd views. The Trust has historically worked within the oversight of West Yorksfiire Churches Together (WYCTI, a group of hurch bodies who covenanted to work together ecumenically to help provide a chaplaincy service at these universities. Chaplains are from nine drfferent Christ denominalions and include volunteers. slipendiary and non-sIiFdIary clergy. Day to day work The key aspects of our day to day commitments are.. Pastoral Care Spiritual and Worship Ethics and Values Community Building and Community Coheslon Advice on matters of faith to the UnNersitEs' senlor managers. ACHIEVEMENT AND PERFORMANCE Achlevements The Co-ordinating chaplain continues to work Close with the Chaplaincy Service Managers. Carmen Costanza continued her role as a Student Outreach Worker, focused on digital (Jjtreach, communications on 5 campuses within Leeds, links with student letIeS and events. and helping maintain the profile of the chaplaincy for students and staff. The Trustees continue to have an excellent working relationship with the senior managers of the Universities. The Universities continue to value the conlribub'on of the Chaplaincy to the community life of the universities, with Leeds Arts University welcoming ongoing involvement with Chaplaincy outreach to their students. The stgnificant activitres of the day to day work continue. These include.. Pastoral support for slaff and students continLs through groups. worship actNities and Onevt0-e pasloral care. An increased range of outreach activities and events that were designed to introduce people to the Chaplaincy and encourage them to build links with us. Crisis support continues to be much appreciated by each UnNersity in the support of students. staff and their families at limes of trauma, death and world catastrophes. At Leeds Beckett we have built on the good relations already in pla. As lead chaplain, the Revd. Tim Nicholls has taken a full role in Leeds Becketys wellbeing provision. He attends regular team meetings as well as serving on committees, su¢h a$ equality, diversity and building new outreaches and chaplaincy services across the 2 campuses. Robin Fishwick is the Lead Chaplain at Leeds Arts University, and has been involved in extensive outreach work and has served on a number of University Committees. Fa Marc Homsey is lead chaplain for University of Law Leeds and has made good Ilnks with the wellbeing team. Involvement in multi fatth developments at Ihe University of Leeds. In particular -hoSting or facilitsting inter-faith events. Page 3 continued.
The Universities. Chaplaincy in Leod8 Trust Report of tho Tru$t•os- ¢ontlnued lor the Year Endod 31 August 2025 FINANCIAL REVIEW Financi•l rovi•w The fi'nancial resuii for the year shows a deficlt of £12,944. Reserves have decreased to £107.506. Expenditure was £141,646. The trust is well placed to develop its Chaplaincy work going forward. The servi Level Agreement ISLAI with the University of Leeds was renewed on 1 September 2022 for a period of 5 years until August 2027, the SLA with Leeds Beckett University was renewed on 1 September 2023 for a further 3 years until August 2026, the SLA with Leeds Arts University was renewed on 1 Septsmber 2023 for a period of 3 years until Au9USt 2026, and the SLA with the University of Law was ienewed on 1 September 2023 for 3 years until August 2026. FUTURE AIMS The future aims include-. Increasing chaplaincy provisKin through staff appointmenls, effective use of volunteers and interns. and range of activities, both digital and in person. Developirsg ways to increase spiritual awareness and opportunity amongst the staff and student populations, via online or in person means. Assisting all the universities in their development of a strategy to provide faith-based support to their diverse communities. Approved by order of the board of trustees on ... . and signed on rts behalf by.. Dr M G J Byde- Trustee Page 4
Independent Examinerfs Report to the Tru8teas of The Universities. Chaplaincy In Leeds Trust Independent examin¢rf8 report to lh• trusta•s of The un1versiti. Chaplaincy in Leeds Tru$t ('the Company, I report to the charity trustees on my examinatK)n of the accounts of the Company for the year ended 31 August 2025. R8sponsibilities and ba$1$ of roport As the charity's trustees of the Company land also its directors for the purposes of compary lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 AGI,). Having sab'sfEd myself that the accounts of the Company are not required lo be audrf(ed 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 a5 carried out under Section 145 of the Charrties Act 2011 1.the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 Ib} of the 2011 kL Indop8nd8nt &xamlnerf8 statement I have ¢ompleled my examination. I confimi that no matters have come to my attention in ConneCtn with the examin*ion giving me cause to believe.. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act., or the accounts do not accord with those record5,' or the accounts do not comply with the accounting requirements of Se¢tion 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 the accounts have not been prepared in accordance with the Methods and principles of the Staternenl of Recommended Practice for accounting and reporting by charities {8pplicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)). I have no concerns and have come across no other matters in connection with the examination to whh attents'on shoukJ be drawn in this report in order to enable 8 proper understanding of the accounts to be reached. Jill Wright BA FCA Kirk Newsholme Chartered Accountants 4315 Park Approach Thorpe Park Leeds Wesl YoTkshire LS15 8G8 Page 5
The Univeysltles. Chaplaincy in Leeds Trust Statement of Financial Activiti85 for the Year Ended 31 August 2025 2025 Total funds 2024 Total funds Unrestricted fund Reslricled fund Notes INCOME ANO ENDOVVMENTS FROM Donations and legacies 411 411 1.618 Charitable activities Charitable activities costs 96,490 28,405 124,895 93.316 Other trading activities Investment income 140 3.256 140 3,256 2,314 Totsl 100297 EXPENDITURE ON Charitable activitiOS Charitable aclivitses costs Govemance costs 55,248 2,375 62,158 21.865 117,406 24,240 74,949 8,432 Total 141646 NET INCOMEIIEXPENDITURE) Trnnsforn botwoen fund$ 42,674 55 6181 {55.e181 112,944) 13,867 13 Net movemfrnt in funds 112,9441 (12,944) 13,867 RECONCILIATION OF FUNDS Total funds brought fofward 120,450 120,450 106,583 TOTAL FUNDS CARRIED FORWARD 120 450 The notes fom part of these flnan¢ial statements Page 6
The Universltieg. Chaplaincy in Leeds Trust Balancg Shggt 31 August 2025 2025 Total ftjnds 2024 Total funds Unre51ri¢ted Restricted fund fvjnd Notes FIXED ASSETS Tangible assets 10 1,245 1,245 2.230 CURRENT ASSETS Debtors Cash at bank 11 329 111,011 329 118856 236 7,845 111,340 7.845 119.185 154,204 CREDITORS AnK)unts falling due within one year 12 15.0791 17.845) 112,9241 135,9841 NET CURRENT ASSETS 106,261 106.261 118220 TOTAL ASSETS LESS CURRENT LIABILITIES 107.506 107,506 120,450 NET ASSETS 107.506 107.506 120,450 FUNDS Unrestricted funds 13 107,5C6 120,450 TOTAL FUNDS 107,5( 120,450 The charitable company is entitled to èxemption from audit under Section 477 01 the Companies Act 2006 for the year ended 31 August 2025. The rnembers have not reqUId the company to obtain an audit of its financial stalements for the year ended 31 August 2025 in aG¢ordan¢e with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for lal ensuring that the charitable Company keeps accounting records that comply wrth Sections 386 and 387 of the Companies Act 2006 and Ib) preparing financial statements which give a tnje and fair view of the stale of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordan with the requirements of Sections 394 and 395 and which otherwise tonN)ly with the requirements of the Companies Act 2006 relating lo financsal statements, so far as appluble to the charitable company. The notes form part of these financial statements Page 7 continued...
The Universities. Chaplaincy in L••ds Trust Balance Sheet- contlnued 31 August 2025 These financial statements have been prepared in accordan with the provisions applicable lo charitable companies subject lo the small Companies regime. The financial statements wero approved by the Board of Trustees and authorised for issue on q131 tL9U and wer? signed on ils behalf by.. C)r Wi G J Byde - Twstee The notes form part of these financial statements Page 8
The Unlvetsiiies. Chaplalncy In Leeds Trust Notes to the Flnanclal Statements for the Year Ended 31 August 2025 ACCOUNTING POLICIES Basis of preparlng the financial statemonts The financial ststements of the chanlable company, which Is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charrties." 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 1021 leffeclive 1 January 2019).. Financ1 Reporting Stsndard 102 The Financial Reporting Standard applicab in the UK and Republic of Ireland. and the Companies Ad 2006. The financial statements have been prepared under the ht0Cal cost eonvention. Flnanclal reportlng 8tandard 102 - reduced disclosur• •x•mptlons The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements. as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the reqLtirements of Seckn'on 7 Statement of Cash Flows., the requirement of paragraph 3.17ldl', the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48{alliii), 11.48lal(iv). 11.48lb) and 11.48lcl- the requirements of paragraphs 12.26. 12.27, 12.291al, 12.291b) and 12.29A,' the requirement of paragraph 33.7. Income All income is recognised in the Statement of Financial Activities once the charity has enlitlemenl to the funds. it is probable that the income wll be received and the amount can be measured reliably. Expendlture Liabilf(ies are recognised a5 expenditu as soon as there is a legal or constructive obligation committing the charity lo that expenditure, rt is probable that a transfer of economK benefits will be required in selllement and the amount of the obligation can be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to aclrvilies on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitrnenl but not accrued as expenditure. Allocation and apportionment of costs Support costs have been allocated based on the time spent on charitable activities and governance Costs. Tanglble Ilxed assels Tangible fixed assets are staled at purchase cost, net of depreciation. Depreciakn'on is provided on all tangible assets at rates cal¢ulaled to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful lrfe as follows-. Fixtures and fitting$ Computer equipment 20% on reducing balance 330A on cost Residual value represents the estimated amount which would currently be obtained from disF)05al of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its eslimaled useful life. The gain or loss arising on the disposal of an asset is determined on the difference between the sale prOedS and the carrying value of the asset. and is recognised in the profit and Ioss account. Page 9 continued...
The Universltles. Chaplaincy in L••ds Trust Notes to the Financial Statsmonts - continuod for tho Yoar Ended 31 August 2025 ACCOUNTING POLICIES - continued Taxation The charty is exempt from Corporation tax on its charitable activrties. Fund accounting Unrestricted funds can be used in accordance with the chanlabk obiectives al the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restricts"ons arise when specified by the donor or when funds are raised for particular restricted purposes. Pension costs and othor pogt-r•tlrem¢nt benellts The Trust operates a defined contribution pension Scheme. Contributions payable to the Tru51'S pension scheme are charged to the Statement of Financial Activr(S in the perth lo which they relate. Financial instrumènts Financial as5els and financial Ilabllities are recognised when the company becomes a paty to the contractual provislons of the Instrument. Flnanclal liabillties and equlty instruments are classffied according to the Substan of the contractua arrangements entered into. All equity instrurnent is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. All financial assels and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement consts"tutes a ffinancing transaction, the financial asset of financial liability is measured at the present value of the fvture payments dis¢ounled at a market rate of intere8t for 8 similar debt instrument. The lollowing assets and liabilities are classified as basic financial instruments - cash and bank balances, trade creditors and other creditors. Cash and bank balans, trade creditors and other creditors are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected lo be paid or received. ImpalThent of assets Financial assets and financial liabiliknes are recognised when the company t£comes a party to the contractual provisions of the inslrurnent. Assets are assessed for indicators of impairmenl at each balance sheet date. If there is objective evidence of impairment, an impairment lo55 is re¢ognised in profit and loss as described below. Non financial assets An asset is impaired when the is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has in reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and Jts valuè in use. Financial assets For financial assets carried at cost less impairment. the impaimient loss is the difference bets¥een the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date. Page 10 continued...
The Universities. Chaplaincy in L••ds Trust Notes to the Financial Statom•nts - ¢ontlnued for the Year Ended 31 August 2025 ACCOUNTING POLICIES - contlnuod Impalm)ent of a88ets Where indicators exist for a decrease in impaiment loss, and the decrease can be reLated objectively lo an event occurring after the impaimenl was recognised, Ihe prior impairment loss is tested lo determine reversal. An impairment loss is reversed on an indwidual Impaired financial asset to the exient that the revised recoverable value does not lead to a revised carrylng amount higher than the carrying value had the impairment loss not been recognised. OTHER TRAOING ACTIVITIES 2025 2024 Room letting 140 INVESTMENT INCOME 2025 2024 Deposit account interest 2.314 CHARITABLE ACTIVITIES COSTS Grant fvnding of activities Support Costs (see note 5) Direct Cos15 Totals Charitable activities costs Govemance costs 60,553 295 56,558 117,406 60 553 295 SUPPORT COSTS Human resources Governance Totals Charitable activities cost5 Governance costs 34,880 14,949 21,678 56,558 49,829 30,969 Activity Informat'on technology Human resources Govemance costs Basis of allocation Allocation based on time spent Allocation based on lime spent Allocation based on time spent Page11 contlnued...
The Unlv8rsiti88' Chaplalncy In Leeds Trust Notas to th• Flnanclal Statements . continued for th• Y•ar End•d 31 August 2025 SUPPORT COSTS - contlnued Support costs, included in the above, are as follows.. 2025 2024 Charitable activities costs Govemance costs Total activities Total activities Computer costs Wages Social security Pensions Interest payable and similar charges Aceountancy fees Legal and professional fees 250 33.895 33,855 57 943 25 3.780 17.898 14,510 25 404 10 1,620 7.671 48,365 82 1,347 35 5,400 25,569 2,044 4,050 1,915 56,558 24,240 80.798 42.161 NET INCOMEIIEXPENDITURE) Nel incomellexpendlture) Ss stated after chargingllcrediting)= 2025 2024 Deprecialion - owned assets 985 TRUSTEES. REMUNERATION AND BENEFITS There were no ITUStees' remuneration or oth8r benefits for the year ended 31 August 2025 nor for the year er)ded 31 August 2024. TnBteeg' expenses There were £nil12024 ' £64) of trusteÈs' expenses paid for the year ended 31 August 2025. STAFF COSTS The average monthly number of employees during the year w8s as follows.. 2025 2024 Charitable Goveman No employees received emoluments in excess of £60,000. Page 12 continued...
Tho Univ•rSitl. Chaploincy In Leeds Trust Notos to th• Flnanelal Ststements - ¢ontlnued for the Year Ended 31 August 2025 FEES FOR EXAMINATION OF THE ACCOUNTS 2025 2024 Independent examiner's fees for reporting on the ac¢ount$ Ac¢ountsncy services 1,410 3,990 1,410 10. TANGIBLE FIXED ASSETS Fixtures and fittings Computer equipment Totals COST At 1 Septetnber 2024 and 31 August 2025 3,126 35,024 DEPRECIATION At 1 September 2024 Charge for year 2,630 30,164 32,794 985 At 31 August 2025 2,729 33,779 NET BOOK VALUE At 31 August 2025 397 1.245 At 31 August 2024 496 1,734 11. DEBTORS." AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Prèpayments 329 236 12. cREDORS. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Tiade creditors Social security and other taxes other creditors Deferred income Accnjed expenses 132 2,436 3,926 1,483 126 1,996 3,986 25,587 4,289 12.924 Page 13 continued...
The UnivepJities' Chaplaincy in Leeds Trust Notes to the Flnan¢lal Statements - contlnued for the Year Ended 31 August 2025 13. MOVEMENT IN FUNDS Net rnvement in funds Transfers betsveen funds At 31.8.25 At 1.9.24 Unrestricted funds General fund 120,450 42,674 155,618) 107,51X Restrlcted funds Restrthd funds {55,6181 55,618 TOTAL FUNDS 120.450 Net movement in fvnds, included in the above are as foll¢)ws'. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 11)0,297 (57,623) 42,674 Reslrlcted funds Restricted funds 28,405 {84,023} {55,618) TOTAL FUNDS 128 702 141646} 12,9441 Comp8rativ•s for movement In funds Nel movement in funds Transfers beeen funds Al 31.8.24 At 1.9.23 Unvvstricted funds General fund 106,583 50,166 136.2991 120,450 Restricted funds ReslTiCted funds {36.2991 36.299 TOTAL FUNDS 106.583 13,867 120,450 Page 14 continued...
Th• Unlversili•s' Chaplalncy In Leeds Trust Notes to tho Flnan¢lal 8tatement$ - ¢ontlnued for the Year Ended 31 August 2025 13. MOvEmEr IN FUNDS - continued Comparative net movement in funds, included in Ihe above are as follows- Incoming resources Resour¢es expended Movement in funds Unrestri¢tsd funds General fvnd 93.938 143,7721 50,166 Restrlcted funds Restricted funds 3,310 {39,6091 {36,2991 TOTAL FUNDS 97,248 833811 £55,61812024 '. £36,299) was transferred from the general fvnd to the re$tri¢ted fijnd to make up the shortfall on the fund. 14. RELATED PARTY DISCLOSURES There were no related party transactions for the year endèd 31 August 2025. 15. CAPITAL The MpanY is limited by guarantee and has no share capital. The liability of the n*mbers in the event of a winding up is limited to £10 per member. Page 15