**Registered Charity No.1142113 Registered Company No.07597621**
**FRIENDS OF BARHAM LIBRARY (Company Limited by Guarantee)**
**Report and Accounts**
**31 March 2022**
## **FRIENDS OF BARHAM LIBRARY (Company Limited by Guarantee)**
## **31 March 2022**
## **Contents**
||**Page**|
|---|---|
|Company information|1|
|Trustee's Report|2|
|Statement of director/ trustees responsibilities|6|
|Independent Examiner's Report|7|
|Statement of Financial Activities|8|
|Movements in Accumulated Funds|8|
|Balance sheet|9|
|Notes to the accounts|10|
## **FRIENDS OF BARHAM LIBRARY**
## **Legal and Administrative information**
|**Directors &Trustees**|Paul Lorber|
|---|---|
||Robert Wharton|
||Francis Paul Henry|
|**Secretary**|Paul Lorber|
|**Charity Number**|1142113|
|**Company Number**|7597621|
|**Registered Office**|17 Stapenhill Road|
||Wembley|
||HA0 3JF|
|**Independent Examiner**|Mahendra Pattni|
||M Pattni & Co|
||Chartered Accountants|
||21 Kingshill Drive|
||Kenton, Harrow|
||Middlesex HA3 8TD|
|**Bankers**|Santander UK Plc|
||2 Triton Square|
||London NW1 3AN|
Page 1
## **FRIENDS OF BARHAM LIBRARY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2022**
The trustees, who are also directors of the company for the purposes of the Companies Act, present their annual report and the financial statements for the year ended 31 March 2022.
The directors of the charitable company (the charity) are its trustees for the purposes of charity law and throughout this report are collectively referred to as the trustees. Their responsibilities include all the responsibilities of directors under the Companies Acts and of trustees under the Charities Act.
The Charity an eventful year managing to get through the Covid crisis and raising suffieicent funds to sustain its activities. There are sufficient funds to continue to pursue its objectives as a going concern.
## **Name, registered office and constitution of the charity**
The full name of the charity is Friends of Barham Library. The charity is also known by the name Barham Community Library.
The legal registration details are :-
_Date of incorporation_ 23/03/2011 _Company Registration Number_ 7597621 _Charity Registration Number_ 1142113 _The Registered Office is_ 17 Stapenhil Road, Wembley HA0 3JF _Email:_ barhamlibrary@hotmail.co.uk
## **Objectives and Activities of the Charity**
## _**A summary of the objects of the charity as set out in its governing document.**_
The charity's object and it's principal activity continues to be that of providing a community library in the Sudbury area of London Borough of Brent for people of all ages and backgrounds. As part of this the charity also undertakes book related activities with others and provides affordable access to its facilities in Barham Park.
## _**The charity's aims including the changes or differences it seeks to make through its activities**_
The charity provides access to books and study space for children, young people and adults with the aim of providing life long learning opportunities to enable everyone to develop their individual potential by offering a range of activities, and opportunities for self- expression, skill development and extending their knowledge attitude and experience.
Page 2
## **FRIENDS OF BARHAM LIBRARY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2022**
The Charity works in partnership with outhers to promote the love of books and reading.
## _**Strategic Plan**_
The charity aims to support , extend and improve a wide range of services, facilities, and opportunities to encourage children and adults to read more and to develop their potential.
Alongside this, the charity continues to participate in local activities and initiatives that contribute to positive cohesion of local neighbourhoods and communities.
The charity considers the needs and interests of members of the local community in developing new
activities to ensure as wide ranging participation from the diverse local population.
The trustees monitor and evaluate the work of the charity, against local and national standards in order to ensure that the maximum support and benefits are offered to individuals and groups in the community, that all relevant legislation is met, and guidelines are adhered to. This includes all safeguarding, health and safety, and other mandatory and advisory policies.
The charity also liaises with other relevant and interested parties to work where possible in partnership and for the mutual benefit of all concerned.
The charity aims to provide interesting volunteering opportunities to local people.
## _**Public Benefit**_
In setting our objectives and planning future activities the Trustees gave careful consideration to the Charity Commission's general guidelines on public benefit. The Charity looks to promote our library and the value of reading and all the related activities for the benefit of local people living and working in the area close to Barham Community Library. Our objective is to help improve the wellbeing and quality of life of local people.
## _**An explanation of the charity's main objectives for the year.**_
The charity operates a community library and undertakes a variety of activities from its library premises in Barham Park and shop in Sudbury Town Station. It also undertakes book related activities including live theatre, history talks, celebrations and provision of public accessible art.
All our projects offer safe and stimulating environments for people of all ages encouraging them to participate and develop by trying something new.
## _**An explanation of the charity's strategies for achieving its stated objectives.**_
The stated objectives are achieved by working in partnership with local people and other community organisations providing similar facilities.
Page 3
## **FRIENDS OF BARHAM LIBRARY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2022**
## _**Details of significant activities (including its main programmes, projects, or services provided that contribute to the achievement of the stated objectives.**_
In terms of our activities the year 2021/22 continued to be uncertain because of the Covid 19 Pandemic. We did manage to resume most of our activities in the year and the various users slowly returned. Our Library and Shop were pened for reduced hours overall but are now back to almost normal level of activities. The year 2022/23 will be crucial in recruiting new volunteers and bring all our activities back to the pre-pandemic level. Our continuing success is down to our dedicated group of volunteers and the support of our local community.
Despite of the above, Financially, as a result of Government Grants and extra donations 2021/22 was a satisfactory year.
While we sufered losses of income, as in previous last year, this was more then compensated by Grants and Donations income. The Charity is therefore financially secure. Despite continuing uncertainty we expect to generate sufficient income in 2022/23.
## _**Future Developments**_
The Trustees will continue to seek additional funding from other sources to sustain and expand the activities of the community library and related activities.
## **Structure, Governance and Management**
## _**Nature of the Governing Document and constitution of the charity**_
The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association. The directors of the company are also trustees of the charity. Eligibility for membership of the charity, and membership of the board of trustees is governed by the memorandum and articles of association. There are no restrictions in the governing document on the operation of the charity or on its investment powers , other than those imposed by general charity law.
## _**The organisational structure of the charity and how decisions are made.**_
Trustees' of the charity meet on a regular basis and agree the broad strategy and areas of activity for the charity, including consideration of investment, reserves and risk management policies and performance.
Volunteers of the charity have delegated authority to carry out day to day work within policies and direction agreed by the board.
## _**Membership of a wider network**_
The charity works in partnership with other community libraries in Brent and has ongoing relationship with Brent Council's library service.
Page 4
## **FRIENDS OF BARHAM LIBRARY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2022**
## _**The major risks to which the charity is exposed and reviews and systems to mitigate risks**_
The trustees identify the major risks to which the charity is exposed each financial year when preparing and updating a strategic plan, in particular those related to the operations and finances of the charity. The trustees then review any major risks which have been identified, and establish systems to mitigate those risks. The charity is satisfied that the systems are in place to mitigate their exposure to the major risks which have been so identified and reviewed.
## _**Financial Review**_
The financial results for the period are set out on pages 8 to 9.
## _**Investment and Management Powers**_
These are vested in the Trustees' and are governed by the memorandum and articles of association of the charity.
## _**Reserves**_
The Trustees have examined the charitable company's requirements for reserves in light of the main risks to the organisation and are satisfied that the level of current reserves are sufficient to give the charity a secure future and meet its future obligations.
## _**Transactions and Financial position**_
The financial statements are set out on pages 8 to 14. The financial statements have been prepared implementing the 2005 Revision of the Statement of Recommended Practice for Accounting and Reporting by Charities issued by the Charity Commission for England and Wales (effective April 2005) and in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102). As stated in the introduction to this report, the trustees consider the financial performance by the charity during the year to have been satisfactory.
The Statement of Financial Activities show net surplus resources for the year of a revenue nature of £62,583 (2021 £ 63,634) .
The total reserves at the year end of £288,324 which are well above the charity's current annual level of expenditure.
## _**Specific changes in fixed assets**_
There were no specific changes to the fixed assets during the year.
## **Share Capital**
The company is limited by guarantee and therefore has no share capital.
## **The Directors and Trustees of the Charity during the Year Ending 31st March 2022**
All the directors of the company are also trustees of the charity, and there are no other trustees. All of the trustees who served during the year are named on page 1.
Page 5
## **FRIENDS OF BARHAM LIBRARY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2022**
The board has 3 local trustees who continue to be actively involved in the running of the Charity.
The directors are members of the company.
## **The members of the Board of Trustees of the Charity at the date the report and financial statements were approved were:-**
Paul Lorber Robert Wharton Francis Paul Henry
## **Bankers and Independent Examiner**
These are stated on page 1.
## **Directors and Trustees Responsibilities in relation to the financial statements**
Charity Law and the Companies Acts require the Board to prepare financial statements for each financial
- select suitable accounting policies and then apply them consistently;
- -observe the methods and principles in the Charities SORP
- make judgments and estimates that are reasonable and prudent; and
- 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 materialdepartures disclosed and explained in the financial statements;
The trustees are also responsible for maintaining proper 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. 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.
## **Directors and Trustees' Responsibilities in relation to the financial statements**
The trustees are also responsible for the contents of the trustees' report, and the responsibility of the auditors in relation to the trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
## **Method of preparation of accounts**
The trustees, in their capacity as directors, state that the accounts have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies.
Page 6
## **FRIENDS OF BARHAM LIBRARY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2022**
## **Independent Examiner**
M Pattni & Co. Chartered Accounts of Harrow were appointed as Independent Examiner by the Board of Directors on 26 November 2018. A resolution proposing M Pattni & Co. be re-appointed as Independent Examiner of the charity will be put to the Annual General Meeting.
## **Approval**
Approved by the board of Directors and Trustees on 6th December 2022 and signed on its behalf.
## **Paul Lorber - Director & Trustee**
Page 7
## **FRIENDS OF BARHAM LIBRARY**
## **Independent Examiner's'report to the Trustees of Friends of Barham Library**
I report on the accounts for the year ended 31st March 2022 which are set out on pages 9 to 15.
Respective responsibilities of the Trustees and Independent Examiner
As trustees of the charity, the members of the company are responsible for the preparation of the accounts. They consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity Commissioners
- section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis of Independent Examiner's Statement**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the management committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.
## **Independent Examiner's Statement**
In connection with my examination, no matters have come to my attention
1. which give me reasonable cause to believe that in any material respect the requirements
- to keep accounting records in accordance with s.130 of the 2011 Act; or
- to prepare accounts which accord with these accounting records have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mahendra M Pattni FCA Independent Examiner M Pattni & Co. Chartered Accountants
21 Kingshill Drive, Kenton, Harrow Middlesex HA3 8TD
Date : 6th December 2022
Page 8
## **FRIENDS OF BARHAM LIBRARY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2022**
|Notes
**Incoming Resources**
**Incoming Resources from Charitable**
**activities**
Donations inc. Gift Aid
Grants Received in cash
2(a)
Grants received in kind
2(b)
**Other Incoming Resources**
Miscellaneous Income
3
Interest Receivable on Bank Deposit
Librarian Theatre Ticket sales
**Total Income**
**Resources Expended**
Direct Charitable Activity Costs
4
**Other Expenditure**
Management and Administration
Expense
6
Governance Costs
7
**Total Resources Expended**
**Net Movement of Funds**
Transfer between Funds
Total Funds Brought Forward
**Total Funds at 31 March 2022**|**Restricted**
**Unrestricted**
**£**
**£**
-
26,093
9,985
26,174
-
500
-
22,426
-
3,468
-
-
9,985
78,661
4,653
20,897
-
-
-
513
4,653
21,410
5,332
57,251
-
-
29,236
196,505
34,568
253,756|**Total**
**2022**
**2021**
**£**
**£**
26,093
37,413
36,159
45,767
500
500
22,426
202
3,468
3,468
-
-
88,646
87,350
25,550
23,203
-
-
513
513
26,063
23,716
62,583
63,634
-
-
225,741
162,106
288,324
225,740|
|---|---|---|
All the charity's operations are classed as continuing. Movements on reserves and all recognised gains and losses are shown above.
The notes on pages 10 to 14 form an integral part of these accounts
Page 9
## **FRIENDS OF BARHAM LIBRARY**
## **BALANCE SHEET AS AT 31 MARCH 2022**
|Notes
**FIXED ASSETS**
Tangible Assets
8
**Current Assets**
Debtors
9
Cash at Bank and in Hand
**Creditors: Amounts Falling Due**
**Within twelve months**
10
**Net Current Assets**
**Provisions for liabilities and**
**charges**
11
**Net assets**
**Funds :**
Unrestricted Funds
12
Restricted Funds
12
**Total Charity Funds**|2022
£
-
1,012
305,846
306,858
(8,534)
298,324
(10,000)
288,324
253,756
34,568
288,324|2021
£
-
1,267
251,181
252,448
(18,708)
233,740
(8,000)
225,740
196,505
29,235
225,740|
|---|---|---|
The directors are satisfied that the charitable company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the charitable 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 accounts 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.
Approved by the board of directors and Trustees' on 6th December 2022 and signed on its behalf:
Paul Lorber Director and Trustee
The notes on pages 10 to 14 form an intergral part of these accounts
Page 10
## **FRIENDS OF BARHAM LIBRARY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2022**
## **1. Accounting Policies**
## **a) Accounting Bases**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), and all other applicable accounting standards, as modified by the 2005 Revision of the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales, effective April 2005. The accounts have been drawn up in accordance with the provisions of the Charities Act 2011 and the Companies Act.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement.
## **b) Accounting convention**
The financial statements are prepared, on a going concern basis, under the historical cost convention as modified by the revaluation of freehold land and buildings and fixed asset investments.
The charity is dependent on its ability to generate income from donations, grants and rental contributions and as a consequence the going concern basis is also dependent on its ability to continue to generate income from these sources..
## **c) Incoming Resources**
All income from grants, donations, subscriptions are shown in the accounts in the period in which they are receivable. All income from fund raising activities is shown gross, with the associated costs included in fundraising costs.
## **d) Investment Income**
Bank Interest received is included on an accrued basis
## **e) Resources Expended**
Resources expended are included in the Statement of Financial Activities on an accrual basis., inclusive of any VAT which cannot be recovered.
Expenditure which is directly attributable to specific activities has been included in these cost categories. Where costs are attributable to more than one activity, they have been apportioned across the cost categories on a basis consistent with the use of these resources.
## **f) Fundraising Costs**
Fundraising expenditure comprises costs incurred in inducing people and organisations to contribute financially to the charity's work. This includes the cost of advertising for donations and the staging of special fundraising events.
Page 11
## **FRIENDS OF BARHAM LIBRARY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2022**
## **1. Accounting Policies continued**
## **g)Taxation**
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company , and is therefore included in the relevant costs in the Statement of Financial Activities
## **h) Governance Costs**
Governance costs includes those costs associated with meeting the constitutional and statutory requirements of the including cost of running the charity, renting and running office premises, staff salaries for administrative staff, legal fees, accountancy and audit fees and costs linked to the strategic management of the charity.
## **i) Tangible fixed assets**
Depreciation is provided on the tangible fixed assets at rates calculated to write off the cost of the asset over it's expected useful life, at the following rates :
Furniture & Office Equipment 25% on reducing straight line basis Computer Equipment 33.33% on reducing straight line basis
|**2. Grants Received in**
2(a) received in cash
LB of Brent VSIF Grant
LB of Brent Commonwealth Lunch
CAD Dementia Grant for Memory Lounge
Edward Harvist Fund (EDF)
LB of Brent - Love Where You Live (LWYL)
Government Recovery Grants
National Lottery - Memory Lounge
2(a) received in kind
LB of Brent payment for share of librarian
Daniels Estate Agents - printing
M Pattni - Independent Examination|**Restricted**
**Unrestricted**
**£**
**£**
0
0
0
0
0
0
0
3,340
0
1,500
0
21,334
9,985
0
0
0
0
0
0
0
9,985
26,174
0
0
0
0
0
500
0
500|**2022**
**2021**
**Total**
**£**
**£**
0
-
0
-
0
1,510
3,340
787
1,500
500
21,334
42,970
9,985
0
0
0
0
0
0
0
36,159
45,767
0
0
0
0
500
500
500
500|
|---|---|---|
Page 12
## **FRIENDS OF BARHAM LIBRARY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2022**
|**3. Miscellaneous Income**
Rental contribution towards activities
Other - Reversal of provisions
**4. Resources Expended**
**Note**
**Restricted**
**Unrestricted**
**Direct Charitable Activity Costs**
**£**
**£**
Voluntary Sector Grant
0
0
NCIL
0
0
Operating Expenses
5
0
19,379
Commonwealth Lunch
0
0
Payment for Murals (from LWYL)
0
1,518
Barham Celebrations
165
0
Memory Lounge activities
4,465
0
Arts & Crafts activities
23
0
4,653
20,897
**5. Operating Expenses**
**Restricted**
**Unrestricted**
**£**
**£**
Rent - Library at 660 Harrow Road Wemb
0
7,000
Premises reinstatement provision
0
2,000
Rent - Sudbury Town Station Shop
0
522
Light & Heat
0
3,000
Service Charges
0
1,500
Covid Cleaning (EHF grant)
0
3,339
Other expenses
0
120
Website & internet
0
230
Postage & Stationery
0
858
Companies House dispute
0
534
Insurance
0
276
0
19,379
**6. Management and Administration Costs**
These include the general running costs of the charity
Accountancy
Bank Charges
Depreciation
**7. Governance Costs**
Annual Return
Independent Examination|**2022**
**2021**
**£**
**£**
4,578
202
17,848
0
22,426
202
**2022**
**2021**
**£**
**£**
0
2,797
0
0
19,379
15,748
0
0
1,518
500
165
3,168
4,465
203
23
0
25,550
23,203
**2022**
**2021**
**£**
**£**
7,000
7,000
2,000
2,000
522
313
3,000
3,000
1,500
1,500
3,339
787
120
185
230
314
858
1,021
534
0
276
415
19,379
15,748
**2022**
**2021**
**£**
**£**
0
0
0
0
0
0
0
0
**2022**
**2021**
**£**
**£**
13
13
500
500
513
513|
|---|---|
Page 13
## **FRIENDS OF BARHAM LIBRARY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2022**
## **8. Fixed Assets**
As at 31 March 2022 the Charity did not own any fixed assets of material value.
|**9. Debtors**
Interest due on Bank Deposits
Edward Harvist Trust - expenditure to be reimbursed
Gift Aid due from HMRC
**10. Creditors: Amounts Falling Due Within twelve months**
Grants received in advance
Rent Received in Advance
Cash held for Library Group
Other Creditors and Accruals
**11. Provision for liabilities and charges**
Reserve for utility costs
Reserve for service charges
Reserve for Premises Reinstatement
**12. Analysis of net assets between funds**
Restricted Unrestricted
**£**
**£**
Tangible fixed assets
-
-
Currents assets
34,568
272,290
Creditor: falling due within one year
-
(8,534)
Creditor: falling due after more than one year
-
(14,500)
Net Assets at 31 March 2022
34,568
249,256|**2022**
**2021**
**£**
**£**
1,012
1,155
-
112
-
-
1,012
1,267
**2022**
**2021**
**£**
**£**
-
500
-
-
-
360
8,534
17,848
8,534
18,708
**2022**
**2021**
**£**
**£**
3,000
-
1,500
-
10,000
8,000
14,500
8,000
**2022**
**2021**
**£**
**£**
-
-
306,858
252,448
(8,534)
(18,708)
(14,500)
(8,000)
283,824
225,740|
|---|---|
Page 14
## **FRIENDS OF BARHAM LIBRARY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2022**
|**13. Movement in funds**
**Restricted**
National Lottery - Celebrate Grant
CAD Dementia Support Grant
LB of Brent NCIL - Memory Lounge
LB of Brent VSIF Grant
National Lottery - Memory Lounge
Love Where You Live - Arts & Crafts
Awards for All - Memory Lounge
Wembley Stadium Trust - Memory Lounge
Total restricted funds
**Unrestricted**
General Funds
Total unrestricted funds
Total Funds|**2021**
**Incoming**
**Resources**
**£**
**£**
2,142
0
1,510
0
14,150
0
383
0
0
9,985
157
0
9,798
0
1,095
0
29,235
9,985
196,505
78,661
196,505
78,661
225,740
88,646|**Outgoing**
**Resources**
**Transfers**
**between**
**Funds**
**2022**
**£**
**£**
-165
1,977
0
1,510
0
14,150
0
383
-2,540
7,445
-22
135
-1,085
8,713
-840
255
(4,652)
0
34,568
(21,410)
253,756
(21,410)
0
253,756
(26,062)
0
288,324|
|---|---|---|
## **Purpose of Restricted Funds**
The restricted funds will be utilised against specified activities for which the grant was provided for.
The Unrestricted reserves at the year end of £253,756 will be utilised for the purposes of the operating expenses, improvements to premises and purchase of additional equipment.
## **14. Trustees Donations, Remuneration and Expenses**
During the period the charity entered into following transactions with members of the trustees:
## **a) Payments made:**
No members of the trustees received fees or expenses in the year. The total amount of £ Nil (2021: £NIL) was paid in the period in respect of fees and expenses.
## **b) Donations Received**
During the year donations of £ 6,550 were received from Trustees.
## **15. Share Capital**
The Charity is incorporated under the Companies Act 1985 and is limited by guarantee, each member having undertaken to contribute such amounts not exceeding one pound as may be required in the event of the company being wound up whilst he or she is still a member or within year thereafter.
## **16. 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.
Page 15