Porthhead Youth CeDtre Llmlted CompAny limited by guvanteè R¢port and unaudited fln4nclAI atat•m•llts for th¢ yr ended 31•t December 2022 CompAny No. 7588073 ChArlty No. 1143238 Brookln¥ Ru$¢ ChArtered Ae¢ount•nts 108 Hlglt Street Porttshe•d North Somerset BS20 6AJ
PortisheAd Youtb Centre Limited Company limited by guarantee Contellts PA8e Directors, and tswtees, r¢port Indep¢ndent Examiner's r¢port Slatsment of financial activities BA18nce sheet Nots5 to th¢ unAudited financial staternents 10-14
Porti8head Youth Centre Limited CompAny limited by guarantse Annual r¢port of the directors and truste The directors and trnstees present their report together with the unaudited fmgn¢ial 8tat¢ments for the y¢ar cnded 31. Decemb¢r 2022. The tnkn have complied Mryth the duty in Section 17{5) of the 2011 Charitie8 Act to have due Te8ard to guidaDo¢ published by the Charity Commis8iO The r¢port is prepared in accordanc¢ with thc smau ¢omponies regime (Section 419(2) of th¢ Companies Act 2006). Adrnlnijtrative detall8 compw. Portishead Youth Centre Limiled. is a company Ilmited by guarantee number 07588073 and 18 a regi8tw¢d charlty, number1143238. The company was incorporated on i* AprAI 2011 and commenced activities on ill January 2012, The registered office and operntional &ldress ig: I HArbour RoAd Portishe North Somersot BS20 7DD Dir¢etorJltrustse8 M.E. Beaumont D.R, Cook ILM. Cne M.G. Dolton (resigned 28th Ootober 2021) N.J. Holland C.E. Jones M.R. Joncs J. Lord J.W. Power R.F, Sainsbury {rnad¢ Honorary Presidcnl January 2022) T.R. Slatter S.J. Thorne Scoretary M. E, Beaumont R¢porthig aeeountallts Brooking Ru8¢ Chartered Acwuntants 108 High Street Portishead North Somerset BS20 6AJ Page I
Portl8heAd Youtb Centre Lhnited Company limited by guarantee Annual report of the diree¢ors and trustees coulinuoj Purpoye8 and alms Our charity's pwpose8 as set out in the objects contained in the company's memorandum of association are to: Benefit tbe public by the proyision of a youth centre. and The Provision of a community youth centrc to help and educate young people and children through th¢ir leisure tim¢ activities 80 as to develop their physical, mentsl and Spiritu caCItieS that they may grow to full matillity as individuals and menibeTS of society, ChArlty truotee 8eleetlo Tru3tc¢s arc appointed by the management committee on the understsnding that they will fjJrtheT the purposu and ain)s of the charity detailed above. Thc management Committee $h811 be constituted as follows.. I representative of North Som¢rsel Council 2 repres¢ntative5 of Porti8head Town Council I representative of the Gordano School staff I represenlative of Avon & SomeThet Constsbulary Up to 10 co-opted from the local ¢oJnmunity Aehlev¢meLts durlng the yt*r This is the tenth year of trading alld once again it has been & very challenging year with continued Covid disruptions And uncertainty. all m¢mber8 of our oomtnuuity have brK affected in some way as had our &bility to fidly reopen for the whole year. As the county continued to suffer1088 and a continued third lockdown at the start of the year, the Centre was once again under pressure to ke¢p vital support services open where possible. Our experience from 2020 stood us in 8ood stead in supportin8 our most vulnerable in the community and we continued to offer 5UPPOrt where it was PO85ible, virtually. Once again income from Building Hire, Coffee Bar sales and other activities genernted on site were lost during that period and many members of the team were fjjrloughed onc¢ more. Und¢terred, the team continued to e4)pe admirably with all the uncertainty that talled, Continuing to win vital grant fjjnding as noted ov¢rleHf. Portishead Tovrn Council 8nd the Nautic Society have once more been Staunch supportcrs of our work with much needed continued financial support and we offer huge thanks to both. We were also Successft in winning a 5-year thnding bid with the National Lottery "Reaohing Communities" through a huge anjount of hard work from many in the team. notably Kim Jones and Karen Excell. This filllg really provides the Centre with a r¢newed degrrK of fLnancial security moving forward, for which we are immensely grateful. Poge 2
Portishead Youth C¢ntre Limlted Company limited by guArantee Annuol report of th¢ direetOW8 and trustee Special grnnts and donations relating to COVID-19 were re¢¢ivcd from.. North Somerset Couneil (Government Schem¢) Government Furlough Scheme The Government Furlough Scheme once more made it possible for us to retaiD all our staff. Wc were in receipt of a fjjrtlier £12,504 during 2021. Food related funds were also received from., Neighbourly Waitrose Portishead These funds were for the provision of food, Kim Jon¢8 in partieular worked with the Local Food Bank to help feed our more wjlnerable familieg. Variou8 applications have been made for grants to support the running of the C¢ntre during 2021 and we 4r¢ very grateful to,. Portishead Town Council The Portishead Nautical Trust Children in Need North Somersct Council Wesport- CYP Natiotl Lottery-"Rea¢lllng Communities" Groundwork W¢ liave dso bcen generously supported by local p¢oplc. or8anis&tions ond businesses in thc forni of donations. These illclude, but ar¢ not limit to: Portishead Lions Club Intsrn&tionAI Legal and General Co-op Community Fund Gordano Valley Church Ayiva Community Fund Ros Cruse Anna Clarke Charles River Stuart Griffith8 Portishead L&dies Bowling Club Phil Sanders Mike Jones Karen Excell Jenlla Clare Page 3
Portlsheld Youth C¢ntre Llmited Company limAted by guarantee Annual report of the directors and trustees ..contlthufyl Wc ¢ontinu¢ to be very grateful to th¢ Portisbead Lions Club International. Following on from the immense amount of support provided to us in 2020 when Covid first strnck. they have continued to support with odd jobs aroulld the Centre: tbe Trustees and stsff are very grat¢fid. In De¢ember 2013 a ten-ye8r lease WRS signed wlth Portishe&d Town Council giving the Centre & secure home. Portishead Youth Centre Portishead itself has a building to be proud of, we have b¢com¢ 'Yhe place" to hold parties and events. Wo have b¢¢n able to slowLy return to thes¢ activities and more in 2021, with safety and security of our staff and Centre u8ers poramount. It ha8 been a wonderful siglLt, seeing aod hearing so many people enjoying tILe Centre once more - moth¢r8 And babies/toddl¢rs. young peopl¢ forniing new r¢lationships, street dan¢e practice, music making in the reeording SdI0, faith groups meeting in quiet contemplation and our senior citizens catching up OV¢T lunch and oth¢r planned &otiviti¢s. The Centre has gone from strength to Btrength And is &5 busy as it has ever been: under the leadership of Kim and the oversight of the Board of Trustees. th¢ Centre has a 3-y¢ar plan in place which guides our current and future planned activities, Portishead Youth Centre is seen by the community as a place of expertise and safety for engaging childi¢n alld young people. We are doing more work with Gordano School and othcr5 to provide edu¢ation for school pupils who strnggle to ¢ll8e with more traditional approaches of learning and our relationship with Gordano is stron8 as ever with popular Youth Hub session8 81 the sohool being moved to larger premises due to its popularity. The Tntee8 ar¢ plcascd to report thai thc day to day runnin8 of th¢ busitLCSS continues to be expertly l¢d by Kim Jones, Supported by an excellent and dedi¢ated tcAm. They are the beAling heart of the Centre and everything you see is driven by their imagination and care. Policies continuc to be reviewed on A rolling basis And thanks must 80 in particular to Jeall Lord and M8rk Beaumont for keeping these updated. especially the constantly ch8nging Covid 8uidance. Our ¢ontinued success has been made possible by the relentless 8UPPOrt and work by the Trusl¢¢s and the Centre's staff wbo continue to be open to new chailengeg, innovative in their delivery 4nd loyal to the Centre ar4d a]1 who mAke use of it. My h¢artfelt thanks to you all. 2021 will also be marked as the year that Ros Cruse decided to step down as Ch&ir of Tntee8, after 15 year8 l¢ading the mallagement Committee in its various guises pre- and post-North Somerset furLdin8. Ros has lived And breathed Porti5hcad Youth Centre for many Ye and it 18 down to her detetmination, drive and will to win that YOU 8¢e the Portisbe&d Youth Centre that exist today. Thank you Ros, you are a bard a¢t to follow and l apprcciate all of your wise counsel. Thanks also go to Mark B¢aumont who has served 48 Secretary And Vice Chair (the latter since May). Mike Jones as Treasurer. David Cook &$ Chair of the Finance Committee, Suzanne Thorne as Chair of the Stoffmg Committee and Tanya Slatter &8 Cbair of the newly fotmed Planning & Outcomes Committee, created to provide support and oversight for our 3-yew planning activity And related social impact assessment work. Page 4
Portishead Youth Centre Litllited Company limited by guarantee AnnuAI report of the directon and tru8te ..eontinu Reserv The surplus for the year has amounted to £13.986 on unrestrtcted fimds and a defi¢it of £16,503 on strIcted fund8 &4 stated on page 13 of the accounts, The unrestricted $UTpIus totalling £13,986 was helped by & success1 insurance claim of £12,127 (for business intemiption due to Covid in 2020), over £12,500 of Government firlough support and £16.097 Covid suppoit from North SomeTret. Th¢ restrict¢d deficit of £16.503 relates to grants reo¢ived in 2020 in respcct of 2021 fimding. The Trust¢cs considcr the following provisions necessary in ordtt to show a ttue position of the Youth Centre's ongoing working capital. Usin8 the Reserves Policy agre¢d in 2021 the allocation of the Teserves to be illcluded in the anllual ac¢ounts for 2020 as follows.. Cover for salaries and running costs for Six months foT busine&8 continuity in the event of a catasts'ophi¢ loss of income £90,000. Cover for the non-insurable cost of usin8 alternative accommodation should the c¢ntre building be out of action £10,000. A fftulative 8Um to cover any refurbishment required at the end of the lease £30.000. This makes a totsl of £L30,000 in the designated fund statsa in note I Ip page 14. There Js also a sum of £51,728 whi¢h is a portion of grants wbich are evenly spent until the next insts]mellt is due or a n¢w application can be made as slated in note 9J pa8e 12. Despite the in¢redible support from our grant fijnders and the hope of 8 full yegr of trddin8 in 2022, we expect that we will need to rely upon 80m¢ of our reserv¢s to continue to operate fidly 85 costs ri8e. Energy and cleaning costs have increased, our maintenance bud8et h88 risen and we have in¢r¢ased our 8tsffin8 costs in 2022. The latter is partly down to adding new roles as we increase our provision but also to enable w to become a Living Wage Employer, something we Are very proud to have achieved. Wc will aim to MiniSe the use of our reserves as much a8 PO88ible but it does demonstrate th¢ importance of having a sound financial footing. This Tep)rt has been prep in aCrdance with the 8ClaI provisions for small companies un(kr Part 15 of the Companies Act 2006 rt W88 approved by the board on '2Zd re 2023 8nd signed on its behalf John W. Power D1rectorfTnte0 Page S
Independent ExaminerlB Report to the Tru&tetJ of Porti8head Youtb Centre Limit¢d Company limited by gu4rAntee I report lo the charity trustees on my examination of the aOunt8 of the company for the year ended 31" DeceEnber 2022, which are set out on pag¢8 7 to 14. Re8ponslblllti¢4 And baJl8 of r¢port As the cbarity's trust¢¢s of the company (and also rts dirtorS for the purposes of conlpany law) you are responsible for the preparation of the Ollts in awordAneR with the r¢quiTemcnts of the Companies Aot 2006 ('the 2006 Act.). Having satisfied myself that the accounts of the company not required to be &udited utth Part 16 of the 2006 Act and are eligible for independ¢nt cxamittation, I report in respect of my examination of your charity's ac4ounts as carried out und¢r 8tion 145 of the Charities Act 2011 (the '2011 Act,). In carrying out my exam1ttion I have followed the DirtionS gtven by th¢ Clwity Cotomi8sion under Seetion 145(5)(b) of the 2011 Act. Independent eJaminer'8 report I have completed my examinatioL I confirm that no mattcrs have come to my attention in connection with the examination give me cause to beli¢ve: . l) accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2) the Acwunts do not accord with th08e accounting r¢cords; or 3) the CoUnt8 do not comply with the CoUntIng requirements of s¢Gtion 396 of the 2006 aot other th8n any requirernent that the accounts give &'tru¢ and fair, view which 18 not a matter considered as part of an independ¢nt ¢xamin&tion" QT 4) the accounts hav¢ not ell propared in accordance with th¢ methods and principles of the Statement of Re¢ommcndcd practic¢ for accounting And Teporting by charities [appli¢&ble to charities prepating their acci>unts iu accordance with thc Financial Reportin8 Standard applicable to the UK And Republi¢ of IreLalld (FRS 102)], I hav¢ no concerns and have come across no other matters in corjnection with the examination to which attention Should be drawn in this report in order to enabl¢ a proper understanding of the accounts to be rhed. Signed.. Robert D Orr Brooking Ruse CRwtered Accountants 108 High Street Portishead BIUSTOL BS20 6AJ Date., Page 6
Portkshead Youth C¢ntre Limited CompAny limited by guarantee ststement of finAncl&l aetlvltfies (including income ALd expenditsre aeeount) for the year ended 3181 December 2022 Ullrestrleled Restricted FuDdJ Funds Note4 Total Ineomfillg resour¢ 222,048 134,524 356,572 Resources expended 199,964 129,459 329,423 Net Inco]lllllg re8our¢ 22,084 5,065 27,149 Reeonclli4tion of funds Funds brought forward 148,578 3,998 152,576 Funds eArritsd forn*rd io 170,662 9,063 179,725 TIL¢ statement of fman¢ial activities includes aIl recognised gatn5 and losses for the year. All incon)ing resources expended derive frorn continuing Activities. The notss on pages 10 to 14 forni on Sntegrol part of these financial statements. Page 7
Portishead Youth Centre Limited Company ]Imlted by guar4ntee Balance Sheet as at 31tst D¢cember 2022 Not 2022 2021 Fixed Assets Tangible &gsets 9,906 14,349 Current A88ets 1,055 10.818 218,493 861 5117 214,901 Debtors Bnd prepayments Cash at bAnk And ill hand 230,366 60,547 220,879 82,652 Creditors.. amounts fliti8 due wltbin one ye8r Net eurront assetj 169.819 138,227 Total aliets l*Ji ¢yrr¢nt IIAbllld¢J 179,725 152,576 Net a8Jets 179,725 152,576 Fund Restricted fimds Unrestricted fiJnd8 - Designated - Oenerai io li 9,063 130,000 40.662 3,998 130,OOQ 18,578 179,725 152,576 The directors. statements required by Sections 475(2) and (3) are shown on the following page which fornls part of this balance sheet. The llotr8 Oll Pog¢8 10 to 14 form an Integral pArt of th48e finAnel&l 8tstem¢Mts. Page 8
Portishead Youth Centre Limited Compgny limited by guarante¢ Bal4nce sheet (conthiued) Dire¢tor8' StAtements requir¢d by Sectlons 475(2) 4nd (3) for éhe year ended 314t Dember 2022 tn approving th¢5¢ financial statements as directOTS of the company we h¢reby confitm.. (a) that for the year Stated above the company w48 entitled to the ex¢mption confetted by Section 477 of the Companies Act 2006. (b) that no notice has beell deposited at ttLe registered office of the compauy pursuant to Section 476 requesting that an audit b¢ oonducted for th¢ y¢ar etmled 31# D¢c¢mb¢r 2022 and (c) the4t we aoknowled8c our responsibilities for: (i) eD3uring thAt th¢ company kccps &ccounting r¢cords wbich comply with Section 386; and (ll) prcpariDg financial statements which give R tn and fAir view of the slate of affairs of the company &8 at th¢ #nd of the financial year and of ils profit or loss for the year then ended in &Idance with the requir¢ments of Section 393 8nd which otherwi8e comply with thc provisions of the Companies Act 2006 relatin8 to finRncial statements, so far as applicable to the company. These Accounts have Ixen prepared in accordon¢e with the special provisions of the Companies ACA 2006 applicable lo companies subject to th¢ sm811 oompAnie$ reBime and in accordance with FRS102 SORP, The financial stat¢m¢nts were approved by the b08rd on 22d by 2023 and signed on its behalf John W. Power Dlr¢ctornru8tee Registration number: 07588073 The llotey oll PAI 10 to 14 form An Inte¥ral part of theBe fJnaDelai stAtements. Page 9
Porti8head Yoxth Centre Limited Company Ilmked by guarAntee Note8 to tbe unaudited finan¢i41 stAtements for the year end¢d 3151 Decemb¢r 2022 Accountlng PDllcles 1,1 BASIS of Aeeounting The fU]cIal statements have been prepaT¢d in ac¢ordaDc£ with A¢Lx)unting 8nd Reporting by Chariti¢s', Statement of Recommended Practice applicable to clwtties in preparing their account itt accordanc¢ with the Financial R¢porting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015)- (Charities SOR (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ir¢land (FRS 102) and th¢ Compaui¢s Act 2006. 1.2 Fund aCllthig Unrestricted fimds are availabl¢ for use at the diseTetion of the ffiteeS in furtherance of the general obje¢tivc8 of the charity. Designated fijnds are unr¢stri¢t¢d fijnds eamirted by the Management Committee for partieular puryoses. Restrictsd funds are subjectod to restridions on their exp¢nditurc imposed by thc donor or through thc tcrnls of all &ppe81. 1.3 Incomlng re4oureeJ All incoming resou3 are included in the statsment of finanelal activities when the Charity is entitled to, and virtually ccrtain to receive, the income and the amount can be quanlified with reasonable accuraoy. 1.4 Deferred Ineome Grant Inwme received in the year is shown as a liability iti th¢ balance sheet, ThÉs is dependent where thero 18 a condition attached to the Brant that il must be used in a particular way as specifLcd by thc grant provid¢r Otherwi it must b¢ returned. ROurC upended Bxpenditure is recognised on an a¢¢nlS ba8is &3 a liability is incutTed. Expenditur¢ includes any VAT which 0M0t be fiilly recovered and is reported part of the expenditura to which it relates. Tanglble fixed *J8ets and depreclAtlon Depreciation is provided at rats8 ujculated to write off the co311¢83 residual value of each &qset over its ¢xpect¢d usefid life, a8 follows., Property Amprovements IO% straight line Office equipment & furniture 250/0 reducing balance Fixtures, fittings & equipment 250/0 Tedu¢ing balance S¢o¢k Stock 18 valued at th¢ lower of st and net realisable value. Page I
Portishead Youth Celltre Limited Company Mmited by guarantee Notes to the unaudited fmancial Statements for the year ended 3151 December 2022 Ullrestri¢ted Rutrlcted funds fund8 Ineorning r¢80urce Tolal Grant income Donations and Fundrntsin8 Food aud refreshmenl income Room hire Pre School Activities Other income Youth Club activities Bank interest receivable 134,524 134,524 10.287 53,902 51,551 31.561 60,618 13,227 902 10,287 53.902 51.551 31,561 60,618 13,227 902 222,048 134,524 356,572 Unrestrlcted Re8trleted funds funds Re8ource8 expendtd Total Staff costs Goods puroha5ed for r¢sale Other direct costs mises expcnsos Administrative ¢XP¢D8es Depreciation 131,085 18,286 19,845 16,465 9,840 4,443 105,301 199 11,659 6,800 5,500 236,386 18,485 31,504 23,265 15,340 4,443 199,964 129.459 329,423 Net outgolng re8oureeo Thi8 18 stP41ed aft¢r oharging: Depreciation 2022 2021 4,443 5,354 S¢4ff eoits Wage5 and salaries Social 8e¢utity costs Pension costs Other expenses 221,099 7,066 4,682 3,539 169,147 5,173 3.773 2,133 236,386 180,226 No employ¢e received emoluments of more than £60.000. The charity operates th¢ NEST pension scheme for its employees. The averag¢ number of employees during the year was 8s follows., Youth workers Food ond refreshment sales Pre School Administration and 5UPPOrt io 19 22 Page 11
Portishead Youth Centre Limited CompAny limited by gu&r4ntee Notes to the ung4udited financial statements for the ye&r ended 31ts1 Decemb¢r 2022 Trustee remunerntlon and relAttd party tran8aedon* No members of the monagement committee received any remuneration during the y¢ar, nor weTe any expens¢s reimbursed to tru8tces. ntinued Tasation As a charity. Portishead Youth Centre Limited is exempt from tax on incoJn¢ and gaiD8 falling within sections 466 to 493 Coryoration Tax Act 2010 (CTA 2010) OT section 256 Taxation of Ch8rgeable Gains Act 1992 (TCGA 1992) to the extent that these ar¢ applied to its dwitsbl¢ objects. No tsx Ghar8es have oris¢n in the chArAty, Tangible rued #Ba¢ts Fixtures fittlng & equlpment Property Improvements Total Cost At 31° December 2021 Additions 17,114 45,212 62J26 At 31. December 2022 17,114 45,212 62,326 Depr¢cialioD At 31. December 2021 Ch8rg¢ for the year 13,691 1,711 34,286 2,732 47,977 4,443 At 31. December 2022 15,402 37,018 52,420 N¢t book valu¢ At 31. December 2021 3,423 10.926 14,349 Net book value At 31, December 2022 1,712 8,194 9.906 Credlton.. amounts falling du¢ wlthin one year Trade creditors Accruals and d¢fr¢d inco. Accountants, fees Other creditors Defett¢d restricted grBnt incom¢ 2022 2021 6,675 5,903 2,220 21,690 29,962 2.100 22,921 51,728 60,547 82,652 Page 12
PortiBb¢#d Youth C¢ntr¢ Limited Company limited by guargntee Not&J to the unaudited financial statements for the yeAr ended 311t December 2022 Unre8trA¢tsd Funds 10. Funds ReJtrl¢ted Funds Total FuDdg At I" J&nuary 2022 Surplus for the year 148,578 22,084 3.998 5,065 152,576 27,149 At 3] December 2022 170.662 9,063 179,725 Restricttd fund8 Balance blfwd Incomlng R¢sourees Re8ourceJ expended BAl4nce clfwd The Portishelld Nautical Tnt Portishe&d Town Council North Sojnerset CouThcil- (Covid) Nortb Somersct Council- Holiday North Somerset Coun¢ii- SeniorB North Somer3et Council- Warm North Som¢rset COu11- Sk&ts Groundwork- Street Dance We3port- CYP Rhing Commutsities Portish¢&d tn Bloom Portish¢ad Town Council - Seniors WBRN Childten in Need Waitrose- ScDior (Iroups Waitrose Neighbourly Portishead Arts Farrow Jerjna Clare 20,000 35,418 2,667 [2,285 3,212 30 325 1,000 1,321 40.000 loo 3,466 1,700 10,500 1,000 20,000 35.418 2,667 12,285 3212 30 325 1,000 1,321 40,000 100 3,466 1,700 8,047 685 360 1,094 841 294 80 129,459 1,681 4,134 315 345 803 705 397 841 294 80 3,998 1,500 134,524 9,063 Ra5tii¢ted fidS are to be used only for the following specifi¢ PUTpose8: Children in N¢¢d Youth Bupport & mentoring activiti¢s for young Fople Waitro Food for NTrthier&ble families Neighbourly Food for vulneTable families Portishead Arts Skate board equipment Max Fattow Gamin8 equipment Jemm Clare LOTB resou¢9 Page 13
PortRshead Youth Centre Limlted Comp¥ny limited by gllaTantte Notes to the un4udAted fillanciAI statements for the yr ended 31èt December 2022 Bal#nee contiDued 11. Designated funds EXpendIre Sn Year B&lanet blf Deyignation Club refurbishment Bu8incss Gontingency Alt¢rnativ¢ accommodation 30,000 90,000 10,000 30,000 90.000 10,000 130.000 130,000 The designated fimds are xt aside for futur¢ ¢xperLditure by Portish¢ad Youth Centre. These ftre considerable in the light of the ourrenl economic uncernty Caused by the Covid-19 PaDdcmic, the War in Ukrain¢. the Energy Crisis. Increasing Intcr¢st Rates and Infiation. Thc fi8lls in the p)licy to b¢.. Cover for 8aknieslruDning costs for 6 months in ¢a8e of loss of inconw £120,000. Cover for non-insurable costs of alternative CoMmOdation if building out of action £10,000, Th¢ portion remaining of oxistin8 grants is the a¢¢ounts figure- provisionY £39,024. Cumulative Fund to covor any end-of-Ica8¢ Tefitybishment £0 (given that th¢1¢88e h88 just been r¢newed) A fund to cov¢r the cost of a nam¢d project None. 12. CompADy Ilmlted by guarante Th¢ company is limited by guarantee and does not have sb8re capitsl. Page 14