## Unaudited reports and Financial Statements For the year ended 31 December 2021 ## **ECHO International Health Services Limited** Registered in England and Wales Charity No: 264681 Company No: 1059894 ## _**Contents**_ |**_Contents_**|| |---|---| ||**Page**| |**Legal and administrative details**|**1**| |**Report of the Trustees**|**2 - 4**| |**Independent examiners’ report**|**5**| |**Statement of Financial Activities**|**6**| |**Balance Sheet**|**7**| |**Notes to the financial statements**|**8 – 10**| ACCOUNTS 2021 ECHO INTERNATIONAL HEALTH SERVICES LTD REG CHARITY NO 264681 ## **REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **LEGAL AND ADMINISTRATIVE DETAILS** ## **Legal Registration** Registered in England and Wales Company limited by guarantee – Number 1059894 Registered Charity – Number 264681 ## **Trustees (Directors)** T Ron Irwin (Chairman) (Resigned 22 June 2022) Hugh Belshaw, OBE Ian Campbell Joan Mayes Nick Wooding ## **Company Secretary** Stephen Travis ## **Registered Office** 6 Grosvenor Road Banbury, OX16 5HN ## **Independent Examiner** M R Hickson FCA CTA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW ## **Bankers** HSBC plc 42 Chipstead Valley Road COULSDON Surrey CR5 2RA CCLA 80 Cheapside LONDON EC2V 6DZ ## **Investment Company** Investec Wealth & Management 2 Gresham Street LONDON EC2V 7QN PAGE 1 ACCOUNTS 2021 ECHO INTERNATIONAL HEALTH SERVICES LTD REG CHARITY NO 264681 ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** The trustees present their report and financial statements for the year ended 31 December 2021. ## **1. STRUCTURE, GOVERNANCE AND MANAGEMENT** **1.1 Constitution of the Charity and Status:** ECHO International Health Services Ltd is an incorporated charity limited by guarantee, having no share capital and is governed by its Memorandum and Articles of Association. The company number is 1059894 and the charity is registered with the Charity Commission number 264681. **1.2 Trustees (Directors):** The trustees (who are also Directors for the purpose of Company Law), who held office during the year are listed on page 1, Legal and Administrative Information. Trustees are appointed and elected in accordance with the Memorandum and Articles of Association through a vote of members at the AGM and are appointed for a three year term. There are currently five Trustees, all of whom have been given relevant Charity Commission’s publications. **1.3 Organisation and Management of the Charity:** The charity has no staff and the trustees are actively involved in the running of the charity. The charity is a member of Global Connections, a network of mission agencies, and several trustees use the network for training and peer learning. The operations of the charity are conducted in accordance with the policies and strategy approved by the trustees. There are no sub-committees. **1.4 Trustees' meetings and procedures:** The trustees schedule approximately three meetings each year. All meetings are fully recorded with clear decisions and action points. There are clear governance procedures and lines of authority. None of the trustees had any financial interest in any transaction or arrangement with the charity during the year and no trustee received any remuneration from the charity other than the repayment of expenses (note 5). The trustees maintain a conflict of interests register. There is a clear procedure that if there is a potential conflict of interest on any matter, the trustee with the potential conflict of interest is asked to leave the room and take no part in the debate or decision. **1.5 Risk Management:** During the year, the trustees continued to review the risks to which the charity is exposed, seeking to identify all the major risks, in particular those relating to the grant making operations and finances of the charity. The trustees are satisfied that there are systems in place to mitigate the exposure to major risks. Internal risks are minimised by the implementation of control procedures for all financial transactions. This included data back-up of all records and reviewing monitoring and reporting relating to all grants made. External risks are minimised by regular monitoring of the external environment covering donors and health care issues. ## **2. OBJECTIVES AND ACTIVITIES** **2.1 Objectives:** The object for which the charity is established is to relieve sickness abroad in any way which is charitable according to the Law of England and Wales. At its foundation in 1966, ECHO had sought to achieve this objective through the provision of medical equipment and pharmaceuticals. Since becoming a grant-making body, the charity has concentrated on grant making to mission hospitals, other providers of health care and innovative health initiatives, especially in sub-Saharan Africa. The objective of the grants programme is: _“The improvement in healthcare to people in underdeveloped countries, particularly rural areas of sub-Saharan Africa, where access to appropriate levels of healthcare is very difficult”._ **2.2 Activities:** ECHO seeks to fulfil its objectives and provide public benefit through providing support via grants and advice to institutions, in conjunction with a UK partner who has a long-term commitment to an area. The trustees consider that the charity provides public benefit in the healthcare sector to poor communities through its focus on helping improve sustainable health care facilities. PAGE 2 ACCOUNTS 2021 ECHO INTERNATIONAL HEALTH SERVICES LTD REG CHARITY NO 264681 ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 (CONT’D)** ## **2. OBJECTIVES AND ACTIVITIES (CONT’D)** ECHO aims to allocate each year at least the income from donations and interest. The grants programme focuses on: - Support for the sustainable provision of hospital equipment and infrastructure - Support for training programmes - Support for programmes which focus on the improving health systems in the community - Support for innovative projects which have a potential long- term benefit to an area or health activity ## **3. ACHIEVEMENTS, PERFORMANCE AND OUTCOMES** **3.1 Review of the achievements and performance of the Charity:** Over the past few years the charity has had enormous pressure on income due to low interest rates. As a result, the charity has now invested a majority of its funds in longer term investments as described in section 4.4 below. Even so ECHO continues to use its General Funds to provide a wide range of grants and subsidies to appropriate bodies. All funds are channelled via UK registered charities. Detailed information on grants made is contained in the note 5 to the financial statements. During the year the main areas of subsidy and grants included: |reas of subsidy and grants included:|| |---|---| |SemilikiTrust (Improving surgical services, DRC)|20,000| |The Brickworks (Public health staff training, S.Sudan)|6,500| |Peace and hope Trust (Medical supplies, Philippines)|10,000| |Friends of Madagascar Trust (Operating Theatre)|20,000| |Medic Assist International (Palliative care and|| |isolation ward, India)|30,000| |International Nepal Fellowship (Coronavirus crisis)|10,000| |Worldshare (Chaplaincy project, DRC)|20,000| |EMMS (Palliative care Nepal)|12,000| |HCR (Amplifying voices, India)|20,000| ||**148,500**| **3.2 Assessing outcomes:** ECHO aims to improve healthcare to people in underdeveloped countries, where access to appropriate levels of healthcare is very difficult. The trustees assess carefully all proposals for funding put to them. The trustees also monitor any grants awarded through reports from beneficiary groups and seek clarification on whether the aims of funded projects have been met. All projects funded submitted reports that were due during the period. **3.3 Public Benefit:** The Trustees are committed to improving the organisation’s practice and ensuring that it delivers public benefit as it seeks to strengthen healthcare facilitates. In particular, the Trustees consider how grants made will contribute to the aims and objectives that they have set. The trustees have had regard to the guidance from the Charity Commission on reporting on Public Benefit. ## **4. FINANCIAL REVIEW** **4.1 Results:** The charity's activities for 2021 are summarised in the Statement of Financial Activities on page 6. The results show a net decrease in funds of £155,506 (2020: increase of £155,506). The financial position of the charity at 31 December 2021 is shown in the Balance Sheet on page 7. The trustees consider the financial position at 31 December 2021 to be satisfactory. The £1,647,699 (2020: £1,647,699) unrestricted fund currently held is required to finance the charity's long term grant-making programme. - **4.2 Going Concern:** There is no material uncertainty about the ability of the charity to continue as a going concern. PAGE 3 ACCOUNTS 2021 ECHO INTERNATIONAL HEALTH SERVICES LTD REG CHARITY NO 264681 ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31 DECEMBER 2021 (CONT’D)** ## **4. FINANCIAL REVIEW (CONT’D)** **4.3 Reserves Policy:** Free reserves are those unrestricted funds not invested in fixed assets nor designated for specific purposes or otherwise committed. Since the closure of the trading aspects of the charity and the sale of the property, the trustees have sought to invest the funds raised to provide an annual income so that they can pursue their grant making policy over a long period. The level of free reserves stands at £104,125 (2020: £104,125). **4.4 Investment Policy:** The trustees have discussed the investment policy on various occasions during the year. For some time all assets were being held in interest bearing accounts. With the collapse in the equity market several years ago, this has been a prudent policy. However, with the low level of interest received from these types of accounts and the recovery in investments, the trustees have now invested in various investments via a professional investment company. In doing this the trustees have sought appropriate investment advice and the charity reviews what funds should be held in equities with longer term growth in mind on a regular basis. There is an approved investment policy which the professional investment company follows, which prohibits investments in companies whose main trade is based on armaments, tobacco, the sex trade or gambling. **5. FUTURE DEVELOPMENTS:** ECHO is planning to carry on its grant making programme over the coming years, using at least the income from its donations and investments each year. Several mission hospitals are receiving regular assistance, as are a variety of other charitable bodies. It is hoped to be able to continue to increase the grants in the coming years as appropriate projects are identified. **6. INDEPENDENT EXAMINER:** Miriam Hickson at Jacob Cavenagh & Skeet served as the Independent Examiner to the Charity. A resolution to reappoint Miriam Hickson as Independent Examiner will be proposed at the Annual General Meeting. **7. STATEMENT OF TRUSTEES’ RESPONSIBILITIES:** The trustees, who are also the directors for the purposes of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations and United Kingdom Generally Accepted Accounting Practice. Company law requires the trustees 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 balance sheet date and of its income and expenditure for the financial year. In preparing those financial statements, the trustees are required to:- - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - comply with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity will continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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. The financial statements have been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies. Approved by the Board on 24 August 2022 and signed on its behalf by: Nick Wooding Trustee/Director PAGE 4 ACCOUNTS 2021 ECHO INTERNATIONAL HEALTH SERVICES LTD REG CHARITY NO 264681 ## **INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES ON THE UNAUDITED ACCOUNTS OF ECHO INTERNATIONAL HEALTH SERVICES LIMITED** I report on the financial statements of Echo International Health Services Limited for the year ended 31 December 2021, which are set out on pages 6 to 10. ## **Respective responsibilities of the Trustees and examiner** The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements 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(b) of the 2011 Act. This report, including my statement, has been prepared for and only for the charity’s trustees as a body. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for my examination work, for this report, or for the statements I have made. ## **Basis of independent examiner’s report** 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ## **Independent examiner’s statement** In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect - accounting records were not kept in respect of Echo International Health Services Limited in accordance with section 386 of the 2006 Act; or - the financial statements do not accord with those records; or - the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or - the financial statements have not been prepared in accordance with the methods and principals 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, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. M R Hickson FCA CTA Jacob Cavenagh & Skeet 5 Robin Hood Lane, Sutton, Surrey SM1 2SW Date: PAGE 5 ACCOUNTS 2021 ECHO INTERNATIONAL HEALTH SERVICES LTD REG CHARITY 264681 ## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2021** |Note
**INCOME**
Donations, legacies and grants
2
Investments
3
**TOTAL INCOME**
**EXPENDITURE**
Raising funds
4
Grant making activities
5
**TOTAL EXPENDITURE**
**NET (EXPENDITURE)**
Gains/(losses) on investments
8
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Funds
2021
£
5,757
44,413
**50,170**
14,822
137,803
**152,625**
**(102,455)**
160,266
**57,811**
1,647,699
**1,705,510**|Unrestricted|Unrestricted|Unrestricted| |---|---|---|---|---| ||||Funds
2020
£
5,318
39,961|Funds| ||||**45,279**|| ||||14,321
152,000|| ||||**166,321**|| ||||**(121,042)**
(34,464)|| ||||**(155,506)**
1,803,205|| ||||**1,647,699**|| The charity has no recognised gains or losses other than the result for the year. All income and expenditure derive from continuing activities The notes on pages 8 to 10 form part of these financial statements PAGE 6 ACCOUNTS 2021 ECHO INTERNATIONAL HEALTH SERVICES LTD REG CHARITY 264681 ## **BALANCE SHEET** ## **AS AT 31 DECEMBER 2021** |**INVESTMENTS**
Assets invested in equities
8
**CURRENT ASSETS**
Debtors
6
Cash held on deposit
Cash at bank and in hand
**CREDITORS:**
Amounts falling due within one year
7
**NET CURRENT ASSETS**
**TOTAL ASSETS**|2021
£
1,589,028
8,173
-
109,892
118,065
(1,583)
116,482
**1,705,510**|2021
£
1,589,028
8,173
-
109,892
118,065
(1,583)
116,482
**1,705,510**|2020
£
1,543,574
8,427
0
97,199
105,626
(1,501)
104,125
**1,647,699**|2020
£
1,543,574
8,427
0
97,199
105,626
(1,501)
104,125
**1,647,699**| |---|---|---|---|---| |||||| |||||| |**FUNDS**
**Unrestricted Funds**
GENERAL FUND
(includes Revaluation Reserve of £439,330 (2020: £317,395)
**TOTAL FUNDS**||1,705,510
**1,705,510**||1,647,699
**1,647,699**| The Trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 (“The Act”) and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the charity as at 31 December 2021 and of its surplus for the year then ended in accordance with the requirements of section 396 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the charity. The notes on pages 8 to 10 form part of these financial statements These financial statements were approved by the Board on 24 August 2022 and signed on behalf of the Board by Nick Wooding Trustee/Director Company limited by guarantee, Number 1059894 PAGE 7 ACCOUNTS 2021 ECHO INTERNATIONAL HEALTH SERVICES LTD REG CHARITY 264681 ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 DECEMBER 2021** ## **1. ACCOUNTING POLICIES** The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS102). The particular accounting policies adopted are described below. ## **Accounting convention** The financial statements are prepared under the historical cost convention modified to include investments at fair value. The charity meets the definition of a public benefit entity under FRS 102. ## **Income** Income is shown on an accruals basis. Donations consist of funds received for specific (restricted) and general (unrestricted) purposes. The donations are used to provide grants to various health care projects and institutions. Legacies are accounted for as income either upon receipt or where the receipt of the legacy is probable; this will be once confirmation has been received from the representatives of the estates that the payment of the legacy will be made and once all conditions attached to the legacy have been fulfilled. ## **Investments** Investments are stated at fair value at the balance sheet date. All movements in value arising from investment changes or revaluation are included in the statement of financial activities. Gains or losses on investments are calculated as the difference between the disposal proceeds and the carrying value. Dividend income is accounted for as income and available to be applied to the general purposes of the charity. ## **Expenditure** The Charity is mainly a grant making charity. Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the statutory examination, together with trustees' expenses. Other than governance costs, the ongoing support and administration costs form an integral part of the cost of carrying out the direct charitable objectives of the charity. Irrecoverable VAT is charged against the category of expenditure for which it was incurred. All support and governance costs have been allocated against the charitable activity in accordance with FRS102. ## **Funds** Unrestricted funds are those which are not subject to any special restrictions and they can be used as the trustees decide. Restricted funds are those where the donor has imposed restrictions on how the fund may be used, but which do not prevent the fund being spent. There are currently no restricted funds. ## **Cash and cash equivalents** Cash at bank and in hand include cash and short term highly liquid investment with a short maturity of three months or less from the date of opening of the deposit. Cash held on deposit includes cash and short term liquid investment with a longer maturity of between three and twelve months from the date of opening of the deposit. ## **Liabilities** Liabilities are recognised when the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount. ## **Basic Financial Instruments** The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. PAGE 8 ACCOUNTS 2021 ECHO INTERNATIONAL HEALTH SERVICES LTD REG CHARITY 264681 ## **NOTES TO THE FINANCIAL STATEMENTS (CONT'D)** ## **YEAR ENDED 31 DECEMBER 2021** |**2. DONATIONS AND GRANTS**
General donations - inc tax reclaim
**3. OTHER INCOME**
Bank interest received
Dividends received|**Unrestricted**
**Funds**
**2021**
**£**
**5,757**
**£**
-
44,413
**44,413**|**Unrestricted**
**Funds**
**2020**
**£**
**5,318**
**£**
133
39,828
**39,961**| |---|---|---| ## **4. RAISING FUNDS** The charity does not solicit funds from the general public. Most of its income comes from dividends relating to its investment portfolio. The management fees charged by the investment company are charged to raising funds. |**5. GRANT MAKING ACTIVITIES**
Semiliki Trust - Hospital Building DRC
Peace and Hope Trust - Freight to Nicaragua
Friends of Mandritsara
EMMS Nepal
International Nepal Fellowship - Leprosy free 3rd year , Nepal
The Brickworks (Public health staff training, S.Sudan)
Amplifying voices, community health, India (HCR Maharastra)
Medic Assist International - Palliative Care, India
Medic Assist International - New ward, India
Worldshare - Chaplaincy DRCongo
International Nepal Fellowship - Covid rehabilitation, Nepal
International Nepal Fellowship - Leprosy free, Banke district
Medic Assist International - Covid Ventilator
Amplifying voices, Covid response, Sierra Leone
Kiwoko Hospital Theatre expansion, Uganda
The Brickworks- Cataract surgery, Uganda
**Total grants payable**
**Support costs:**
General administrative costs
Governance costs
Independent Examiner’s fees
**Total support costs**
**TOTAL GRANT MAKING ACTIVITIES**
There were no grants paid to individuals during the year (2020: none).
No remuneration was paid to any Trustee in respect of such office. Expenses
trustees meetings which amounted to £0 (2020: £14) in the year.|**£**
**£**
-
20,000
-
10,000
-
20,000
-
12,000
10,000
10,000
8,000
6,500
15,000
20,000
10,000
10,000
10,000
20,000
16,000
20,000
10,000
-
6,000
-
10,000
-
12,000
-
20,000
-
7,500
-
**134,500**
**148,500**
1,728
1,655
-
105
1,575
1,740
**3,303**
**3,500**
**137,803**
**152,000**
were paid to 0 trustees (2020: 1) for travel to| |---|---| |**6. DEBTORS - due within one year**
Debtor for tax recovery
Other debtors
**Total debtors**
**7. CREDITORS - amounts falling due within one year**
General Accruals
**Total creditors**|**£**
-
8,173
**8,173**
**£**
1,583
**1,583**|**£**
-
8,427
**8,427**
**£**
1,501
**1,501**| |---|---|---| PAGE 9 ACCOUNTS 2021 ECHO INTERNATIONAL HEALTH SERVICES LTD REG CHARITY 264681 ## **NOTES TO THE FINANCIAL STATEMENTS (CONT'D)** ## **YEAR ENDED 31 DECEMBER 2021** |**8. INVESTMENTS**
Movements during the year were as follows:
Quoted market value at 1st January 2021
Additions
Disposals
Cash movements
Re-organisations and mergers
Capital drawdown
Fees and charges
Net realised investment gains/(loss)
Net unrealised investment gains
**Quoted market value at 31st December 2021**
Historic cost at 31st December 2021
**9. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**Analysis for 2021**
Unrestricted Funds
**Overall Funds 2021**
**Comparison for 2020**
Unrestricted Funds
**Overall Funds 2020**|**Cash with**
**Listed**
**Broker**
**Investments**
Total
**£**
**£**
**£**
3,764
1,539,810
1,543,574
(197,617)
197,617
-
327,757
(327,757)
-
-
-
-
10
-
10
(100,000)
-
(100,000)
(14,822)
-
(14,822)
-
(160,907)
(160,907)
-
321,173
321,173
**19,092**
**1,569,936**
**1,589,028**
19,092
1,130,606
1,149,698
**Investments,**
**Other net**
**deposits and**
**Current**
**Total**
**cash at Bank Assets/(Liab)**
**Assets**
**2021 (£)**
**2021 (£)**
**2021 (£)**
1,698,920
6,590
1,705,510
**1,698,920**
**6,590**
**1,705,510**
**2020 (£)**
**2020 (£)**
**2020 (£)**
1,640,773
6,926
1,647,699
**1,640,773**
**6,926**
**1,647,699**| |---|---| ## **10. RELATED PARTY INTERESTS** The charity maintains a conflicts of interest register and trustees register any related party interests before there is discussion on any grants and trustees do not take part in any decisions when there is a conflict of interest. ## **11. TAXATION** The company is a registered charity and is exempt from Corporation Tax on its charitable activities. ## **12. LIMITED LIABILITY** The company is limited by guarantee and the liability of each member is not to exceed £100. At 31 December 2021 there were 5 members of the company. PAGE 10