Company registration number- N1682143 Charity regi5tratlDn number.. 109625 LIVE LIFE SOCIAL ENTERPRISES LIMITED TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
Live Life Social Enterprises Limited Contents Page Referenie and Admin15trative Details Trustees, Report 2-4 Independent Examinerf5 Report statement of Financial AcLivities (including Income and Exrenditure Account) Cornparative Statement of Financial ALtivities (including Income and Expenditijre Account) Balance Sheet Notes to the Financlal Statements 9-14
Live Life Social Enterprises Limited Reference and Administrative Details For The Year Ended 30 September 2025 Trustees Rev Lynd3 Kane - Chairperson Dr Heather Anderson Mr5 Mattina Rydout Mr Philip Reain.Adair - Secretary Rev Stanlei Gamble Charity Nurnber 109625 Company Number N1682143 Reglstered Offlce 9 Magherak)ne Road Ballynahinch Co Down BT24 8ND IndepEndent Examiner Brian Stewart RBCA Limite Chartered Accountants Linenhall Exchange 26 Linenhall Street Belfast BT2 88G Bankers U15ter Bank 11-16 Donegall Square East Belfast BTI 5HD Solicitors Edwards & Co 28 Hill St rselfa5t BTI 2LA Page I
Live Life Social Enterprises Limited Company No. N1682143 Trustees. Report For The Year Ended 30 September 2025 The tru5tee5 present their rekx)rt and the finaniial Statements for the year endeL1 30 September 2025. Objertives and Activities Aims and Objectives The Company's primary objective 15 Lo achieve social and/or environrnental benefit. The Object5 are 5peafically restricted to the advancement tsf education. the Dmmotion of social Indusion. the tsromotion. pSerVatIon. Drotection and safeguardino of mental and physical wellbeing of children,young people aryj adults with learring d15abililies and to provide or assist in the provision of facilities In the interests of social Wea with the tsbjective of imprtsving educètion. Strate for Delive Our slrategic plan focuses on the following themes.. l. Education and Learning 2. Physical and Mental Well-Bw"ng 3. Employability Skills 4. Social and Recreational Activities Vi9tsn To empower our participants to have enriched and fulfilled live5. through being attive contributors and Valued members of their local CDmmunity. Socièl Mission Statement To maximise each participant's individual strengths and inErests to equip them wth the skills and opportunities to achieve their full potpnFial, throLigh providing an innovativp. community inrlusion and Social Entp.rpri£p progrp.ssion programme. Value Statements Integrity Be outstanding Provide fulfilment Inte Our convittion and integrity guide what we do and how we do it, every Llay. We do the right thing, in the best intÈrests of eath participant. Vle do what we say we will ¢*). we are Worthy of trust. Vle act with courage. we will be advoLaLes for our partiapanLs. Be outstandin We are committed to providing an excellent SerVe to all people and oryanisations who are involved with the centre. We have to evolve to best ser¥e the needs of our participant5. Through the delivery of an ambrrious servitr we will be relevant today and we will stay one step ahead and be adY for tomorrow. Our commitments.. • Ensu our service is con5iStenVy eXlIent. • Continuously strive For Improve. Vlork in partnership with other agencies and the community. Achieve and maintain excellent inspertion reports. Represenr value for money. Provide fulfilment throu erson-centre lannin Ln5tilling positive well-being is central to our work. Well-being 15 feeling gooo and fvnctioning well. We need both of these to be hJlfilled to enjoy a tx)5ibve experience (rf life. we will create ho11Stic opptsrtunities for our participants to.. Connect with people and rhe wodd around fhem. Be acrive throufjh leading a motivated, healthy life. Progress learning through maintaining current skills and learning new skills. Make a meaningful contribution and be valued members of their local communty. Public Benefit The public benefit of the charity is to advance edurtion. develop capacity and skills rf individuals aged 16 and over with severe learning disabilities and in particular.. lal to provide, or assist in the provision of programmes of education. induding vocaty.onal training to assist the benefioaries to enhance their capabilities. competences. skills and undersranding: .CONTINUED Page 2
Live Life Social Enterprises Limited Trustees. Report (continued) For The Year Ended 30 September 2025 Public Benefit - Eontinueql {bl to establish community-owned-business projerts promoted by the organBation to create training and employment opportunitiÉ% for the beneficiaries in the area of benefit- {cl to provi¢e programmes and services thar imwove benefioaries physical and mental we11-being- Idl to provide opportunities for social inclusion tc assist the benefic aries to enhance their independence ski11s, social and cornmunication skills. The public benefit flowing from the secon(J purpose will entail iMprovemt of the quality of life of the beneflclarfes and increase of thelr awareness and abllltles. lel to provide or assist in the provision Df facilitie5 and ser¥ice5 primarily for the benefit of the community and visitor5 to and the residents Df Greater Lisburn and surrounding area5 for recreational. sporting or other le15ufE trme occupation in the Interests of social welfare. such faolities being provided ro the public at large save that special tsciliiies may be provided for persons who by reason of their youth. age infirmity or disability, poverty or Sla1 or economic circumstances may have need of special faEilities and 5ervites. {fj to advance amateiJr sport by maintaining multi-use games facilities. In Shaping the strategy and objectives of Uve Lif& the Trustees have taken into account the Charity Commission NI guidance on pijblic benefit inrluding thp crJmmi5sions Publir Renefit Reporhrig nocument and cnnfirm th they have complipLJ with the requirements of secbon 4 of the Charities Act (Northern Ireland) 2(KJ8. Trustees and officers The trustees and officers serying during the year and since the year end are liste(J on page l. Athievements Jnd PerformJn¢e Maln khlevements Live Life Sooal Enrerprises TIA Live Life Well-BeTng cent and Sooal Enterprises is an award-winning charitable organisatlDn and company limited by guarantee, thai provide< high Quality day opportunifies for young adults wirh severe leaming difficulties. The service was established in September 2021 to promde a meaningfvl day opportunleS provision in the Gre)ter Lisburn area. Tn this reporting period l (lrtober 2024 to 30 September 2025 we continued to deliver our range of services providing opportunity for people with disabilibes to advance education and learning. improve physical and mental well-being. develop ernployability skills and to progress personal development skills through sooal and recreational attivities. Participants were delighted to meet Her Royal Highness Princess Anne at Hillsborough Casye on ThursdayT 11 September 2025. Tt was an honour to mark our day opp¢rtunities service's fourth birthdayi with such a speoal Msiror. Ke Achlevements Commenced Major refurbishment project at the Grove Artimty Centre on 18 March 2025. 23 Participants enjoye(t a S-day residenbal trip to Cartingforyj May 2025 Llve Llfe Partlclpants have attended NI Assembly PAJlldlngs. Stormont on a number of occaslons to perform or loln In with the Caleb's Cause Camp3ign for Post-19 legisLition. Deputy First fvlinister Emma Little-Pengelly vi51ted the 5ervitr on an cfficial capacity. Nayor Alderman Amanda Grehan's theme the year is'indu51vty for disability . Participants have been involved in numerous community initiatives, intluding fundraising for MayDrfs Charity al a number of different venues. Participants enjoyed Sensory Sports day hosted at Lisbum Scouts Forest. The Boarij of Trustees added an additional objert t) our Articles of Associabon, being 'Advance amateur sport by maintaining multi-use games facilities., this is relation to the new faalities at the Grove Athvity Centre. Our rvic& and social enterprises at LNe Life during the pOrt1Th) period occurred at the following locations.. Sarah Crothers Hall Grove Activity Cent Community Allotments at Ballymacash Sport Academy Social Enterprise Shop at Lisbum Square Page 3
Live Life Social Enterprises Limited Trustees. Report (continued) For The Year Ended 30 September 2025 Financial Review Finaneièl Position The re5uIt5 for the year are Set out on page 8. Net tnovervent in fvnd5 Was rplUS of £200,823 for the year compared to surplu5 Of £90,682 the previou5 year. Thi5 included a Eurplus of £204,400 in relation to restrirted Fund5. At the year end the balances of resthcted and unreskncied funds hÈld We £305,000 12024= £100,600) and £23,657 12024= £27,234) respertively. structure. Governance and Nanagement Governlny Document Live Life Sooal Enterprises Lirniled 15 a charitable company. limited by guarantee and incorporèted tsn 6 September 2021. and was formally granted tharitable status on 17 May 2023. The company was establisheL1 under a Memoran¢Jum and Artides ol AssooatK)n which established the objects and powers of the charitablè company and is govemed by these articles. In the event of the company beino wound up, members are required to contribute an amount not exceeding El. Trustee Selertlon Methods The make-up ol the board is reviewed on a regular basis to ensurè skills, knoyiledge and expenence meets the needs of thè ch8ritable company. Directors are appointed by election of the members of the company in accordance with the rnemorandum and articles of association. ststement of Trustees. Responsibilities The Irustees (who are also the directors of Live tsfe Sooal Enterprises mIted for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statemeits in accordance with applicat)le law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Prattl). Company law requires the trustees to prepare financial sLatement5 fo- each finanaal year. Under company law the trustees must not Bpprove the finanoal Statement unless they are satisfi& that they give a true and fair view the state of affairs of the charitable Company and of Ihe incoming resources and appI[lon of resouices. including Lhe Income and expenditure. of rhe charitable company for that period. In preparing ttrE financial statements the trustees are required to.. select suitable accounting policies and then apply them consistenUy- observe the methods and principles in the Charity SORP., make judgments and accounting tiMate5 that are reasonable and prudent- and prepare the financial statements on Lhe going concem basis unless it is inappropriate to presume that the company will continue in business. The trustees a rtsponsible for keeping adequale accountirg records which disclose syith reasonable accuracy at anylime the fina181 position of the Charitab company and to enable trem to ensure that the accounts comply with the Companies Art 2006. They are also re5FM)n5ible for Safeguarding the a55et5 of the company and hen for taking sonable steps for the prevention and detertion of fraud and other irregularities. The trustees, report was approved by the board of Lrustees and signed on its tehalf by= Mr Philip Reain-Adair Trustee 2510612026 Page 4
Live Life Social Enterprises Limited Independent Examiner's Report to the Trustees of Live Life Social Enterprises Limited For The Year Ended 30 September 2025 I pOrt to the charity trustees on my examination of the accounrs of the Company for the year ended 30 September 2025. Responsibilities and Basis of Report A5 the charity trustees of the Company {and also its director5 for the purposes of cotnpany lawlt you are responsible for the preparation of the accounts in accordance with the reqUInEnts of C&mpanies Act 2006. Having satisfied myself that the accounts of the CpanY are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in resm of my examination tsf your charY'S occounts as carried out unL1er settion 65 of the Chariries Act. In carrying out my >xamination I have followec the general Direaions given by the Charity Commission for Northern Ireland under sertion 6519}(b) of the Charities Art. Independent Ex4m•ner's Statement Since the Company's gross income exceeded £250,000 your examiner must be a rnemr of a body listed in settion 145 of the 2011 Art. I confirm that l am qualified to undertake the examination beoiuse I am a member of The Institute of Chartered Accountants in Ireland, which is one of the listed bodies. have completed my examination. I confirm that rK) wnattev5 have come to my attention in connertion with the examination giviny me cause to believe= l. accountyng records were not kept In respect of the Company as requi by section 386 of the 2006 Act., or 2. the accounts ¢0 not accord with those records- or 3. the accounts do nor comply with the accounting reqU1MentS of sectyon 396 of the 2006 Att Other than any qUireMernt that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. or 4. the accounts have not been prepared in accordance with the nethods and principles of the Statement of Recommended Practitr for accounting and reporting by charities applicable to charitie5 preparing their accounts in accordan with the Financial Reporting 5tan4Jard applicable in the UK and Republic of Ireland IFRS 1021. I have no concern5 and have come acros5 no other matters in ionnettion with the exarTrination to whith attentlon 5hauld be drawn in this report In ordèr to enable a propÈr undÈrstanding of the actounts to be reached. Brian Stewart 2510612026 RBCA knmited Chartered AccoLJnt3nts Linenhall Exchange 26 Linenhall Street elfast 8T2 88G Page 5
Live Life Social Enterprises Limited Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 30 September 2025 2025 2024 Unrestrl¢ted Re#rlcted lund5 fund5 Total funds Total funds 14otes INCOME AND ENDOWMENTS FROM: Donations and legacies Charitablè activities.. Charitable Activites 7,407 204,400 211,807 130,544 66,375 1.641 2,650 66,375 1,641 2,650 60,389 587 Investments other 3,445 78.073 204,400 282.473 194,964 EXpENDVRE ON: Charitable attivities.. Charitable Activites (81.650 ) (81.6501 1104,282 NET INCOME 13.577 1 204.400 200,823 90.682 NET MOVEMENT 114 FUNDS 13,577 ) 204,400 200,823 90,682 RECONCILIATION OF FUNDS: Totsl funds brought forward 27,234 IOD,600 127,834 37,152 TOTAL FUNDS CARRIED FORWARD li 23.657 305,000 328.657 127.834 The notes on pages 9 to 14 form part of these financial statements. Page 6
Live Life Social Enterprises Limited Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 30 September 2025 2024 unStrIcted Restrl¢ted funds fund5 Total funds Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Charitablè activities.. Charitable Activites 29,944 100,600 130,544 60,389 587 60,389 587 Investments other 3,445 3,445 94.364 100.600 194,964 EXpENDVRE ON: Charitable attivities.. Charitable Activites 1104.2821 1104,282 NET INCOME {9.918 ) 100,600 90.682 NET MOVEMENT 114 FUNDS 19,918 ) 100,600 90,682 RECONCILIATION OF FUNDS: Totsl funds brought forward 37,152 37,152 TOTAL FUNDS CARRIED FORWARD li 27.234 100.6DO 127.834 The notes on pages 9 to 14 form part of these financial statements. Page 7
Live Life Social Enterprises Limited Balance Sheet As At 30 September 2025 2025 2024 Unrestrl¢ted Re#rlcted lund5 fund5 Total funds Total funds 14otes FIXED ASss Tangible Assets 90,047 305,000 395,047 20,200 90.047 305.000 395.047 20.200 CURRENT ASSETS Cash at bank and in hand 95.714 95,714 16D.796 95,714 95,714 160,796 Credllors: Amounts Falllng Due Wlthln One Year io 1162.104 1 IL62, 104 153.162 1 NET CURRENT ASSETS (LIABILITIES) {66,390 1 166,3901 107,634 TOTAL ASSETS LESS CURRENT LIABILITIES 23.657 305.000 328.657 127.834 NET ASSETS 23.657 305.000 328.657 127.834 FUNDS OF THE CHA Re5trictpd Funds 305,000 23,657 100.600 27.234 Unrestrirted Funds TOTAL FUNDS li 328.657 127,834 For the year ending 30 September 2025 the charitable company was entitled to exempts'on from audit under section 477 of the Companies Act 2006 lating to small companies. The members have not required the company to obtain an ajdrt in acrnrdance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for complying Wlth thE requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the pmvisK)ns applicatrAe to companies subject to the small companie5 regime, On behalf of the board Mr Philip Reain-Adair Trustee 2S/0612026 The notÈs on pages 9 to 14 form part of these financial srarements. Page 8
Live Life Social Enterprises Limited Notes to the Financial Statements For The Year Ended 30 September 2025 General Informatlon Live Life Social Enterprtses Limited is a CpanY limited by guarantee. incorporated in Northem Ireland. registered number N1682143 and regisrered charity number 109625 . The registe office is 9 Magheralone Road. Ballynahinch, Co Dobvn, 8T24 8ND. Accountlng Polides Basis of Preparntion of Financial Statements The financial statements have been prepard in accordance with the Charities SORP (FRS 1021 "Accounting and Reporting by Charities.. Staternent of Recommended P"actice applicable to charities prepanng their accounts in accordance with the Financial Reporting Starbdard applicable in the UK and Republic of Ireland IFRS 1021 leffettive l January 20191" Financial Reporting Standard 102 'The Financial Repcrting Staidard applicable in the UK Republic of Ireland and the Companies Act 2006. The charitable company 15 o Public Benefit Entity 05 defined by FRS 102. The presenrational currency is £ sterling and the levd of rounL1ing is to the nearest £. 2.2. Going Concern Disclosure The trustees have nDt idenlified any material unEertaintiE5 relatEd to events or conditions that tnay East significant doubt about the charilable company's ability lo tontinue as a going concem. Fund Accounting The charity has different types of funds for which it is yes)nSible. and which require separate disclosure. These are a5 follows= Unrestricted funds. Funds which are expendable at the dIretn of the Dirett0 in the furtherance of the objectives of the charity- In addition the funds rnay be held in order to finance capital investment and working capital. Restricted funds. Donations and grant5 receved whith are earmarked by the donor or funder for specific purpose. Such purposes are within the tr¢erall aims Of the organisation. Restricted income Funds art those donated for use in a particular area or for specrfic purposes, the use of which is restricted to that area or purpose. In(x)min9 Resour(*s All incoming resources are include¢ in tre S-atement of Finanoal Acrivities when the chariry is legally entitled ro the Incorne and the amount can be quantified with reasonable accuracy and it is probable that the income will be received. All Incomlng resources arose wholly In thÈ united Kingdom. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are condition5 attached to the donation and this requires a level rA performance before entiernent can be obtained then income is deferred until those conditions are fvlty Tnet or the fvlfilment of those conditlOT15 15 within the control of the charity and it 15 probable Ihat thev will be fLifilled. Inve5ttnent income 15 eamed through holdi9 a55ets for inveslment purp05e5 such as Shares. It include5 dividend5 and interest. Where It is not pracbcablE to identfy inveStent maragement Costs inEurred within a scheme with rea50natAe accuracy tho Investment income Is reported nel of thtsse tosts. It is included vrfhen the amounl can be measured reliably. Interest Income is recognised using the effe.-tive interest rneld and dividend and rent income is recognised as the charity s right to receive payment i5 established. Income from government and other grants are recognised at fair value and when the charity has entitlement after anv perforrnance conditions have been met. il is probable that the income will be reiVed. and the amount can be measured Iiably. If entstlement is not met. then these amounts are deferrtd. DivideDds are reougni5ed onie the dividend ha5 been declared and notification ha5 been received of the dividend due. Page 9
Live Life Social Enterprises Limited Notes to the Financial Statements (continued) For The Year Ended 30 September 2025 Resources Expended All expenditure Is accounted for on an accruals basis and has been classified under headin9S that aggregate all costs related to the category. The majonty of costs are direcdy attributable to specific activities. Irrecoverable VAT is charged s an expense against tre attiviiy for which expenditu arose. Support cosls are those that assist the Ork of the charity but do not dirertly represent charitable artivities 8nd include office costs and govemance costs. They are incurred dirertly in support of expenditure on the objects of the charity. Where support costs cannot be dlrectly attbuted to Jartlcular headlngs they have been allocBted to expencjiture on charitable activitie5 on the basis of the time spent on those activities. Govemance costs include those incurred in the g0Veman of Its assets which a associated with con$tutional and statur(ry requ1MentS. Tangible Fixed Assets and Depreciation Tangible Fixed assets are tnea5ured at COSt 55 aCCUtnulated dEprKiation and any accumulated impairtnent 1055es. Depreuation is provided at rates calculated to Yirite off the of thÈ fixed assÈts, lÈss their Èstimated sidual value, over their expecled useful lives on the following bases-. Freehold Motor Vehicles Fixtures & Fittings 25 - Year life 20% Straighr line 20% Straight line Cash and Cash Equlvalents Cash and cash equivalents are basic financial assÈts and intlude cash in hand and dÈposits held at call with banks, othor short-tem highly liquid investrnents that mature in Th) more than three months from the date of acquisition and are adily convertible to a known amount of cash with insignifirant risk of change in value, and bank overdrafts. Financial Tnstrurnents A financial asset or a financial liability Is recognised only when the charity becomes a party to the contractual provisions of the instrurrent. Basic financial instruments are initially recognwl at the amount receivable or payable inclLJdir)g anv related transaction costs. Current assets and current liabilibes are subsequenyy measured at the cash or other consideration experted to be paid or received and not discounte(l. Debt instruments are 5ubsequenV¥ mea5ureLI at amLrtised cost.Where investments in share5 are publicly traded or their fair value can otherwise be measured reliablyi the investmenr Is subsequenfjy measu at fair value with changes in fair value rccognised In income and expenditure. All other such IneStments a subsequently measured at cost less Impairment. Tax•tion The charity is exempt from tax as all its income is charitable and applied for charitable purposes. Income from Donations and Legacies 2025 2024 Total Total funds funds funds funds Donations and gifts.. Appea15 and donation5 Grants - other agencies 7,407 7,407 204.400 13,641 116,903 204.400 7.407 204,400 211,807 130,544 Income from Charitable Aclivities Page 10
Live Life Social Enterprises Limited Notes to the Financial Statements (continued) For The Year Ended 30 September 2025 2025 2024 Unrestrltted Total fvnd$ funds E Chantable Attivites.. Residential 12,657 SD.095 3.623 9,122 43.728 7,539 Transport Social Enterprise 66,375 60.388 Investment Income 2025 2024 Unrestricted Total funds funds Bank interest receivable 1.641 587 Other Income 2025 2024 Unrestricted Total funds funds Rental and olher income from property 2,650 3.445 Analys15 of Expendlture 2025 Support Costs Charitable Attivites 81,650 2024 Support costs Chanrable Attivites 104,282 Average Number ol Employees Average number of employees during the year was.. NIL (2024.. NIL) Page 11
Live Life Social Enterprises Limited Notes to the Financial Statements (continued) For The Year Ended 30 September 2025 Tanglble Assets Land & Property Freehold Motor Vehicles Fixture$ & Fittings Total AS at l October 2024 30.500 30,500 38D.947 Additions 322.086 58.861 A% at 30 Se.ptemtTrer 202.5 322.IIR6 58.Rf>l 41 1,447 Depreoatiort As at l October 2024 10.300 6,100 10.300 6,100 Provlded during the rIOd As at 30 September 2025 L6.400 16,400 Net Book Value As at 30 September 2025 322.086 14,100 58,861 395.047 As at l October 2024 20,200 20,200 10. Creditors: Amounts Falling Due Within (kne Year 2025 2024 Other loans 150,ODO 1,442 10,662 50,000 1,442 1,720 orher CdIt(S Accruals 162.104 53.162 Page 12
Live Life Social Enterprises Limited Notes to the Financial Statements (continued) For The Year Ended 30 September 2025 11. Movement in Funds Asatl October 2024 Asat30 September 2025 Income Expenditure ljnrgslrictod furHIs General.. General unrestricted fund 27,234 78,073 181,650 1 23,657 Restrirted funds Live knfe Project 100.600 204,400 305.000 Totsl funds 127.834 282.473 181,650 1 328,657 Asatl October 2023 Asat30 September 2024 Income Expenditure Vnreslricted funds General.. General unrestrictpd fund 37,152 94,364 1104,2821 27,234 Restrlcted funds Live Life Projert 100.600 100,600 Total funds 37,152 194,964 1104,282 1 127,834 The specific purposes for which the fvnds a to be applied are as follows= Live Life prtsjÈct Funding oieiyed is restricted to the projert knve Life @ ThÈ GMVÈ Activity CÈntre. During the year. restricLed funds were applied towards capital expenditure incurred In connettion with the project, Including the acquisltion con5tructlon of the fixed a55et. 12. Transactlons wlth Trustees None of the trustees received any remuneration or any other benefits from an employnEnt with the charity or a related entity during the current or previous year. No trustee expenses have been incurred. 13. Related Party Disclosures During the year the charity made the following related party transartK)ns'. SEN HR Services Ltd The trustee 15 a director of the SEN HR Servi5 Ltd. Income includes £50,095 frotn SEN HR Servi5 Ltd 12024- E43,7261. Included in creditors 15 a loan from SEN HR Serwces Ltd. At the balance Sheet date the amount due to SEN HR Service5 Ltd was £150,00012024 - £50,000). Page 13
Live Life Social Enterprises Limited Notes to the Financial Statements (continued) For The Year Ended 30 September 2025 14. Company Ilmlted by guarantee The company Is limited by guarantee and has no share capital. Every member OF the company undertakes to contribute to the assets of the companyt in the event of a winding up, such an amount as may be required not exceeding Él. Page 14
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