MUTHILL VILLAGE TRUST (A Company limited by guarantee. not having share capital) REPORT and FINANCIAL STATEMENTS for the year to 31 January 2026 leg. No. $C439992 Scottlsh ChatFty No. SC043719
MUTHILL VILLAGE TRUST IA company limited by guarantee. not having share capital) Report ol the Dlreclors lor the yeai ended 31 January 2026 The Directors of Mvthill Vlllage Trust hove pleosvre in txesenting thelr linonclal 5totemenls for the yeaT ended 31 January 2026. In preparing Ihls report the Directors have complied with the Componles Act 2LX)6, the Accountlng and Reporttng by Charities Statement ot Recommended Practlce ISORP, FR51021 and applicable accounting standaids. Strvclure. governance and manugernent Legal & Administrahve Status The Organlsation, incorporated on 10 January 2013, is a charftable company Ilmited by Guarantee. th no share capilol and reglstered as a Scottish Charity wth H M Revenue & Custorns. The compony wa5 established under o Memorandum of Associothon which establlshed the oblects and powers of the charitable company and is governed under its Articles of Association. ganisational Structure Th& company Is managed by o board ol dlreclors whose members are dected and co-opled in accordance with *he Article5 01 Assoclathon. Volunteers We are greally indebted to all ol the volunteer5 who glve up Ihelr Ime to keep bAuthill Village Twst golng and thank them for thelr conlinved commitment and support. Risk Management The board ol dlrector5 has conducted its own review of the major risks to whlch the company Is exposed. In particular those related to the operations and finances ol the company. and ore solislled thal systems are in place lo mlligale those risks. The procedures are perlodlcally Teviewed to ensure that they still meel the needs of the company. Referenc• und Adrnlnl$tratlve Informollon Charity name.. Muthill Vlllage Trust Charity number- SC043719 Company number: 5C439992 Company Secrelary.. Flona Cannon Registered Ollice.. 20 Barnton Streel, Slirfing. FK8 1 NA Indepondent ExomineTS'. BK Plus Chartered Accountants 20 Barnlon Slreet stiding FK81NA Bankers.. Co-operatlve Bank plc
MUTHILL VILLAGE TRUST (A company Nmtted by gvoianl••. nol huvlng shoY• capllall DlrYtors and Trustees The Directors of Ihe charltable company Ilhe charityl are also ils trustees lor the purpose of charity law. The following persons acted as Directors ol the charity during the perlod lo 31 January 2026. stephen Coulter Lucile Block Chris Flower Nicholas James Malri Macdonald Andrew 8rickell James Lynch Amuliee Welch Katy Cepok Chawperson Treasvrer Dlrectors. responsibililles in r•lation lo Ihe 1Snanclal aternents The Directors (who are also Irvstees of Muthill Village Trust lor the purposes of chority lawl are responsible for preparing the Report of the Directors and the financlal slolements in accordance Ih applicable low and United Klngdom Accounting Standards lilnited Kingdom Generally Accepled Accounting Practice). Company law requires the Directors lo prepare linanek)I stolement5 for each flnoncial year, which give o true and fair view ol the state of aflalrs of the chaTiloble company and ol the incoming resources ond application of resources. including the Income ond expenditure, of Ihe charitable company lor the year. In preparing these linonciol statements, the Directors are required to: select suitable occounling policies and hen apply them consistently- observe the methods and principles in the Charities SORP., make judgement5 and estimates that are reasonable and prudent., state whether opplicable UK Accounting Standords have been followed. svb]ect fo any mateiial deportures disclosed and explained in the flnonclal stalements: prepare the financial Statements on the going concern bosis unless it is inoppTopriate to presume that thg Chatable company will continue in operation. The Directors are respon51ble lor keeping adeqvate accounting records that disclose with reasonablo accuracy ot any time the financial position ol the chorilable company ond enable them to ensure that the finoncial statements comply wh the Companies Act 2fA)6, the Chartties and Trustee Investment (Scollandl Act 2005 and the Charities Accounts Iscotlandl Regulations 2CK)6 las amendedl. They are also responsible for safeguardSng the ossets of the charitable company and hence for taking reasonable steps for the preventlon and detection of fraud and other irregulorilies. Small company provlsions This report has been prepared In acc(xdance with the special prow5ions for small companles under Part 15 01 the Companies Acl 2006.
MUTHILL VILLAGE TRUST IA company Ilmlted by guarantee, not having shore copitall Chalrperson's Report Thls has been another tremendously bvsy year lor Muthill Vlllaga Trvst and l om defighted to be able to report on. once again . Ihe excellent work thot the Tfust hos taken forword. Muthill Village Trust Is made up ol volunleers and I wovld like to recognise the elforts of the Trustees and all the volunteers thol have supported us throvghovt the yeor to make Mvlhill a great place to Ilve. Cy¢l• Palh and Sportfve There has been positive progress In engaging wilh PKC on the second phase of the cycle path Project. We have been pleased to be able to engoge 1 elected members and Council Officers to elicil their supp1 lor the project and have had on-slte meetings. We stressed the community support for the PTojecl and Ihe road salety, health and recreational beneflls of the proposol, alongside ils role In forming o wder network extending from Auchterardor to the Natbnal Cycle Network al LocheoTnheod. The Council has been iealistSc about fundlng and dellverobllity. bul generally positive oboul the project and conffrmed thal it would meet emerglng SGIPKC PriOTiies to connect rural towns and villages. They undertook to review our existing plans and consider design specifications and ftjnding possibilities. We will continue to remain In close contact in the yeor ahead. The meetings with the Covncll have ernphasised the importance to communlty engogement th the Cycle Path project so we weTe really pleased that we Managed another successful Sportive evenl on Saturday 30 August 2025 wth well over 2CK) participants and active volunleellng lo from the community to welcome participants and ensure o safe and welcoming event for them. W8 ochieved £3014 in oking5 inclvding a donation of £250 from Persimmon Homes. The surplus supports Cycle Palh Maintenonce whlch was carrfed out throughout the year on our path Including repairs to fenclng. gates ond cvtback ol verges. Commvnjly Hub Project Full planning permission was received lor the Hub In Moy 225 and throughout 2025 work progressed on Slage Four. This included tho lechnlcal design of the building and preparation ol the building warrant application which w05 submitted to PKC In July 25. Mvf ond ABC lour architectsl also coffied out a consultation wllh regular hall users including Mulhill Primary School and Muthill Scoul Group to gel more detailed feedback from them on final design of the bulldlng. Seporate fundlng applicatlons to taCe drainage in Coronation Park were olso submltted. We were able to secure 50% 01 required funding however our second lunder was absolvtely swamped with applicatlons and sadty ours wa5 no* successfvl. Thls meons we were unable to proceed with the dralnage prolect In January 26 05 we had hoped. The wtder funding situation for tt)e Hub building Ilself was just as chollenglng and, despile ch051ng every lead ond every fvnder we could, we've not been svcce5slvl in securing anchor funding. Large trodilional funders Ilke the Lottery no longer fund community buildlngs and many others are pulling back on capilal fvndlng for large projects. PKC are supportive ol ou¥ project. but government fundlng rlghl now is also very scarce. Successful fundra5sing for prolecls like thls requires momenlvm. which sodty has been impossible to generale in thi5 currenl climole. Nonetheless. it's important lo stress Ihat 0$ a community we've achieved a gTeot deal. Despite these very chaltenging times we've Tnonaged lo ftnd enough funding to undertoke lols ol community consultatlon. design a fanloslic community bullding ond get planning pemiission and a bullding warrant lor it. This means the project is ready to go as and when funding becomes available, and all with very little impact on the community funds MVT holds from the sale of the Recreation Holl.
MUTHILL VILLAGE TRUST IA company limited by guarantee, not having share capltall Chalrperson's Report (conllnued) Given this environment we wll not be pursuing the project ond in the next year wlll examine opOn5 lo lake Ihe work forword and stage a community event to update resldent5 and consider next steps. Il's o shame not to have belter news but we remoin confiden* that, one way or anothw, we'll be able to dellver improved community lacllilies. Trust Actlons Communi Events We held a Coffee Mornlng in February 2025. This wos a greot opportunity to meet members ol the community. update them on Mvf prolec15 and hear what they would like from MVT. From leedback ot this evenl and others we've now begun work on a wllage websise. A Christmas craft event was staged November 2025 - Remake and MVT hosted a fun cralting Session where people of all ages were welcome lo come olong and ty Ihelr hond at some festive crafting. everything from wreaths lo decorations. Refreshments were Served and we invited local community 0upS lo come along ond share with attendees some info about Iheir own gTOUPS. A Christmas Ceilidh took place In November 2025 - MVT and hAuthill Communlfy Council hosted o greol evening In the village hall. Dancers of all age5 enioyed a Teally fun night and we look forward to holding another cellldh 500n. Regular emoils and new51ettws keeping members abre051 of progress on community proiecls were sent out throughout the year. Membership hos grown steadily again th15 year whlch is great lo see. 011 Club Ovr busiest year lo date wlth 5 bulk buys this year wth 47,400 litres ol oil oidered, thanks lo Drummond Estate for their work seeking out Me best deal foT Oil Club members. This has never been more important wllh current global events and we would encourage me villagers to take part. other Pro ects conall0n Pa planting project. Planning work began on this project to improve the biodiversity and support nature in the park lollowng a svccessful grant application to PKC. Village Website project. Community feedback priynpled the Ttusl to begin work on creating o website lor the village. The Trust will work closely wilh Mulhill Communlty Covncil and other group5 in the villoge on this.
MUTHILL VILLAGE TRUST IA company limited by guarantee. not having shore capital) Chalrperson's Report (conllnued) Acknowledgements Our Ihonk5 to: Tha Gonnochy Trust for their core ftJndlng grant whlch has svpported these actions. PKC Green LiviT)g Fund for their grant for the Ccxonotion Park planting project PKC Community Investment Fund for their grant lor cycle path molntenance Our Project and Finance Offlcer conlinves to Work on admln and finance tasks lor the Trust as well as providing 5UPPOrt for community prolec15. This role Is funded by The Gannochy Trust through their core lundlng grant ond by Rural Perth & Klnross Community-Led Local Development IRPK CLLDI Locol Action Group ILAGI with funding from the Scottish Govemfnent's Rural Community-Led Local Development Fund Bywder heB Stephen C Chairpetson 20 May 2026 Iter
MUTHILL VILLAGE TRUST IA compony limited by guarantee, not having share capltall Ind•pendenl Examlner's Report lo the Trustees on the vnavdlled flnanclal stoltments ot Muthill Vlllage Trusl I report on the accounts of the charfty for the year ended 31 Jonuary 2026, which are set out on pages 7 to 15. Re$peellve respon$lbilllles ol trustees and examln The chority's trustees Iwho are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounls In accordance with he terms ol the Charities and Trustee Investment Iscotlandl Act 2005 (the Acll and the Charities Accounts Iscottandl Regulations 2(J)6 Ios omendedl- The charity trustees consider thol the audll Tequirement ol Regulation l 011 I lal to Icl ol the 2(X)6 Accounts Regvlations does not apply. It is my Te5ponsibility to exomine the accounts as required under 5eclion 4411) Icl of Ihe Act and to slate whether particular matters hove come lo my ottention. Basls of Independenl exarnlneT'S statement My examinallon is carried out In accordance with Regulation I l ol Ihe 2(X)6 Accounts Regulollons. An examination Includes a review ol the accounting record5 kept by the charity and a comparlson ol the account5 presented with those records. It olso includes consideration of any unusual items or dlsclosures in the accounts and seeks explanallons from the drector5 concemlng any such matters. The procedures undertaken do nol provide oll the evldence that would be required in an audit, and consequentty I do not express an audlt opinion on the view given by the accounts. Ind¢pendenl examlnel's dalement In the course of my examination, no matter has come to my attenlion: which gives me reasonable Cause to believe that in any materiol respect the requirements-. to keep accounting records In accordance with Sectton 4411 I lal of tho 2(X)5 Act and Regulotion 4 of the 2CQ6 Accounts Regulations,. and to prepare accounts whlch accord wlth the accountlng Tecords and comply wlth Regulation 8 of the 2W6 Accounts Regulations: have no been met,. or to which, in my opinion, attention should be drawn in order to enable o proper understanding of the accounts to be reached. WIIUQM J Itussem CA BK PIv$ Chartered Accountants 20 8amton Streel Sllrllng FK8 INE
MUTHILL VILLAGE TRUST IA company limited by guarantee, nol havlng share copllall STATEMENT of FINANCIAL ACTIVITIES For the year to 31 Jonvary 2026 Note Restrlcted Unresmcled Funds Funds 2026 Tot 2025 Total INCOMING ResouRCES Incomlng resource generaled lunds from Activities for Generating Funds 6,272 Incomlng Resources Chorltable AcllvNies from 172,573 1,172 173,745 182.077 Bank Int¢$1 5,446 5,446 5.578 Total Incomln Resovr 172.573 13.101 185,674 193,927 RESOURCES EXPENDED Generatlng funds 3.211 3.211 1.552 Choiitable activmies 171,808 171.808 174,279 Governance crts 2,769 2,769 5,452 Total Resources Ex nded 171,808 5,980 177,788 181,283 Net Incomlngl(Outgolng) Resources before transtets 765 7,121 7,886 12.644 Gross transfers between ndS Net movemenl In funds 765 7,121 7,886 12.644 Total Ivnds broughl foTh¥ard 183,185 11.485 194.670 182.026 airl io 183.950 18.606 202,556 194,670 The notes on pages 10 to 15 lorm part ol these ffnonelol statemenls.
MUTHILL VILLAGE TRUST IA company limited by guarantee. not having share copitall BALANCE SHEFt As at 31 January 2026 2026 2025 CURRENT ASSETS Cash al bonk and In hand 204.622 196.360 204.622 196.360 CURRENT LIABIIITIES Creditors.. amounts faIng due within one ygar 12.0661 11,6901 NEI CUIRENT ASSErs 202,556 194,670 Represented by: RESTRICTED FUNDS 1&3.950 183.185 UNRESTRICTED FUNDS 18.606 11,485 TOTAL FUNDS al 31 January 2026 io 202,556 194,670 In opproving Ihese tinancial statements os Irvslees of the compony we hereby confirm-. lal that for the year Stated above Ihe company was entitled to the exemptlon conferred by Section 477 of the Companies Act 2006 reloling to smoll componies-, Ibl that no notice has been deposited at the registered office of the company pvrsuan* lo section 476 01 the Companles Acl 2C()6 requesting that an audit be conducted lor the year ended 31 January 2025. Icl Ihat we ocknowledge our respon5ibililies for.. 11 l Ensuring that thg company keeps proper accounting fecords which comply w7th 5ectlon 386 ol the Cornponles Act 2(K)6. and 121 Preparlng financial stotefnents whlch give a Irue and talr view of the stole of aflalrs of the company as al the end of the ffnancial year and of its profit or loss lor the year then ended in accordonce wlh the requiTemenls ol sections 394 and 395. and which otherwse comply with the provisions ol tho Companies Act ielallng to financial statements, so far as applicable to the company. The notes on poges 10 to 15 lom part of these linonclal statements.
MUTHILL VILLAGE TRUST IA company limited by guarantee, not having shore copitall These financlol slatemenls are prepared in accordance wlh Ihe special prOvIon5 appllcable to companies subject to the small componies, regime ond in accordance wlh FRSI 02 'The Finoncial Reportlng Standard applicable in the UK and Republic of Ireland.. Approved by the Board ol Directors on 20 May 2026 and signed on its behalf by Sfephen Coulter Lucile Black Reglslered Number SC439992 The notes on pago5 10 to IS form port of these finoncial statements.
MUTHILL VILLAGE TRUST IA company limited by guaronlee. not having shore copitall Notes to the Flnanclal Statements lor the year ended 31 January 2026 Accounting Pollcles Bc75is of accounting The financial statements have been prepared in accordance wllh Accounting and Reporting by Chaiilies.. Slalement ol Recommended Practice applicable 0 charities preparing thelr accounts in accordance wllh the Financial Reporting Standard applicable In the UK and Repvblic of Ireland IFRS1021-18ffective l January 20151, the Charities SORP IFRS1021 and the Companies Act 2LNJ6. The charlty meets the delinltton of o public beneftt enthty under FRS 102. A summory of the more important occounting policles. which have been applled consistenlly, is set out be]ow. Accounting convention The flnanciol statements are preF)ored Under the historical cost convention. Incoming resources All incoming resources are included in Ihe Statement of financlal acllvlties when the organisatlon is èntllled to the Income, and the amount can be quantified wlh reasonable accuracy. The following specific pollcles are appl to parlicular categories ol income: Voluntary income is received by way ol gran15, donations ond gitts ond is included in full when receivable. Grants. where entitlement 15 nol conditlonol on Ihe delivery of a 5pecifi¢ performance by the organisotion. are recognised when the organi50tion becomes unconditionally entitled lo the grant. Incoming resources from grants, where related to pertormance and speclfic deliverables, are accounted lor 0$ the organisation eams the right to consideralion by it5 performance. Investment income is included when receivable. Govemment and other grants Grants. where entitlement Is not conditional on Ihe dellvery ol o specific perfomonce by the organSsation, are recognlsed when the organisolion becomes unconclilionally enthlled to the gronl. Where reloted lo perfomance and speclfic deliverables, gronts are accounted lor as the organisatlon earns the right to con51deration by 115 perfomance. Income is deferred lor grants, which hove claw back conditions. Resources expended Expenditure Is recognised on an occruals basis as a liabifity is incurred. Expendllure include5 any VAT that cannot be lulty recovered and is reported as Part ot he expendltVTe to whSch it relates: Charitable expenditure comprises those costs Incurred by the charfty In fhe defivery of its activities and programmes lor its beneticiaries. 11 includes both cos15 thot con be allocated dIreCY lo svch actlvilies and those costs of an Indlrecl nature necessary lo support them. Governance costs include Ihose costs associated wlth meeting Ihe constitutlona and statutory requirements of Ihe charity L7nd include the audil lees and costs Ilnked to the slrategic monagement of the charlty. All costs are allocaled beeen the expendlbjre categories of Ihe sloemen of rinoncial ocsivities on o basis designed to reflect the usage of the resource. Cost5 relatlng lo a particular aclivlty are allocated direc¥, others are apportioned on an appropriate basls.. e.g. staff costs. 10
MUTHILL VILLAGE TRUST la company limited by guorantee, not having share copilall Notes to the Flnanclul slatements for the year ended 31 January 2026 Iconthnuedl Volue Added Tax The organi5alion is not registered lor Value Added Tax IVATI- Expendilure Includes any alfribulable VAT. Taxation The charlty Is exempt from cPOratIon tax on its charitable activities. Fund accounting Unrestricted funds are mointolned subject to the reserves policy outlined on page 6, which can be used in accordance with the charitable objective5 of the Trust. at the discretion of Ihe trustees. Restricted funds. wtiich can only be used for porticvlai restrlcted purposes withln the objects of the charity. Resrctions arise when specified by the donor or when ftjnds are rolsed lor particvlai restrlcled purposes. lftcome Income includes grants and other payments Irom publicly funded bodies that were received and oppllèd during the year. subject to the accounting policy enumerated in Note l above. Income Iherelore include5 grants and other incomo from: Incomlng Resources from Generated Fvnds 2IY26 2025 Sportlve Events 6.272 6,272 Incomlng Resovr¢e$ from Chaiitable AcllvlNes 2026 2025 Grant- Svstrans 53.431 108.361 Grant- Community Led Local Development 2024125 Granl- Communlty Led Local Development 2025126 Grant- Gannochy Trust- Unresmcted Grant- Gar)nochy Trust- Capital Strategy Grant- Gannochy Trusl- PFO Grant- Cycle Path Mainlenanc8 Grant- PKC Green Llving Fund Granl- DTAS Green Shools 146,980 5,2PJ) 6,493 9.600 172,573 182.077 11
MUTHILL VILLAGE TRUST IA company limiled by guorontee, not having share copilall Notes to the Flnanclal statements for the year ended 31 Janu(Jry 2026 Icontinuedl 4. Surplu5 Igr the year The surplvs IOT the year Is stated after charging 2026 2025 stalt costs (see Note 81 Accoun*ancy lee5 Cosl ol Genwatlng Funds 2026 2025 Sportive 3.211 1,552 Cost of Chqriloble Aclfvllles Restrlcted Funds Unrestrlcted Funds 2024 Tdal 2025 Total Granl OrdS Sustrans 53,431 96.917 CLLD Granl- 2024125 Cycle Path Gront CLLD Grant- £30k 1.935 1,935 1.887 Gannochy Capital Slrategy Gonnochy Trusl- PFO Recreatlon Holl Fund 5.280 7,110 5,2 7,110 12,544 CLLD Grant- 2025126 DTAS Green Shoots 146,980 146.98 7,21X) 171.808 7,2(X) 171,808 174,279 7. Governance Costs 2026 2025 Accountancy Fees Gene¥ol Expenses 2,169 4,972 2.769 5,452 staff Costs No directois received ony remvneration during the year. 7ruslee Costs The trustees of the organ15ation receive no remuneration from the organisation lor their servlce5. They ale however enlilled to reimbursement of expenses, which. lor the year, amounted to nll12025- nill- 12
MUTHILL VILLAGE TRUST IA company limlted by guarantee. not having share capilall Notes to the Flnonclal Statements for the year ended 31 January 2026 Icontlnuedl Credltors: Arnovrbts lalllng dve vthln one year 2026 2025 Accruals 2,066 1,690 10. FUNDS ANALYSIS 2026 2025 Total Funds flestrlcted Unreslrlcted Total Fvnds Cvryent assets Cash al bank ond In hond 185,345 19.277 204,622 196,360 Current Ilobllllles Creditors 11,3951 16711 12.0661 11,6901 Net Funds 183,950 18,606 2.556 194.670 13
MUTHILL VILLAGE TRUST IA company limiled by guarantee. no* having share capital) Notes to the Flnan¢ial Statements lor the year ended 31 January 2026 Icontinuedl Movement In Fvnd$ At l Febrvary 2025 Al 37 January 2026 Income Exp•ndltvre Trane[S Unrestrfcled Ful$ General Funds 11.485 13,101 15,9801 18.606 Resfvlcted Fund$ Museum Funds 47.950 5.128 47.950 Renewables Project PKC Green Llving Fund Recreation Hall Funds 5.138 6.493 6,493 108.873 11.444 108,873 9.509 2,390 CLLD Gront 2024125 Gannochy PFO Grant Gannochy Capital Strategy DTAS Green Shoots 11.9351 5.280 15,2801 17,2001 1146,9801 13,3031 1171,8081 9,6CK) 146.980 CLLD 2025 Granl CIF Cycle Path Grant 1,197 183.950 183.185 172,573 Total Funds 194.670 185,674 1171,8081 202,556 14
MUTHILL VILLAGE TRUST IA company fimiled by guarantee. not hon9 share copltoll Notes to Ihe Flnanclal Stalemenls for the year ended 31 January 2026 Icontinuedl R•slrfcted Fund purposes.. Museum Funds - the$8 funds arose from the sale ol the foTmer museum bulldlng in Muthlll ond are to be applled to Initialive5 which preserye the beouty. htstory and character of the village of Muthill and encourage Interest in local history. REM Funds - these funds arose from the dlssoluffon of Renewable Energy Muthlll Ltd and are to be applied towords appropriale renewable energy provislon which will benefit a community development land thereby member5 of the commvnityl. Recreation Hall Funds - these funds arose from the Sa ol the Recreatlon Holl and ore lo be appfied towards new communlty focililies lor Mvlhlll. Community Led Local Development Grant (CLLD £30k grontj - to be applled towords Stage Two ol the Community Hub proEect. community consultation events and lowards Project and Finance Officer cosls. Community Led Local Development Grant ICLLD £108k grantj to be applied towards stage Three ol the Commvnity Hvb project. community consultatlon events and towards Project and Nnance officer costs. The Gannochy Trust Copital Strategy Grant I£5.280 grantl to be used towards cost5 incurred appoinling Community Enterprise lo support Mvt's ellorts in securing capital fundlng for the Community Hub Project. Comm(Jnify Investment Fund Grant ICIF grant £4.5001- to be used towards malntenonce and improvement costs on Phase One of the Cycle Path. The Gannochy Trust Core Funding - Ihis part ol the gront to be applied towards Projecl and Finance Offlcer costs. DTAS Green Shoots Grant- IGrant £9,6QL)I for VAT appraisal work relaling to hub Project. PKC Green Living Fund Gront- IG¥anl £6.493.201 for p¢onting project In Coronation Park. 12. Capllal Commllments Al 31 January 2026 the TFu51 hod no capltal commilments12025.' £nlll. 13. Conllngenl Uabllllie$ There were no contingent1Sabilltles on 31 Jonuary 202612025.. £nlll. 14. Compony Umlled by gvarant•• Mulhlll Village Trust is a company limited by guarantee and accordingty does not have shore capital. Each member ol the company undertokes lo contrlbute such amount 05 may be required not exceeding £1 to the assets ol the charitable company In the event ol it belng wound up while ho or she is a member, or within one year ofter he or she ceases to be a member.