The company is a private company limited by guarantee and consequently does not have a share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The company has mutual trading status and its surplus arising from subscriptions is not subject to UK Corporation Tax. Therefore no provision for taxation is made in the company's accounts. Other activities carried out by the company from time to time may be taxable and full provision for taxation would be made if appropriate.