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Short Strand Partnership
(A company limited by guarantee, not having a share capital)
 
Annual Report and Unaudited Financial Statements
 
for the financial year ended 31 January 2024



Short Strand Partnership
(A company limited by guarantee, not having a share capital)
TRUSTEES' AND OTHER INFORMATION

 
Trustees Conor Joseph Keenan
Paul McCrory
Agnes McGinley
Dessie McCabe
Bernie McConnell
 
 
Charity Number in Northern Ireland 100273
 
 
Company Registration Number NI601974
   
   
Registered Office and Principal Address 26A Beechfield Street
  Belfast
  BT5 4BQ
   
   
Independent Examiner Quarter
  Chartered Accountants
  St Anne's House
  15 Church Street
  Cathedral Quarter
  Belfast
  BT1 1PG
   
   
Principal Bankers Ulster Bank
  Arches Retail Park
  Connswater Link
  Belfast
  Antrim
  BT5 4AF



Short Strand Partnership
(A company limited by guarantee, not having a share capital)
TRUSTEES' ANNUAL REPORT
for the financial year ended 31 January 2024

 
The trustees present their Trustees' Annual Report, combining the Directors' Report and Trustees' Report, and the unaudited financial statements for the financial year ended 31 January 2024.
 
The financial statements are prepared in accordance with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Trustees' Report contains the information required to be provided in the Trustees' Annual Report under the Statement of Recommended Practice (SORP) guidelines. The trustees of the company are also charity trustees for the purpose of charity law and under the company's constitution are known as members of the board of trustees.

In this report the trustees of Short Strand Partnership present a summary of its purpose, governance, activities, achievements and finances for the financial financial year 31 January 2024.
 
The company is a registered charity and hence the report and results are presented in a form which complies with the requirements of the Companies Act 2006  and, although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations where relevant in these financial statements.
 
Mission, Objectives and Strategy
 
Mission Statement
Principal Activities
The principal activity of the company is to improve the quality of life for local residents through the process of collaboration with the statutory bodies working in the area and with existing community and voluntary groups.
  
The charitable company is limited by guarantee not having a share capital.

The purposes of the charity are:
The benefits flowing from the purpose of SSP include the development of a purpose built health and well being centre in the area of need, an improvement in the sense of pride among the community and promotion of mental health well being.

Other benefits in relation to the urban regeneration aspect of the purpose include an improvement in the chronic shortage of social housing with the area of benefit, a better standard of housing, an improvement in the lack of recreational amenities.  Through our physical renewal strategy, the benefits to residents are creation of a visually attractive, safe sustainable environment.

Further benefits flowing from the purpose in relation to the social welfare aspect of the purpose include provision of employment and training opportunites for the beneficiaries and provision of practical assistance to support the development of small businesses by individuals.  

In terms of economic renewal; benefits are creation of employment in an area of high deprivation including high unemployment.

These benefits can be demonstrated through the creation of a strong cohesive community that is fully informed in all that is happening and continues to have a low level of crime and anti social activity.  

There is no harm flowing from this purpose and no one gains a private benefit from it.  The intended beneficiaries of this purpose are the inhabitants of Short Strand area and its environs of East Belfast.
 
Objectives
Short Strand Partnership is a not for profit company committed to making a positive
difference in our community, while committed to providing a professional quality service and advice to residents.
     
Structure, Governance and Management
     
Structure
Key Management personel
Mairead O'Donnell - Co-Ordinator
Paula Burns - Administration
     
Short Strand Partnership is a Company Limited by Guarantee and is a Charity recognised by the Charity Commission for NI and HM Revenue and Customs. It is a not for profit organisation. The company was established under a Memorandum of Association which established the objects and powers of the company and is governed under its Articles of Association.

Appointment of trustees:
The Chairman and the Trustees recommend new Trustees as needed. New Trustees are recruited on the relevance of their skills, and their potential to be able to make a helpful contribution to the governance of the charity. As part of this process they are made aware of a Trustees' legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the decision making processes, the business plan and recent financial performance of the charity. Once the potential new Trustee has agreed to be considered for appointment they can be co-opted by the directors until formal voting by members occurs at the next Annual General Meeting.

Arrangements for setting pay and remuneration of key management personnel
The director considers that the board, who are the charity’s trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All directors give of their time freely and no director received remuneration in the year.  

Organisation structure and how charity makes decisions
Short Strand Partnership is governed by the Board. The company is managed on a day to day basis by a senior management team as appointed by the Board. The Board meets bimonthly, and is appointed by the members at the AGM. A senior management team manages the day to day activities of the company, and reports on company performance to all board meetings.
     
Review of Activities, Achievements and Performance
Supporting of Saint Matthew’s Housing Association in the provision of quality social housing.  Supporting and delivering of projects to enhance the environment and create a visual, safe place in which to live.  Working with various agencies on crime prevention and erection of alley gates to provide a security for residents living directly on the interfaces.  
Liaising with developers for the provision of social housing on Sirocco site.
Seeking the relocation of Translink Bus Depot so that this may be brought back in to community use for the purpose of provision quality social housing and a youth/health/wellbeing/sport/leisure facility on this site.  

Plans for future periods
The SSP plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements.
     
Financial Review
As mentioned above we, like many organisations, have been insecure regarding our future in terms of strategic planning.  The lack of Government Departments and direction of what is available has led to uncertainty of what most groups can plan ahead for in the future in relation to funding.  This can be seen in our funding received during the year and most importantly the deficiency of funds of £13,726 at our year end. We hope that in the coming year our funding will increase and we can continue our work to help the community and take on more projects.
     
Financial Results
At the end of the financial year the company has assets of £140 (2023 - £1,638) and liabilities of £13,866 (2023 - £13,586). The net liabilities of the company have increased by £(1,778).
     
Trustees
The trustees who served throughout the financial year, except as noted, were as follows:
     
Conor Joseph Keenan
Paul McCrory
Agnes McGinley
Dessie McCabe
Bernie McConnell
   
In accordance with the Constitution, the trustees retire by rotation and, being eligible, offer themselves for re-election.
     
Compliance with Sector-Wide Legislation and Standards
The company engages pro-actively with legislation, standards and codes which are developed for the sector. Short Strand Partnership subscribes to and is compliant with the following:
- The Companies Act 2006
- The Charities SORP (FRS 102)
     
Approved by the Board of Trustees on 26 August 2024 and signed on its behalf by:
     
     
________________________________
Dessie McCabe
Trustee
     



Short Strand Partnership
(A company limited by guarantee, not having a share capital)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
for the financial year ended 31 January 2024

 
The trustees, who are also directors of Short Strand Partnership for the purposes of company law, are responsible for preparing the financial statements in accordance with applicable law and regulations.
 
Company law requires the trustees as the directors to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the net income or expenditure of the company for that period.

In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether the financial statements have been prepared in accordance with the relevant financial reporting framework, identify those standards, and note the effect and the reasons for any material departure from those standards; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
 
The trustees confirm that they have complied with the above requirements in preparing the financial statements.
 
As explained in note 3, state whether the applicable in the UK and Republic of Ireland FRS 102 has been followed;
 
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
     
     
Approved by the Board of Trustees on 26 August 2024 and signed on its behalf by:
     
     
________________________________
Dessie McCabe
Trustee
     



Short Strand Partnership
(A company limited by guarantee, not having a share capital)

INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF SHORT STRAND PARTNERSHIP
 
We have examined the financial statements of the company for the financial year ended 31 January 2024, which comprise the Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balance Sheet and the related notes.
 
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Board of Trustees that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our work, or for this report.
 
Respective responsibilities of trustees and examiner
The company's 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 company's trustees consider that an audit is not required for this financial year under Chapter 3 of Part 16 of the Companies Act 2006 and that an independent examination is required.
 
It is our responsibility to:
- examine the financial statements under section 65 of the Charities Act;
- follow the procedures laid down by the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act; and
- state whether particular matters have come to our attention.
 
Basis of independent examiner's report
We have examined your company financial statements as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. An examination includes a review of the accounting records kept by the company 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 the 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 accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
 
In connection with our examination, no matter has come to our attention which gives us cause to believe that in, any material respect:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006
- the financial statements do not accord with those accounting records
- the financial statements have not been prepared in accordance with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)
- there is further information needed for a proper understanding of the accounts to be reached.
 
Independent examiner's statement
We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
Date: 26 August 2024



Short Strand Partnership
(A company limited by guarantee, not having a share capital)
STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating an Income and Expenditure Account)

for the financial year ended 31 January 2024
 
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
2024 2024 2024 2023 2023 2023
Notes £ £ £ £ £ £
Incoming Resources
 
Charitable activities
- Grants from governments and other co-funders 4.1 - 45,649 45,649 - 41,329 41,329
───────── ───────── ───────── ───────── ───────── ─────────
Resources Expended
               
Charitable activities 5.1 - 43,799 43,799 - 41,797 41,797
Other expenditure 5.2 3,628 - 3,628 1,869 - 1,869
    ───────── ───────── ───────── ───────── ───────── ─────────
Total Resources Expended   3,628 43,799 47,427 1,869 41,797 43,666
    ───────── ───────── ───────── ───────── ───────── ─────────
Net incoming/outgoing resources before transfers before exceptional items   (3,628) 1,850 (1,778) (1,869) (468) (2,337)
Exceptional items   - - - 1,580 - 1,580
    ───────── ───────── ───────── ───────── ───────── ─────────
Net incoming/outgoing resources before transfers after exceptional items   (3,628) 1,850 (1,778) (289) (468) (757)
               
Gross transfers between funds   - - - - - -
    ───────── ───────── ───────── ───────── ───────── ─────────
Net movement in funds for the financial year   (3,628) 1,850 (1,778) (289) (468) (757)
               
Reconciliation of funds:
Total funds beginning of the year 15 (12,228) 280 (11,948) (11,939) 748 (11,191)
    ───────── ───────── ───────── ───────── ───────── ─────────
Total funds at the end of the year   (15,856) 2,130 (13,726) (12,228) 280 (11,948)
    ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
               
The Statement of Financial Activities includes all gains and losses recognised in the financial year.
All income and expenditure relate to continuing activities.



Short Strand Partnership
(A company limited by guarantee, not having a share capital)
Company Number: NI601974
BALANCE SHEET
as at 31 January 2024

 
2024 2023
Notes £ £
Fixed Assets
Tangible assets 11 101 119
───────── ─────────
 
Current Assets
Debtors 12 39 39
Cash at bank and in hand - 1,480
───────── ─────────
39 1,519
───────── ─────────
Creditors: Amounts falling due within one year 13 (13,866) (13,586)
───────── ─────────
Net Current Liabilities (13,827) (12,067)
───────── ─────────
Total Assets less Current Liabilities (13,726) (11,948)
═════════ ═════════
Funds
Restricted trust funds 2,130 280
General fund (unrestricted) (15,856) (12,228)
───────── ─────────
Total funds 15 (13,726) (11,948)
═════════ ═════════
           
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
           
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006; and no notice has been deposited under section 476.
           
The trustees confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board of Trustees and authorised for issue on 26 August 2024 and signed on its behalf by
           
           
         
________________________________          
Dessie McCabe          
Trustee          



Short Strand Partnership
(A company limited by guarantee, not having a share capital)
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. GENERAL INFORMATION
 
Short Strand Partnership is a company limited by guarantee incorporated in Northern Ireland. The registered office of the company is 26A Beechfield Street, Belfast, BT5 4BQ which is also the principal place of business of the company. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
       
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.
 
Basis of preparation
The financial statements have been prepared  under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102". As permitted by the Companies Act 2006, the company has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 March 2024 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102".
 
Cash flow statement
The company has availed of the exemption in FRS 102 from the requirement to produce a cash flow statement because it is classified as a small company.
 
Incoming Resources
Voluntary income or capital is included in the Statement of Financial Activities when the company is legally entitled to it, its financial value can be quantified with reasonable certainty and there is reasonable certainty of its ultimate receipt. Entitlement to legacies is considered established when the company has been notified of a distribution to be made by the executors. Income received in advance of due performance under a contract is accounted for as deferred income until earned. Grants for activities are recognised as income when the related conditions for legal entitlement have been met. All other income is accounted for on an accruals basis.
 
Resources Expended
All resources expended are accounted for on an accruals basis. Charitable activities include costs of services and grants, support costs and depreciation on related assets. Costs of generating funds similarly include fundraising activities. Non-staff costs not attributed to one category of activity are allocated or apportioned pro-rata to the staffing of the relevant service. Finance, HR, IT and administrative staff costs are directly attributable to individual activities by objective. Governance costs are those associated with constitutional and statutory requirements.
 
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows:
 
Fixtures, fittings and equipment - 15% Reducing Balance
 
Debtors
Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Income recognised by the company from government agencies and other co-funders, but not yet received at year end, is included in debtors.
 
Cash at bank and in hand
Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal.
 
Taxation and deferred taxation
No current or deferred taxation arises as the company has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred.
 
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable income and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
   
3. GOING CONCERN
 
As at 31 March 2024 the charity had net liabilities of £13,726, due to a deficit of unrestricted reserves totalling £15,856.

The directors and management have been reviewing and monitoring the activities to ensure the company can continue as a Going Concern.

The directors plan to reduce the deficit going forward.
           
4. INCOME
4.1 CHARITABLE ACTIVITIES Unrestricted Restricted 2024 2023
  Funds Funds    
  £ £ £ £
  Grants from governments and other co-funders:        
Income from charitable activities - 45,649 45,649 41,329
  ═════════ ═════════ ═════════ ═════════
             
5. EXPENDITURE
5.1 CHARITABLE ACTIVITIES Direct Other Support 2024 2023
  Costs Costs Costs    
  £ £ £ £ £
 
Costs of Charitable Activities - - 43,799 43,799 41,797
  ═════════ ═════════ ═════════ ═════════ ═════════
             
5.2 OTHER EXPENDITURE Direct Other Support 2024 2023
  Costs Costs Costs    
  £ £ £ £ £
 
Other expenditure - 1,930 1,698 3,628 1,869
  ═════════ ═════════ ═════════ ═════════ ═════════
           
5.3 SUPPORT COSTS Charitable Other 2024 2023
  Activities Expenditure    
  £ £ £ £
 
Depreciation - 18 18 21
Wages and Salaries 43,799 - 43,799 41,797
Audit/ Independent Examination Fee's - 1,680 1,680 1,560
Support Cost category 3 - - - 288
  ───────── ───────── ───────── ─────────
  43,799 1,698 45,497 43,666
  ═════════ ═════════ ═════════ ═════════
       
6. ANALYSIS OF SUPPORT COSTS
  2024 2023
  £ £
 
Depreciation 18 21
Wages and Salaries 43,799 41,797
Audit/ Independent Examination Fee's 1,680 1,560
Support Cost category 3 - (1,292)
  ───────── ─────────
  45,497 42,086
  ═════════ ═════════
       
7. NET INCOMING RESOURCES 2024 2023
  £ £
Net Incoming Resources are stated after charging/(crediting):
Depreciation of tangible assets 18 21
  ═════════ ═════════
       
8. EXCEPTIONAL ITEMS 2024 2023
  £ £
 
Exceptional item: inter-group/connected entities trade creditors written off - 1,580
  ═════════ ═════════
       
9. INTEREST PAYABLE AND SIMILAR CHARGES 2024 2023
  £ £
 
On bank loans and overdrafts 1,780 118
  ═════════ ═════════
       
10. EMPLOYEES AND REMUNERATION
 
Number of employees
The average number of persons employed (including executive trustees) during the financial year was as follows:
 
  2024 2023
  Number Number
 
Number of Employees 2 2
  ═════════ ═════════
 
The staff costs comprise: 2024 2023
  £ £
 
Wages and salaries 40,755 38,789
Social security costs 3,044 3,008
  ───────── ─────────
  43,799 41,797
  ═════════ ═════════
       
11. TANGIBLE FIXED ASSETS
  Fixtures, Total
  fittings and  
  equipment  
  £ £
Cost
 
At 31 January 2024 13,570 13,570
  ───────── ─────────
Depreciation
At 1 February 2023 13,451 13,451
Charge for the financial year 18 18
  ───────── ─────────
At 31 January 2024 13,469 13,469
  ───────── ─────────
Net book value
At 31 January 2024 101 101
  ═════════ ═════════
At 31 January 2023 119 119
  ═════════ ═════════
       
12. DEBTORS 2024 2023
  £ £
 
Other debtors 39 39
  ───────── ─────────
  39 39
  ═════════ ═════════
       
13. CREDITORS 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 1,210 -
Trade creditors 120 1,560
Taxation and social security costs 2,517 2,007
Other creditors 8,939 8,939
Accruals and deferred income 1,080 1,080
  ───────── ─────────
  13,866 13,586
  ═════════ ═════════
       
14. RESERVES
     
  2024 2023
  £ £
 
At the beginning of the year (11,948) (11,191)
Deficit for the financial year (1,778) (757)
  ───────── ─────────
At the end of the year (13,726) (11,948)
  ═════════ ═════════
         
15. FUNDS
15.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Restricted Total
  Funds Funds Funds
  £ £ £
 
At 1 February 2022 (11,939) 748 (11,191)
Movement during the financial year (289) (468) (757)
  ───────── ───────── ─────────
At 31 January 2023 (12,228) 280 (11,948)
Movement during the financial year (3,628) 1,850 (1,778)
  ───────── ───────── ─────────
At 31 January 2024 (15,856) 2,130 (13,726)
  ═════════ ═════════ ═════════
             
15.2 ANALYSIS OF MOVEMENTS ON FUNDS
  Balance Income Expenditure Transfers Balance
  1 February     between 31 January
  2023     funds 2024
  £ £ £ £ £
Restricted funds
Department of Communities 280 45,649 43,799 - 2,130
Unrestricted funds
Unrestricted (12,228) - 3,628 - (15,856)
  ───────── ───────── ───────── ───────── ─────────
Total funds (11,948) 45,649 47,427 - (13,726)
  ═════════ ═════════ ═════════ ═════════ ═════════
           
15.3 ANALYSIS OF NET LIABILITIES BY FUND
  Fixed Current Current Total
  assets assets liabilities  
  - charity use      
  £ £ £ £
Restricted trust funds - 1,985 145 2,130
  ───────── ───────── ───────── ─────────
 
Unrestricted general funds 101 (241) (15,716) (15,856)
  ───────── ───────── ───────── ─────────
  101 1,744 (15,571) (13,726)
  ═════════ ═════════ ═════════ ═════════
   
16. STATUS
 
The company is limited by guarantee not having a share capital.
 
The liability of the members is limited.

Every member of the company undertakes to contribute to the assets of the company in the event of its being wound up while they are members, or within one year thereafter, for the payment of the debts and liabilities of the company contracted before they ceased to be members, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required, not exceeding £ 1.