REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2024 |
for |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2024 |
for |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Report of the Trustees | 1 | to | 5 |
Statement of Trustees' Responsibilities | 6 |
Independent Examiner's Report | 7 |
Statement of Financial Activities | 8 |
Balance Sheet | 9 | to | 10 |
Notes to the Financial Statements | 11 | to | 16 |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) (Registered number: 02059997) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019). |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) (Registered number: 02059997) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
OBJECTIVES AND ACTIVITIES |
Objectives, Operations, Organisation and Funding. |
VEST is a company limited by guarantee without share capital and is a registered charity. It is governed by a Memorandum and Articles of Association that were last amended on 26 September 2013. |
The objectives for which the company were formed are as follows: |
The objects are to provide a community transport service for |
(a) persons who have a special need of such facilities because they are disabled infirm elderly or by reason of financial hardship or social and economic circumstances or people with young children; |
(b) young people who have a need of a transport service so that they may take advantage of recreational or leisure facilities designed to improve their conditions of life; |
(c) persons living in isolated areas where there are no adequate public transport services; and |
(d) charitable groups. |
VEST operates a fleet of specially adapted vehicles providing a "door-to-door" transport service to people for whom the use of conventional public transport presents difficulties due to restricted mobility through illness, age or disability. VEST serves the residents of Cardiff and the Vale of Glamorgan. It operates three services: Community Transport (CT), Dial-a-Bus and Ring & Ride (DR). CT is the purely charitable element of VEST. Both the DR services are operated on behalf of the Cardiff and Vale Local Authorities on a net cost recovery basis. |
Community Transport currently owns and operates five (3 to 12 seat) minibuses providing a scheduled transport service to Day Centres, clubs and charitable organisations such as the Stroke Association, Age Concern, the Parkinson's Disease Society and Sight Life Wales. Around these scheduled bookings, and subject to the availability of vehicles and drivers, it also provides a transport facility to registered groups and individuals wishing to travel to and from any UK destination. Community Transport offers its services every day of the year. |
DR provides two services. Dial-a-Bus operates one large (12 seat) minibus. It is a bookable, scheduled 'door to shopping centre and return' shopping service that runs each day except Sundays. It serves five areas of Cardiff on two and a half weekdays and the Vale of Glamorgan during the remainder of the week and Saturdays. Ring & Ride provides a bookable 'door to door' bus service within the City of Cardiff operating from 9:30 to 16.00, Monday to Thursday, 09.30 to 15.30 Friday. It has a fleet of six smaller minibuses. The DR fleet of seven vehicles is owned and capitalised by the Local Authorities. |
The operation and finances of VEST are the responsibility of the Directors, who are also Trustees under the Charities Act and hold their posts in an honorary capacity. In shaping the objectives for the year and planning its activities, the Board has considered the Charity Commissions guidance on public benefit. The Charity gives careful consideration to ensuring its activities are accessible to all eligible users from all aspects of the Community. |
Overall day-to-day operation of VEST is the responsibility of a salaried full-time Operations Manager paid from CT's funds, to which the Cardiff and Vale local authorities make a 15% gross salary contribution. Community Transport is dependent upon trained volunteer driver/carers to operate its services. At year-end two administrative staff and eight full-time drivers/carers were employed on the provision of the DR services. These staff are paid directly on an agency basis by the local authorities. This sum does not go through the VEST accounts but is quoted in the published accounts to satisfy the Charity Commission's SORP requirements. In total 11 full time paid staff were employed by VEST during the year. |
The main sources of funding for Community Transport are fares, grants from Cardiff County Council Adult Services Department, a bus services support grant, the local authority's manager's salary contribution, donations, fund raising activities and interest on Community Transport's reserves. |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) (Registered number: 02059997) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
OBJECTIVES AND ACTIVITIES |
Review of activities and future developments |
2023/24 was our seventeenth full year at our Portmanmoor site. In November 2011, November 2016 and April 2021 we negotiated an extension of our 5-year lease on this site with our current landlord. |
The Covid-19 pandemic seriously disrupted services during the previous year and services were steadily returning to more normal levels during 2023/24. |
Overall, during 2023/24 we received 20,712 requests for service (down from 21,205 the previous year), of which the customers subsequently cancelled 1,944 (down from 2,167). We were unable to service 2,431 requests due to the unavailability of a vehicle or driver at the date and time required, so that we serviced 16,337 requests. Overall, during the year, we satisfied 87.0% of demand, carried 21,690 passengers and the fleet covered 134,108 miles. |
Each year Community Transport (CT) needs to make a surplus of income over expenditure before vehicle depreciation of about £50k to service the vehicle replacement reserve. The current state of this reserve is satisfactory. Vehicles are replaced only when their reliability begins to cause concern. Two CT large minibus has been replaced by smaller vehicles to meet a noticeable change in the size of groups. The council have loaned DR with 2 electric taxi-style vehicles pending replacement of older minibuses. |
There has been a fall in donations during the year to £2,495 (from £3,717). Fares income rose to a billed amount of £16,696 (from £15,977). The net result of all this is that CT had a surplus of income over expenditure of £6,093. |
Cardiff Council Adult services grant continues and CT had a grant to cover vehicle improvements. We have been advised that some funding for BSSG will continue to be forthcoming. |
Recorded data for VEST's safety statistics confirm no significant change in standards for the year, as in previous reporting periods, all incidents and accidents, were investigated as a matter of routine, and were of a minor nature. Focussed driver training is key to sustaining safety standards. Prior to being allowed to drive fleet vehicles, all drivers - whether volunteers or permanent staff - undergo training in compliance with the Minibus Driver Awareness Scheme (MIDAS) which has been developed by the Community Transport Association (CTA) and is nationally recognised and designed to enhance minibus driving standards and promote safer operations. |
Some marketing activities have been introduced to make the public at large more aware of the services we provide and how they can benefit from them. Our old web site has been replaced by a modern one with up-to-date articles and descriptions of our activities and we maintain an active social media presence. |
The composition of the Board has changed. Ceri Witchard has assumed the appointment as Chairperson, Hugh Edney has resigned, and Rebecca Villis has assumed the role of Secretary. Roger Brown and Peter Jones have joined the board. Roger Brown has completed a nationally recognised Health & Safety course to assume responsibility as VEST's Health & Safety Co-ordinator |
We are deeply indebted to our volunteers; without their excellent contribution the Community Transport service could not operate. Our sincere thanks are also due to our Operations Manager, Richard Davies, our administration staff and drivers for their hard work and outstanding commitment in providing these widely appreciated services. Richard has introduced many new systems improving efficiency, training and statutory procedures. |
There are no restricted funds. |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) (Registered number: 02059997) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
OBJECTIVES AND ACTIVITIES |
Public benefit |
In shaping the objectives for the year and planning its activities, the trustees have considered the Charity Commission guidance on public benefit.The charity gives careful consideration to ensuring its activities are accessible to all eligible users from all aspects of the community. |
FINANCIAL REVIEW |
Risk Management |
The Trustees review the risks & uncertainties facing the charity on a regular basis in line with its adopted risk management policy. |
COVID 19 RESPONSE |
The global pandemic COVID-19 affected economies during 2020 and is ongoing. The Charity has assessed the impact of this upon operations and has formulated a plan to enable the charity to meet the challenges presented. The trustees are confident the charity will have the resources to continue operations for the foreseeable future. |
Reserves |
The board regularly review the required reserves of the charity. This review encompassed the nature of income and expenditure streams, the need to match variable income with fixed commitments and the nature of the reserves. The Directors are aware of the need to continually monitor reserves, but are satisfied they currently have adequate resources to fulfil their requirements for the foreseeable future. During the year the charity's general reserve decreased to £379,879. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
VEST is a company limited by guarantee, as defined by the Companies Act 2006 and is without share capital. The company is also a registered charity. It is governed by a Memorandum and Articles of Association that were last amended on 26 September 2013. |
Recruitment and appointment of new trustees |
The appointed trustees actively encourage and seek to identify appropriate persons to join the board as trustees. On appointment each new trustee is provided with a copy of the Memorandum and Articles of Association and the latest Trustees Annual Report and Accounts. Appropriate training and induction is provided to enable any new trustee to fulfil their duties. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) (Registered number: 02059997) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
Trustees |
Company Secretary |
Independent Examiner |
Stephen Horrigan FCA |
DHB Accountants Limited |
Chartered Accountants |
Statutory Auditors |
110 Whitchurch Road |
Cardiff |
CF14 3LY |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) |
Statement of Trustees' Responsibilities |
for the Year Ended 31 March 2024 |
The trustees (who are also the directors of VOLUNTARY EMERGENCY SERVICE TRANSPORT (V.E.S.T.) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 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 Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Independent Examiner's Report to the Trustees of |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) (Registered number: 02059997) |
Independent examiner's report to the trustees of VOLUNTARY EMERGENCY SERVICE TRANSPORT (V.E.S.T.) ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company 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 your charity's accounts 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(5) (b) of the 2011 Act. |
Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement 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 methods and principles 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 attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
Stephen Horrigan FCA |
DHB Accountants Limited |
Chartered Accountants |
Statutory Auditors |
110 Whitchurch Road |
Cardiff |
CF14 3LY |
2 August 2024 |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities | 3 |
Investment income | 2 |
Total |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 373,337 |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) (Registered number: 02059997) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds: |
General fund | 379,879 | 373,337 |
TOTAL FUNDS | 373,337 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 charitable company. |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) (Registered number: 02059997) |
Balance Sheet - continued |
31 March 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements are presented in Pounds Sterling which is the functional operating currency of the Charity. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Income from government and other grants are recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. |
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Donations and gifts |
Donations and gifts are recognised when received. |
Gifts in kind are accounted for at a reasonable estimate of their value to the charity. Donated services are included in incomeing resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and materials. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Motor vehicles | - |
Computer equipment | - |
Taxation |
There is no taxation liability arising on these accounts as the company is a registered charity whose income and gains are applied exclusively for charitable purposes. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
2. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest |
3. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
Charitable | Total |
activities | activities |
£ | £ |
Fares | 119,908 | 129,045 |
Profit on disposal of vehicles | 5,400 | - |
125,308 | 129,045 |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Manager | 1 | 1 |
Administration | 2 | 2 |
Drivers | 8 | 8 |
VEST employees 11 people, a manager, 2 assistant administrators and 8 drivers. The manager is paid from CT funds, to which the local authorities contribute a supplementary grant of 15% of her gross pay cost. All other staff are employed by and paid direct by the local authorities on an agency basis. The total gross value of this agency payment during 2023/24 was £217,470. |
7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 373,337 |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Other creditors | ( |
) |
Accruals and deferred income |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/4/23 | in funds | 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 373,337 | 6,542 | 379,879 |
TOTAL FUNDS | 6,542 | 379,879 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 407,587 | (401,045 | ) | 6,542 |
TOTAL FUNDS | ( |
) | 6,542 |
Comparatives for movement in funds |
Net |
movement | At |
At 1/4/22 | in funds | 31/3/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 381,885 | (8,548 | ) | 373,337 |
TOTAL FUNDS | 381,885 | (8,548 | ) | 373,337 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 392,034 | (400,582 | ) | (8,548 | ) |
TOTAL FUNDS | 392,034 | (400,582 | ) | (8,548 | ) |
VOLUNTARY EMERGENCY SERVICE TRANSPORT |
(V.E.S.T.) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1/4/22 | in funds | 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 381,885 | (2,006 | ) | 379,879 |
TOTAL FUNDS | 381,885 | (2,006 | ) | 379,879 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 799,621 | (801,627 | ) | (2,006 | ) |
TOTAL FUNDS | 799,621 | (801,627 | ) | (2,006 | ) |
12. | RELATED PARTY DISCLOSURES |
13. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party other than the trustees and members acting together. |
14. | SHARE CAPITAL |
The charitable company is limited by guarantee and as such has no share capital. In the event of the charitable company being wound up, the liability of each member is limited to £1. |