REGISTERED COMPANY NUMBER: 05730036 (England and Wales)

REGISTERED CHARITY NUMBER: 1146747

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CLAWAR ASSOCIATION LIMITED

Page

Report of the Trustees

1

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Statement of Financial Position

8

Notes to the Financial Statements

9

to

12

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 December 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

We are working with other bodies and organisations to improve linkages between different communities involved in the area of robotics (researchers, industry, end users, standardisation bodies and regulators) so that to inform the public of new developments in the evolving area of robotics and that new safety and other standards are created and published to allow the public to benefit from the new types of service robots designed to improve the quality of life of society as a whole as well as individuals.

Significant activities

1. M. Osman Tokhi - Trustee Report

As Trustee and Chair of CLAWAR Association I have been involved in several activities. These are as follows:

1) I have chaired the various Management Team, and Board of Trustees meetings of the Association including meetings #24-1 (12 Feb 2024), #24-2 (08 April 2024), #24-3 (03 June 2024), #24-4 (12 August 2024), #24-5 (14 October 2024), #24-6 (02 December 2024), and the AGM on 23 September 2024.

2) I have led the UK robot ethics activities as part of the BSI AMT10/1 Sub-Committee on Ethics of Robots and Autonomous Systems, on development of ethical guidelines for design and deployment of robots.

3) I have had major involvement in organising and participating in several events. These include the following:

a) General co-Chair of ICRES 2024 conference, Yokohama, Japan, 29-31 July 2024 in hybrid mode.

b) General co-Chair of CLAWAR 2024 conference, Kaiserslautern, Germany, 04-06 September 2024.

c) Member of programme/Advisory committee of several international conferences.

4) Major involvement in robot standardisation activities

a) Acted as chair of BSI AMT10/1 sub-committee on Ethics of Robots and Autonomous Systems

b) Exercised active role as member on BSI AMT10 - Robotics Committee.

c) ISO TC299/WG2 (Service robot safety). Chaired as convenor meetings #54 (09 January 2024), #55 (22-23 January 2024), #56 (14 February 2024), #57 (26 February 2024), #58 (11 March 2024), #59 (25 March 2024), #60 (08 April 2024), #61 (22 April 2024), #62 (07 May 2024), #63 (22-24 May 2024), #64 (10 June 2024), #65 (09-11 Sept 2024), #66 (21 Nov 2024), #67 (05 Dec 2024) and #68 (19 Dec 2024) of the working group.

5) Further major activities have included

a) Keynote lectures/Seminars at several international conferences and institutions.

b) Publication of research articles in journals and international conferences.

c) Research projects in the areas of robotics.

d) Acting as guest editor of special issues for international journals, and member of editorial/advisory board of several international journals.

e) Acting as Editor-in-Chief of Journal of Low Frequency Noise, Vibration and Active Control.

2. Gurvinder S Virk - Trustee Report

As a member of the board of Trustees I have been involved in several activities within CLAWAR Association. I am also Treasurer of the Association and have continued to maintain the accounts for the Association. The detailed work for preparing the 2023 accounts has been completed and passed to the Company accountants for filing and the 2024 accounts are currently being prepared. I have participated in various e-meetings to support the Association's activities such as ICRES 2024/25, CLAWAR 2024/25 as well as participate in Management and Trustee meetings.

Details of the activities I have carried out in 2024 are as follows:

1) I have given presentation or have been involved in the following events:

a) Introducing autonomy/ AI in to medical equipment, International Workshop on Medical robots standardisation, 21 February 2024, Busan, South Korea

b) Degree of autonomy in medical robots, CSA Group International Medical Robot Standards Seminar, 09 April 2024, Shanghai, China.

c) International Expert's Seminar on Research and Development, 24 June 2024, Shaoxing, China

d) UK-China Silver Economy Forum, 25 October 2024, Shenzhen, China.

2) Involvement in a number of robot standardisation activities. The main ones are as follows:

a) UK's BSI AMT-10 committee on Robotics and its sub-committee on Robot ethics.

b) ISO TC299/WG2 (Safety of service robots)

c) ISO TC299/WG6 (Modularity of service robots)

d) IEC SC62A and ISO TC299 JWG9 (Medical equipment, software and systems)

e) IEC SC62A 60601-1 4th edition work

f) India's BIS PGD 18 (Industrial automation and robotics sectional committee.

3. Manuel Armada - Trustee Report

As a member of the board of Trustees I have been involved in several activities within CLAWAR Association. These are as follows:

1) I have participated during 2024 in various meetings of the Management Team, the Board of Trustees (BoT) meetings of the Association, and the AGM on 23 September 2024.

2) I have had major involvement in organising and participating in several events. These include the following:

a) Member of International Programme Committee for CLAWAR 2024 conference, which took place on Kaiserslautern, Germany, 04-06 September 2024.

b) Reviewer for CLAWAR 2024.

3) Major involvement in Scientific Journals Committees:

a) Climbing and Walking robots Topic Editor for the International Journal of Advanced Robotic Systems (SAGE).

b) Academic Editor for Applied Sciences (MDPI).

c) Appointed Member of the Honorary Editorial Advisory Board for The Industrial Robot. An International Journal (Emerald).

4) Further major activities have included:

a) Reviewer for Research Projects (Ministry of Science, Innovation and Universities (MICIU);

b) Publication of research articles on robotics in journals and international conferences;

c) Research Projects in the area of precision agriculture robotics;

d) Reviewer of scientific publications in journals and international conferences.

4. Seungbin Moon - Trustee Report

As a member of the board of Trustees I have been involved in several activities, and these are as follows

1) Major involvement in organising and participating in several events; these are the following:

a) CLAWAR'24 Conference. Member of the International Advisory Committee

2) Major involvement in robot standardisation activities aimed at widening the application base of robotics for the public benefit. Details of the activities are the following:

a) ISO TC 299/WG 4 (Service robots). As a project leader, I have developed the revision of ISO 18646-2, Robotics - Performance criteria and related test methods for service robots - Part 2: Navigation

b) ISO TC 299/WG 1 (Vocabulary and characteristics). As a Convenor, I have participated WG 1 meetings, 2024.

5. Giovanni Muscato - Trustee Report

As a member of the board of Trustees I have been involved in several activities within the CLAWAR Association. These are as follows:

1) I have had major involvement in organising and participating in several events. These include the following:

a) Participation in CLAWAR 2014 conference and chairing some sessions.

2) Major involvement in Scientific Journals Committees:

a) Executive Advisory Board, Springer International Journal of Robotics and Intelligent Control

b) Academic editor, Journal of Robotics, Wiley

c) Editorial Board, Robotics, MDPI

3) Further major activities have included:

a) Participate in various Trustee, Management and other working meetings to support the charities events.

b) Involved in the International Scientific Committees of the CLAWAR conference and reviewer of several papers.

c) I have exercised an active role in publicising the work of CLAWAR. This has included presentations publicizing CLAWAR activities during lectures in several international conferences.

d) Written a number of papers and articles publicising the work of CLAWAR. Reviewer for Industrial Robot: an International Journal on the topics of CLAWAR Association.

e) Member of Technical Committee ISO TC 299/WG 65 and participated to several meetings.

6. Manuel Silva - Trustee Report

As a member of the Board of Trustees of the CLAWAR Association I have been involved in several activities, and these are as follows:

1) I have participated in various meetings of the Management Team, and Board of Trustees meetings of the Association.

2) I was involved in the organization of the two 2024 CLAWAR Association conferences and I am involved in the organization of the two 2025 CLAWAR Association conferences:

a) International Scientific Committee co-Chair of ICRES 2024 conference, which took place on Yokohama, Japan, 29-31 July 2024 in hybrid mode.

b) International Scientific Committee co-Chair of CLAWAR 2024 conference, which took place on Kaiserslautern, Germany, 04-06 September 2024.

c) General Co-Chair of ICRES 2025 conference, which will take place on Porto, Portugal, 3-4 July 2025.

d) International Scientific Committee co-Chair of CLAWAR 2025 conference, which will take place on Shenzhen, China, 05-07 September 2025.

3) I was co-editor of the ICRES 2024 Conference Proceedings, published by the CLAWAR Association Ltd. (https://clawar.org/conference-proceedings/icres-conference/icres-2024-proceedings/).

4) I was co-Editor of the CLAWAR 2024 Conference Proceedings, published by Springer (Vol. 1: https://link.springer.com/book/10.1007/978-3-031-70722-3 and Vol. 2: https://link.springer.com/book/10.1007/978-3-031-71301-9).

5) I was member of the programme / scientific committee of several national and international conferences.

6) I was involved in the organization of the 2024 Robotics@ISEP Open, an event with educational robot competitions and lectures on robotics, at the School of Engineering of the Polytechnic of Porto.

7) I was involved in the organization of the Portuguese Robotics Open being responsible for the "Robot Dragster" and "Industrial Robot Manipulators" competitions.

8) Further major activities have included:

a) Keynote lecture in one international conference;

b) Publication of research articles on robotics and related areas in journals and international conferences;

c) Getting funding for Research Projects in the area of robotics;

d) Managing research projects in the areas of industrial and mobile robotics;

e) Acting as a member of editorial/advisory board of international journals;

f) Guest-editing Special Issues in international journals;

g) Reviewer of scientific publications for several journals and international conferences.

Public benefit

The Trustees confirm that they have paid due regard to the guidance issued by the Charity Commission on public benefit.

FINANCIAL REVIEW

Our main funding source is income from registrations at the events being held as well as sponsorship from various organisations and the membership fees. These activities are regularly reviewed within the Management Team and the Trustees' meetings.

CLAWAR expenditure relates to operational costs, organisational costs for the events, and travel and subsistence costs of trustees and volunteers for participating in activities promoted by the charity. There is a formal process for claiming approved outlays via the completion and submission of the CLAWAR Expense Claim Form supported by receipts of the expenditure. The process has been reviewed and expenses claim form has been formally accepted by the Trustees. Currently CLAWAR does not incur any staff costs and all work is on a voluntary basis.

CLAWAR's activities are still evolving and have not yet reached their full potential. Resources are limited and the service which CLAWAR can provide is limited due to the dependency on volunteers; it is not possible to employ staff to provide a more professional service but it is hoped that this requires detailed planning and contingencies made to ensure insecurities over funding can be managed. As the charity is run on an annual calendar with the annual CLAWAR conference forming the main event (and income stream), it is important to be able to plan for 2-3 years of poor income, and reserves in excess of £100k are estimated to be needed to plan the future growth yet be able to handle poor attendance as different strategies are tested. This figure may evolve as we have not yet reached a steady state in this rapidly growing area.

Following concerns raised over the ongoing financial concern we have included the travel costs of the trustees but not paid them. We have stopped other voluntary activities in 2024 and hence expenditure is at an absolute minimum and no events will be approved where CLAWAR has to take the financial risk. It was decided to combine the CLAWAR and ICRES annual conferences from 2025 if possible so that the financial risk could be further reduced. In addition we are also looking at diversifying the types of robotics-related activities we can organize and attracting more members.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

CLAWAR Association Limited is a charitable company limited by guarantee, incorporated on 6 March 2006 and registered as a charity on 2 April 2012. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Recruitment and appointment of new trustees

The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Board of Trustees. The members of the Board of Trustees are elected to serve for approximately three years and will retire in an agreed rotation.

The recruitment and appointment of trustees are covered in the Articles of Association.

Organisational structure

The trustees, Company Secretary and the Management Team have been continuing to develop procedures to enhance the functioning of the company whilst complying with the guidelines provided by the UK Charity Commission, for operating the company.

The trustees are responsible for the overall activities of CLAWAR Association Limited and have delegated the day to day running of the charity to the Chair of the Board of Trustees who operates CLAWAR via the Management Team.

All members of the Board of Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity during the year are set out in the notes to the financial statements.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

05730036 (England and Wales)

Registered Charity number

1146747

Registered office

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

Trustees

Dr M O Tokhi

Chair

Professor G S Virk

Treasurer

Dr M Armada

Professor B Bridge

(Resigned 16 October 2024)

Professor S Moon

Professor G Muscato

Deputy Chair

Dr D C Chryostomou

(Resigned 16 October 2024)

Professor M F D S Silva

(Appointed 25 July 2024)

Management team

Professor G S Virk

Dr M O Tokhi

Dr K Goher

Professor M F D S Silva

Independent Examiner

Elizabeth Horton FCA FCCA

Seymour Taylor Limited

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

Bankers

Barclays Bank Plc

1 Churchill Place

London

E14 5HP

Approved by order of the board of trustees on 3 November 2025 and signed on its behalf by:

Professor M O Tokhi - Trustee

Independent examiner's report to the trustees of Clawar Association Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 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

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.

Elizabeth Horton FCA FCCA

Seymour Taylor Limited

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

3 November 2025

2024

2023

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

10,968

2,059

13,027

29,668

Charitable activities

Education in the field of robotics

300

-

300

-

Total

11,268

2,059

13,327

29,668

EXPENDITURE ON

Raising funds

-

-

-

29,189

Charitable activities

Education in the field of robotics

12,372

2,059

14,431

15,672

Total

12,372

2,059

14,431

44,861

NET INCOME/(EXPENDITURE)

(1,104

)

-

(1,104

)

(15,193

)

RECONCILIATION OF FUNDS

Total funds brought forward

5,067

-

5,067

20,260

TOTAL FUNDS CARRIED FORWARD

3,963

-

3,963

5,067

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

2024

2023

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

CURRENT ASSETS

Cash at bank

13,627

-

13,627

7,647

CREDITORS

Amounts falling due within one year

5

(9,664

)

-

(9,664

)

(2,580

)

NET CURRENT ASSETS

3,963

-

3,963

5,067

TOTAL ASSETS LESS CURRENT LIABILITIES

3,963

-

3,963

5,067

NET ASSETS

3,963

-

3,963

5,067

FUNDS

6

Unrestricted funds

3,963

5,067

TOTAL FUNDS

3,963

5,067

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 3 November 2025 and were signed on its behalf by:

M O Tokhi - Trustee

1.	GENERAL INFORMATION

Clawar Association Limited is a charity limited by guarantee and incorporated in England and Wales. The charity's registered office is First Floor North, 40 Oxford Road, High Wycombe, Bucks, HP11 2EE. The principal place of business is Flat 50, Bruanston House, Hatton Road, Wembley, Middlesex, HA0 1RP. The registered number is 05730036 and the charity commission number is 1146747.

Clawar Association Limited principal activity is the advancement of education and science.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	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.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on the management's best judgment at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change.

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.

The following policies are applied to particular categories of income:

Voluntary income is received by way of sponsorship for events and is included in full in the Statement of Financial Activities when receivable.

Conference and registration fees for events are included in the year in which the events are held. Should fees be received in advance of the event, this income will be deferred until the event is held, likewise if an event has been held and there are unpaid fees, this income will be accrued as long as the amount can be quantified with reasonable accuracy.

Incoming resources from charitable activities, such as membership fees, are accounted for when earned.

The charity receives grants in respect of the BSI (British Society for Immunology) Conference Travel Grants. These grants are recognised using the accruals model at the fair value of the asset received or receivable when there is a reasonable assurance that the charity will comply with conditions attached to them.

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.

Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. The costs of minor additions are those costing below £500 and are not capitalised. Depreciation is provided at rates calculated to write off the costs of each asset over its expected useful life, which in all cases is estimated at 5 years. Impairment reviews are carried out as and when evidence comes to light that the recoverable amount of a functional fixed asset is below its net book value due to damage, obsolescence or other relevant factors.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments

The charity has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 (effective September 2015) to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024

2023

£

£

Independent examination

2,713

2,520

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

Travel and subsistence costs of £9,023 (2023 - £10,807), office expense £659 (2023 - £687), other costs of £nil (2023 - £1,244) and were reimbursed to 3 (2023 - 2) of the trustees.

5.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other creditors

6,964

-

Accruals and deferred income

2,700

2,580

9,664

2,580

6.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

5,067

(1,104

)

3,963

TOTAL FUNDS

5,067

(1,104

)

3,963

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

11,268

(12,372

)

(1,104

)

Restricted funds

BSI Conference Travel

2,059

(2,059

)

-

TOTAL FUNDS

13,327

(14,431

)

(1,104

)

Comparatives for movement in funds

Net

movement

At

At 1.1.23

in funds

31.12.23

£

£

£

Unrestricted funds

General fund

20,260

(15,193

)

5,067

TOTAL FUNDS

20,260

(15,193

)

5,067

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

29,668

(44,861

)

(15,193

)

TOTAL FUNDS

29,668

(44,861

)

(15,193

)

BSI Conference Travel Fund - This fund provides support to members to facilitate their attendance at scientific conferences and seminars in the UK and around the world.

7.	RELATED PARTY DISCLOSURES

At the year end there was an outstanding creditor balance with 3 (2023: nil) of the trustees amounting to £6,964 (2023: £nil) in relation to unpaid expense claims.

8.	ULTIMATE CONTROLLING PARTY

The charity is controlled by the board of trustees collectively.

9.	COMPANY LIMITED BY GUARANTEE

The liability of the members in the event of a winding up is limited to £10 per member.