THE SOCIETY OF ARCHITECTURAL HISTORIANS OF GREAT BRITAIN

THE SOCIETY OF ARCHITECTURAL HISTORIANS OF GREAT BRITAIN Annual Report and Financial Statements for the year ended 31 December 2016

INDEX Page Reference and administrative details 2 Report of the Executive Committee 3-7 Report of the examining accountant 8 Statement of financial activities 9 Statement of cash flows 10 Balance sheet 11 Notes to the financial statements 12-19 1

REFERENCE AND ADMINISTRATIVE DETAILS The Society, a company limited by guarantee, is registered with the Charity Commission. The affairs of the Society are governed by its Memorandum and Articles of Association. The liability of each member in the event of the company being wound up is limited to a sum not exceeding 1. Chairman Honorary Secretary Professor Anthony Geraghty Jonathan Kewley Honorary Treasurer David Lermon (resigned 1 Sept 2016) Ian Johnson (appointed 1 Sept 2016) Trustees and Members of the Executive Committee Professor Malcolm Airs Nicholas Jones (appointed 20 May 2016) Dr Alistair Fair Professor Maurice Howard Geraint Franklin (appointed 1 Sept 2016) Jonathan Kewley Professor Anthony Geraghty David Lermon (resigned 1 Sept 2016) Eleanor Grace Andrew Martindale Catriona Gray (resigned 20 May 2016) Dr Joanne O Hara Simon Green Dr Kent Rawlinson Dr Alden Gregory (appointed 1 Sept 2016) Dr Frances Sands Dr David Hemsoll Neal Shasore (appointed 20 May 2016) Lisa Hirst Peter Smith Dr Julian Holder Catherine Staniland Ian Johnson (appointed 1 Sept 2016) Dr Danielle Willkens Registered Office Independent Examiner Investment Managers 20 Cornwallis Road London N19n4LT Susan Kowszun BA FCA DChA Harlequin Accounting & Financial Services Limited Bancroft, Mill Road West Chiltington West Sussex RH20 2PZ Brewin Dolphin 12 Smithfield Street London EC1A 9BD Company registration no. 810735 Charity registration no. 236432 2

REPORT OF THE EXECUTIVE COMMITTEE (TRUSTEES) The Executive Committee presents its report and the financial statements for the year ended 31 December 2016. The legal and administrative information forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - 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). Objects of the Society The Society is established to further the study and advance the knowledge of the history and development of architecture. In this connection, it publishes the journal Architectural History, awards scholarships to PhD students, makes research and publication grants and arranges various educational events. Organisation and Structure The Society s constitution is its Memorandum and Articles of Association, as amended over the years. It is governed by an Executive Committee, consisting of officers (the Chairman, the Secretary, the Treasurer, the Editor of Architectural history, two Conference Co-ordinators, two Events Secretaries, the Education Officer, the Website Officer, the Publicity Officer, the Magazine Editor, the Reviews Editor, the Development and Fundraising Officer, the Membership Secretary and the minutes Secretary), six elected members and up to three co-opted members. The six elected members serve a three year term. The rest serve for one year, but can be re-elected (but only twice in the case of the chairman). Sub-committees, currently on awards, communications, governance, grants, education, expenses and investment, report to the Executive Committee. Public Benefit In planning the Society s activities, the Executive Committee has full regard to the Charity Commission s guidance on public benefit. Scholarships, prizes and awards are open to all, and widely publicised on the Society s website, through social media and elsewhere. The Society endeavours to support postgraduate students of architectural history at a time when government (in particular AHRC funding) is reduced, in order to further and advance the knowledge of the history and development of architecture. Since 2007, ten PhD students have been supported by the Society. Six have successfully been awarded their doctorates and four are currently still studying. The Society makes grants twice a year to assist research into architectural history and its publication. These are made after an open application process and are open to anyone (subject to restrictions on past recipients). When published the research will be available free of charge at the legal deposit libraries. Every year the Society publishes the international peer-reviewed journal Architectural History which disseminates some of the most important research in architectural history. It is widely 3

distributed to (paying) institutional subscribers, on JSTOR and for free public access at the legal deposit libraries. The Society also subsidises the publication and thus wider dissemination of papers delivered at its Annual Symposia, which themselves are open to all comers subject to payment (by members and nonmembers alike) of a modest charge, reduced for students. The Society s annual field conference consists of four days of study visits to important buildings in a particular part of the United Kingdom. This helps to educate both members who attend and buildingowners. Study notes are produced which are given to buildings visited and deposited with legal deposit libraries and elsewhere. Those attending conferences must be members, but may join when booking. Bursaries are available to students and early-career researchers to allow them to attend (and include a year s membership). The Society organises a number of study visits each year, open subject to availability to all comers, and with some reduced rates available for students and early career professionals. Any surplus made from any of the Society s activities form part of its its charitable funds. Developments, Activities and Achievements during the Year In 2016 the Society carried out its regular activities, which included the publication of Volume 59 of its journal Architectural History, the first to be published by Cambridge University Press. The Society s Annual Symposium, organised by Dr Julian Holder, was held at the Royal Institute of British Architects in May on the subject of The Official Architect: missing chapters in the history of the profession. There were study days at Bramshill, the Mansion House, London, Kimbolton Castle, Eastbury Manor House, and Charlton House. The annual conference was held in Plymouth and East Cornwall over four days in September, organised by Dr Joanne O Hara (Conference Co-ordinator) and Dr Matthew Walker (Local Organiser). The annual lecture in October was given by Konrad Ottebheym, Professor of Architectural History in the Department of History and Art History of Utrecht University and the Director of the Dutch Postgraduate School for Art History. The Alice Davis Hitchcock Prize was presented to Elain Harwood, Space, Hope and Brutalism: English Architecture 1945-75, published by Yale University Press. Both the Hawksmoor Essay Medal and the James Morris Prize were not awarded. The Society funded three PhD scholarships at a rate of 13,500 per student. The Society made research grants to several individuals in connection with their studies, to assist with travel to present papers and a number of architectural conferences and for fieldwork. The Society also awarded bursaries to students to attend its annual Conference and Annual Symposium. 4

The Society maintained its website and its presence on social media which increases the reach of its promotion of architectural history beyond its membership and into a much wider (and generally younger and less affluent) demographic. Regular email updates were sent to members as well as two issues of the members magazine, The Architectural Historian. Operational and Financial Review The Society s financial position is set out in its financial statements. The Executive Committee is grateful for the many generous donations made to the Society over the year. Objects for 2017 The Society intends to continue to sponsor full time PhD students and to increase if feasible the number of students that it will support. It will also continue with its programme of conferences, workshops and educational events. The programme of grants to individuals to support their studies and educational activities will continue. Some funds may be allocated to the payment of a part-time administrative assistant. Governance and Management Staff and volunteers No staff are employed by the Society, which is entirely reliant upon volunteers. During the year none of the Trustees received any payment (2015: Nil). Trustees For the purposes of company law, the Trustees shown on page 2 are also the directors of the company. Trustees are automatically retired upon completion of their term of office but may be eligible for reappointment. No Trustee has any beneficial interest in the Society. All Trustees are members of the Society and guarantee to contribute 1 in the event of winding up. New Trustees are identified following a review of the skills and experience needed to oversee and develop the Society. In addition to considering the relevant skills that each potential Trustee may bring to the Society, the recruitment process also considers potential conflicts of interest. Following appointment, new Trustees receive a briefing and induction programme as appropriate, using materials supplied by the Charity Commission and other relevant bodies. The Society s governing documents and policies are reviewed regularly to ensure they keep pace with developments in best practice. Trustees responsibilities in the preparation of financial statements The Trustees (who are also directors of the Charity for the purposes of company law) are responsible for preparing the Society s annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 5

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 Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity 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 Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue on that basis. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information on the Society s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Risk Management The Executive Committee has examined the major strategic, business and operational risks which the Society faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Reserves The Executive Committee s policy with regard to reserves is to maintain adequate funds to deal with current and medium term needs including approved research grants together with the necessary provision to deal with unforeseen circumstances. As at 31 December 2016, the Society s free reserves were 353,048 (2015: 332,184). In order to meet unexpected liabilities or appeals for funding, the Trustees believe that the Society should hold easily accessible reserves of between 300,000 and 350,000 and expect the free reserves to be within, or close to, this range. Going Concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements 6

Investment powers and policy The Trustees have the investment powers set out in the Memorandum and Articles of Association to invest in any investments, securities or properties, those monies that the Society does not immediately need. Such funds are invested by the Society s discretionary investment managers, Brewin Dolphin. Independent examiner In view of the scale of the Society s activities and net assets, an independent examination but not an audit of the Financial Statements is required. This examination has been carried out by Sue Kowszun BA FCA DChA. Statement of disclosure of information to the Independent Examiner The Trustees at the date of approval of this Trustees annual report confirm that, so far as each of them is aware, there is no relevant audit information of which the Society s independent examiner is unaware, and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the independent examiner is aware of that information. Approved by the Executive Committee on 2 nd June 2017 And signed on its behalf by: Jonathan Kewley Hon. Secretary 7

INDEPENDENT EXAMINER S REPORT TO THE TRUSTEES OF THE SOCIETY OF ARCHITECTURAL HISTORIANS OF GREAT BRITAIN LIMITED (SAHGB) I report on the financial statements of the SAHGB for the year ended 31 December 2016, which are set out on pages 9 to 19. Respective responsibilities of Trustees and examiner The Trustees (who are also directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) but have resolved that an independent examination be carried out. Having satisfied myself that the Society is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: - examine the financial statements under section 145 of the 2011 Act; - to follow the procedures laid down in the general directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act; and - to state whether particular matters have come to my attention. Basis of independent examiner s report My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Society 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 you as 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 financial statements present a true and fair view and the report is limited to those matters set out in the statement below. Independent examiner s statement In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 386 of the Companies Act 2006; and - to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Sue Kowszun BA FCA DChA Harlequin Accounting and Financial Services Limited Bancroft, Mill Road West Chiltington, West Sussex RH20 2PZ 2 nd June 2017 8

STATEMENT OF FINANCIAL ACTIVITIES Note Restricted Unrestricted Total Total Funds Funds Funds Funds INCOME Donations and legacies 2 800 42,512 43,312 59,564 Income from charitable activities 3-39,197 39,197 82,913 Investment income 4 8,573 15,630 24,203 24,075 Total income 9,373 97,339 106,712 166,552 EXPENDITURE Costs of raising funds 2,300 2,904 5,204 5,384 Expenditure on charitable activities 5-103,960 103,960 163,526 Total expenditure 2,300 106,864 109,164 168,910 Net income/ (expenditure) and movement in funds for the year before gains/ (losses) on investments 7,073 (9,525) (2,452) (2,358) Net gains/ (losses) on investments 24,401 29,160 53,561 (308) Net income/ (expenditure) and movement in funds for the year 31,474 19,635 51,109 (2,666) Reconciliation of funds Total funds brought forward 262,912 332,184 595,096 597,762 Total funds carried forward 294,386 351,819 646,205 595,096 The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities. The accompanying accounting policies and notes form an integral part of these financial statements. 9

STATEMENT OF CASH FLOWS Notes Restricted Unrestricted Total Total Funds Funds Funds Funds Cash flows Net cash provided by/ (used in) operating activities 9 (1,500) (25,108) (26,608) (34,591) Interest from investments 8,573 15,630 24,203 24,075 Transferred (to)/ from Investments (17,743) 36,847 19,104 (36,002) Change in cash and cash equivalents (10,670) 27,369 16,699 (46,518) Cash and cash equivalents at start of year 10,670 40,907 51,577 98,095 Cash and cash equivalents at end of year - 68,276 68,276 51,577 The accompanying accounting policies and notes form an integral part of these financial statements. 10

BALANCE SHEET Notes Fixed Assets Investments 10 599,918 565,461 Current Assets Stock 1 1 Debtors and prepayments 11 8,647 9,057 Cash at bank 68,276 51,577 76,924 60,635 Creditors: amounts due within one year 12 30,637 31,000 Net current assets 46,287 29,635 Net assets 13 646,205 595,096 Funds of the Society Unrestricted funds General funds 311,319 251,184 Designated funds 40,500 81,000 Restricted funds 294,386 262,912 Total funds 14 646,205 595,096 the Society was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies Trustees responsibilities: The Trustees have not required the Society to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect accounting records and for the preparation of financial statements. The accompanying accounting policies and notes form an integral part of these financial statements. These unaudited financial statements have been subject to independent examination. See report on page 8. Signed on behalf of the Executive Committee, 02 June 2017 Ian Johnson Honorary Treasurer 11

NOTES TO THE FINANCIAL STATEMENTS 1 ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared under the historical cost convention as modified by the inclusion of fixed asset investments at market value, and they have been prepared in accordance with the 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). They also comply with the Charities Act 2011 and the Companies Act 2006. The Society meets the definition of a public benefit entity under FRS 102. These unaudited financial statements have been subjected to independent examination. See report on page 8. The principal accounting policies of the Society have remained unchanged from the previous year and are set out below. Going Concern The financial statements have been prepared on the going concern basis. Income Incoming resources are included gross, without netting off any related expenditure. Incoming resources, including legacies, are generally recognised when the Society becomes entitled to the resources, when receipt is virtually certain and when the monetary amount can be measured with sufficient reliability. Specific policies relating to the Society s particular income sources are as follows: - Donations are included in the Statement of Financial Activities (SOFA) gross of any related tax claim. - Income relating specifically to a future accounting period is deferred. - Interest on funds on deposit is included when receivable. Dividend income is recorded when received. Expenditure Liabilities are included once the Society is under a legal or constructive obligation to transfer economic resources. Costs of charitable activities include those costs directly attributable to activities undertaken in pursuit of the Society s objects. 12

1 ACCOUNTING POLICIES (continued) Expenditure (continued) Support costs include central functions and have been allocated to activity cost categories consistent with the use of these resources. Governance costs include all costs relating to compliance with legal and regulatory requirements. Bursaries payable are included as liabilities once the Society has irrevocably committed itself to the award. Fixed Asset Investments Investments held as fixed assets are revalued at market value at the balance sheet date and both realised and unrealised gains and losses are taken to the SOFA. Stock Stock comprises copies of the Society s publications and is included at the lower of cost and net realisable value with due provision made for obsolete and slow moving items. Fund Structure Unrestricted funds are those funds available for use at the discretion of the Trustees in furtherance of the general objectives of the Society. Restricted funds may only be utilised in accordance with the wishes of the donor. Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. Taxation No provision for taxation, deferred or otherwise, has been made in the financial statements of the Society, as it is a charity in accordance with the Charities Act 2011 and is exempt from taxation except for value added tax (VAT), provided that income and gains are applied for charitable purposes under s505 of the Income and Corporation Taxes Act 1988 and s252 of the Taxation of Chargeable Gains Act 1992. VAT is included in the cost of those items to which it relates. Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the SOFA. 13

2 DONATIONS AND LEGACIES Restricted Unrestricted Total Total Funds Funds Funds Funds Subscriptions - 22,629 22,629 47,160 Gifts and donations 800 19,883 20,683 12,404 800 42,512 43,312 59,564 3 INCOME FROM CHARITABLE ACTIVITIES Study Days/ Other Total Total Conferences Educational Sale of publications - 75 75 2,038 Events: Conference 34,179-34,179 49,615 Annual lecture 344-344 394 Symposium 3,060-3,060 3,284 Overseas study tours - - - 26,254 Other events 1,539-1,539 1,328 39,122 75 39,197 82,913 4 INVESTMENT INCOME Restricted Unrestricted Total Total Funds Funds Funds Funds Interest income 415 525 940 1,074 Dividend income 8,158 10,306 18,464 17,443 Trading surplus from subsidiary paid under gift aid - 4,799 4,799 5,558 8,573 15,630 24,203 24,075 All investment income in the prior year was unrestricted except for 7,781 which was restricted 14

5 EXPENDITURE ON UNRESTRICTED CHARITABLE ACTIVITIES Study Days/ Other Support for Total Total Conferences Educational Research Printing & distrution of journals & newsletters - 12,505-12,505 25,342 Events: - Conference 33,353 - - 33,353 47,940 Annual lecture 498 - - 498 638 Symposium 4,198 - - 4,198 2,217 Overseas study tours - - - - 22,729 Other events 997 - - 997 1,049 Activities undertaken directly 39,046 12,505-51,551 99,915 Bursaries awarded - - 47,412 47,412 55,234 Support costs - (see note 6) 1,440 461-1,901 4,157 Governance costs - (see note 7) 1,222 391 1,483 3,096 4,220 Total charitable activities 41,708 13,357 48,895 103,960 163,526 Bursaries are awarded in accordance with the Society's objects of furthering the study and advancing the knowledge of the history and development of architecture. All bursaries awarded during the year were made to individuals and relate to research undertaken in architectural history. 6 SUPPORT COSTS Accountancy and taxation 1,440 1,200 Bank charges 157 331 Administration 304 2,626 1,901 4,157 7 GOVERNANCE COSTS Independent examination fee 360 300 Committee expenses 2,701 2,665 Statutory compliance 35 1,255 3,096 4,220 15

8 TRUSTEES REMUNERATION AND RELATED PARTY TRANSACTIONS The Society had no employees during the year (2015: Nil) and no Trustees received any remuneration during the year (2015: Nil). Eleven Trustees (2015: Twelve) were reimbursed travel expenses to a total of 2,401 during the year (2015: 2,175). No Trustees or other person related to the Society had any personal interest in any contract or transaction entered into by the Society during the year (2015: Nil). 9 RECONCILIATION OF NET INCOME / (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES Restricted Unrestricted Total Total Funds Funds Funds Funds Net income/ (expenditure) per statement of financial activities 31,474 19,635 51,109 (2,666) Adjustments for: Gains on investments (24,401) (29,160) (53,561) 308 Interest from investments (8,573) (15,630) (24,203) (24,075) Decrease / (Increase) in debtors - 410 410 (18) Decrease in creditors - (363) (363) (8,140) Net cash provided by / (used in) operating activities (1,500) (25,108) (26,608) (34,591) 10 INVESTMENTS Restricted Unrestricted Total Total Funds Funds Funds Funds Managed portfolio of investments Market value of managed portfolio 1 January 252,242 313,218 565,460 529,765 Transfers and charges 17,743 (36,847) (19,104) 36,003 Realised/ unrealised gains/ (losses) 24,401 29,160 53,561 (308) Market value of managed portfolio 31 December 294,386 305,531 599,917 565,460 Shares in SAHGB Publications Ltd - 1 1 1 294,386 305,532 599,918 565,461 Investments at market value comprises: Equities 201,913 209,557 411,470 394,321 Fixed interest securities 82,345 85,462 167,807 155,558 Cash held within the investment portfolio 10,128 10,512 20,640 15,581 294,386 305,531 599,917 565,460 Assets in the UK 431,330 Assets outside the UK 168,587 599,917 16

11 DEBTORS AND PREPAYMENTS Tax receivable on gift-aided receipts 6,600 7,400 Overseas tours cash account - 96 Amounts receivable from subsidiary 19 19 Prepayments and accrued income 2,028 1,542 8,647 9,057 12 CREDITORS: amounting falling due within one year Accruals and deferred income 3,537 3,900 Bursaries and awards 27,100 27,100 30,637 31,000 13 ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Unrestricted Total Total Funds Funds Funds Funds Cash at bank - 68,276 68,276 51,577 Other net assets - (21,989) (21,989) (21,942) Investments 294,386 305,532 599,918 565,461 Net assets 294,386 351,819 646,205 595,096 17

14 MOVEMENT IN FUNDS 01-Jan Incoming Outgoing Net Gains Transfers 31-Dec 2016 2016 Unrestricted funds: General funds 251,184 97,339 (106,864) 29,160 40,500 311,319 Designated funds 81,000 - - - (40,500) 40,500 332,184 97,339 (106,864) 29,160-351,819 Restricted funds: Jonathan Vickers fund 230,155 7,505 (2,013) 21,297-256,944 Annabel Ricketts memorial fund 29,004 946 (254) 2,684-32,380 James Morris fund 3,753 922 (33) 420-5,062 262,912 9,373 (2,300) 24,401-294,386 Total funds 595,096 106,712 (109,164) 53,561-646,205 Prize Bursary Fund Included in unrestricted funds is an amount of 19,118 (2015: 20,854) in respect of the Prize Bursary Fund, accumulated from the Society s overseas tours; prizes are being awarded annually to students attending events sponsored by the Society. Designated Funds The Trustees have designated funds equivalent to awarded bursaries in order to ensure the continuity of funding for these awards. Jonathan Vickers Fund The income from this restricted fund (set up in the name of, and with a substantial donation from the estate of, a late member) is being used specifically to support post-graduate students of architectural history for the duration of their PhD study periods. Annabel Ricketts Memorial fund This fund, set up in memory of Annabel Ricketts, is used to support post-graduate students and other persons in their architectural research. James Morris Fund This fund has been used to provide an annual essay prize in memory of the donor s grandfather, James Morris, who was a partner of Sir Herbert Baker in Cape Town. 15 COMPANY LIMITED BY GUARANTEE The Society is a company limited by guarantee and as such does not have any share capital. The Trustees who are also the members have each agreed to contribute 1 in the event of a winding up. 18

16 CONTROL In the opinion of the Trustees there is no single controlling party of the Society. 19