The above is an extract from The Lennoxtown Initiative annual account for year ending 31 March 2011. As can be seen in the second paragraph: ‘the company’s current liabilities exceeded its total assets by £60,721.’ In the second paragraph it says: ‘Included in current liabilities is an amount of £242,526 due to East Dunbartonshire Council’. The … Continue reading
As The Lennoxtown Initiative charity incorporation documents show it had no share capital and was Limited by Guarantee. The guarantee is covered by the Members (not shareholders since there are no shares). And as we know the main Members were the 3 public authorities (from the memorandum of association): However the Guarantee is limited … Continue reading
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