Company Status & Articles of Association

Overview

These excerpts summarise key clauses from the Articles of Association of inaglobe Ltd (Company Number: 13787464). For the full, legally binding text, please use the download button above.

Liability of members

The liability of the members is limited to a sum not exceeding £1. Each member undertakes to contribute up to this amount to the assets of the charity in the event of it being wound up while they are a member, or within one year of ceasing to be a member, in respect of:

1. payment of the charity's debts and liabilities incurred before they ceased to be a member;
2. payment of the costs, charges and expenses of winding up; and
3. adjustment of the rights of the contributors among themselves.

Objects

The charity's objects are specifically restricted to advancing the education of students at global higher-education institutions and relieving disadvantaged communities in need across the world by, in particular but not exclusively:

1. providing such communities the opportunity to present and communicate the specific challenges that they face to higher education institutions;
2. giving students at these institutions the opportunity to collaborate with the presenting communities to design, create and apply innovative products dedicated to solving their challenges and relieving their needs; in order to
3. provide the students with a broader, more practical and socially conscious education and provide members of the disadvantaged communities with the tools to solve the challenges that they face.

Powers

The charity has power to do anything which is calculated to further its objects or is conducive or incidental to doing so. This includes (among other powers):

1. raising funds (subject to relevant statutory regulations and without undertaking taxable permanent trading);
2. acquiring, maintaining, and disposing of property, subject to the Charities Act 2011 where applicable;
3. borrowing money and charging the charity's property as security, in line with the Charities Act 2011;
4. co-operating with and supporting other charities and bodies working towards similar charitable purposes;
5. establishing or supporting charitable trusts, associations, or institutions formed for any of the charitable purposes included in the objects;
6. employing and remunerating staff as necessary for carrying out the work of the charity;
7. investing funds and appointing fund-managers or nominees, in line with the Trustee Act 2000; and
8. providing indemnity insurance for directors in accordance with the Charities Act 2011.

Application of income and property

The income and property of the charity must be applied solely towards the promotion of the objects. No part of the income or property may be paid or transferred directly or indirectly by way of dividend, bonus, or otherwise by way of profit to any member.

Subject to the provisions on benefits to directors, a director is entitled to be reimbursed reasonable expenses properly incurred when acting on behalf of the charity, may benefit from trustee indemnity insurance, and may receive an indemnity in specified circumstances.

Benefits and payments to charity directors and connected persons

As a general rule, no director or connected person may:

• buy goods or services from the charity on preferential terms;
• sell goods, services, or any interest in land to the charity;
• be employed by, or receive any remuneration from, the charity; or
• receive any other financial benefit from the charity,

unless the payment is specifically permitted by the Articles or authorised by the court or the Charity Commission. A "financial benefit" means a benefit, direct or indirect, which is either money or has a monetary value.

Certain limited benefits are permitted (for example, receiving a benefit as a beneficiary of the charity, or being paid for supplying services) provided the conditions set out in the Charities Act 2011 and the Articles themselves are met.

For full wording of all Articles, including detailed provisions on membership, directors, meetings, accounts, communications, disputes, and dissolution, please refer to the downloadable PDF version of the Articles of Association.