UK Athletics is formed as a company limited by guarantee. This means that instead of having shares or shareholders, it has Members (currently the members of the Council) who undertake to pay £1 each in the event of the company being wound up without sufficient funds.
It does not distribute any surplus it makes; it is kept as reserves for future use. The Memorandum and Articles are the documents which set out:
- what the company will do and its powers,
- the rules for the running and regulation of the company’s affairs,
- the compositions and relationship between the Council and the Board, and
- other legal requirements.