"By submitting any material to Associated, you automatically grant Associated the royalty-free, perpetual, irrevocable, exclusive right and license to use, reproduce, modify, edit, adapt, publish, translate, create derivative works from, distribute, perform and display such material (in whole or part) worldwide and/or to incorporate it in other works in any form, media or technology now known or later developed for the full term of any rights that may exist in such content.
By submitting any material to us, you also waive all your moral rights in such materials."
[Bold text emboldened by me. Bold statement composed by their lawyers.]
It's not as grasping (greedy, avaricious, prehensile) as it seems, though. In return for giving them my work forever, I get the chance to win twenty quid!
As David Mamet likes to say: "Film is a collaborative business. Bend over."