The Manchester Law Society Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 00005254

The Manchester Law Society

Company Limited by Guarantee

Filleted Financial Statements

31 December 2022

The Manchester Law Society

Company Limited by Guarantee

Financial Statements

Year Ended 31 December 2022

Contents	Page

Statement of Financial Position	1

Notes to the Financial Statements	2

The Manchester Law Society

Company Limited by Guarantee

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed Assets

Tangible assets	6	1,770	3,540
Investments	7	132,792	144,412
		---------	---------
		134,562	147,952

Current Assets

Debtors	8	66,872	73,754
Cash at bank and in hand		188,697	144,624
		---------	---------
		255,569	218,378

Creditors: amounts falling due within one year	9	57,235		40,991
		---------		---------
Net Current Assets			198,334	177,387
			---------	---------
Total Assets Less Current Liabilities			332,896	325,339

Provisions

Taxation including deferred tax	1,706	7,506
	---------	---------
Net Assets	331,190	317,833
	---------	---------

Capital and Reserves

Profit and loss account	331,190	317,833
	---------	---------
Members Funds	331,190	317,833
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The officers acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 27 February 2024 , and are signed on behalf of the board by:

Mr M Fitzgibbon Honorary Treasurer

Company registration number: 00005254

The Manchester Law Society

Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 December 2022

1. General Information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 64 Bridge Street, Manchester, M3 3BN.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investments measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

At the time of approving the financial statements the officers have a reasonable expectation that the society has adequate resources to continue in operational existence for the foreseeable future. Thus the officers continue to adopt the going concern basis in preparing the financial statements.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for subscriptions and services rendered, stated net of discounts and of Value Added Tax. Subscriptions represent amounts receivable from members and are included in the income and expenditure account in the year in which they are due. Income and expenditure relating to conferences, courses and social functions are included in the income and expenditure account in the year in which the event takes place. For courses which extend beyond one financial year no surplus is recognised until the course is complete. Dividend income is recognised as the society's right to receive payment is established.

Deferred Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government Grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Company Limited by Guarantee

The Manchester Law Society is a company limited by Guarantee incorporated on the 19 January 1871 under the Companies Act 1862.

Under paragraph 6 of the Society's Memorandum every member undertakes to contribute to the assets of the Society in the event of it being wound up during the time he is a member or, within one year afterwards, for payment of the debts and liabilities of the Society contracted before he ceases to be a member and of the costs, charges and expenses of winding up and the adjustment of the rights of the contributors among themselves. Such contribution as may be required not ordinarily to exceed £5 per member.

5. Employee Numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 4 ).

The officers of the society received no remuneration for their services (2021 -£Nil).

6. Tangible Assets

	Office equipment	Total
	£	£
Cost
At 1 January 2022 and 31 December 2022	38,380	38,380
	--------	--------
Depreciation
At 1 January 2022	34,840	34,840
Charge for the year	1,770	1,770
	--------	--------
At 31 December 2022	36,610	36,610
	--------	--------
Carrying amount
At 31 December 2022	1,770	1,770
	--------	--------
At 31 December 2021	3,540	3,540
	--------	--------

7. Investments

	Listed investments
	£
Cost
At 1 January 2022	144,412
Additions	21,974
Disposals	( 20,326)
Revaluations	( 13,268)
	---------
At 31 December 2022	132,792
	---------
Impairment
At 1 January 2022 and 31 December 2022	–
	---------

Carrying amount
At 31 December 2022	132,792
	---------
At 31 December 2021	144,412
	---------

Listed investments

The historical cost of the investments is £123,813 (2021: £122,165).

All investments are UK listed securities and are valued at the latest price available at the balance sheet date.

8. Debtors

	2022	2021
	£	£
Trade debtors	55,424	38,734
Prepayments and accrued income	10,276	4,300
Other debtors - rates rebate	–	30,683
Other debtors	1,172	37
	--------	--------
	66,872	73,754
	--------	--------

9. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	11,020	3,925
Accruals and deferred income	28,526	23,052
Social security and other taxes	15,676	13,825
Other creditors - pension creditor	213	189
Other creditors	1,800	–
	--------	--------
	57,235	40,991
	--------	--------

10. Deferred Tax

The deferred tax included in the statement of financial position is as follows:

	2022	2021
	£	£
Included in provisions	1,706	7,506
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Other revaluations	1,706	7,506
	-------	-------

11. Summary Audit Opinion

The auditor's report for the year dated 29 February 2024 was unqualified .

The senior statutory auditor was A.M. Bland , for and on behalf of Downham Mayer Clarke Limited .

12. Related Party Transactions

The Manchester Law Society Educational Foundation is a charitable scheme established by the Secretary of State for Education and Science under Section 18 of the Charities Act 1960 for the purpose of furthering the legal education, training and advancement in life of persons training in Manchester, Salford or the neighbourhood thereof to be solicitors. The officers of The Manchester Law Society are responsible for the administration and management of the Manchester Law Society Educational Foundation under the terms of the scheme rules. An administration fee of £500 (2021 - £500) plus VAT was charged by The Manchester Law Society to the Manchester Law Society Educational Foundation for the year ending 31 December 2021 as ratified and agreed by the officers. During the year The Manchester Law Society paid regular contributions in respect of charges to Aegon on behalf of Manchester Law Society Educational Foundation. At 31 December 2022 £1,172 (2021 - £0) was due to the The Manchester Law Society by Manchester Law Society Educational Foundation.