Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31No description of principal activity1132023-01-01falsefalse83true 02686721 2023-01-01 2023-12-31 02686721 2022-01-01 2022-12-31 02686721 2023-12-31 02686721 2022-12-31 02686721 2022-01-01 02686721 1 2023-01-01 2023-12-31 02686721 1 2022-01-01 2022-12-31 02686721 3 2023-01-01 2023-12-31 02686721 3 2022-01-01 2022-12-31 02686721 5 2023-01-01 2023-12-31 02686721 5 2022-01-01 2022-12-31 02686721 d:Director2 2023-01-01 2023-12-31 02686721 d:Director3 2023-01-01 2023-12-31 02686721 d:Director4 2023-01-01 2023-12-31 02686721 d:RegisteredOffice 2023-01-01 2023-12-31 02686721 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 02686721 e:Buildings e:LongLeaseholdAssets 2023-12-31 02686721 e:Buildings e:LongLeaseholdAssets 2022-12-31 02686721 e:FurnitureFittings 2023-01-01 2023-12-31 02686721 e:FurnitureFittings 2023-12-31 02686721 e:FurnitureFittings 2022-12-31 02686721 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02686721 e:ComputerEquipment 2023-01-01 2023-12-31 02686721 e:ComputerEquipment 2023-12-31 02686721 e:ComputerEquipment 2022-12-31 02686721 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02686721 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02686721 e:CurrentFinancialInstruments 2023-12-31 02686721 e:CurrentFinancialInstruments 2022-12-31 02686721 e:CurrentFinancialInstruments 1 2023-12-31 02686721 e:CurrentFinancialInstruments 1 2022-12-31 02686721 e:Non-currentFinancialInstruments 2023-12-31 02686721 e:Non-currentFinancialInstruments 2022-12-31 02686721 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02686721 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 02686721 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 02686721 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 02686721 e:UKTax 2023-01-01 2023-12-31 02686721 e:UKTax 2022-01-01 2022-12-31 02686721 e:ShareCapital 2023-01-01 2023-12-31 02686721 e:ShareCapital 2023-12-31 02686721 e:ShareCapital 2022-01-01 2022-12-31 02686721 e:ShareCapital 2022-12-31 02686721 e:ShareCapital 2022-01-01 02686721 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02686721 e:RetainedEarningsAccumulatedLosses 2023-12-31 02686721 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02686721 e:RetainedEarningsAccumulatedLosses 2022-12-31 02686721 e:RetainedEarningsAccumulatedLosses 2022-01-01 02686721 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 02686721 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 02686721 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2023-12-31 02686721 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2022-12-31 02686721 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 02686721 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 02686721 d:OrdinaryShareClass1 2023-01-01 2023-12-31 02686721 d:OrdinaryShareClass1 2023-12-31 02686721 d:OrdinaryShareClass1 2022-12-31 02686721 d:FRS102 2023-01-01 2023-12-31 02686721 d:Audited 2023-01-01 2023-12-31 02686721 d:FullAccounts 2023-01-01 2023-12-31 02686721 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02686721 e:WithinOneYear 2023-12-31 02686721 e:WithinOneYear 2022-12-31 02686721 e:BetweenOneFiveYears 2023-12-31 02686721 e:BetweenOneFiveYears 2022-12-31 02686721 e:CurrentFinancialInstruments 6 2023-12-31 02686721 e:CurrentFinancialInstruments 6 2022-12-31 02686721 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02686721 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02686721 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02686721 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 02686721







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


THE GALLUP ORGANIZATION LIMITED






































img5146.png                        

 


THE GALLUP ORGANIZATION LIMITED
 


 
COMPANY INFORMATION


Directors
K Andersen 
J Hunt 
M Mosser 




Registered number
02686721



Registered office
18th Floor The Shard
32 London Bridge Street

London

SE1 9SG




Independent auditors
Menzies LLP
Chartered Accountant & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


THE GALLUP ORGANIZATION LIMITED
 



CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 25


 


THE GALLUP ORGANIZATION LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal activities and business review
 
The company's principal activities are to provide clients with research-based advice, analytics, and learning services to improve business performance, including employee engagement, personal strengths development and selection services, and social and economic opinion research.
The revenue grew through organic growth and a continued focus on midmarket clients with another increase of the midmarket sales team. 
However, the cost structure changed with a further increase in payroll and an increase in Corporate fees which reduced profit for the year. 
The Balance Sheet remains strong with a healthy amount of cash to support the business and a current ratio of 1.2 (2022: 1.8).  

Principal risks and uncertainties
 
The key risks and uncertainties affecting the company are considered to relate to the impact of a regional recession on our revenue streams and the impact of the current economic climate on the recruitment and retention of employees. These are mitigated with the use of our Strengths and Selection tools in ensuring that we have people with the correct skills and strengths to do their job to excellence, and competitive pricing for our clients.  

Key performance indicators
 
The company uses a series of key performance indicators to monitor the performance of the business. These include, but are not limited to, the following;


Financial Indicators

2023
2022
        £
        £
Total turnover

27,221,075

26,217,823

Total company net profit

1,747,470

4,647,947

Payroll to turnover

34%

28.9%

Administrative expenses as a percentage of turnover

34%

29%

Net assets

4,353,965

6,606,495



Non-Financial Indicators

2023
2022
Staff turnover and retention rates

5.30%

8.5%

Chargeable hours as a percentage of total hours

43.82%

43.89%

Client retention numbers

108%

92.5%

Staff engagement as measured by Q12

4.48%

4.63%


Page 1

 


THE GALLUP ORGANIZATION LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


The Company's strategy

The company's mission is to create extraordinary impact for clients through a wide variety of behavioural economics based operating systems, which always include advice and teaching, on the subjects of everything important facing humankind.
The Company intends to accomplish this mission by focusing on three strategic priorities
 
1) Get one billion people to discover their CliftonStrengths,
2) Be the official statistics on everything work and life, and 
3) Create thriving workplaces.

Business model

Gallup delivers analytics and advice to help leaders and organizations solve their most pressing problems. Combining more than 80 years of experience with its global reach, Gallup knows more about the attitudes and behaviors of employees, customers, students and citizens than any other organization in the world.  Gallup’s strength is understanding people and what matters most to them in their job and life.  That strength allows us to create transformation in the workplace and marketplace.  
This approach has led to the creation of unique tools and techniques for achieving the highest levels of organizational performance and organic growth. In the late 1990s, Gallup pioneered the employee engagement movement and introduced the premier tool for measuring and managing employees, the Gallup Q12: 12 actionable workplace elements with proven links to vital performance outcomes. Gallup remains at the forefront of employee engagement and has partnered with thousands of organizations to help them create a sustainable culture of engagement.
Gallup works with leaders and organizations to achieve breakthroughs in customer engagement, employee engagement, organizational culture and identity, leadership development, talent-based assessments, entrepreneurship and well-being. Our 1,000+ professionals include noted scientists, renowned subject-matter experts and bestselling authors who work in a range of industries, including banking, finance, healthcare, consumer goods, automotive, real estate, hospitality, education, government and business-to-business (B2B).
 

Future developments 
To achieve our strategic priorities, we are focused on innovation and experimentation by investing in technology and strategic partnerships, crowdsourcing new content, and talent expansion and alignment with our client facing teams through development programs and knowledge management.  The most important indicators we will be following are our Voice of the Customer and retention scores, as our highest priority is making sure our customers come back.


This report was approved by the board and signed on its behalf.



................................................
J Hunt
Director

Date: 29 February 2024

Page 2

 


THE GALLUP ORGANIZATION LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £1,747,470 (2022: £4,647,947).
An ordinary dividend was paid amounting to £4,000,000 (2022: £4,225,497).

Directors

The directors who served during the year were:

K Andersen 
J Hunt 
M Mosser 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 


THE GALLUP ORGANIZATION LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
J Hunt
Director

Date: 29 February 2024

Page 4

 


THE GALLUP ORGANIZATION LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GALLUP ORGANIZATION LIMITED

Opinion


We have audited the financial statements of The Gallup Organization Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


THE GALLUP ORGANIZATION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GALLUP ORGANIZATION LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


THE GALLUP ORGANIZATION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GALLUP ORGANIZATION LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including the financial reporting legislation. We determined the following laws and regulations were most significant including;
-  The Companies Act 2006;
-  Financial Reporting Standard 102;
-  UK Employment legislation;
-  UK tax legislation;
-  UK health and safety legislation; and
-  General Data Protection Regulations
 
 We assessed the extent of compliance with these laws and regulations as part of our procedures on the related
financial statement items.
 
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures. We corroborated our inquiries through our
review of board minutes.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
-  Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
   fraud;
-  Understanding how those charged with governance considered and addressed the potential for override of
   controls or inappropriate influence over the financial reporting process;
-  Challenging assumptions and judgments made by management in its significant accounting estimates; and
-  Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
-  The application of inappropriate judgements or estimation to manipulate the company's financial position;
-  Posting of unusual journals and complex transactions; and
-  The use of management override of controls to manipulate results, or to cause the company to enter into
   transactions not in its best interests.

 
Page 7

 


THE GALLUP ORGANIZATION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GALLUP ORGANIZATION LIMITED (CONTINUED)



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Caroline Milton FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountant
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

29 February 2024
Page 8

 


THE GALLUP ORGANIZATION LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Turnover
  
27,221,075
26,217,823

Cost of sales
  
(11,413,427)
(10,218,270)

Gross profit
  
15,807,648
15,999,553

Distribution costs
  
(4,269,664)
(2,631,947)

Administrative expenses
  
(9,204,687)
(7,623,819)

Operating profit
 5 
2,333,297
5,743,787

Interest receivable and similar income
  
-
(1,455)

Profit before tax
  
2,333,297
5,742,332

Tax on profit
 8 
(585,827)
(1,094,385)

Profit after tax
  
1,747,470
4,647,947

  

  

Retained earnings at the beginning of the year
  
4,606,495
4,184,045

  
4,606,495
4,184,045

Profit for the year
  
1,747,470
4,647,947

Dividends declared and paid
  
(4,000,000)
(4,225,497)

Retained earnings at the end of the year
  
2,353,965
4,606,495
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 14 to 25 form part of these financial statements.

Page 9

 


THE GALLUP ORGANIZATION LIMITED
REGISTERED NUMBER:02686721



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
528,050
649,731

  
528,050
649,731

Current assets
  

Debtors
 10 
10,952,975
6,895,448

Cash at bank and in hand
  
4,130,437
7,651,288

  
15,083,412
14,546,736

Creditors: amounts falling due within one year
 11 
(10,706,474)
(7,862,021)

Net current assets
  
 
 
4,376,938
 
 
6,684,715

Total assets less current liabilities
  
4,904,988
7,334,446

Creditors: amounts falling due after more than one year
 12 
(120,839)
(301,310)

Provisions for liabilities
  

Deferred tax
 13 
(20,184)
(16,641)

Other provisions
 14 
(410,000)
(410,000)

  
 
 
(430,184)
 
 
(426,641)

Net assets
  
4,353,965
6,606,495


Capital and reserves
  

Called up share capital 
 16 
2,000,000
2,000,000

Profit and loss account
 17 
2,353,965
4,606,495

  
4,353,965
6,606,495


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J Hunt
Director

Date: 29 February 2024

The notes on pages 14 to 25 form part of these financial statements.

Page 10

 


THE GALLUP ORGANIZATION LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
2,000,000
4,184,045
6,184,045


Comprehensive income for the year

Profit for the year
-
4,647,947
4,647,947
Total comprehensive income for the year
-
4,647,947
4,647,947


Contributions by and distributions to owners

Dividends: Equity capital
-
(4,225,497)
(4,225,497)


Total transactions with owners
-
(4,225,497)
(4,225,497)



At 1 January 2023
2,000,000
4,606,495
6,606,495


Comprehensive income for the year

Profit for the year
-
1,747,470
1,747,470
Total comprehensive income for the year
-
1,747,470
1,747,470


Contributions by and distributions to owners

Dividends: Equity capital
-
(4,000,000)
(4,000,000)


Total transactions with owners
-
(4,000,000)
(4,000,000)


At 31 December 2023
2,000,000
2,353,965
4,353,965


The notes on pages 14 to 25 form part of these financial statements.

Page 11

 


THE GALLUP ORGANIZATION LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,747,470
4,647,947

Adjustments for:

Depreciation of tangible assets
267,675
295,166

Loss on disposal of tangible assets
-
80

Interest received
-
(1,455)

Taxation charge
575,275
1,063,384

(Increase) in debtors
(4,248,464)
(1,672,333)

Decrease/(increase) in amounts owed by groups
77,361
(79,610)

Increase in creditors
1,977,756
2,178,519

Increase/(decrease) in amounts owed to groups
686,226
(31,184)

Increase in provisions
10,552
50,000

Net fair value gains/(losses) recognised in P&L
105,795
(105,747)

Corporation tax (paid)
(574,503)
(959,519)

Net cash generated from operating activities

625,143
5,385,248


Cash flows from investing activities

Purchase of tangible fixed assets
(145,994)
(138,918)

Sale of tangible fixed assets
-
20,525

Interest received
-
1,455

Net cash from investing activities

(145,994)
(116,938)

Cash flows from financing activities

Dividends paid
(4,000,000)
(4,225,497)

Net cash used in financing activities
(4,000,000)
(4,225,497)

Net (decrease)/increase in cash and cash equivalents
(3,520,851)
1,042,813

Cash and cash equivalents at beginning of year
7,651,288
6,608,475

Cash and cash equivalents at the end of year
4,130,437
7,651,288


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,130,437
7,651,288

4,130,437
7,651,288


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 


THE GALLUP ORGANIZATION LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

7,651,288

(3,520,851)

4,130,437

Liquid investments

105,795

(105,795)

-


7,757,083
(3,626,646)
4,130,437

The notes on pages 14 to 25 form part of these financial statements.

Page 13

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Gallup Organization Limited is private company limited by shares and incorporated in England, United Kingdom. The address of its registered office and principal place of business can be found on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Percent spent revenue is recognised on a stage of completion basis. The percentage of completion of the project is arrived at by a considered objective as to the work that has been carried out, against that which is yet to be completed to allow the project to be delivered to a customer via the project budget. These reviews are carried out throughout the project. As a result, revenue is accrued or deferred as appropriate over the contractual period.
Events based revenue is recognised in line with the delivery of certain milestones in proportion to the contracted amount to be delivered. As a result, revenue is accrued or deferred in line with amounts delivered and amounts invoiced at the end of the reporting period.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, of that asset as follows.

Depreciation is provided on the following basis:

Leasehold land and buildings
-
The period of the lease
Furniture and equipment
-
7 years straight line
Computer equipment
-
3 - 7 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 14

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial
instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised
in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge
accounting for interest rate and foreign exchange derivatives.

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 16

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies 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 on long term contracts;
Revenue is recognised upon stage of completion of the research based consultancy project. The percentage of completion of the project is arrived at by a considered objective review as to the work that has been carried out, against that which is yet to be completed to allow the project to be delivered to a customer. These reviews are carried out throughout the project. As a result, revenue is accrued or deferred as appropriate over the contractual period.
Provision for dilapidations:
The Company has an operating lease in respect of its office building on which it will be required to make payment for dilapidation expenses when the lease is terminated. Until the amount payable to the landlord can be confirmed on termination of the lease, the directors are required to make provision for the expected liability. This provision has been calculated using a dilapidations assessment carried out by reputable real estate firm based on the current condition of the building and budgeted costs for restoring it to the conditions specified in the lease. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£



Rendering of services
27,221,075
26,217,823

27,221,075
26,217,823

Analysis of turnover by country of destination:


2023
2022
£
£



United Kingdom
12,487,645
10,394,931

Europe
12,350,629
12,634,772

United States
1,814,515
2,139,771

Rest of the World
568,286
1,048,349

27,221,075
26,217,823

Page 17

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
267,675
315,692

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
36,925
26,300

Exchange differences
406,423
(148,404)

Other operating lease rentals
753,560
753,560

(Gain) / loss on financial instruments
(35,013)
(104,542)






6.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
10,220,560
6,529,390

Social security costs
1,172,700
876,253

Cost of defined contribution scheme
260,268
168,070

11,653,528
7,573,713


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Management
5
5



Administration staff
12
8



Production and Marketing
96
70

113
83


7.


Directors' remuneration



During the year, no directors received remuneration through The Gallup Organization Limited (2022 - NIL).
During the year no retirement benefits were accruing to directors in respect of defined contribution pension schemes  (2022 - £NIL).

Page 18

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
582,284
1,124,903


582,284
1,124,903


Total current tax
582,284
1,124,903

Deferred tax


Origination and reversal of timing differences
1,820
(21,945)

Effect of tax rate change on opening balances
-
(6,931)

Adjustment in respect of prior period
1,723
(1,642)

Total deferred tax
3,543
(30,518)


Taxation on profit on ordinary activities
585,827
1,094,385
Page 19

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,333,297
5,742,332


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
548,791
1,091,043

Effects of:


Expenses not deductible for tax purposes
57
276

Fixed asset differences
17,023
8,822

Adjustments to deferred tax charge in respect of prior periods
1,723
-

Adjustment to tax charge in respect of previous periods
(3,940)
-

Other differences leading to an increase (decrease) in the tax charge
22,690
1,174

Remeasurement of deferred tax for changes in tax rates
(517)
(6,930)

Total tax charge for the year
585,827
1,094,385

Page 20

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Tangible assets





Leasehold property
Fixtures and fittings
Equipment
Total

£
£
£
£



Cost


At 1 January 2023
1,838,535
442,228
407,149
2,687,912


Additions
5,000
9,024
131,970
145,994



At 31 December 2023

1,843,535
451,252
539,119
2,833,906



Depreciation


At 1 January 2023
1,293,482
421,740
322,959
2,038,181


Charge for the year on owned assets
199,042
10,891
57,742
267,675



At 31 December 2023

1,492,524
432,631
380,701
2,305,856



Net book value



At 31 December 2023
351,011
18,621
158,418
528,050



At 31 December 2022
545,053
20,488
84,190
649,731



Page 21

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Debtors


2023
2022
£
£



Trade debtors
8,133,131
4,759,618

Amounts owed by group undertakings
302,338
379,699

Other debtors
70,491
22,019

Prepayments and accrued income
2,447,015
1,628,317

Derivative financial assets
-
105,795

10,952,975
6,895,448



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
381,746
17,599

Amounts owed to group undertakings
975,104
288,878

Other taxation and social security
504,392
495,855

Accruals and deferred income
8,769,031
7,059,689

Derivate financial liability
76,201
-

10,706,474
7,862,021



12.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
120,839
301,310

120,839
301,310


Page 22

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Deferred taxation




2023


£






At beginning of year
(16,641)


Charged to profit or loss
(3,543)



At end of year
(20,184)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
40,882
34,199

Short term timing differences
(61,066)
(50,840)

(20,184)
(16,641)


14.


Provisions




Reinstatement provision

£





At 1 January 2023
410,000



At 31 December 2023
410,000


15.


Financial instruments

2023
2022
£
£

Financial assets


Derivative financial instruments measured at fair value through profit and loss
-
105,795


Financial liabilities


Derivative financial instruments measured at fair value through profit or loss
(76,201)
-

During the year a profit of £35,013 (2022- profit of £104,542) has been recognised on remeasurement of the financial instruments measured at fair value through profit or loss.

Page 23

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Called up share capital

2023
2022
£
£
Authorised



3,000,000 (2022 - 3,000,000) Ordinary shares of £1.00 each
3,000,000
3,000,000

Allotted, called up and fully paid



2,000,000 (2022 - 2,000,000) Ordinary shares of £1.00 each
2,000,000
2,000,000

Each ordinary share has equal voting and dividend rights.



17.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


18.


Prior year adjustment

During the preparation of the current year's financial statements it was identified that there was an error in the allocation of pension and employer national insurance between cost of sales, distribution costs and administrative expenses. The impact of this error resulted in an increase to cost of sales by £629,370 and an increase to distribution costs of £312,250 and a reduction to administration expenses by £941,620. There was no impact to retained earnings. 


19.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,152,599
1,127,485

Later than 1 year and not later than 5 years
825,754
1,878,821

1,978,353
3,006,306


20.


Related party transactions

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £1,033,751 (2022: £1,173,125).

Page 24

 


THE GALLUP ORGANIZATION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Ultimate parent company

The company is 100% owned by Gallup BV with the ultimate parent undertaking being Gallup Inc., a company which is incorporated in Delaware, USA. 
Gallup Inc. is both the largest and smallest entity in the group that prepares consolidated accounts.
The directors consider that, as Gallup Inc. is employee-owned, there is no single ultimate controlling party.

 
Page 25