REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
Managing General Agents' Association |
(Company Limited by Guarantee) |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
Managing General Agents' Association |
(Company Limited by Guarantee) |
Managing General Agents' Association (Registered number: 07378522) |
(Company Limited by Guarantee) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Managing General Agents' Association |
(Company Limited by Guarantee) |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Registered Auditors |
Bennett House |
The Dean |
Alresford |
Hampshire |
SO24 9BH |
Managing General Agents' Association (Registered number: 07378522) |
(Company Limited by Guarantee) |
Balance Sheet |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Managing General Agents' Association (Registered number: 07378522) |
(Company Limited by Guarantee) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Managing General Agents' Association is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Income |
Income represents membership fees (which are exempt from VAT), and sponsorship income, net of value added tax. |
Membership |
Membership consists of full and associate membership, associate members are not entitled to vote at meetings of the Members (unless a winding up resolution is being passed). The applicant must pay an annually renewable fee and in the first year of associate membership a one-off joining fee. |
Membership fees are recognised in the Income Statement as income according to the period in which they relate. |
Sponsorship income |
Managing General Agents' Association (MGAA) receive both annual and one off event sponsorship from all tiers of membership in order to support the calendar of planned events and provide financial investment to continually improve member propositions. |
Sponsorship income is recorded evenly across the trading period on a monthly basis, to better represent the nature of the transactions involved. Any amounts received prior to the period to which they relate are included as deferred income under creditors. |
Tangible fixed assets |
Computer equipment | - |
Impairment of tangible fixed assets |
At each reporting end date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
Government grants |
Grants relating to revenue shall be recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
Managing General Agents' Association (Registered number: 07378522) |
(Company Limited by Guarantee) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments issues' of FRS102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. |
Cash at bank and in hand |
Cash at bank and in hand are basic financial assets and include cash in hand, and bank balances. |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Managing General Agents' Association (Registered number: 07378522) |
(Company Limited by Guarantee) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs |
Pension costs consist of contributions made by the company to directors' and employees' personal pension plans. |
Directors' salaries |
Mr M Keating, the Chief Executive Officer, was the only Board member receiving emoluments in the year under review, due to his full time position as head of the Executive charged with day-to-day operations of the Association. |
The remaining Board members do not receive salaries, as per previous years, and continue to provide their services free gratis. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense. |
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide terminations benefits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Managing General Agents' Association (Registered number: 07378522) |
(Company Limited by Guarantee) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Included in other debtors is an amount of £105,065 which relates to costs incurred to date on the building of the new website. This cost will be transferred to intangible fixed assets once the website is completed and goes 'live'. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
The operating lease payments recognised as expenses in the year were £27,000 (2022 - £61,667). |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | CAPITAL COMMITMENTS |
The company took the investment decision to overhaul the current website to vastly improve the user journey, provide easier access to key training tools and event registration in addition to upscaling the technical and management information library. The new website is expected to be live in June 2024. |
Costs incurred in the year to 31 August 2023 total £60,065 (2022 - £45,000), these are shown in other debtors and will be capitalised once the website goes live. |
There is expected to be an additional £10,000 of expenditure after the year end. |
10. | RELATED PARTY DISCLOSURES |
There are no material transactions to disclose in order to further the understanding of the financial statements. All transactions were carried out on an arm's length basis. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate control of the company lies with the Board of Directors. Michael Keating is the Chief Executive Officer. |
12. | LIMITED BY GUARANTEE |
The company is limited by guarantee and has no issued share capital. In the event of the company being wound up every member undertakes to contribute to the assets of the company such sum as may be required not exceeding £1. |
Managing General Agents' Association (Registered number: 07378522) |
(Company Limited by Guarantee) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
13. | MEMBERSHIP |
The company has the following membership numbers: |
2023 | 2022 |
Full members | 210 | 191 |
Supplier members | 127 | 114 |
Insurer members | 56 | 47 |
Total members | 393 | 352 |