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REGISTERED NUMBER: 07378522 (England and Wales)












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: C L C Manchester
J D L Skinner
J Turner
M A Del Carlo
L Thompson
C G Harman
M S Keating
S E Brown
J Wilcox
L Smith-Foreman



REGISTERED OFFICE: 8th Floor
Number One Minster Court
Mincing Lane
London
EC3R 7AA



REGISTERED NUMBER: 07378522 (England and Wales)



SENIOR STATUTORY AUDITOR: Julie M Butler FCA



AUDITORS: Butler & Co Audit Limited
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 2,414 2,464

CURRENT ASSETS
Debtors 5 229,053 105,630
Cash at bank 795,493 816,693
1,024,546 922,323
CREDITORS
Amounts falling due within one year 6 293,910 161,413
NET CURRENT ASSETS 730,636 760,910
TOTAL ASSETS LESS CURRENT
LIABILITIES

733,050

763,374

RESERVES
Income and expenditure account 733,050 763,374
733,050 763,374

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 7 March 2024 and were signed on its behalf by:





M S Keating - Director


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 private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - Straight line over 3 years

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 5 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 September 2022 5,319
Additions 2,028
At 31 August 2023 7,347
DEPRECIATION
At 1 September 2022 2,855
Charge for year 2,078
At 31 August 2023 4,933
NET BOOK VALUE
At 31 August 2023 2,414
At 31 August 2022 2,464

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 26,687 15,313
Other debtors 202,366 90,317
229,053 105,630

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 99,958 15,369
Taxation and social security - 3,679
Other creditors 193,952 142,365
293,910 161,413

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 29,333 61,667

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.

Julie M Butler FCA (Senior Statutory Auditor)
for and on behalf of Butler & Co Audit Limited

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