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Company registration number: 00211587







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


THE ADVERTISING ASSOCIATION
(A Company Limited by Guarantee)






































img1a11.png                        

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


 
COMPANY INFORMATION


Directors
J M Allan 
P J Bainsfair 
C P Combemale 
C S M Frijns 
K M Jacob 
A King 
S Merali 
O L Meredith 
J Mew 
M J Payton 
P A Raby Smith 
S W J Woodford 




President
 
Company secretary
 
Chairman
A Bellini
 
Danielle Wilson
 
A King



Registered number
00211587



Registered office
5th Floor
95 Aldwych Strand

London

WC2B 4JF




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 



CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Income and Retained Earnings
7
Balance Sheet
8
Notes to the Financial Statements
9 - 18


 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


 
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 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 judgments 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.

Principal activity

The Advertising Association promotes the role, rights and responsibilities of advertising and its impact on individuals, the economy and society. We are the only organisation that brings together agencies, advertisers and their brands and media to combine strengths and seek consensus on the issues that affect them. Through wide-reaching engagement and evidence-based debate we aim to build trust and maximise the value of advertising for all concerned.

Business review

The Advertising subscription income for 2023 was £1,756,850 (2022 - £1,737,379), with other operating income of £1,395,418 (2022 - £1,791,374) making a total of £3,152,268 (2022 - £3,528,983) Against this expenditure for 2023 amounted to £3,133,836 (2022 - £3,499,703). For full details of the Accounts and Notes to the Accounts, see pages 7 to 18.

Page 1

 


THE ADVERTISING ASSOCIATION

(A Company Limited by Guarantee)
 


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


Directors

The directors who served during the year were:

J M Allan 
P J Bainsfair 
C P Combemale 
C S M Frijns 
K M Jacob 
A King 
S Merali 
O L Meredith 
J Mew 
M J Payton 
P A Raby Smith 
S W J Woodford 
K J Buchanan (resigned 5 July 2023)
 
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.

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.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 13 August 2024 and signed on its behalf.
 





................................................
S W J Woodford
Director
................................................
A King
Chairman

Page 2

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ADVERTISING ASSOCIATION

Opinion


We have audited the financial statements of The Advertising Association (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 3

 


THE ADVERTISING ASSOCIATION

(A Company Limited by Guarantee)


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ADVERTISING ASSOCIATION (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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 4

 


THE ADVERTISING ASSOCIATION

(A Company Limited by Guarantee)


img3a8c.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ADVERTISING ASSOCIATION (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
financial reporting legislation. We determined that the following laws and regulations were most significant
including the Employment Rights Act 1996, the Health and Safety at Work Act 1974 and the Data Protection
Act 2018. We assessed the extent of compliance with these laws and regulations as part of our procedures
on the related financial statement items.
•   The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including the Employment Rights Act 1996. the Health and Safety at Work Act 1974 and the Data Protection Act 2018. 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 and the company secretary. 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 recognize 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             other inappropriate influence over the financial reporting process;
•    Challenging assumptions and judgements made by management in its significant accounting estimates;
•    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:
•   Posting of unusual journals 
•   Posting of fraudulent payments and receipts in the accounting software
 
•   Authorisation, processing, and payment of fraudulent expenses.
•   Timing of revenue recognition 
 


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.
Page 5

 


THE ADVERTISING ASSOCIATION

(A Company Limited by Guarantee)


img633e.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ADVERTISING ASSOCIATION (CONTINUED)



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.





Janice Matthews FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP

14 August 2024
Page 6

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


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

2023
2022
Note
£
£

  

Turnover
 3 
1,756,850
1,737,379

Other operating income
 4 
1,395,418
1,791,374

Gross profit
  
3,152,268
3,528,753

Staff costs
  
(1,676,274)
(1,717,005)

Depreciation and amortisation
  
(8,334)
(6,506)

Other operating expenses
  
(1,449,228)
(1,776,192)

Operating profit
  
18,432
29,050

Interest receivable and similar income
  
-
230

Profit before tax
  
18,432
29,280

Tax on profit
 8 
(11,368)
-

Profit after tax
  
7,064
29,280

  

  

Retained earnings at the beginning of the year
  
653,593
624,313

  
653,593
624,313

Profit for the year
  
7,064
29,280

Retained earnings at the end of the year
  
660,657
653,593
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 9 to 18 form part of these financial statements.

Page 7

 


THE ADVERTISING ASSOCIATION
  
(A Company Limited by Guarantee)
REGISTERED NUMBER:00211587



BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
8,066
5,916

Investments
 10 
1
1

  
8,067
5,917

Current assets
  

Debtors: amounts falling due within one year
 12 
1,638,884
1,244,580

Cash at bank and in hand
  
175,683
394,556

  
1,814,567
1,639,136

Creditors: amounts falling due within one year
 13 
(1,161,977)
(976,460)

Net current assets
  
 
 
652,590
 
 
662,676

Total assets less current liabilities
  
660,657
668,593

Provisions for liabilities
  

Other provisions
 14 
-
(15,000)

  
 
 
-
 
 
(15,000)

Net assets
  
660,657
653,593


Capital and reserves
  

Profit and loss account
  
660,657
653,593

  
660,657
653,593


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2024.


................................................
S W J Woodford
................................................
A King
Director
Director

The notes on pages 9 to 18 form part of these financial statements.

Page 8

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


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

1.


Company Information

The Advertising Association is a private limited company by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. The Advertising Association is incorporated in England and Wales. The registered office is 5th Floor, 95 Aldwych Strand, London, WC2B 4JF.

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 judgment in applying the Company's accounting policies.

The Advertising Associatiion constitutes a Public Benefit Entity as defined by FRS102.
All figures are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

 
2.3

Turnover

Turnover represents general subscription income due and is stated net of value added tax. Income is recognised in the period to which the subscription relates and income received in respect of future periods is carried forward as deferred income.

 
2.4

Leases

Rentals paid under operating leases are charged in the profit and loss account on a straight line basis over the term of the lease.

 
2.5

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In the opinion of the directors there are no significant estimates or areas of judgement that would have a material impact on the financial statements.

 
2.6

Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Page 9

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


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

2.Accounting policies (continued)

 
2.7

Other Operating Income

Other operating income represents monies from holding courses and seminars, publications and other income, and is stated net of value added tax. Income recognised in the period in which the course is held or service provided. Income in relation to future periods is carried forward in deferred income.

 
2.8

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.9

Consolidation

In the opinion of the directors, the company and its subsidary and undertakings comprise a small group. The company has, therefore, taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

 
2.10

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
Office equipment
-
33%

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.

 
2.11

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Page 10

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


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

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Transactions and balances

 In preparing financial statements of the company, transactions in the currencies other than the functional currency are recognised at the spot rate at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date.

 
2.15

Taxation

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Pensions

The company utilises a defined contribution scheme. Contributions are charged to profit and loss account so as to spread the cost of the pensions over the employees' working lives within the company.

 
2.17

Cash Flow Statement

The company is exempt under FRS 102 and has not produced a cash flow statement.


3.


Turnover

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


2023
2022
£
£

Membership Services
1,756,850
1,737,379

1,756,850
1,737,379


All turnover arose within the United Kingdom.

Page 11

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


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

4.


Other operating income

2023
2022
£
£

Courses & Seminars
263,100
295,525

Events
172,184
283,810

Ad Net Zero
-
478,523

UKAEG
222,233
211,865

Other income
282,414
137,798

Advertising Information Group
18,778
23,401

Recovery of Overhead
147,004
72,825

All In / BRiM
158,020
160,000

Publications
131,685
127,627

1,395,418
1,791,374



5.


Operating charges

2023
2022
£
£


Commercial & Member Relations
41,964
31,359

Administration & Overhead
551,667
567,855

Information & Strategy
35,304
86,918

Communications & Industry Affairs
159,508
156,067

Courses & Seminars
155,681
191,623

Events
318,254
250,385

Advertising Information Group
11,202
11,732

Food Advertising Working Group
-
29,000

UKAEG
48,902
60,667

Ad Net Zero
106
336,573

All In/BRiM
141,640
39,013

Provision for dilapidations
(15,000)
15,000

1,449,228
1,776,192


Page 12

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


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

6.


Employees

The average monthly number of employees, excluding non-executive directors, during the year was as follows:


        2023
        2022
            No.
            No.







25
26


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
303,140
270,397

Company contributions to defined contribution pension schemes
12,000
-

315,140
270,397



8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
2,246
-

Adjustments in respect of previous periods
9,122
-


11,368
-


Total current tax
11,368
-

Deferred tax

Total deferred tax
-
-


Tax on profit
11,368
-
Page 13

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


 
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 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
18,432
29,280


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
3,502
5,563

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,186
-

Capital allowances for year in excess of depreciation
(592)
2,093

Adjustments to tax charge in respect of prior periods
9,122
-

Changes in provisions leading to an increase (decrease) in the tax charge
(2,850)
-

Group relief
-
(7,656)

Total tax charge for the year
11,368
-

Page 14

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


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

9.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
9,580
28,789
38,369


Additions
824
9,660
10,484



At 31 December 2023

10,404
38,449
48,853



Depreciation


At 1 January 2023
9,581
22,872
32,453


Charge for the year on owned assets
164
8,170
8,334



At 31 December 2023

9,745
31,042
40,787



Net book value



At 31 December 2023
659
7,407
8,066



At 31 December 2022
(1)
5,917
5,916


10.


Fixed asset investments





Trade investments

£





At 1 January 2023
1





11.


The company owns 100% of the issued ordinary share capital of the company listed below.

2023
2022
£
£



The Media Business Course Limited (Dormant)
Registered office address:
Lynton House, 7-12 Tavistock Square, London WC1H 9LT
1
1

1
1

Page 15

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


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





The aggregate of the share capital and reserves for The Media Business Course Limited as at 31
December 2023 was £1 (2022: £1), and the profits or losses for the year ended 31 December 2023 was £nil,    (2022: £Nil).
The company also owns 100% of the voting rights in the following companies limited by guarantee:
Advertising Association AdGreen Limited
Registered office address: 5th Floor, 95 Aldwych Strand, London, WC2B 4JF.
The aggregate of the share capital and reserves for Advertising Association AdGreen Limited
as at 31 December 2023 was £104,074 (2022: (£38,386)), and the profit for the year ended 31 December 2023 was £140,469 (2022: £144,629).
Ad Net Zero Limited
Registered office address: 5th Floor, 95 Aldwych Strand, London, WC2B 4JF.
The aggregate of the share capital and reserves for Ad Net Zero Limited as at 31 December 2023 was (£265,668) and the loss for the year ended 31 December 2023 was £265,688.
Media Smart UK Limited (from 24 May 2023)
Registered office address: 5th Floor, 95 Aldwych Strand, London, WC2B 4JF.
The aggregate of the share capital and reserves for Media Smart UK Limited as at 31 December 2023 was £13,434
and the loss for the year ended 31 December 2023 was £17,274.

Page 16

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


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

12.


Debtors

2023
2022
£
£


Trade debtors
539,038
221,651

Amounts owed by group undertakings
647,978
207,666

Other debtors
32,952
589,105

Prepayments and accrued income
418,916
226,158

1,638,884
1,244,580



13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
143,510
48,678

Corporation tax
2,246
-

Other taxation and social security
140,801
147,140

Other creditors
592,334
4,513

Accruals and deferred income
283,086
776,129

1,161,977
976,460



14.


Provisions





Other provision

£





At 1 January 2023
15,000


Released in the year
(15,000)



At 31 December 2023
-



15.


Related party transactions

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The company considers that its Key Management Personnel are the directors. Details of their remuneration can be
found in Note 7.

Page 17

 


THE ADVERTISING ASSOCIATION
 
(A Company Limited by Guarantee)
 


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

16.


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
114,975
114,975

Later than 1 year and not later than 5 years
14,175
129,544

129,150
244,519

Lease payments recognised as an expense amounted to £106,510 (2022: £81,880).

Page 18