International Union Of Aerospace Insurers
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 09926124 (England and Wales)
International Union of Aerospace Insurers
International Union Of Aerospace Insurers
Company Information
Directors
N. Smith
M. Cox
O. Dlugosch
C. Kunstadter
U. Norrhaell
C. Lyons
C. Quintero
J. Geze
P. Langerweger
R. Schenone
B. Carman
Secretary
N. Smith
Company number
09926124
Registered office
32 Threadneedle Street
London
EC2R 8AY
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
United Kingdom
International Union of Aerospace Insurers
International Union Of Aerospace Insurers
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of income and retained earnings
6
Balance sheet
7
Notes to the financial statements
8 - 11
International Union Of Aerospace Insurers
Directors' Report
For the year ended 31 December 2023
Page 1
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be the representation of the interests of the aerospace insurance and reinsurance industry.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
N. Smith
M. Cox
O. Dlugosch
C. Kunstadter
U. Norrhaell
C. Lyons
C. Quintero
J. Geze
P. Langerweger
R. Schenone
B. Carman
Auditor
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
N. Smith
Director
26 April 2024
International Union of Aerospace Insurers
International Union Of Aerospace Insurers
Directors' Responsibilities Statement
For the year ended 31 December 2023
Page 2
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
International Union of Aerospace Insurers
International Union Of Aerospace Insurers
Independent Auditor's Report
To the Members of International Union of Aerospace Insurers
Page 3
Opinion
We have audited the financial statements of International Union of Aerospace Insurers (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 deficit 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.
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 2006. Our 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 auditor's 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.
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 Auditor's 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 UK, including the FRC’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.
International Union of Aerospace Insurers
International Union Of Aerospace Insurers
Independent Auditor's Report (Continued)
To the Members of International Union of Aerospace Insurers
Page 4
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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 where 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 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' exemption 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 2, 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.
International Union of Aerospace Insurers
International Union Of Aerospace Insurers
Independent Auditor's Report (Continued)
To the Members of International Union of Aerospace Insurers
Page 5
Auditor's 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 auditor's 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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
James Saunders, FCCA,DChA (Senior Statutory Auditor)
6th Floor
for and on behalf of Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP
Date:
2 May 2024
International Union Of Aerospace Insurers
Statement of Income and Retained Earnings
For the year ended 31 December 2023
Page 6
2023
2022
Notes
£
£
Income
533,537
487,655
Administrative expenses
(545,669)
(501,259)
Other operating income
1,263
Operating deficit
2
(12,132)
(12,341)
Interest receivable and similar income
1,891
301
Deficit before taxation
(10,241)
(12,040)
Tax on deficit
Deficit for the financial year
(10,241)
(12,040)
Retained earnings brought forward
138,831
150,871
Retained earnings carried forward
128,590
138,831
International Union Of Aerospace Insurers
Balance Sheet
As at 31 December 2023
Page 7
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
5,000
Tangible assets
5
2,194
110
2,194
5,110
Current assets
Debtors
6
90,355
48,826
Cash at bank and in hand
58,719
115,351
149,074
164,177
Creditors: amounts falling due within one year
7
(22,678)
(30,456)
Net current assets
126,396
133,721
Net assets
128,590
138,831
Reserves
Income and expenditure account
128,590
138,831
Members' funds
128,590
138,831
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 April 2024 and are signed on its behalf by:
N. Smith
Director
Company Registration No. 09926124
International Union of Aerospace Insurers
International Union Of Aerospace Insurers
Notes to the Financial Statements
For the year ended 31 December 2023
Page 8
1
Accounting policies
Company information
International Union of Aerospace Insurers is a private company limited by guarantee incorporated in England and Wales. The registered office is 32 Threadneedle Street, London, EC2R 8AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Subscriptions are included in the financial statements on the accruals basis. Membership of the Union is confirmed when payment has been received.
Expenditure is included in the financial statements on the accruals basis.
1.3
Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development costs
3 years straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Expenditure on office equipment is capitalised and stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Office equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
International Union of Aerospace Insurers
International Union Of Aerospace Insurers
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 9
1.6
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.7
Taxation
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s 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 termination benefits.
1.9
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.10
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Operating deficit
2023
2022
Operating deficit for the year is stated after charging:
£
£
Fees payable to the company's auditors for the audit of the company's financial statements
11,100
10,000
International Union of Aerospace Insurers
International Union Of Aerospace Insurers
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 10
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
4
Intangible fixed assets
Website development costs
£
Cost
At 1 January 2023 and 31 December 2023
14,620
Amortisation and impairment
At 1 January 2023
9,620
Amortisation charged for the year
5,000
At 31 December 2023
14,620
Carrying amount
At 31 December 2023
At 31 December 2022
5,000
5
Tangible fixed assets
Office equipment
£
Cost
At 1 January 2023
5,892
Additions
2,548
At 31 December 2023
8,440
Depreciation and impairment
At 1 January 2023
5,782
Depreciation charged in the year
464
At 31 December 2023
6,246
Carrying amount
At 31 December 2023
2,194
At 31 December 2022
110
International Union of Aerospace Insurers
International Union Of Aerospace Insurers
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 11
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,120
Other debtors
80,235
48,826
90,355
48,826
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,503
2,608
Corporation tax
32
32
Other taxation and social security
6,567
6,133
Other creditors
2,826
11,133
Accruals and deferred income
11,750
10,550
22,678
30,456
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
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