REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
THE INVESTOR RELATIONS SOCIETY |
LIMITED BY GUARANTEE |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
THE INVESTOR RELATIONS SOCIETY |
LIMITED BY GUARANTEE |
THE INVESTOR RELATIONS SOCIETY (REGISTERED NUMBER: 02294631) |
LIMITED BY GUARANTEE |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
THE INVESTOR RELATIONS SOCIETY |
LIMITED BY GUARANTEE |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
19-21 Middle Row |
Stevenage |
Hertfordshire |
SG1 3AW |
THE INVESTOR RELATIONS SOCIETY (REGISTERED NUMBER: 02294631) |
LIMITED BY GUARANTEE |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
RESERVES |
Income and expenditure account |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
THE INVESTOR RELATIONS SOCIETY (REGISTERED NUMBER: 02294631) |
LIMITED BY GUARANTEE |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
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 |
THE INVESTOR RELATIONS SOCIETY (REGISTERED NUMBER: 02294631) |
LIMITED BY GUARANTEE |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
The Investor Relations Society is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. They have not identified any material uncertainties or risks related to events or conditions that could cast significant doubt about the company's ability to continue as a going concern and therefore the financial statements for the year ended 31st December 2023 have been prepared using the going concern basis of accounting. |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Recognition of income and expenditure |
a) Subscriptions |
Annual subscriptions are recognised over the period to which they relate. |
b) Publications |
All expenditure arising from the printing and publication of Informed magazine are accounted for in the period in which the publication is mailed out. Income from Informed and website advertising is accounted for in the period(s) to which it relates. The cost of production of other publications is spread over a period of 12 months from the date of publication. |
c) Conferences |
Income and expenditure arising from conferences and dinners is recognised wholly within the accounting period in which the event takes place. Any fees received relating to conferences and dinners taking place post year end are included within deferred income. |
d) Educational activities |
Income arising from educational activities consists of examination fees, sale of course manuals and course fees. Expenditure relates to the cost of setting and holding examinations, preparation of course material and holding meetings and courses. Income and expenditure are taken to the Income and Expenditure account on a receipts and payments basis. The Society also receives sums from prominent International IR organisations to finance the preparation and presentation of professional exams and symposia. These receipts, together with the costs of presentation, are spread over 12 months. |
e) Bank interest |
Deposit interest is accounted for on a receipts basis. |
f) Sponsorship income |
Sponsorship income is recognised over the period or event to which it relates. |
THE INVESTOR RELATIONS SOCIETY (REGISTERED NUMBER: 02294631) |
LIMITED BY GUARANTEE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Office equipment | - |
Financial instruments |
The directors consider all financial instruments to be basic financial instruments in accordance with paragraph 11 of FRS102. All basic financial instruments including trade and other debtors, cash and cash equivalents, and trade and other creditors, are initially recognised at transaction price and thereafter stated at amortised cost. |
Pensions |
The Society operates a defined contribution pension scheme. Contributions payable for the year are charged in the income and expenditure account. |
Leased assets |
All leases currently in operation are regarded as operating leases and the total payments made under them are charged to the income and expenditure account on a straight line basis over the lease term. |
The benefits of lease incentives are recognised in profit and loss account over the shorter of the lease period and the period to the next rent review at which rent is expected to be reset to market rates. |
Taxation |
Current tax is payable on the taxable profit for the year. As the Society is a non-profit making organisation tax is only payable on interest received. |
Financial risk management |
a) Credit risk |
Working capital and longer term funds are held in interest-bearing investments with approved issuing banks with at least an AA rating. The credit risk for cash is considered to be negligible, since counterparties are reputable banks which are all covered by UK or EU deposit guarantees. In respect of trade and other receivables, the Society is not exposed to any significant credit risk from any single customer or group of customers. The majority of the Society's customers are members. |
b) Liquidity and interest rate risk |
The Society policy is to maintain a strong balance sheet with cash deposits placed for appropriate periods of no more than three years to ensure acceptable levels of liquidity. It does not have significant exposure to interest rate fluctuations or liquidity risk. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THE INVESTOR RELATIONS SOCIETY (REGISTERED NUMBER: 02294631) |
LIMITED BY GUARANTEE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Office |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Rent deposit held in escrow | 84,480 | 84,480 |
Prepayments and other debtors |
Tax |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax | ( |
) |
Social security and other taxes |
VAT | 2,510 | 9,595 |
Subscriptions and other income |
in advance | 161,429 | 157,611 |
Accruals and other creditors |
7. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Provisions |
Provision for dilapidations | 34,095 | 28,095 |
THE INVESTOR RELATIONS SOCIETY (REGISTERED NUMBER: 02294631) |
LIMITED BY GUARANTEE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | PROVISIONS FOR LIABILITIES - continued |
Other |
provisions |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
The company now provides at the rate of £6,000 per year for dilapidation costs, which the directors anticipate will arise at the end of the lease on its office premises in accordance with the terms of that lease. |
8. | RELATED PARTY DISCLOSURES |
The Directors of the Society are subscriber members of the Society. The only transactions involving the Directors are those in connection with their membership subscriptions or attendance at Society activities. |
Ultimate control of the Society is considered to be in the hands of the subscriber members. |
9. | POST BALANCE SHEET EVENT |
The lease in respect of the Society's offices at Coleman Street matured in February 2024. Subsequently, surveyors acting on behalf of the landlord have assessed the costs of dilapidations and the landlord has returned to the Society the deposit being held in escrow minus those estimated costs of £23,000 plus VAT. The Society's own surveyors will need to assess and, if appropriate, challenge the schedule of dilapidations in due course. |
During the period of the lease, provisions have been made for end-of -lease dilapidation costs and as at 31st December 2023 the aggregate provision was £34,095. Once the quantum of costs is agreed by the surveyors acting respectively for the landlord and Society, the provision will be released to the Society's Income Statement to offset the agreed costs. |