REGISTERED NUMBER: 03320173 (England and Wales) |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THE BCI FORUM LIMITED |
REGISTERED NUMBER: 03320173 (England and Wales) |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THE BCI FORUM LIMITED |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Income and Retained Earnings | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Notes to the Consolidated Financial Statements | 11 |
THE BCI FORUM LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Windover House |
St. Ann Street |
Salisbury |
SP1 2DR |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of acting as a professional institute for business continuity practitioners and the promotion of arts and the science of the business continuity management to governments and commerce on a worldwide basis. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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 the group and of the surplus or deficit of the group 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; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE BCI FORUM LIMITED |
Opinion |
We have audited the financial statements of The BCI Forum Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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. |
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 group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE BCI FORUM LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE BCI FORUM LIMITED |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and assessing potential risks related to irregularities including fraud |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following: |
- | the nature of the industry/sector, control environment and financial performance; |
- | results of our enquiries of management about their own identification and assessment of the risk of irregularities; |
- | any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
- | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and |
- | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. |
- | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these 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 area: revenue and resource recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. |
Audit response to risk identified |
As a result of performing the above, we identified revenue and resource recognition, estimation techniques and management override of controls as key matters related to the potential risk of fraud or material misstatement. Our procedures to respond to risks identified included the following: |
- | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- | enquiring of management concerning actual and potential litigation and claims; |
- | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | understanding the company's revenue recognition policies and how they are applied, including the relevant controls and processes and performing a walk-through to validate our understanding; |
- | performing analytical procedures to compare revenue recognised against expectations, past results, and management forecasts, and investigated material divergences by obtaining corroborative evidence; |
- | reading minutes of meetings of those charged with governance and reviewing any correspondence with HMRC; and |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE BCI FORUM LIMITED |
- | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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 Report of the Auditors. |
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 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Windover House |
St. Ann Street |
Salisbury |
SP1 2DR |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
CONSOLIDATED |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 2,875,009 | 2,742,329 |
Cost of sales | 692,137 | 598,950 |
GROSS SURPLUS | 2,182,872 | 2,143,379 |
Administrative expenses | 2,448,591 | 2,111,788 |
(265,719 | ) | 31,591 |
Interest receivable and similar income | 3,586 | 11 |
(DEFICIT)/SURPLUS BEFORE TAXATION | 4 | (262,133 | ) | 31,602 |
Tax on (deficit)/surplus | 5 | - | - |
(DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
( |
) |
Retained earnings at beginning of year | 1,158,973 | 1,127,371 |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
896,840 |
1,158,973 |
(Deficit)/surplus attributable to: |
Owners of the parent | (262,133 | ) | 31,602 |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | 380,674 | 346,677 |
Tangible assets | 8 | 24,523 | 26,812 |
Investments | 9 | 4 | 4 |
405,201 | 373,493 |
CURRENT ASSETS |
Stocks | 4,427 | - |
Debtors | 10 | 256,161 | 309,999 |
Cash at bank | 596,577 | 930,383 |
857,165 | 1,240,382 |
CREDITORS |
Amounts falling due within one year | 11 | 365,526 | 454,902 |
NET CURRENT ASSETS | 491,639 | 785,480 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 896,840 | 1,158,973 |
RESERVES |
Income and expenditure account | 896,840 | 1,158,973 |
896,840 | 1,158,973 |
The 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 8 August 2024 and were signed on its behalf by: |
H L Merchan - Director |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Stocks |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
Company's (loss)/profit for the financial year |
(268,250 |
) |
27,740 |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
The BCI Forum Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared on a going concern basis and presented in Sterling (£) which is the functional currency of the group. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies. |
The following principal accounting policies have been applied: |
Basis of consolidation |
The consolidated financial statements present the results of the company and its trading subsidiary ('the group') as if they form a single entity. Inter-company transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Income represents subscriptions from members, activities with members and non-members and other income relating to promoting the art and science of business continuity management. |
The main income streams are recognised as follows: |
- | Subscriptions from individual members on receipt. |
- | BCI Corporate Partnership income when a contractual obligation to pay arises. |
- | Income related to a specific period of time or service (such as sponsored research projects) is recognised in that period. |
- | Income from CBCI Online courses provided is recognised seven calendar days after the course start date. All other training activity income is recognised by the date of the activity. |
- | Exams fees when received. |
- | Income relating to events (delegate fees and income from exhibitors and sponsors) when the event occurs. |
Amounts received in advance are carried forward and included in current liabilities as deferred income. |
Intangible assets |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
Amortisation is provided on the following bases: |
Finance management system development | - | 33% straight line |
Educational materials | - | 33% straight line |
Customer Relationship Management system | - | 10% straight line |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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: |
Leasehold property improvements | - | 20% straight line |
Fixtures and fittings | - | 20% straight line |
Office equipment | - | 20% straight line |
Computer equipment | - | 33% straight line |
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. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the cost of purchase on a first in, first out basis. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss. |
Financial instruments |
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
The BCI Forum Limited (UK parent company) has the following accounting policy: |
The majority of activities are defined as mutual trading activities and therefore no corporation tax liability arose for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
The Business Continuity Institute (APAC) Pty Ltd (Australian subsidiary company) has the following accounting policy: |
Tax is recognised in the Consolidated Statement of Income and Retained Earnings, 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 and the group operate and generate income. |
Foreign currencies |
Functional and presentation currency |
The company's functional and presentational currency is Sterling (£). |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the average rate for the month in which the transaction occurred. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. |
On consolidation, the results of overseas operations are translated into Sterling (£) at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period of the lease, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company contributes to the individual defined contribution pension schemes of employees. Contributions are charged to profit or loss in the period to which they relate. |
Interest income |
Interest income is recognised in profit or loss using the effective interest method. |
Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
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. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was 32 (2023: 26). |
4. | (DEFICIT)/SURPLUS BEFORE TAXATION |
The deficit (2023 - surplus) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 17,388 | 20,940 |
Financial management system development amortisatio | 25,859 | 10,774 |
Educational materials amortisation | 12,139 | 9,082 |
Customer relationship management system amortisatio | 29,238 | 28,691 |
Auditors' remuneration | 6,615 | 8,700 |
Foreign exchange differences | 5,190 | (1,900 | ) |
Pension costs | 63,470 | 50,568 |
5. | TAXATION |
The majority of activities are defined as mutual trading activities and therefore no corporation tax liability arose for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
7. | INTANGIBLE FIXED ASSETS |
Group |
Financial | Customer |
management | relationship |
system | Educational | management |
development | materials | system | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 77,575 | 304,167 | 393,757 | 775,499 |
Additions | - | 86,624 | 14,673 | 101,297 |
Disposals | - | (260,663 | ) | (135,774 | ) | (396,437 | ) |
At 31 March 2024 | 77,575 | 130,128 | 272,656 | 480,359 |
AMORTISATION |
At 1 April 2023 | 10,774 | 265,425 | 152,623 | 428,822 |
Amortisation for year | 25,859 | 12,139 | 29,238 | 67,236 |
Eliminated on disposal | - | (260,599 | ) | (135,774 | ) | (396,373 | ) |
At 31 March 2024 | 36,633 | 16,965 | 46,087 | 99,685 |
NET BOOK VALUE |
At 31 March 2024 | 40,942 | 113,163 | 226,569 | 380,674 |
At 31 March 2023 | 66,801 | 38,742 | 241,134 | 346,677 |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | INTANGIBLE FIXED ASSETS - continued |
Company |
Financial | Customer |
management | relationship |
system | Educational | management |
development | materials | system | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Office | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 9,440 | 50,567 | 60,007 |
Additions | - | 15,099 | 15,099 |
Disposals | (9,440 | ) | (11,802 | ) | (21,242 | ) |
At 31 March 2024 | - | 53,864 | 53,864 |
DEPRECIATION |
At 1 April 2023 | 9,440 | 23,755 | 33,195 |
Charge for year | - | 17,388 | 17,388 |
Eliminated on disposal | (9,440 | ) | (11,802 | ) | (21,242 | ) |
At 31 March 2024 | - | 29,341 | 29,341 |
NET BOOK VALUE |
At 31 March 2024 | - | 24,523 | 24,523 |
At 31 March 2023 | - | 26,812 | 26,812 |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TANGIBLE FIXED ASSETS - continued |
Company |
Office | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 4 |
NET BOOK VALUE |
At 31 March 2024 | 4 |
At 31 March 2023 | 4 |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Windover House, St. Ann Street, Salisbury, SP1 2DR |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 39/4718, Sreekandath road, Ravipuram Kochi Ernakulam KL 682016 IN |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: First Floor, Penrose 1, Penrose Dock, Cork, T23 KW81 |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: Hornsby, New South Wales 2077, Australia |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
The Business Continuity Institute Limited, BC Institute Private Limited and The BCI Forum Ireland Limited have been excluded from the consolidated financial statements on the basis that they are immaterial to the group. |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 134,533 | 193,820 |
Other debtors | 121,628 | 116,179 |
256,161 | 309,999 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 43,918 | 106,084 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 66,914 | 47,885 |
Other creditors | 254,694 | 300,933 |
365,526 | 454,902 |
12. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
THE BCI FORUM LIMITED (REGISTERED NUMBER: 03320173) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 36,456 | 66,940 |
Between one and five years | 72,912 | - |
109,368 | 66,940 |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
13. | PENSION COMMITMENTS |
The company contributes to the individual defined contribution pension schemes of employees. |
The pension cost charge represents contributions payable by the company and amounted to £63,470 (2023: £50,568). Contributions totalling £10,173 (2023: £9,674) were payable at the balance sheet date. |
14. | ULTIMATE CONTROLLING PARTY |
The group is not under the control of any single controlling party. |
15. | LIMITED BY GUARANTEE |
The company is a not for profit organisation limited by guarantee. The liability of members in the event of a winding up is limited by guarantee to an amount not exceeding £1 per member. |