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REGISTERED NUMBER: 03592310 (England and Wales)













ABRIDGED AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE PROJECT FINANCE ASSOCIATION

THE PROJECT FINANCE ASSOCIATION (REGISTERED NUMBER: 03592310)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


THE PROJECT FINANCE ASSOCIATION

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: N J Chism
G N Haley
Ms D Brooker
A I Higgins
Ms C R Smith Lytton
F Fadipe
D B Leadsom
J E P Hanley
Ms N Wang
I McGookin
O Sekkat
Ms I Whitehead
A Dell'atti
Ms G Diniute
Ms J Mobed





SECRETARY: M Richards





REGISTERED OFFICE: 3 Waterhouse Square
138 Holborn
London
EC1N 2SW





REGISTERED NUMBER: 03592310 (England and Wales)





AUDITORS: D & J Randles Ltd
Chartered Accountants and
Statutory Auditor
203 Askern Road
Bentley
Doncaster
South Yorkshire
DN5 0JR

THE PROJECT FINANCE ASSOCIATION (REGISTERED NUMBER: 03592310)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,152 26,061
Investments 5 201 101
11,353 26,162

CURRENT ASSETS
Debtors 24,474 9,300
Cash at bank and in hand 542,872 617,280
567,346 626,580
CREDITORS
Amounts falling due within one year 602,645 520,106
NET CURRENT (LIABILITIES)/ASSETS (35,299 ) 106,474
TOTAL ASSETS LESS CURRENT
LIABILITIES

(23,946

)

132,636

RESERVES
Income and expenditure account (23,946 ) 132,636
(23,946 ) 132,636

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 September 2024 and were signed on its behalf by:





Ms D Brooker - Director


THE PROJECT FINANCE ASSOCIATION (REGISTERED NUMBER: 03592310)

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

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Although liabilities exceed assets at the balance sheet date, the accounts have been prepared on a going concern basis because, in the opinion of the directors, the company will have sufficient finance available to enable it to continue trading for the foreseeable future.

Preparation of consolidated financial statements
The financial statements contain information about The Project Finance Association as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computers & software - 33% on cost and 20% on cost

Taxation
The company is not subject to corporation tax on its ordinary activities except in respect of its investment income.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

THE PROJECT FINANCE ASSOCIATION (REGISTERED NUMBER: 03592310)

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

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 197,503
Additions 3,061
Disposals (53,752 )
At 31 December 2023 146,812
DEPRECIATION
At 1 January 2023 171,442
Charge for year 17,970
Eliminated on disposal (53,752 )
At 31 December 2023 135,660
NET BOOK VALUE
At 31 December 2023 11,152
At 31 December 2022 26,061

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 January 2023 101
Additions 100
At 31 December 2023 201
NET BOOK VALUE
At 31 December 2023 201
At 31 December 2022 101

The company`s investment represents the following holdings:

1. 100% shareholding in IPFA Training Academy Ltd
2. 100% shareholding in IPFA Ltd

Both these companies are currently dormant.

3. 100% shareholding in IPFA Australia Pty Ltd. This company employs a member of staff to undertake work for the Project Finance Association in Australia.

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

D F Randles (Senior Statutory Auditor)
for and on behalf of D & J Randles Ltd

THE PROJECT FINANCE ASSOCIATION (REGISTERED NUMBER: 03592310)

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

7. LIMITED BY GUARANTEE

The company is limited by guarantee.