Company registration number 03383797 (England and Wales)
THE HIGH SHERIFFS' ASSOCIATION OF ENGLAND & WALES
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
COMPANY LIMITED BY GUARANTEE
THE HIGH SHERIFFS' ASSOCIATION OF ENGLAND & WALES
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5 - 6
THE HIGH SHERIFFS' ASSOCIATION OF ENGLAND & WALES
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present their annual report and financial statements for the Year ended 30 June 2024.
Principal activities
The principal activity of the company is to protect, promote and strengthen the ancient Office of High Sheriff and the traditions of that Office.
Directors
The directors who held office during the Year and up to the date of signature of the financial statements were as follows:
Mrs D L Bayliss
(Resigned 30 November 2023)
Mrs S M Beazley
Mr T H Birch Reynardson
Mr R A Cole
(Resigned 30 November 2023)
Mr M A J Gurney
Mrs E J Hunter
Mr J A T Lee
(Resigned 31 October 2023)
Ms C S Le May
Mrs V A Lloyd
(Resigned 31 October 2023)
Mr M J C McKervey
Mr S J V Miesegaes
Mrs A J Parker
Professor Dame R Shah
Mr A S Tuggey
Mr A R Howell
(Appointed 31 October 2023)
Mrs H J Philips
(Appointed 31 October 2023)
Mr W H T Sheppard
(Appointed 31 October 2023)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Ms C S Le May
Director
24 October 2024
THE HIGH SHERIFFS' ASSOCIATION OF ENGLAND & WALES
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE HIGH SHERIFFS' ASSOCIATION OF ENGLAND & WALES FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the company from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of the company, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Board of Directors of the company, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that the company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of the company. You consider that the company is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of the company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Fortus Limited
24 October 2024
Business advisors
Equinox House
Clifton Park
Shipton Road
York
YO30 5PA
THE HIGH SHERIFFS' ASSOCIATION OF ENGLAND & WALES
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Year
Year
ended
ended
30 June
30 June
2024
2023
£
£
Income
107,724
98,855
Operating costs
Cost of regalia sold
(6,503)
(5,505)
Cost of certificates sold
(1,976)
-
Other operating charges
(99,696)
(95,570)
Operating deficit
(451)
(2,220)
Investment income and donations
4,926
479
Fair value gains and losses on investments
8,102
3,502
Surplus before taxation
12,577
1,761
Tax on interest received
(125)
(70)
Surplus for the financial Year
12,452
1,691
Retained earnings brought forward
141,906
140,215
Retained earnings carried forward
154,358
141,906
THE HIGH SHERIFFS' ASSOCIATION OF ENGLAND & WALES
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
8,062
9,686
Debtors
4
5,028
2,720
Investments
5
119,965
105,596
Cash at bank and in hand
57,920
50,047
190,975
168,049
Creditors: amounts falling due within one year
6
(36,617)
(26,143)
Net current assets
154,358
141,906
Reserves
Income and expenditure account
154,358
141,906
Members' funds
154,358
141,906
For the financial Year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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 24 October 2024 and are signed on its behalf by:
Ms C S Le May
Mr A S Tuggey
Director
Director
Company registration number 03383797 (England and Wales)
THE HIGH SHERIFFS' ASSOCIATION OF ENGLAND & WALES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
1
Accounting policies
Company information
The High Sheriffs' Association of England & Wales is a private company limited by guarantee incorporated in England and Wales. The registered office is Equinox House, Clifton Park, Shipton Road, York, YO30 5PA. The principal place of business is Heritage House, PO Box 21, Baldock, Hertfordshire, SG7 5SH. The company registration number is 03383797.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
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
Income shown in the financial statements represents subscriptions received in the year and amounts receivable for regalia sales and events.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving items.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The company's surplus is not subject to corporation tax as a non-profit making supporting and promoting the ceremonial role of The High Sheriffs, who uphold the judiciary and contribute to their communities through various civic duties and charitable activities. Corporation tax is charged on interest income.
THE HIGH SHERIFFS' ASSOCIATION OF ENGLAND & WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was:
2024
2023
Number
Number
Total
1
1
3
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
5,028
2,720
5
Current asset investments
2024
2023
£
£
Other investments measured at fair value
119,965
105,596
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,190
10,308
Corporation tax
125
73
Other taxation and social security
743
Other creditors
765
Accruals and deferred income
14,794
15,762
36,617
26,143
7
Members' liability
The company is limited by guarantee, not having a share capital, and consequently the liability of an ordinary voting member is limited to a contribution of not more than £5 to the net assets or liabilities of the company on winding up, as set out in the Memorandum and Articles of Association.