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The Chairman presents his statement for the period 2023-24 on behalf of the Association.
The Association represents the promotional merchandise industry in the UK and following a period of global economic uncertainty, the year ending May 2024 presented positively, notwithstanding a period of change for the Association.
The Association managed the departure of Carey Trevill as CEO following her resignation in December 2023 and undertook finding a replacement, which culminated in the appointment of Phil Goodman as CEO in March 2024.
In his first 6 months, Phil has undertaken numerous new initiatives all designed to raise the profile, relevance and awareness of the BPMA. These include:
-Rebrand: An all-new BPMA logo and visual identity will be released in January 2025, which sees our first change in a decade and the creation of an exciting and vibrant identity designed for digital-first communications.
-Website: The new brand identity is the catalyst for an all-new BPMA website which will be more engaging and user friendly and will be live in January 2025.
-Research: We will be commissioning and releasing weekly research, spotting trends and providing valuable insights for members via a new partnership that will launch in January.
-Comic Relief: We are proud to be partnering with Comic Relief as our official charity for 2025. Comic Relief have built their brand by using promotional merchandise, not least the iconic Red Nose. We will be releasing details of how members can get involved in January.
-60Th Anniversary: 2025 marks 60 years of the BPMA. A previous iteration of the Association was founded in 1965, and we will be spending 2025 reflecting on how the industry has matured and looking ahead to what the next 60 years has in store. We plan to kick off celebrations with an exhibition of 60 years of merchandise at Merchandise World in January.
-Regional Events: We have listened to members and next year we are planning four regional events to enable members to meet one another and for prospective members to get to know the Association a little better.
In addition to all the new initiatives listed above, we will continue to deliver the following, building on the solid work that has been achieved to date:
-StepForward Pledge: We are halfway through year 2 of the Pledge. We have over 100 members committed and a further 100 in the process of starting their journey. Sustainability will remain a priority for the Association, and we will be updating on plans to evolve the Pledge during the year.
-Education: 2023/24 saw 107 people take TPM and CPM courses with a 75% pass rate. We intend to build upon this and bring back an in-person certificate presentation event for 2025, that we have not seen since before the Pandemic.
-Merchandise World: Our partnership with MW continues to deliver. Revenue from the two shows was up on the previous year and forecast for the current year looks like delivering a further revenue increase, despite the challenges of dramatically rising costs in the events and hospitality sector.
-Product Media Magazine: The magazine has successfully transitioned to a digital-only publication. The new website will enable the Association to present news on a more agile and timely basis.
-International Women’s Day: We will continue to support and plans are underway for our third event in March 2025.
So, whilst there is much to look forward to and cause for optimism, challenges remain. The Membership banding and fee structure underwent its first major changes since 2016 this year. Membership numbers have been steadily declining since pre-Pandemic and this is a situation we are seeking to halt and reverse. Despite these challenges the financial position of the Association remains robust, and we continue to operate in accordance with our budget.
Looking further afield, the Association has forged even closer alliances with our international partners. As trade becomes ever more global, and more members have interests in overseas markets, it is our responsibility to ensure the BPMA is representing globally and not just locally.
We were members of the inaugural European Association Committee (EAC) meeting this year. In a post-Brexit world, it is imperative we retain as close relations as possible with our European neighbours. Additionally, we continue to develop our alliances with our US (PPAI), Canadian (PPPC) and Australian (APPA) partners. We all share mutual challenges and goals, so working together on behalf of all our members make sense.
We have experienced a change of Government, and whilst still early days, we have established a positive relationship, having already met with the Office of Product Safety and Standards. We will continue to forge relations with departments including the Department of International Trade, HM Revenue & Customs, the Department of Business Energy & Industrial Strategy and Department of Culture Media & Sport.
BPMA represents the industry and its members with clear policies and directives to both improve the standards and performance of the industry together with ensuring its members have the business support to form part of the UK’s sustainable, economic future. On behalf of the entire Board and Association members, I would like to thank the Executive team at the BPMA for their continued efforts and commitment to support the members and the industry.
The BPMA has delivered a unified voice for the industry, with a strong directive to drive the pace of change with a highly engaged membership, and we are excited for all the new initiatives planned for 2025.
Name Mr H Willetts
Chairman
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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3,470 | 3,770 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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763,098 | 670,186 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 605,894 | 556,831 | ||
Total assets less current liabilities | 609,364 | 560,601 | ||
Provision for liabilities | (
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Net assets |
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Reserves | ||||
Profit and loss account |
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Total reserves |
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Directors' responsibilities:
The financial statements of British Promotional Merchandise Association Limited (registered number:
H P Willetts
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
British Promotional Merchandise Association Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Claydon Business Park, Great Blakenham, Ipswich, IP6 0NL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Other intangible assets |
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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.
Office equipment |
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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 profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
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Cost | |||
At 01 June 2023 |
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At 31 May 2024 |
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Net book value | |||
At 31 May 2024 |
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At 31 May 2023 |
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Office equipment | Total | ||
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Cost | |||
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Additions |
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At 31 May 2024 |
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Charge for the financial year |
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Net book value | |||
At 31 May 2024 |
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At 31 May 2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Trade creditors |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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The members of the British Promotional Merchandise Association Limited have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.