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Company No: 04546290 (England and Wales)

BRITISH PROMOTIONAL MERCHANDISE ASSOCIATION LIMITED

(A company limited by guarantee)

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

BRITISH PROMOTIONAL MERCHANDISE ASSOCIATION LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

BRITISH PROMOTIONAL MERCHANDISE ASSOCIATION LIMITED

CHAIR’S STATEMENT 2023/24

For the financial year ended 31 May 2024
BRITISH PROMOTIONAL MERCHANDISE ASSOCIATION LIMITED

CHAIR’S STATEMENT 2023/24 (continued)

For the financial year ended 31 May 2024

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

BRITISH PROMOTIONAL MERCHANDISE ASSOCIATION LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
BRITISH PROMOTIONAL MERCHANDISE ASSOCIATION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 3,470 3,770
3,470 3,770
Current assets
Debtors 5 65,364 60,315
Cash at bank and in hand 697,734 609,871
763,098 670,186
Creditors: amounts falling due within one year 6 ( 157,204) ( 113,355)
Net current assets 605,894 556,831
Total assets less current liabilities 609,364 560,601
Provision for liabilities ( 3,500) ( 3,500)
Net assets 605,864 557,101
Reserves
Profit and loss account 605,864 557,101
Total reserves 605,864 557,101

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of British Promotional Merchandise Association Limited (registered number: 04546290) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

H P Willetts
Director

24 October 2024

BRITISH PROMOTIONAL MERCHANDISE ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
BRITISH PROMOTIONAL MERCHANDISE ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 3 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Other 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
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.

Impairment of assets

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 17

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 June 2023 89,283 89,283
At 31 May 2024 89,283 89,283
Accumulated amortisation
At 01 June 2023 89,283 89,283
At 31 May 2024 89,283 89,283
Net book value
At 31 May 2024 0 0
At 31 May 2023 0 0

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 June 2023 19,634 19,634
Additions 1,606 1,606
At 31 May 2024 21,240 21,240
Accumulated depreciation
At 01 June 2023 15,864 15,864
Charge for the financial year 1,906 1,906
At 31 May 2024 17,770 17,770
Net book value
At 31 May 2024 3,470 3,470
At 31 May 2023 3,770 3,770

5. Debtors

2024 2023
£ £
Trade debtors 18,606 25,743
Prepayments 39,930 27,852
Other debtors 6,828 6,720
65,364 60,315

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 65,113 53,874
Accruals and deferred income 33,127 31,130
Taxation and social security 49,965 21,605
Other creditors 8,999 6,746
157,204 113,355

7. Liability of members

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.