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REGISTERED NUMBER: 01150487 (England and Wales)















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

ISLE OF WIGHT CHAMBER OF COMMERCE

ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 5

Income Statement 9

Balance Sheet 10

Notes to the Financial Statements 11


ISLE OF WIGHT CHAMBER OF COMMERCE

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J Allen
K Lucas
J Thornton
M Lee
R Holgate
J Irvine
S Holbrook
F Collins
A Colley
S Knowles
H Farrant
S Chatwin
T Osborn
A Dickinson
M Greg


REGISTERED OFFICE: Unit S1, Branstone Business Park
Stockmans Close
Branstone
Sandown
Isle of Wight
PO36 0EQ


REGISTERED NUMBER: 01150487 (England and Wales)


AUDITORS: Harrison Black Limited
Statutory Auditor
East Quay
Kite Hill
Wootton Bridge
Isle of Wight
PO33 4LA


BANKERS: National Westminster Bank Plc
PO Box 25
Newport
Isle of Wight
PO30 5WA

ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors submit their report and the audited financial statements for the year ended 31 March 2024. The company is limited by guarantee and has no share capital.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing business support to its members and delivery of government contracts.

The company is the sole member of Hampshire & Isle of Wight Opportunity Society Limited, which operates the Isle of Wight Lottery and provides soft loans to small businesses / business sponsorship to the Chamber. The results of this company are independently stated in their own audited financial statements and do not form part of these statutory accounts.

REVIEW OF BUSINESS
The last 12 months was the first time for several years where there weren't any new financial grenades thrown into the mix causing businesses to have to operate on some level of emergency basis and that was the same for the Chamber. It was, in relative terms, a stable 12 months of predictable business behaviour.

What it doesn't mean though is that it was an easy 12 months or a period of strong growth and optimism. The impact of recent years, especially the financial crisis and rapid inflation, is still being felt, in some cases severely. It was on this basis that we decided not to increase Membership Fees, even with inflation over 10% as we looked to support our members as best we could during this challenging time.

The Chamber had a year where it was completely standing alone, there was no additional income from any third-party government or council scheme. One hundred percent of our income came from our Membership, which also means our members had our total focus as well.

Major developments for the Chamber saw us leave our long-standing office home at Mill Court in Newport and relocate to the Branstone Farm Business Park. We also returned to a period of growth in terms of finally being able to recruit and grow our front facing sales team.

A further major change saw us relocate our Expo home to Ryde School, to allow us the opportunity to be able to continue the expansion of an event that had been selling out year on year. Our new hosts proved to be excellent partners, and we look forward to the long-term development of this collaboration.

Maintaining a strong events programme and delivering for our members combined with prudent cost control measures meant the Chamber was again able to deliver a small surplus, even with recruitment and relocation of the office and no external funding. This core base structure of income and cost levels means the Chamber is well balanced and positioned in terms of financial stability and has a solid base with which to be able to move forward with a period of growth in terms of what the Chamber can offer our members.


ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

J Allen
K Lucas
J Thornton
M Lee
R Holgate
J Irvine
S Holbrook
F Collins
A Colley
S Knowles
H Farrant
S Chatwin
T Osborn
A Dickinson

Other changes in directors holding office are as follows:

K Greenfield - resigned 6 October 2023
M Greg - Co-Opted 6 October 2023

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 of the surplus or deficit of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487)

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 company'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 company's auditors are aware of that information.

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:





M Lee - Director


1 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ISLE OF WIGHT CHAMBER OF COMMERCE


Opinion
We have audited the financial statements of Isle of Wight Chamber of Commerce (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, 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 company's affairs as at 31 March 2024 and of its surplus 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 company 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ISLE OF WIGHT CHAMBER OF COMMERCE


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.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ISLE OF WIGHT CHAMBER OF COMMERCE


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:

In identifying and assessing the risks of material misstatement in respect of irregularities, we have considered the following:

- The nature of the industry in which the entity operates, gaining an understanding of the legal and regulatory frameworks applicable. We considered non-compliance of such regulatory requirements and designed our work accordingly. We considered if any changes had occured in relation to mutual trade as a result of changes in income streams and whether any increased non-member or other taxable trade had occurred and if so the likely effect on the entity in relation to their tax liability.

- The management structure and control environment. We considered whether remuneration or bonus levels would give rise to incentive for fraud and in which areas gave the greatest potential for such fraud. We designed our testing to focus on areas such as complex transactions, unusual journals and recognition of income. We are also required to perform specific procedures to respond to the risk of management override, as is common in all audits under ISAs (UK).

- The appropriateness of the accounting policies used and the reasonableness of accounting estimates and related disclosures. We considered the consistency of such policies and estimates and whether they were still appropriate, who performed the work and their expertise in doing so, whether any adjustments were made in accordance with the relevant accounting framework.

- The entity's performance throughout the year and any future expected changes including the appropriateness of the going concern basis. We adapted our audit procedures to consider whether future income was expected to change. We considered whether material uncertainty would exist should funding reduce and if this would cast doubt on the entities ability to continue as a going concern.

Our work was carried out using systematic testing methods, analytical review, results of communication with management, professional scepticism, observation of controls and systems, and our experience and knowledge of the entity.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ISLE OF WIGHT CHAMBER OF COMMERCE


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.




A S Garner BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Harrison Black Limited
Statutory Auditor
East Quay
Kite Hill
Wootton Bridge
Isle of Wight
PO33 4LA

7 November 2024

ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 367,899 573,953

Cost of sales 259,662 428,306
GROSS SURPLUS 108,237 145,647

Administrative expenses 90,598 106,602
OPERATING SURPLUS 4 17,639 39,045

Interest receivable and similar income 3,514 1,079
21,153 40,124

Interest payable and similar expenses 9,894 10,136
SURPLUS BEFORE TAXATION 11,259 29,988

Tax on surplus 5 1,021 2,739
SURPLUS FOR THE FINANCIAL
YEAR

10,238

27,249

ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 28,633 2,046
Investments 7 - -
28,633 2,046

CURRENT ASSETS
Debtors 8 106,560 146,041
Cash at bank and in hand 328,620 326,583
435,180 472,624
CREDITORS
Amounts falling due within one year 9 200,129 211,031
NET CURRENT ASSETS 235,051 261,593
TOTAL ASSETS LESS CURRENT
LIABILITIES

263,684

263,639

CREDITORS
Amounts falling due after more than one
year

10

12,188

22,381
NET ASSETS 251,496 241,258

RESERVES
Income and expenditure account 251,496 241,258
251,496 241,258

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 1 October 2024 and were signed on its behalf by:




M Lee - Director



J Allen - Director


ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Isle of Wight Chamber of Commerce is a private company, limited by guarantee , registered in England and Wales. 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.

Preparation of consolidated financial statements
The financial statements contain information about Isle of Wight Chamber of Commerce 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 represents income received from members, sponsorship, management charges and income attributable to government contracts / grants.

Revenue is measured at the fair value of the consideration received or receivable, net of returns and value added taxes, where applicable. The company recognises income when the significant risks and rewards of ownership have been transferred and the amount of revenue can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Leasehold improvements - 10% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - at varying rates on cost

The presidential chain is not depreciated as the net realisable value is considered to be in excess of cost.

Tangible fixed assets are stated at cost or valuation less any accumulated depreciation and any accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Investments in subsidiaries
Investments in subsidiaries are recognised at cost less impairment.

Hire purchase and leasing commitments
Leases that do not transfer all the risks and rewards are classified as operating leases. Rental payments under operating leases are charged to the income statement on a straight line basis over the period of the lease.

ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

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 the income statement in the period to which they relate. Once the contributions have been paid the company has no further payment obligations. Amounts not paid at the year end are shown in other creditors. The assets of the plan are held separately from the company in an independently administered scheme.

Employment benefits
Short term benefits, including holiday pay, are recognised in the period in which the service is received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. OPERATING SURPLUS

The operating surplus is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 2,754 1,389
Auditors' remuneration 2,815 2,815
Operating lease charges 4,355 6,195
Income from group undertakings 36,332 48,195

5. TAXATION

Analysis of the tax charge
The tax charge on the surplus for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,021 2,739
Tax on surplus 1,021 2,739

UK corporation tax has been charged at 19% (2023 - 19%).

Corporation tax is provided for on interest receivable and non-member trade on the grounds the company is a mutual trade organisation deriving its income principally from its membership.

ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Presidential and Computer
improvements chain fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 - 50 198 8,398 8,646
Additions 27,871 - - 1,470 29,341
At 31 March 2024 27,871 50 198 9,868 37,987
DEPRECIATION
At 1 April 2023 - - 198 6,402 6,600
Charge for year 1,161 - - 1,593 2,754
At 31 March 2024 1,161 - 198 7,995 9,354
NET BOOK VALUE
At 31 March 2024 26,710 50 - 1,873 28,633
At 31 March 2023 - 50 - 1,996 2,046


7. FIXED ASSET INVESTMENTS

The company's investments at the balance sheet date include the following:

Subsidiary Undertakings

The company is the sole member of Hampshire & Isle of Wight Opportunity Society Limited, a company limited by guarantee, that operates the Isle of Wight Lottery and which provides soft loans to small businesses / business sponsorship to the Chamber.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 58,669 88,994
Amounts owed by group undertakings 18,517 13,571
Prepayments and accrued income 29,374 43,476
106,560 146,041

ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,206 9,954
Trade creditors 10,299 8,882
Corporation tax 1,021 2,739
Social security and other taxes 4,830 6,264
VAT 16,558 13,870
Other creditors 13,317 30,935
Accruals and deferred income 143,898 138,387
200,129 211,031

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,464 10,206
Bank loans - 2-5 years 1,724 12,175
12,188 22,381

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 6,707 -
Between one and five years 33,533 -
40,240 -

12. GUARANTEES PROVIDED

The company is the sole member of the Hampshire & Isle of Wight Opportunity Society Limited for which it guarantees £1 in the event that this company is unable to meet their financial obligations.

The company is also a member of Visit Isle of Wight Limited for which it guarantees £1 in the event that this company is unable to meet their financial obligations.

The company is also a member of the British Chambers of Commerce for which it guarantees £10 in the event that this company is unable to meet their financial obligations.

ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. RELATED PARTY DISCLOSURES

The company has provided services in the ordinary course of business to companies in which the directors may have an interest. None of these amounts are material and were undertaken on an arms length basis.

Hampshire & Isle of Wight Opportunity Society Limited

Sole member


During the year the company provided office facilities, management support and administration services to Hampshire & Isle of Wight Opportunity Society Limited. The charge for these services was £23,280 inclusive of VAT (2023 - £36,720).

A further £16,928 (2023 - £17,595) was receivable from Hampshire & Isle of Wight Opportunity Society Limited as sponsorship from the business development fund.

In addition during the year other operating expenses were paid on behalf of Hampshire & Isle of Wight Opportunity Society Limited of £3,739 (2023 - £2,696).

2024 2023
£    £   
Amount due from related party at the balance sheet date 18,517 13,571

14. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party due to the wide membership.