REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ISLE OF WIGHT CHAMBER OF COMMERCE |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
East Quay |
Kite Hill |
Wootton Bridge |
Isle of Wight |
PO33 4LA |
BANKERS: |
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: |
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. |
for and on behalf of |
Statutory Auditor |
East Quay |
Kite Hill |
Wootton Bridge |
Isle of Wight |
PO33 4LA |
ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS SURPLUS |
Administrative expenses |
OPERATING SURPLUS | 4 |
Interest receivable and similar income |
21,153 | 40,124 |
Interest payable and similar expenses |
SURPLUS BEFORE TAXATION |
Tax on surplus | 5 |
SURPLUS FOR THE FINANCIAL YEAR |
ISLE OF WIGHT CHAMBER OF COMMERCE (REGISTERED NUMBER: 01150487) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
RESERVES |
Income and expenditure account |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Leasehold improvements | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | OPERATING SURPLUS |
The operating surplus is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Operating lease charges |
Income from group undertakings |
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 |
Tax on surplus |
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 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Amounts owed by group undertakings |
Prepayments and accrued income |
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 |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 16,558 | 13,870 |
Other creditors |
Accruals and deferred income |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
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. |