Company registration number 00465975 (England and Wales)
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
COMPANY INFORMATION
Director
See Directors' Report for the full list of directors.
Secretary
Mrs L Green
Company number
00465975
Registered office
Commerce House
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5BE
Auditor
Geens Limited
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
CONTENTS
Page
Director's report
1 - 5
Director's responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Notes to the financial statements
13 - 20
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The Directors present their report and financial statements for the year ended 31 March 2024.
Principal activities
The Chambers’ principal activities continue to support businesses through membership, services and projects which are designed to increase the prosperity of, and opportunities for, the people of Stoke-on-Trent and Staffordshire.
Fair Review of the Business
Key highlights are:
Membership Growth: Our membership was 970, collectively representing over 65,000 employees. We continue with direct debit payment options, easing cash flow for smaller businesses.
Virtual Office Reception Service remains popular. The Members’ Lounge and revamped Room Hire facilities are in constant demand with enhanced convenience for meetings and workspace. We had nearly 2,500 individual visitors to the Chamber over the year.
Sector Engagement: We facilitated eleven policy forums and three sectoral groups, promoting collaboration, lobbying for change in the business environment and addressing business challenges.
Local Skills Improvement Plan: We have continued to deliver towards our Local Skills Improvement Plan for Stoke-on-Trent and Staffordshire, through collaboration with businesses, colleges, training providers and stakeholders, to improve the local skills landscape across the region. We will now look to utilise existing LSIF funding to deliver on the actional priorities set out in our plan.
For Phase 2 of the LSIP, the Governance structure has been strengthen, to ensure a wide scope stakeholders and employers are there to drive the actions forward, ensuring through achieving the objectives set out.
The Local Skills Improvement Funding has been distributed to the providers to fund the required needs of employers, as set out in the LSIP. Although this is being spent by the colleges primarily, as the designated ERB for the LSIP, we are part of the Board to ensure the KPIs are met and will support the impact the LSIP will have on the region as a whole.
Entrepreneurship Support: We aided 261 individuals to start their own businesses and supported 336 college students in entrepreneurship using our Ignite online learning platform.
Boosting Women Programme: Our partnership with NatWest empowered 47 women, with 12 launching their own businesses.
Positive Pathways Programme: our programme funding came to an end in December 2023 but we supported 302 refugees, including those from Ukraine, in developing employability skills or starting businesses.
Domestic Abuse Workplace Champions: We trained 109 individuals from 52 companies, contributing we hope to a safer domestic environment as employers are more able to recognise the signs of abuse and provide support and signposting.
International Trade Support: Despite challenges, we helped over 300 businesses navigate customs and deliver goods worth £30 million worldwide. We helped train over 50 businesses on what is needed for importing and exporting and helping them stay compliant. We have also helped businesses with advice and consultancy relating to ongoing changes by HMRC.
Growth Hub Services: We delivered advisory and referral services, on behalf of the Local Enterprise Partnership and Staffordshire County Council, to over 920 businesses across the whole of Staffordshire.
Crime Prevention: Collaboration with Staffordshire Police protected 4,832 businesses from repeat crimes.
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Events and Networking: We hosted 247 events with 5,400 attendees, helping to upskill our businesses and their staff while also supporting membership, retention and boosting revenue through new sponsorship packages.
Staff Development: We invested in staff training, including apprenticeships, degrees, and mental health awareness programmes.
Sustainability: We implemented eco-friendly measures such as using various on line forms rather than printing, turning the heating down and purchasing recycled and eco friendly products where possible. We ensured Sustainable Development Goals were topics of conversation in all sector forums.
Accreditation: We maintained the following key accreditations and memberships, demonstrating our commitment to excellence:
ISO 9001 and 14001 for Quality and Environmental
Investors in People Platinum
Charter for Employers Positive about Mental Health
Disability Confident Employer
Wellbeing of Women Menopause Workplace Pledge
Fostering Friendly Employer
Defence Employer Recognition Scheme Gold
Domestic Abuse
Real Living Wage Employer
British Chambers of Commerce Accredited
Export Documentation Certification and Customs Declarations
National Enterprise Network
Cyber Essentials
Principal Risks and Uncertainties
Despite our achievements, we acknowledge several risks and uncertainties that could impact our operations and the business community we serve. These include:
1. Uncertainty with project funding streams:
The reporting period has been marked by continued uncertainty surrounding project funding streams. Several factors, including a general election and uncertainty around UK shared Prosperity Funding post March 2025 have and will impact on the provision of some services and the availability and stability of funding sources for existing and future key projects. The lack of funding clarity post March 2025 will also potentially impact the team size and staff retention as staff look for jobs with more security.
2. Cost of doing business:
The rising cost of doing business, driven by factors such as inflation, recruitment difficulties and wage increases as well as the increase in energy and raw material costs, has the potential to impact Members’ behaviour and business spending patterns. As they face increased financial pressure, decisions on membership and the demand for our services, may be affected.
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Environmental impact
The Directors take the responsibility of the Chambers towards mitigating the damage caused by climate change very seriously. Our actions reflect this commitment:
Investments in Sustainability: Over the years we have invested in sustainable initiatives, including electric vehicle charging infrastructure and solar panels to reduce our carbon footprint.
Building improvements: we will look to changing our lights to more efficient LED ones and replacing draughty windows.
Environmental Monitoring: Our dedicated staff group sets and monitors environmental targets, tracking parameters such as travel, energy consumption, paper usage, and waste generation.
Both our gas and electricity consumption has decreased from the previous year by 14.6% and our paper usage by 5.4%. Reductions have been made by turning down the thermostat, reducing the number of hours the heating is on for and turning off lights when not required.
Responsible Business Accelerator: We have been working on a Responsible Business Accelerator scheme and a promotional product, to support businesses in tracking their social and environmental impact and the use of this to win contracts. Fifteen business have been through the pilot programme.
As a result of our commitment to addressing climate change, the Directors have included a note (note 16) to the accounts detailing the carbon impact of doing business. This is calculated using a carbon footprint tracking app, Ecologi (connected to Xero, the Chambers accounting system) and using the SME Climate Hub calculator to give a tonnes of carbon figure per year and a monetary value is then calculated using the rate of £128 per tonne which is given by the UK Government’s Valuation of Greenhouse Gas Emissions for Policy Appraisal and Evaluation quoted cost for 2024 for low series. This is the same method of calculating the figure per tonne which we used last year. We may in the future change this figure in line with evolving guidance, so we intend to concentrate on the carbon tonnes figure and seek to bring this down as a percentage of turnover, through both on site and offsite mitigation where funding allows.
The Chambers tCO2e for fuel, electricity and business travel areas which we have more control over, has decreased this year from last by 17.8% (8.33tCO2e). For other business activities the tCO2e has increased from 237.7 tCO2e to 302.24 tCO2e, which is an increase of 27% (64.5 tCO2e) . A number of factors have contributed to this increase; a carbon figure to all activities on all our grant programmes. For example using the Positive Pathways programme, the £50,000 grants we have awarded for purchasing equipment for the start up delegates on the programme has resulted in 17.9 t/Co2e and running the Responsible Business Accelerator which helps businesses to be operate more efficiently and add social value has resulted in 6 tCO2e.
These activities, costs and tCO2e will always vary dependant on the level of activity and funded programmes, but the Chamber remains committed to reviewing, evaluating and reducing where possible.
The Chambers’ contribution to other sustainability issues (for example, the UN Sustainable Development Goals) has not been included but the Chambers team and Directors are committed to addressing these where we can and developing and disseminating best practice.
Additional Information
Our commitment to promoting the success of the company encompasses not only financial growth but also sustainable practices, ethical conduct, and support for the well-being of our Members and the broader community. We will continue to adapt and innovate to address emerging challenges and opportunities in the business landscape.
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Future Plans
We plan to implement several projects, services and events that will impact the business positively. They are:
1. Let's Do Business (October): Our flagship event, "Let's Do Business," scheduled for October, promises to be the most significant gathering of business minds in Staffordshire for the year.
2. In 2024, we launched the first of our Big Business Breakfast series, which aims to bring world-class speakers to a central location to present on pertinent business topics. So far, we have welcomed speakers James Timpson, Vicky Pryce, and Mark Gregory to the stage, with plans to welcome council leaders and large developers to the event in autumn.
3. UKSPF Funding for Projects: We have secured funding through the Stoke-on-Trent City Council, Staffordshire Moorlands District Council, Tamworth Borough Council, East Staffordshire Borough Council and Staffordshire County Council UK Shared Prosperity Fund (UKSPF), for a series of innovative projects including our Promoting Innovation Pathways Programme, Skills and Apprenticeship Hub, Start-up Support and business advice. These projects are designed to empower businesses to develop technologies, strategies and processes, ensuring that they remain at the forefront of their industries. The Skills and Apprenticeships Hub will support them to develop their workforce, access training grants and to make the most of apprenticeships support such as Apprenticeship Levy Transfers. We have also secured funding to deliver a start-up programme from one of their local Enterprise Centres.
4. Funding for the Responsible Business Accelerator: Sustainability is a core value for us, and we will be looking to commercialise our Responsible Business Accelerator to business and other Chambers over the next 12 months. We will also offer the to our Patrons free of charge as part of their packages.
5. Local Skills Improvement Plan (LSIP) – Phase 2: After the successful approval of our Local Skills Improvement Plan for Stoke-on-Trent and Staffordshire from the Secretary of State for Education, we will look to now utilise existing LSIP and Local Skills Improvement Fund (LSIF) funding to deliver on the actional priorities set out in our plan and will be lobbying government around early clarification on future plans so that this important work and engagement with education providers and businesses can continue.
6. We have purchased the Ignite Platform to develop our own online learning support for anyone looking to start their own business. We will be developing new content and topics to support businesses to start and grow including international trade and social enterprises. We will also be looking to commercialise this to local authorities, businesses and educational institutions and other Chambers of Commerce.
These changes reflect our dedication to driving innovation, expanding our outreach, and maximising the impact of our initiatives.
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Director
The Chamber is managed by a Board of Directors in accordance with the Articles of Association adopted by its members in the Annual General Meeting on 20 June 2019, subsequently overridden by the Articles of Association adopted by its members in the Annual General Meeting on 30th November 2022. For the purposes of the Companies Act, the Board members during 2023/2024 are listed hereunder; none of the directors received any renumeration save the Chief Executive.
President: Mr S Timmis
Deputy President: Ms K Beardmore
Honorary Treasurer: Dr E Davies
Chief Executive: Miss R Laver
Mr T Wilkinson Mr G Barton Mrs F Hawkins
Ms C Crockett Mr L White Mr J Berrisford
Dr E Davies Mrs R Hirschi Ms J Morris MBE
Ms H Ault Mr M Hubbard
Mrs S Williams
(Resigned 31 December 2023)
Miss R Laver
(Appointed 14 March 2024)
Staffordshire Chambers of Commerce and Industry is a company limited by guarantee. Every member of the Chamber undertakes to meet the liabilities of the Chamber to an amount not exceeding £2 per member. Therefore, no Director has any material interest in the Chamber.
The Directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Auditor
Pursuant to section 487 of the Companies Act 2006 Geens Limited continue in office as auditors.
Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the director has taken all the necessary steps that she ought to have taken as director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption, with additional disclosures considered appropriate by the directors in order to give a true and fair view.
On behalf of the board
Miss R Laver
Director
6 November 2024
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is 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 director is 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. She is 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.
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
- 7 -
Opinion
We have audited the financial statements of Staffordshire Chambers of Commerce and Industry Ltd (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 deficit 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.
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 Auditor's 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 director's 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the director's report has been prepared in accordance with applicable legal requirements.
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD (CONTINUED)
- 8 -
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 director's report.
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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and take advantage of the small companies' exemption from the requirement to prepare a strategic report.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management and from our knowledge and experience of the client and businesses in similar sectors;
we assessed the extent of compliance with the laws and regulations identified through making enquiries of management and inspecting any available legal correspondence; and
the audit team were in regular communication in relation to laws and regulations and potential instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD (CONTINUED)
- 9 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias: and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigations and claims;
reviewing legal and professional expenses for ongoing litigation work: and
reviewing correspondence with HMRC.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 her in an auditor's report 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.
Karen Staley FCA BSc (Hons)
Senior Statutory Auditor
For and on behalf of Geens Limited
6 November 2024
Chartered Accountants
Statutory Auditor
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
£
£
Income
2,340,241
2,677,831
Administrative expenses
(2,607,153)
(2,737,525)
Other operating income
12,753
4,763
Operating deficit
(254,159)
(54,931)
Interest receivable and similar income
34,078
15,482
Amounts written off investments
(18,491)
-
Deficit before taxation
(238,572)
(39,449)
Tax on deficit
Deficit for the financial year
(238,572)
(39,449)
Other comprehensive income
Revaluation of tangible fixed assets
254,501
Adjustments to the fair value of financial assets
(9,635)
14,833
Total comprehensive income for the year
6,294
(24,616)
The income and expenditure account has been prepared on the basis that all operations are continuing operations.
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,179,047
962,136
Investments
6
530,742
558,612
1,709,789
1,520,748
Current assets
Debtors
9
591,338
728,444
Investments
10
3,775
19,715
Cash at bank and in hand
1,527,337
1,703,222
2,122,450
2,451,381
Creditors: amounts falling due within one year
11
(646,157)
(790,186)
Net current assets
1,476,293
1,661,195
Total assets less current liabilities
3,186,082
3,181,943
Government grants
12
(68,941)
(71,096)
Net assets
3,117,141
3,110,847
Reserves
Revaluation reserve
768,272
538,202
Income and expenditure account
2,348,869
2,572,645
Members' funds
3,117,141
3,110,847
These 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 6 November 2024 and are signed on its behalf by:
Miss R Laver
Director
Company registration number 00465975 (England and Wales)
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Revaluation reserve
Income and expenditure
Total
£
£
£
Balance at 1 April 2022
538,839
2,596,624
3,135,463
Year ended 31 March 2023:
Deficit
-
(39,449)
(39,449)
Other comprehensive income:
Adjustments to fair value of financial assets
14,833
-
14,833
Total comprehensive income
14,833
(39,449)
(24,616)
Other movements
(15,470)
15,470
-
Balance at 31 March 2023
538,202
2,572,645
3,110,847
Year ended 31 March 2024:
Deficit
-
(238,572)
(238,572)
Other comprehensive income:
Revaluation of tangible fixed assets
254,501
-
254,501
Adjustments to fair value of financial assets
(9,635)
-
(9,635)
Total comprehensive income
244,866
(238,572)
6,294
Other movements
(14,796)
14,796
-
Balance at 31 March 2024
768,272
2,348,869
3,117,141
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information
Staffordshire Chambers of Commerce and Industry Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Commerce House, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5BE.
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At truethe time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income represents amounts receivable for annual subscriptions and charges for services provided and is stated net of VAT. Annual subscriptions have been accounted for over the period to which they relate and may cross the financial year end.
Funds receivable in respect of specific projects are treated as deferred income and released to the income and expenditure account so as to match the expenditure incurred on the particular project with the income received. Or, if relevant, income is released when the conditions for the project have been satisfied.
Deferred project income is included in the balance sheet in 'Other Creditors'
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
Between 60 and 10 years
Fixtures, fittings & equipment
Between 10 and 3 years
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
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 surplus or deficit.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Any distributions received from subsidiaries, joint ventures and LLP's where we are a member, are on a received basis.
Other investments include publicly traded stocks and shares managed by an investment bureau and investments in physical commodities managed by a firm of specialists. These investments are measured at fair value, with changes in fair value recognised in the statement of comprehensive income.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Investments
Short term liquid investments are initially measured at fair value, with subsequent changes in fair value recognised in the income and expenditure account.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
Government grants
Government grants receivable in respect of capital expenditure are treated as deferred income and released to the income and expenditure account so as to match the depreciation charged on the fixed assets purchased with the grant. Deferred grant income in the balance sheet represents total grants received less amounts credited to the income and expenditure account.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 44 (2023 - 48).
2024
2023
Number
Number
Total
44
48
4
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in surplus or deficit:
2024
2023
Notes
£
£
In respect of:
Fixed asset investments
6
18,491
-
Recognised in:
Amounts written off investments
18,491
-
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
5
Tangible fixed assets
Freehold buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost or valuation
At 1 April 2023
1,530,972
307,164
1,838,136
Additions
11,527
11,527
Disposals
(19,963)
(19,963)
Revaluation
254,501
254,501
At 31 March 2024
1,785,473
298,728
2,084,201
Depreciation and impairment
At 1 April 2023
602,306
273,694
876,000
Depreciation charged in the year
33,167
15,174
48,341
Eliminated in respect of disposals
(19,187)
(19,187)
At 31 March 2024
635,473
269,681
905,154
Carrying amount
At 31 March 2024
1,150,000
29,047
1,179,047
At 31 March 2023
928,666
33,470
962,136
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Tangible fixed assets
(Continued)
- 17 -
The difference between the historic net book value of freehold buildings and the current net book value is reflected in the revaluation reserve.
Land and buildings were valued on 16 August 2024 by Louis Taylor, who are not connected to the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and was undertaken in accordance with the Royal Institution of Chartered Valuation Global Standards 2020. The directors consider that the gap between the year end and the valuation date is not significant and no material movement in value has occurred between these dates.
If land and buildings were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
Freehold buildings
2024
2023
£
£
Cost
818,202
818,202
Accumulated depreciation
(429,226)
(412,750)
Carrying value
388,976
405,452
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
Other investments
502,743
557,156
Other investments - trading account
27,998
1,455
530,742
558,612
Fixed asset investments revalued
Investments includes listed investments and investments in physical commodities. All investments are measured at fair value with changes in fair value recognised in the income and expenditure account.
The listed investments are publicly traded and the valuation is based on market value.
The investment in physical commodities is based on an open market value basis by reference to market evidence of transaction prices for similar commodities.
Fixed asset investments not carried at market value
Shares in a subsidiary company are measured at historic cost.
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Fixed asset investments
(Continued)
- 18 -
Movements in fixed asset investments
Shares in subsidiaries
Listed investments
Listed investments trading account
Commodity investments
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
1
263,631
1,455
293,525
558,612
Additions
-
9,451
(9,451)
-
-
Valuation changes
-
29,455
-
(57,581)
(28,126)
Other expenses
-
-
(3,722)
-
(3,722)
Dividends & interest receivable
-
-
3,978
-
3,978
Disposals
-
(35,738)
35,738
-
-
At 31 March 2024
1
266,799
27,998
235,944
530,742
Carrying amount
At 31 March 2024
1
266,799
27,998
235,944
530,742
At 31 March 2023
1
263,631
1,455
293,525
558,612
Listed investments are reported at fair value of £266,799. The historic cost of listed investments is £259,553.
The commodity investment is reported at fair value of £235,944. The historic cost of commodity investments is £254,435.
7
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
S.O.T Community Partnership Railway Enterprise Centre Ltd
See below
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Railway Enterprise Centre, Shelton New Road, Stoke-on-Trent, Staffordshire ST4 7SH
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
S.O.T Community Partnership Railway Enterprise Centre Ltd
558,412
6,292
The investment in subsidiaries are stated at cost.
8
Significant undertakings
The company has significant holdings in undertakings which are not consolidated:
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Significant undertakings
(Continued)
- 19 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
West Midlands Chamber of Commerce LLP
England
LLP
17.00
Staffordshire Chambers Enterprise Limited
England
Dissolved June 2021
50.00
West Midlands International Trade LLP
England
LLP
17.00
West Midlands Business Representation LLP
England
LLP
17.00
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
263,966
436,091
Prepayments and accrued income
327,372
292,353
591,338
728,444
10
Current asset investments
2024
2023
£
£
Other investments
3,775
19,715
These are short term liquid investments and are initially measured at fair value, with subsequent changes in fair value recognised in the statement of comprehensive income as interest receivable.
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
33,634
22,325
Taxation and social security
49,720
76,154
Other creditors
562,803
691,707
646,157
790,186
12
Government grants
2024
2023
£
£
European Social Fund
68,941
71,096
STAFFORDSHIRE CHAMBERS OF COMMERCE AND INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Government grants
(Continued)
- 20 -
Government grants received to assist with the acquisition of business premises are treated as deferred income and released to the income and expenditure account over the useful economic life of the related asset to match the depreciation charge. Amortisation of £2,155 (2023 - £2,155) has been credited to the income and expenditure account during the year in respect of these grants.
13
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £2.
14
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
16,230
17,698
15
Related party transactions
The Chamber is limited by guarantee and under the control of its individual subscription paying members.
The Chamber receives and provides services to entities, which could be under the control of directors of the Chamber. All of the transactions with these entities have been concluded under normal market conditions and are therefore not required to be disclosed in accordance with accounting standards.
16
Carbon Emissions
As referenced in the Directors’ Responsibilities Statement, the directors take the environmental impact of the company's activities seriously. In order to be able to mitigate the carbon emissions the chamber uses, the company has recorded and monitored certain measurements for output relating to the operation of the chambers' activities. Our estimated emissions, based on the carbon footprint tracking app, Ecologi (connected to Xero, the accounting system used by Staffordshire Chambers of Commerce) and using the SME Climate Hub website, in 2023-2024 for current, relevant and recordable data elements, Staffordshire Chambers generated 340.57 tCO2e. (2023: 284.36 tCO2e).
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.100Mrs S WilliamsMiss R LaverMrs L Greenfalsefalse004659752023-04-012024-03-3100465975bus:CompanySecretary12023-04-012024-03-3100465975bus:Director12023-04-012024-03-3100465975bus:Director22023-04-012024-03-3100465975bus:RegisteredOffice2023-04-012024-03-31004659752024-03-31004659752022-04-012023-03-3100465975core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100465975core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3100465975core:RevaluationReserve2023-04-012024-03-3100465975core:RevaluationReserve12023-04-012024-03-3100465975core:RevaluationReserve12022-04-012023-03-3100465975core:RevaluationReserve22022-04-012023-03-3100465975core:RevaluationReserve32023-04-012024-03-31004659752023-03-3100465975core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3100465975core:FurnitureFittings2024-03-3100465975core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3100465975core:FurnitureFittings2023-03-3100465975core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3100465975core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100465975core:CurrentFinancialInstruments2024-03-3100465975core:CurrentFinancialInstruments2023-03-3100465975core:RevaluationReserve2024-03-3100465975core:RevaluationReserve2023-03-3100465975core:RetainedEarningsAccumulatedLosses2024-03-3100465975core:RetainedEarningsAccumulatedLosses2023-03-3100465975core:RevaluationReserve2022-03-3100465975core:RetainedEarningsAccumulatedLosses2022-03-3100465975core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3100465975core:FurnitureFittings2023-04-012024-03-3100465975core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3100465975core:FurnitureFittings2023-03-31004659752023-03-3100465975core:Non-currentFinancialInstruments2023-03-3100465975core:Non-currentFinancialInstruments2024-03-3100465975bus:CompanyLimitedByGuarantee2023-04-012024-03-3100465975bus:FRS1022023-04-012024-03-3100465975bus:Audited2023-04-012024-03-3100465975bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP