Registered number: 02702612
EXETER CHAMBER OF COMMERCE (1992) LIMITED
(A company limited by guarantee)
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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EXETER CHAMBER OF COMMERCE (1992) LIMITED
(A company limited by guarantee)
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CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
The chairman presents his statement for the period.
This period has continued to generate new challenges for businesses across the country and both the agility and persistence of businesses who have continued to thrive over the last 12 months is a credit to the business leaders and owners who generate much-needed growth within the UK economy.
The greater Exeter area has continued to remain one of the hottest areas for both setting up a new business and growing an existing business in the South West and Exeter Chamber has been proud to play its part in supporting a thriving business ecosystem in the area. At our heart the Exeter Chamber is a campaigning organisation that seeks to support members by improving the local business environment, while bringing members together to learn and network. Often this change comes about as a result of a great deal of “behind the scenes” work, as we seek to bring together and amplify the collective voices of Exeter businesses – be that via multiple TV interviews, press releases and responses to consultation. In addition Exeter Chamber has been closely involved in the major devolution discussions over the past 12 months that will shape so much of the business policy-making environment in coming years, and we await final implementation of these important changes.
Exeter Chamber itself has continued to go from strength to strength. A strong reputation for delivering a wide range of informative, engaging and informal events across the area has been supplemented by a constant desire to ensure that innovation is also driving the future support programme for members – be that the early stages of our Next Gen programme, the introduction of a great range of “Bites of Wisdom” lunches, a new Christmas event or a new approach to the ever-popular Summer Bash and Exeter Impact Awards.
Because we acknowledge that running a business can be a stressful and lonely experience we continue to focus on delivering events that allow our members to network with each other, to draw inspiration from successes and to meet others impacted by the changing business environment in a social environment.
Never before have both of these twin roles of the Chamber been more important and we will continue to focus on these over the coming year - even as we mourn the closure of some well-run businesses in the local area who have simply not been able to navigate the interest rate and business environment challenges of the last 12 months.
Finally I would like to thank all of our Growth Partners – Exeter College, Stagecoach, Optimising IT, Exeter Energy Network, Radio Exe, New Future Ventures, Exeter Science Park and our events partner Wollens - who make a massive difference to the range and variety of events that we can hold for members.
In addition my thanks goes to your innovative, resolute and thought-provoking Board - all members are volunteers and drawn to allow them to bring their talents from the full spectrum of businesses within the Exeter region. Ably supported by my Vice Chairs (Charlotte McGregor and Rob Bosworth) and our Finance Director (Misty Nickells), we have worked closely with the Chamber Office team to ensure a continued focus on business growth and a sense of entrepreneurial optimism.
NameS Gates
Chairman
Date
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EXETER CHAMBER OF COMMERCE (1992) LIMITED
(A company limited by guarantee)
REGISTERED NUMBER:02702612
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BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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EXETER CHAMBER OF COMMERCE (1992) LIMITED
(A company limited by guarantee)
REGISTERED NUMBER:02702612
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BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2024.
The notes on pages 4 to 9 form part of these financial statements.
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EXETER CHAMBER OF COMMERCE (1992) LIMITED
(A company limited by guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Exeter Chamber of Commerce (1992) Limited is a private company, limited by guarantee without share capital, domiciled in England. The registered office is 1 Barnfield Crescent, Exeter, United Kingdom, EX1 1QT.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors confirm that, having considered their expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
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EXETER CHAMBER OF COMMERCE (1992) LIMITED
(A company limited by guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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Other intangible fixed assets
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Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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EXETER CHAMBER OF COMMERCE (1992) LIMITED
(A company limited by guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
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EXETER CHAMBER OF COMMERCE (1992) LIMITED
(A company limited by guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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The average monthly number of employees, including directors, during the year was 10 (2023 - 14).
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Charge for the year on owned assets
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EXETER CHAMBER OF COMMERCE (1992) LIMITED
(A company limited by guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Prepayments and accrued income
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EXETER CHAMBER OF COMMERCE (1992) LIMITED
(A company limited by guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
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Post balance sheet events
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On 30th September 2024, Exeter Chamber of Commerce (1992) Limited merged with Devon and Plymouth Chamber of Commerce. On this date, all assets and liabilities of Exeter Chamber of Commerce (1992) Limited transferred to Devon Chamber of Commerce Limited.
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