Company Registration Number:
2601480
THE UNITED KINGDOM SCIENCE PARK ASSOCIATION
Company Limited By Guarantee
Filleted Financial Statements
31 March 2024
THE UNITED KINGDOM SCIENCE PARK ASSOCIATION
Company Limited By Guarantee
Contents
Directors Responsibilities Statement
Balance Sheet
Notes To The Financial Statements
The United Kingdom Science Park Association
Company limited by guarantee
Directors responsibilities statement
Year ended 31 March 2024
The directors are responsible for preparing the directors report 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 the profit or loss 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 judgments and accounting estimates that are reasonable and prudent; and
-
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.
THE UNITED KINGDOM SCIENCE PARK ASSOCIATION
Company Limited By Guarantee
Balance Sheet
31 March 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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|
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|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
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Tangible assets |
|
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7 |
|
1,542 |
|
|
|
2,057 |
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|
|
|
|
|
|
|
|
|
Current assets |
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|
|
|
|
|
|
|
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Stocks |
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|
1,000 |
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|
|
1,000 |
|
|
Debtors |
|
8 |
41,936 |
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|
|
46,578 |
|
|
Cash at bank and in hand |
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|
342,856 |
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|
304,656 |
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|
|
|
|
_______ |
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_______ |
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385,792 |
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352,234 |
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Creditors: amounts falling due |
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|
|
|
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within one year |
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9 |
(
87,320) |
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|
(
112,302) |
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_______ |
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_______ |
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Net current assets |
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298,472 |
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239,932 |
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_______ |
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_______ |
Net assets |
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300,014 |
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241,989 |
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_______ |
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_______ |
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Capital and reserves |
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Accumulated surplus on income and expenditure account |
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300,014 |
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241,989 |
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_______ |
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_______ |
Members funds |
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300,014 |
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241,989 |
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_______ |
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_______ |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Income and Expenditure Account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
08 November 2024
, and are signed on behalf of the board by:
.............................
.............................
J. Chaffer
J.R. Leake
Director
Director
Company Registration Number:
2601480
THE UNITED KINGDOM SCIENCE PARK ASSOCIATION
Company Limited By Guarantee
Notes To The Financial Statements
Year Ended 31 March 2024
1.
General information
The company is a private company limited by guarantee, registered in the UK. The address of the registered office is The United Kingdom Science Park Association, Garden Cottage, Chesterford Research Park, Little Chesterford, Essex, CB10 1XL.
The company carries on the following principal activities : 1. To assist the membership in the development of science parks having formal and operations links with an associated educational institution or major centre of research, designed to aid the transfer of technology and business skills to encourage the formation and growth of business enterprises. 2. To promote awareness and understanding of science parks and provide information on their objectives, progress, achievements and assist in their development. 3. To facilitate the interchange of concepts, ideas and operational experience between those most directly involved in the management of collaborative initiatives between managers and science parks. 4. To assist those engaged in the planning, development and management of science parks by communicating and promoting best practice experience. 5. To promote additional initiatives of value to tenants of science parks.
The directors have reviewed the strategic plan of the organisation and continue to follow the primary objectives determined to be : 1. To consolidate the position of the Association as the authoritative voice of the UK science park and innovation movement. 2. To promote the Association, new ideas and activities relevant to science parks and innovation, and to encourage best practice and support appropriate training. 3. To effectively deploy the resources of the Association and to seek new revenues to develop an organisation which is viable, professional and effective in all activities.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover comprises membership subscriptions and conference income.
Membership subscriptions, on receipt, are deferred and released to income over the period to which membership relates.
Conference income include fees from registrations, sponsorship and exhibitor fees. These are recognised at the point in time when the conference takes place as this is when the performance obligation is fulfilled. Payments in advance of a conference are deferred until the event takes place.
Taxation
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on interest received and other investment income for the current and past periods, and is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Furniture, fixtures & fittings |
- |
25 % |
reducing balance |
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Office equipment |
- |
25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. All of the financial instruments applicable to the company are basic, as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Limited by guarantee
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.
5.
Auditors remuneration
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2024 |
2023 |
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£ |
£ |
|
Fees payable to CHP Accountants Limited |
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Fees payable for the audit of the financial statements |
|
4,800 |
- |
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_______ |
_______ |
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6.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2023:
3
).
7.
Tangible assets
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Furniture, fixtures and fittings |
Office equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 April 2023 and 31 March 2024 |
31,830 |
12,160 |
43,990 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 April 2023 |
31,555 |
10,378 |
41,933 |
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Charge for the year |
69 |
446 |
515 |
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_______ |
_______ |
_______ |
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At 31 March 2024 |
31,624 |
10,824 |
42,448 |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 31 March 2024 |
206 |
1,336 |
1,542 |
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_______ |
_______ |
_______ |
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At 31 March 2023 |
275 |
1,782 |
2,057 |
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_______ |
_______ |
_______ |
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8.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
35,081 |
44,462 |
|
Other debtors and prepayments |
|
6,855 |
2,116 |
|
|
|
_______ |
_______ |
|
|
|
41,936 |
46,578 |
|
|
|
_______ |
_______ |
|
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|
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9.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
1,270 |
3,921 |
|
Deferred income |
|
64,362 |
70,662 |
|
Social security and other taxes |
|
13,707 |
15,527 |
|
Other creditors and accruals |
|
7,981 |
22,192 |
|
|
|
_______ |
_______ |
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|
|
87,320 |
112,302 |
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_______ |
_______ |
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10.
Summary audit opinion
The auditor's report for the year dated
26 November 2024
was unqualified.
The senior statutory auditor was
Ashok K. Aggarwal FCA
for and on behalf of
CHP Accountants Limited