Staple Inn Actuarial Society Limited 10819518 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is to support the professional interests of younger members of the Institute and Faculty of Actuaries and all members of the Institute and Faculty of Actuaries based in London and South East England by providing the following services (which are non-exhaustive):- Digita Accounts Production Advanced 6.30.9574.0 true 10819518 2023-07-01 2024-06-30 10819518 2024-06-30 10819518 core:CurrentFinancialInstruments 2024-06-30 10819518 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 10819518 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 10819518 bus:SmallEntities 2023-07-01 2024-06-30 10819518 bus:Audited 2023-07-01 2024-06-30 10819518 bus:FilletedAccounts 2023-07-01 2024-06-30 10819518 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10819518 bus:RegisteredOffice 2023-07-01 2024-06-30 10819518 bus:Director10 2023-07-01 2024-06-30 10819518 bus:CompanyLimitedByGuarantee 2023-07-01 2024-06-30 10819518 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 10819518 core:IntangibleAssetsOtherThanGoodwill 2023-07-01 2024-06-30 10819518 countries:EnglandWales 2023-07-01 2024-06-30 10819518 2023-06-30 10819518 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 10819518 2022-07-01 2023-06-30 10819518 2023-06-30 10819518 core:CurrentFinancialInstruments 2023-06-30 10819518 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 10819518 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 10819518

Staple Inn Actuarial Society Limited

(A company limited by guarantee)

Filleted Financial Statements

for the Year Ended 30 June 2024

 

Staple Inn Actuarial Society Limited

Contents

Statement of Directors' Responsibilities

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Staple Inn Actuarial Society Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 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.

 

Staple Inn Actuarial Society Limited

(Registration number: 10819518)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

1,465

3,101

Other financial assets

6

557,964

517,681

 

559,429

520,782

Current assets

 

Debtors

7

47,033

24,936

Cash at bank and in hand

 

177,149

175,393

 

224,182

200,329

Creditors: Amounts falling due within one year

8

(39,645)

(34,016)

Net current assets

 

184,537

166,313

Net assets

 

743,966

687,095

Reserves

 

Other reserves

602,136

602,136

Retained earnings

141,830

84,959

Surplus

 

743,966

687,095

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 2 October 2024 and signed on its behalf by:
 

.........................................
Mr Devan Vadher
Director

 

Staple Inn Actuarial Society Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, 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.

The address of its registered office is:
Ground and Lower Ground Floor
1-3 Staple Inn Hall
High Holborn
London
WC1V 7QH
United Kingdom

These financial statements were authorised for issue by the Board on 2 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Staple Inn Actuarial Society Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 October 2024 was Lee Baker FCA, who signed for and on behalf of Wenn Townsend.

Revenue recognition

All incoming resources are included in the Income and Expenditure Account when the Society is legally entitled to the income.

Income is credited as income when they are receivable provided conditions for receipt have been complied with, unless they relate to a specified future period, in which case they are deferred.

Membership fees received in advance of the provision of services are included within current liabilities as deferred income, thereby recognising membership subscriptions over the membership period.

Investment income, including associated Income Tax recoveries, is recognised when receivable. All other revenue due to the Society, including the surplus on production of the Actuary magazine, is accounted for on an accruals basis.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the income statement, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Staple Inn Actuarial Society Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Surplus/deficit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Amortisation expense

1,636

1,636

 

Staple Inn Actuarial Society Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Intangible assets

Website
£

Total
£

Cost or valuation

At 1 July 2023

31,072

31,072

At 30 June 2024

31,072

31,072

Amortisation

At 1 July 2023

27,971

27,971

Amortisation charge

1,636

1,636

At 30 June 2024

29,607

29,607

Carrying amount

At 30 June 2024

1,465

1,465

At 30 June 2023

3,101

3,101

6

Investments

Cash
£

Investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2023

320,212

197,469

517,681

Revaluations

-

55,277

55,277

Additions net of reinvested income and fees

-

325,218

325,218

Disposals

(320,212)

(20,000)

(340,212)

At 30 June 2024

-

557,964

557,964

7

Debtors

2024
£

2023
£

Prepayments

45,740

24,560

Other debtors

1,293

376

47,033

24,936

 

Staple Inn Actuarial Society Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

39,645

34,016