Registration number:
Staple Inn Actuarial Society Limited
(A company limited by guarantee)
for the Year Ended 30 June 2024
Staple Inn Actuarial Society Limited
Contents
Statement of Directors' Responsibilities |
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Balance Sheet |
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Notes to the Financial Statements |
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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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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 |
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Fixed assets |
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Intangible assets |
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Other financial assets |
557,964 |
517,681 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Net assets |
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Reserves |
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Other reserves |
602,136 |
602,136 |
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Retained earnings |
141,830 |
84,959 |
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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
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Staple Inn Actuarial Society Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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:
United Kingdom
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Surplus/deficit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Amortisation expense |
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Staple Inn Actuarial Society Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Intangible assets |
Website |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Amortisation |
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At 1 July 2023 |
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Amortisation charge |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Investments |
Cash |
Investments |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 July 2023 |
320,212 |
197,469 |
517,681 |
Revaluations |
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55,277 |
55,277 |
Additions net of reinvested income and fees |
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325,218 |
325,218 |
Disposals |
(320,212) |
(20,000) |
(340,212) |
At 30 June 2024 |
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557,964 |
557,964 |
Debtors |
2024 |
2023 |
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Prepayments |
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Other debtors |
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Staple Inn Actuarial Society Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Accruals and deferred income |
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