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REGISTERED NUMBER: 02658283 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ASSOCIATION OF FOREIGN BANKS

ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ASSOCIATION OF FOREIGN BANKS

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Stewart Watson Boyd
Wenjian Fang
William Kenneth Spinney Smith
Pierre Vinci
Neslihan Serra Akcaoglu
Richard Andrew John Kaye
Anand Kumar
Gabriela Martinez De Aragon Calvo
Giles Edward French
Diana-Alina Hudymac
Megan Christine McDonald
Yasser Ismail Hassan Mohamed



SECRETARY: Giles Edward French



REGISTERED OFFICE: 4th Floor
28 Austin Friars
London
EC2N 2QQ



REGISTERED NUMBER: 02658283 (England and Wales)



SENIOR STATUTORY AUDITOR: Richard Christopher Harris



AUDITORS: Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 2,256
Tangible assets 5 24,051 30,220
24,051 32,476

CURRENT ASSETS
Debtors 6 90,360 67,363
Investments 7 1,298,709 1,190,000
Cash at bank 155,163 185,012
1,544,232 1,442,375
CREDITORS
Amounts falling due within one year 8 (229,822 ) (237,777 )
NET CURRENT ASSETS 1,314,410 1,204,598
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,338,461

1,237,074

RESERVES
Income and expenditure account 1,338,461 1,237,074
1,338,461 1,237,074

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2025 and were signed on its behalf by:





Giles Edward French - Director


ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Association of Foreign Banks is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost and 20% on cost

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.


ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024
and 31 December 2024 40,600
AMORTISATION
At 1 January 2024 38,344
Charge for year 2,256
At 31 December 2024 40,600
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 2,256

ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2024 33,019
Additions 2,619
At 31 December 2024 35,638
DEPRECIATION
At 1 January 2024 2,799
Charge for year 8,788
At 31 December 2024 11,587
NET BOOK VALUE
At 31 December 2024 24,051
At 31 December 2023 30,220

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 31,936 27,318
Other debtors 58,424 40,045
90,360 67,363

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Other 1,298,709 1,190,000

During the year, the directors identified that amounts invested in various high interest yielding accounts and high interest bonds under the management of Flagstone bank, previously disclosed under cash at bank and in hand, should more appropriately be classified as current asset investments in accordance with FRS 102, as the interest is not payable until the end of the agreed terms of each investment.

As a result, a reclassification adjustment of £1,190,000 has been made to the comparative figures for the prior year. The impact of this adjustment is as follows:

Cash at bank and in hand has been reduced by £1,190,000.
Current asset investments have been increased by £1,190,000.

This reclassification has had no impact on the company’s net assets or total equity, and no other adjustments were required.

The amount invested at the end of the period totalled £1,298,709 (2023: £1,190,000).

ASSOCIATION OF FOREIGN BANKS (REGISTERED NUMBER: 02658283)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,353 2,733
Taxation and social security 151,641 126,175
Other creditors 76,828 108,869
229,822 237,777

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 43,175 43,175
Between one and five years 111,535 154,710
154,710 197,885

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Christopher Harris (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd

11. RELATED PARTY DISCLOSURES

During the year, four of the directors were also directors of entities which paid for membership subscriptions with this entity. These transactions were conducted at arm's length in the normal course of business.

12. POLITICAL DONATIONS

During the financial year ended 31 December 2024 the company made political expenditures of £20,000. These expenditures were made to Progressive Britain and were for the purpose of sponsorship of an event.