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REGISTERED NUMBER: 07378522 (England and Wales)












Financial Statements

for the Year Ended 31 August 2024

for

Managing General Agents' Association
(Company Limited by Guarantee)

Managing General Agents' Association (Registered number: 07378522)
(Company Limited by Guarantee)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Managing General Agents' Association
(Company Limited by Guarantee)

Company Information
for the Year Ended 31 August 2024







DIRECTORS: C L C Manchester
J D L Skinner
J Turner
D Berry
P Brady
I Cook
M A Del Carlo
L Thompson
M S Keating
S E Brown
J Wilcox
L Smith-Foreman



REGISTERED OFFICE: 8th Floor
Number One Minster Court
Mincing Lane
London
EC3R 7AA



REGISTERED NUMBER: 07378522 (England and Wales)



SENIOR STATUTORY AUDITOR: Julie M Butler FCA



AUDITORS: Butler & Co Audit Limited
Chartered Accountants and Registered Auditors
The Old Stables
Sutton Manor Farm
Bishop's Sutton
Alresford
Hampshire
SO24 0AA

Managing General Agents' Association (Registered number: 07378522)
(Company Limited by Guarantee)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 3,182 2,414

CURRENT ASSETS
Debtors 5 189,249 229,053
Cash at bank 620,768 795,493
810,017 1,024,546
CREDITORS
Amounts falling due within one year 6 288,724 293,910
NET CURRENT ASSETS 521,293 730,636
TOTAL ASSETS LESS CURRENT
LIABILITIES

524,475

733,050

RESERVES
Income and expenditure account 524,475 733,050
524,475 733,050

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2025 and were signed on its behalf by:





M S Keating - Director


Managing General Agents' Association (Registered number: 07378522)
(Company Limited by Guarantee)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Managing General Agents' Association 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The directors consider that there are no material uncertainties about the company's ability to continue as a going concern. The directors have given consideration to the company's long-term future and considered what risks could result in a situation where a going concern basis was not appropriate. They believe that safeguards are sufficient to ensure that both in the short and medium term the assets and reputation of the company are sufficiently safeguarded to ensure that the company is a viable going concern.

Income
Income represents membership fees (which are exempt from VAT), and sponsorship income, net of value added tax.

Membership
Membership consists of full and associate membership, associate members are not entitled to vote at meetings of the Members (unless a winding up resolution is being passed). The applicant must pay an annually renewable fee and in the first year of associate membership a one-off joining fee.

Membership fees are recognised in the Income Statement as income according to the period in which they relate.

Sponsorship income
Managing General Agents' Association (MGAA) receive both annual and one off event sponsorship from all tiers of membership in order to support the calendar of planned events and provide financial investment to continually improve member propositions.

Sponsorship income is recorded evenly across the trading period on a monthly basis, to better represent the nature of the transactions involved. Any amounts received prior to the period to which they relate are included as deferred income under creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - Straight line over 3 years

Impairment of tangible fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Managing General Agents' Association (Registered number: 07378522)
(Company Limited by Guarantee)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision 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 debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, and bank balances.


Managing General Agents' Association (Registered number: 07378522)
(Company Limited by Guarantee)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

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

Sponsorship income is taxable, as this is a commercial undertaking with a service going one way and payment going the other.

Membership fees are exempt from Corporation Tax, as there is no commercial undertaking. Membership fees are paid for representation.

Expenses follow the principals outlined for income. Anything directly related to the production of sponsorship or where the sponsor gains exposure is deemed taxable and is deducted from sponsorship income in order to calculate trading and taxable profit.

Anything directly related to the membership fees is deemed exempt from taxation.

Any expenses that cannot be directly related to either supply is apportioned on a percentage basis based on income and the proportion deemed related to membership fees is deemed exempt from taxation.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs
Pension costs consist of contributions made by the company to directors' and employees' personal pension plans.

Directors' salaries
Mr M Keating, the Chief Executive Officer, was the only Board member receiving emoluments in the year under review, due to his full time position as head of the Executive charged with day-to-day operations of the Association.

The remaining Board members do not receive salaries, as per previous years, and continue to provide their services free gratis.

Managing General Agents' Association (Registered number: 07378522)
(Company Limited by Guarantee)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide terminations benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 September 2023 7,347
Additions 3,760
At 31 August 2024 11,107
DEPRECIATION
At 1 September 2023 4,933
Charge for year 2,992
At 31 August 2024 7,925
NET BOOK VALUE
At 31 August 2024 3,182
At 31 August 2023 2,414

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 16,643 26,687
Other debtors 172,606 202,366
189,249 229,053

Included in other debtors is an amount of £105,065 which relates to costs incurred to date on the building of the new website (see note 10). This cost will be transferred to intangible fixed assets once the website is completed and goes 'live' in January 2025.

Also included within other debtors is £2,636 (2023 - £nil) relating to deferred tax.

Managing General Agents' Association (Registered number: 07378522)
(Company Limited by Guarantee)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 40,741 99,958
Taxation and social security 16,216 -
Other creditors 231,767 193,952
288,724 293,910

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 36,667 29,333
Between one and five years 82,500 -
119,167 29,333

The operating lease payments recognised as expenses in the year were £29,333 (2023 - £27,000).

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

The Report of the Auditors was unqualified.

Julie M Butler FCA (Senior Statutory Auditor)
for and on behalf of Butler & Co Audit Limited

9. CAPITAL COMMITMENTS

The company took the investment decision to overhaul the current website to vastly improve the user journey, provide easier access to key training tools and event registration in addition to upscaling the technical and management information library.

Costs incurred in the year to 31 August 2024 total £Nil (2023 - £60,065), these are shown in other debtors and will be capitalised once the website goes live in January 2025.

There is expected to be no additional expenditure after the year end.

10. RELATED PARTY DISCLOSURES

There are no material transactions to disclose in order to further the understanding of the financial statements. All transactions were carried out on an arm's length basis.

11. ULTIMATE CONTROLLING PARTY

The ultimate control of the company lies with the Board of Directors. Michael Keating is the Chief Executive Officer.

12. LIMITED BY GUARANTEE

The company is limited by guarantee and has no issued share capital. In the event of the company being wound up every member undertakes to contribute to the assets of the company such sum as may be required not exceeding £1.

Managing General Agents' Association (Registered number: 07378522)
(Company Limited by Guarantee)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

13. MEMBERSHIP

The company has the following membership numbers:

2024 2023

Full members 226 210
Supplier members 133 127
Insurer members 64 56
Total members 423 393