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Registered number: 07321607
The PiXL Club Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Company Information 1
Strategic Report 2—3
Directors' Report 4—5
Independent Auditor's Report 6—9
Statement of Income and Retained Earnings 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14—23
Page 1
Company Information
Directors Mr J Cornally
Mrs C Hardman
Mrs R Johnson
Company Number 07321607
Registered Office Ground Floor Office, Allinson Court
Old Market Place
Ripon
Yorkshire
HG4 1AL
Accountants GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Auditors Larking Gowen LLP
1st Floor, Prospect House
Rouen Road
Norwich
Norfolk
NR1 1RE
Bankers HSBC PLC
136 High Street
Stockton-on-Tees
Durham
TS18 1LR
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 31 August 2024.
Principal Activity
The company’s principal activity continues to be that of providing support to a range of educational institutions including primary, infant and secondary schools, sixth forms settings and Multi-Academy Trusts. Support includes the provision and co-ordination of expertise and resources to develop leaders in schools and raise individual student outcomes, as well as developing both character and culture within education settings. The increasing focus over the last few years has been around leadership and equipping leaders with the tools they need to make the change they want to see. The organisation remains completely committed to walking alongside leaders and providing an intelligence led and evidenced informed approach to their events, resources and strategies to support and influence the work of schools. 
Review of the Business
We are reporting an operating deficit for the period ended 31 August 2024 of £159,574 (2023: £52,121). We have a full in person offering of national conferences and in the year 2023-2024 also had our associate visit model included in the membership fee, which has remained frozen since 2019. The associate model as it has been since PiXL’s inception is changing from September 2024 and so the groundwork has been laid in this academic year. We want to offer a more personal and bespoke service to schools which gives them more control and unlimited access to what they need, when they need it. Subject conferences and English, Science and Maths Festivals (new in 2024) remain as an additional service and numbers to those are beginning to steadily increase. 
Our flagship conferences continued to be recorded to support those school leaders who could not be released from school, although people are using this service to re-watch some of the most pertinent parts of the conference and use them to train others who could not attend. Recruitment and retention remains an issue in schools, as does the concern about being out of school should OFSTED call. Deliberately moving our conferences to Thursdays and Fridays seems to have helped a little to alleviate that fear and we are seeing people return.
Throughout the last year, we have seen the interest in courses for the School of PiXL Leadership increase, although these are chargeable conferences currently, hundreds of people are paying additionally to invest in their own leadership. The publication of 2 books (Time to Think and Time to Think 2) between October 2023 and May 2024 has significantly accelerated this leadership and ‘human focused’ conversation and both books placed regularly in the top 10 in the Amazon educational leadership category after release. The PiXL Podcasts (Pearls and Bookclub) are now being listened to in 26 countries which is widening our reach and influence. We will be doing more in the leadership space to meet the obvious need and desire from school leaders into the next year as we invest time and energy into that area.
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Principal Risks and Uncertainties
Tightening budgets of schools in the current climate is still the reason most often cited for not being able to join or renew, and a small number of schools were facing closure or joining Trusts who were centrally controlling spending. We are seeing a return of schools particularly in Secondary who are seeing not only the benefit of what we offer now but the money it can save them. All sectors can benefit from PiXL Save, a scheme which enables schools to receive a discount off services from other significant providers through being a PiXL member. Our work in MATs has continued to grow, with 100 engaging all their schools in membership. The MAT conferences have continued to be a highlight of the year as we engage with a range of different high-profile speakers sharing their insights. We are seeing an increased number of guests at conferences and a renewed interest in membership and this year welcomed the largest number of new schools into our membership in recent years.
We have continued to make large investments in several areas of the business to increase brand awareness as well as efficiencies through technology. We are seeing increased engagement across all social media channels and have won several awards from Teacher Tapp recognising we are ‘high risers’ in customer satisfaction in the educational field, we are delighted that this has been recognised on a national scale.
We have invested in our website and a brand-new platform, powered through Microsoft Dynamics, which enables schools to book networks and specialists at the click of a button from October 2024. This offer will go live next academic year but the planning started in 2023-2024 and testing happened towards the end of this academic year. This platform will replace the associate model moving forward and contracts for Associates will not be renewed. The business has been moving through a transformational change cycle this year as we move towards where we want to be.
On behalf of the board
Mrs R Johnson
Director
23/03/2025
Page 3
Page 4
Directors' Report
The directors present their report and the financial statements for the year ended 31 August 2024.
Future Developments
The first phase of the development is now complete having established a platform that will make the customer experience more dynamic and efficient. The introduction of the first part of the CRM has already got the potential to enable us to make nuanced decisions in the best interest of the business and our schools. We will be able to see customer engagement and behaviour through regular generation of reports. This is in the testing phase now but goes live in October 2024.
The Directors, together with our Voting Members, are confident that the organisation is delivering its aims and is secure especially with the significant decision to change the way we deliver support to schools through a new platform run by staff rather than through consultants. We know that any change in model can be significant to customers, but we also believe that this decision will enable us to gather more intelligence from schools and therefore be more responsive to need. We will be able to train and develop staff so they are experts in a way that we could not do with consultants. We believe that this move will enable us to have a consistent approach, a more efficient service and more reliable intelligence on which to act as we move into the new academic year.
We are delighted that through listening to leaders in schools and engaging with so many members, we can continue to innovate and develop what is needed to support them and the young people in their schools, no matter what the challenge. We believe that the work of schools is hugely significant and important for the future of our country and as school leaders face the challenges that the current climate brings, we want to equip and be alongside them. We are so proud of the work our schools do and serving them well is, and remains, our priority. 
Financial Instruments
The company's principal financial instruments are trade debtors and trade creditors.
Directors
The directors who held office during the year were as follows:
Mr J Cornally
Mrs C Hardman
Mrs R Johnson
Post Balance Sheet Events
There are no notable post-balance sheet events.
Employees
We are an Equal Opportunities employer and are able to accommodate all categories of employees. Our hybrid working policy accommodates any disability needs. 
Employee Engagement Statement
Staff are constantly kept informed of any new processes via the handbook and consultation. They are also consulted on new policy. We regularly ask for their feedback through meetings and surveys and work together on building and embedding company culture and leadership behaviours.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
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Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 profit or loss of the company for that period. In preparing the 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;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Larking Gowen LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mrs R Johnson
Director
23/03/2025
Page 5
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Independent Auditor's Report
Opinion
We have audited the financial statements of The PiXL Club Limited for the year ended 31 August 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its deficit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 6
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Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on Which We Are Required to Report by Exception
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4—5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Page 7
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Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. 
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities,  including fraud,  are instances of non-compliance with laws and regulations. 
We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 
The extent to which our procedures are capable of detecting irregularities,  including fraud is detailed below:
‑ Enquiries with management about any known or suspected instances of fraud, non‑compliance with laws and regulation or potential litigation or claims;
‑ Reviewing legal and professional fees and discussing any matters where the Company has engaged lawyers during the year;
‑ Reviewing financial statement disclosures and testing to supporting documentation;
‑ Reviewing board meeting minutes;
‑ Challenging assumptions and judgements made by management in their significant accounting estimates; and
‑ Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of any significant transactions outside the normal course of business.
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. 
This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. 
This description forms part of our Auditors' report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
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John Atkins ACA FCCA (Senior Statutory Auditor)
for and on behalf of Larking Gowen LLP , Statutory Auditor
31/03/2025
Larking Gowen LLP
1st Floor, Prospect House
Rouen Road
Norwich
Norfolk
NR1 1RE
Page 9
Page 10
Statement of Income and Retained Earnings
2024 2023
Notes £ £
TURNOVER 4 7,005,019 7,031,605
Cost of sales (6,085,853 ) (5,978,347 )
GROSS SURPLUS 919,166 1,053,258
Administrative expenses (1,396,109 ) (1,156,108 )
Other operating income - 42,579
Fair value gains on investments 317,369 8,150
OPERATING DEFICIT 6 (159,574 ) (52,121 )
Other interest receivable and similar income 10 99,888 38,345
DEFICIT BEFORE TAXATION (59,686 ) (13,776 )
Tax on Deficit 11 (3,807 ) 8,489
DEFICIT AFTER TAXATION BEING DEFICIT FOR THE FINANCIAL YEAR (63,493 ) (5,287 )
RETAINED EARNINGS
As at 1 September 2023 3,455,041 3,460,328
As at 31 August 2024 3,391,548 3,455,041
The notes on pages 13 to 23 form part of these financial statements.
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Balance Sheet
Registered number: 07321607
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 127,575 -
Tangible Assets 13 31,671 24,646
Investments 14 2,822,758 2,505,389
2,982,004 2,530,035
CURRENT ASSETS
Debtors 15 652,248 490,469
Cash at bank and in hand 4,943,123 5,957,036
5,595,371 6,447,505
Creditors: Amounts Falling Due Within One Year 16 (5,185,827 ) (5,522,499 )
NET CURRENT ASSETS (LIABILITIES) 409,544 925,006
TOTAL ASSETS LESS CURRENT LIABILITIES 3,391,548 3,455,041
NET ASSETS 3,391,548 3,455,041
Income and Expenditure Account 3,391,548 3,455,041
MEMBERS' FUNDS 3,391,548 3,455,041
On behalf of the board
Mrs R Johnson
Director
23/03/2025
The notes on pages 13 to 23 form part of these financial statements.
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash (used in)/generated from operations 1 (956,709 ) 774,657
Tax paid - (100,909 )
Net cash (used in)/generated from operating activities (956,709 ) 673,748
Cash flows from investing activities
Purchase of intangible assets (133,713 ) -
Purchase of tangible assets (23,379 ) (14,153 )
Interest received 99,888 38,345
Net cash (used in)/generated from investing activities (57,204 ) 24,192
(Decrease)/increase in cash and cash equivalents (1,013,913 ) 697,940
Cash and cash equivalents at beginning of year 2 5,957,036 5,259,096
Cash and cash equivalents at end of year 2 4,943,123 5,957,036
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Notes to the Statement of Cash Flows
1. Reconciliation of loss for the financial year to cash (used in)/generated from operations
2024 2023
£ £
Loss for the financial year (63,493 ) (5,287 )
Adjustments for:
Tax on loss 3,807 (8,489 )
Interest income (99,888 ) (38,345 )
Amortisation of intangible assets 6,138 -
Depreciation of tangible assets 16,354 14,377
Net fair value gains recognised in profit or loss (317,369) (8,150)
Movements in working capital:
Increase in trade and other debtors (165,586 ) (53,492 )
(Decrease)/increase in trade and other creditors (336,672 ) 874,043
Net cash (used in)/generated from operations (956,709 ) 774,657
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 4,943,123 5,957,036
3. Analysis of changes in net funds
As at 1 September 2023 Cash flows As at 31 August 2024
£ £ £
Cash at bank and in hand 5,957,036 (1,013,913) 4,943,123
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Notes to the Financial Statements
1. General Information
The PiXL Club Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 07321607 . The registered office is Ground Floor Office, Allinson Court, Old Market Place, Ripon, Yorkshire, HG4 1AL.
2. Statement of Compliance
The financial statements have been prepared in compliance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the company.
3.2. Going Concern Disclosure
The directors have not identified any material uncertainties relating to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
Whilst the business incurred a deficit in the financial period,  it still has the full support of the directors and a healthy working capital position, and is therefore expected to continue trading for the foreseeable future.
3.3. Turnover
The company's income is recognised as follows:
Membership Income / Subscriptions
This type of revenue is recognised on an accruals basis with reference to the school year.
Event and Course Income
This type of revenue is recognised in the period in which the event or course occurs.
3.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are app and system development costs. They are amortised to income and expenditure account over their estimated economic life of 5 years.
3.5. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 the asset as follows:
Computer Equipment 33.33% straight line
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.
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3.6. Investments
Investments are carried at fair value determined annually by the directors. Changes in fair value are recognised in the income and expenditure account.
3.7. Leasing and Hire Purchase Contracts
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.
3.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.9. Financial Instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of profit or loss, with exception of hedging instruments in a designated hedging relationship.
3.10. Interest Receivable
Interest income is recognised in the profit or loss using the effective interest method.
3.11. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.  In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax 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.
Deferred tax is recognised in respect of all timing differences at the reporting date.  Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.  Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
3.12. Pensions
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.
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3.13. Expenses
The company recognises expenses as follows:
Costs are recognised with reference to the period that the related income is recognised.
Cost associated with school visits and running events are recognised in the period in which the event occurs.
All fees associated with a strategy or programme that will form part of the core offer are recognised in the period in which the strategy or programme is launched or when the service is received.
Licence costs and overheads are recognised with reference to the period that they relate to.
Core staff salary, on costs and fees associated with leadership, are recognised on an individual level with reference to the period with which the work being undertaken relates.
3.14. Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
3.15. Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Turnover
Turnover arises from:
2024
2023
£
£
Membership income
6,280,224
6,639,971
Non-Membership income
649,719
391,634
image
image
6,929,943
image
7,031,605
image
5. Other Operating Income
2024 2023
£ £
Other operating income - 42,579
- 42,579
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6. Operating Deficit
The operating deficit is stated after charging:
2024 2023
£ £
Bad debts (62) 2,006
Operating lease rentals 92,580 17,880
Depreciation of tangible fixed assets 16,354 14,377
Amortisation of intangible fixed assets 6,138 -
7. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 13,950 13,500
8. Average Number of Employees
Average number of employees, including directors, during the year was: 72 (2023: 71)
72 71
9. Directors' remuneration
2024 2023
£ £
Emoluments 181,944 549,055
Company contributions to money purchase pension schemes 17,854 37,252
199,798 586,307
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 1 2
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 137,340 127,200
Company contributions to money purchase pension schemes 17,854 16,536
155,194 143,736
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10. Interest Receivable and Similar Income
2024 2023
£ £
Bank deposits 1,118 4,610
Interest received on investment 98,770 33,735
99,888 38,345
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11. Tax on Surplus
The tax charge/(credit) on the deficit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 25.0% - (4,682 )
Deferred Tax
Deferred taxation 3,807 (3,807 )
Total tax charge/(credit) for the year 3,807 (8,489 )
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the deficit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax (59,686) (13,776)
Tax on profit at 25% (UK standard rate) (15,544 ) (3,211 )
Goodwill/depreciation not allowed for tax 5,623 2,731
Expenses not deductible for tax purposes (79,342 ) 150
Tax losses utilised 96,901 -
Capital allowances (7,638 ) (4,352 )
Short term timing differences 3,807 (3,807 )
Total tax charge for the period 3,807 (8,489)
12. Intangible Assets
Development Costs
£
Cost
As at 1 September 2023 -
Additions 133,713
As at 31 August 2024 133,713
Amortisation
As at 1 September 2023 -
Provided during the period 6,138
As at 31 August 2024 6,138
...CONTINUED
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Net Book Value
As at 31 August 2024 127,575
As at 1 September 2023 -
13. Tangible Assets
Computer Equipment
£
Cost
As at 1 September 2023 88,388
Additions 23,379
As at 31 August 2024 111,767
Depreciation
As at 1 September 2023 63,742
Provided during the period 16,354
As at 31 August 2024 80,096
Net Book Value
As at 31 August 2024 31,671
As at 1 September 2023 24,646
14. Investments
Other
£
Cost
As at 1 September 2023 2,505,389
Revaluations 317,369
As at 31 August 2024 2,822,758
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 2,822,758
As at 1 September 2023 2,505,389
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15. Debtors
2024 2023
£ £
Due within one year
Trade debtors 57,165 24,309
Prepayments and accrued income 590,401 455,696
Other debtors - 1,975
Corporation tax recoverable assets 4,682 4,682
Deferred tax current asset - 3,807
652,248 490,469
16. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 318,129 232,047
Payments on account 44,678 23,439
Other creditors 245,968 252,228
Taxation and social security 704,661 863,565
Accruals and deferred income 3,872,391 4,151,220
5,185,827 5,522,499
17. Deferred Taxation
The provision for deferred tax is made up as follows:
£
£
Net book value of fixed assets per financial statements
31,671
24,646
Tax written down value of fixed assets 
23,379
39,874
Difference
£8,292
image
-£15,228
image
Due to a deferred tax asset being available through tax losses that exceeds the deferred tax liability on the timing difference between the values of depreciated assets and their tax written down value and the deferred tax on the revaluation gain no deferred tax liability has been recognised.
The deferred tax asset is also not recognised as the company has made a deficit in the current and prior year and it is not clear that the recognition criteria for an asset is met.
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18. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 101,622 92,580
Later than one year and not later than five years - 81,450
101,622 174,030
19. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £310,015 (2023: £204,713)
At the balance sheet date contributions of £55,675 (2023: £60,743) were due to the fund and are included in creditors.
20. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
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21. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024
2023
£
£
Wages and salaries
2,858,066
2,877,318
Social security
282,176
300,540
Pensions
215,188
image
204,643
image
3,355,430
image
3,382,501
image
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