The Advertising Standards Authority Limited
(A company limited by guarantee)
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 00733214 (England and Wales)
The Advertising Standards Authority Limited
Company Information
Council Members and Directors
Ms A J Hastings
Ms C J Hilton
Ms R G Johnston
Mr R J Lloyd
Ms K J Miller
Dr R A Rumbul
Mrs K Sargent
Ms E Gordon
Mr M Howe
Mr M R Barwell
(Appointed 26 April 2024)
Ms J M Cobbing De Banderia
(Appointed 26 April 2024)
Baroness N Morgan
(Appointed 1 November 2024)
Ms M Shah
(Appointed 26 April 2024)
Secretary
Ms J A Rowland-Hill
Company number
00733214
Registered office
Castle House
Paul Street
London
England
EC2A 4LS
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
United Kingdom
EC2A 4LS
Bankers
Lloyds Bank plc
32 Oxford Street
London
W1A 2LD
Solicitors
Bates Wells & Braithwaite London LLP
10 Queen Street Place
London
EC2A 4LS
The Advertising Standards Authority Limited
Contents
Page
Directors' report
1 - 8
Independent auditor's report
9 - 12
Statement of income and retained earnings
13
Balance sheet
14
Notes to the financial statements
15 - 22
The Advertising Standards Authority Limited
Directors' Report
For the year ended 31 December 2024
Page 1

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of promoting and enforcing the highest standards of advertising in all non-broadcast media throughout the United Kingdom.

 

A detailed analysis of the company's activity, performance and future plans is contained within the annual report which can be found at www.asa.org.uk.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Lord D A Currie of Marylebone
(Resigned 31 October 2024)
Mr A Ahmed
(Resigned 26 April 2024)
Mr Z A Al-Qassab
(Resigned 26 April 2024)
Ms A J Hastings
Ms C J Hilton
Ms R G Johnston
Mr R J Lloyd
Ms K J Miller
Dr R A Rumbul
Mrs K Sargent
Mrs N Patel Woods
(Resigned 26 April 2024)
Ms E Gordon
Mr M Howe
Mr M R Barwell
(Appointed 26 April 2024)
Ms J M Cobbing De Banderia
(Appointed 26 April 2024)
Baroness N Morgan
(Appointed 1 November 2024)
Ms M Shah
(Appointed 26 April 2024)
The Advertising Standards Authority Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 2

Council and Committees structure

The ASA is governed by two Councils: broadcast and non-broadcast. There are twelve members, excluding the Chair, and all sit on both bodies. Two-thirds are independent of industry and the remaining members have a recent or current knowledge of the advertiser, agency or media sectors. Members are appointed through an open recruitment process, with all positions advertised. The members have a wide range of skills and experiences, with representation of all four nations of the UK.

 

Between 1 January 2024 and 31 December 2024, the members of the Council were:

 

Industry members

Non-industry members

Zaid Al-Qassab (resigned 26 April 2024)

Aaqil Ahmed (resigned 26 April 2024)

Matt Barwell (appointed 26 April 2024)

Murphy Cobbing (appointed 26 April 2024)

Claire Hilton

Elizabeth Gordon

Mark Howe

Alison Hastings

Kirsten Miller

Rotha Johnston

 

Richard Lloyd

 

Dr Rebecca Rumbul

 

Krystle Sargent

 

Monisha Shah (appointed 26 April 2024)

 

Nita Woods (resigned 26 April 2024)

 

Baroness Morgan of Cotes succeeded Lord Currie of Marylebone as Chair on 1 November 2024.

 

The Council operates as the Board of the ASA. It meets monthly, with a Board meeting devoted to corporate governance issues and a Casework meeting largely concerned with casework and proactive project decisions and related policy matters.

 

Governance arrangements

The ASA Chair is appointed by the Advertising Standards Board of Finance following an open recruitment process. The 12 members of Council are also appointed following an open process led by the Chair. Council members serve a maximum of two three-year terms.

 

Following a period of successful succession planning, Baroness Morgan of Cotes was appointed as Chair in June 2024, officially commencing on 1 November 2024 and replacing Lord Currie of Marylebone who reached the end of his term on 31 October 2024. Three new Council members were also appointed in 2024 due to three members reaching the end of their second three-year term.

 

In addition to its decision-maker responsibilities in administering the non-broadcast and broadcast Advertising Codes, the ASA Council is responsible for setting strategy and overseeing its delivery. During 2024, it oversaw the delivery of the first year of the ASA’s 2024-2028 strategy by ensuring the organisation’s activity remained aligned to purpose, that systems and processes were effective, and that the Senior Management Team were held to account for the day-to-day operation of the ASA’s activity.

The Advertising Standards Authority Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 3

The six strands of the 2024-2028 organisational strategy are:

  1. People: We will put people first and prioritise protecting vulnerable people. On matters of offence, we will prioritise only the most serious cases. We will take account of prevailing societal trends and beliefs to inform our regulation and ensure we represent everyone. And we will make sure we have the best people, recruiting, retaining and exploring more flexible working practices for people from both diverse backgrounds and a wider geographical area.  

  2. Planet: We will run our Climate change and the environment project throughout the strategy period, as well as continuing to implement our own Net Zero plan.  

  3. Online: We will continue to regulate all forms of online advertising that we cover, using our AI-based Active Ad Monitoring system to identify and swiftly act against irresponsible online ads, as well as provide more comprehensive reporting on compliance levels. We will champion how we think the regulatory framework should develop to help meet the challenges we face regulating online ads, bringing greater transparency and broader accountability. We will work closely with other statutory regulators whose remits overlap with ours and play our part in tackling fraud involving online ads. And we will be authoritative and influential in online ad regulation.   

  4. Awareness and buy-in: We will be ambitious in increasing public and opinion-former awareness of, and trust in, the nature and extent of our ad regulation in all media. We will continue to make the case for collective ad regulation to the ad industry. And we will continue to invest in our data science capability, more people to address over-leanness in some areas and more people to act on data science insights.  

  5. Collective ad regulation: We will continue to work with governments and statutory regulators, including to explore and as necessary address any material gaps in ad regulation. And we will, through our membership of EASA and ICAS, continue our engagement with supranational organisations and institutions.  

  6. Operational transformation: We will prioritise proactive regulatory projects that adopt a ‘whole system’ approach on ad-related issues that cause the most detriment to people. We will resolve investigations quicker. And we will fully exploit data science, deploying mature capability and securing access to more ads and better data about them.

The Advertising Standards Authority Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 4

Council meeting attendance in 2024

Jan

Feb

Mar

Apr

May

Jun

Jul

Sep

Oct

Nov

Dec

Lord Currie of Marylebone (Chair)

n/a

n/a

Baroness Morgan of Cotes (Chair)

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Aaqil Ahmed

X

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Zaid Al-Qassab

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Matt Barwell

n/a

n/a

n/a

X

Murphy Cobbing

n/a

n/a

n/a

Claire Hilton

X

Elizabeth Gordon

Alison Hastings

Mark Howe

Rotha Johnston

Richard Lloyd

X

X

X

Kirsten Miller

X

Dr Rebecca Rumbul

Krystle Sargent

X

X

Monisha Shah

n/a

n/a

n/a

Nita Woods

n/a

n/a

n/a

n/a

n/a

n/a

n/a

 

Sub-committees

The Council is supported by three committees whose role is to closely monitor organisational performance and people, finance and risk matters. The committee chairs provide an update to the Council after each committee meeting.

 

Appointments, Remuneration and People Committee

The purpose of the Appointments, Remuneration and People Committee is to oversee organisation-level people-related issues, including the development and delivery of the People Strategy. The Committee also reviews the results of the ASA employee surveys and management’s response and considers updates from the Equality, Diversity and Inclusion Working Group. It also receives reports from the Chair and Chief Executive on Chief Executive, Directors and staff remuneration and periodically reviews Council member remuneration. The committee comprises a minimum of three Council members and the ASA.

 

Appointments, Remuneration and People Committee meeting attendance

g

Feb

Sep

Lord Currie of Marylebone (Chair)

 

Baroness Morgan of Cotes (Chair)

 

n/a

Claire Hilton

 

Elizabeth Gordon

 

n/a

Alison Hastings

 

X

Richard Lloyd

 

Krystle Sargent

 

 

The Advertising Standards Authority Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 5

Risk and Audit Committee

The purpose of the Risk and Audit Committee is to examine the ASA’s revenues and costs and advise on areas such as business continuity and risk management. It also monitors the ASA’s internal controls and financial reporting. Any significant findings or identified weaknesses are closely examined so that appropriate action can be taken, monitored, and reported to the Board. The Committee also reviews the draft financial statements and post-audit findings before their presentation to the Board and advises the Board on the appointment of external auditors.

 

During the year the Committee carried out a deep-dive into the risks of recruiting into hard to fill roles, and the risks associated with our ongoing move to a ‘whole system’ approach to regulatory projects.

 

The Risk and Audit Committee comprises a minimum three council members, one of whom is Chair, plus the ASA Chair. The committee meets not less than three times a year.

 

Risk and Audit Committee meeting attendance

g

Mar

Jun

Sep

Aaqil Ahmed

 

n/a

n/a

Zaid Al-Qassab

 

n/a

n/a

Mark Howe

 

n/a

X

Rotha Johnston

 

n/a

Richard Lloyd

 

Kirsten Miller

 

Dr Rebecca Rumbul

 

n/a

Nita Woods

 

n/a

n/a

 

Performance Review Committee

The purpose of the Performance Review Committee is to review the ASA’s full and half year performance reports on behalf of Council. It comprises a minimum three council members, one of whom is Chair, plus the ASA Chair. The committee meets not less than twice a year.

 

All meetings held in 2024 were quorate.

 

Performance Review Committee meeting attendance

g

Mar

Aug

Zaid Al-Qassab

 

n/a

Elizabeth Gordon

 

n/a

Alison Hastings

 

n/a

X

Rotha Johnston

 

X

Kirsten Miller

 

Dr Rebecca Rumbul

 

X

Krystle Sargent

 

X

 

Governance Review

 

During 2024, Council agreed to carry out an internal review of the ASA’s governance arrangements. It was not intended to be a full, external evaluation of board effectiveness, but to provide the Council and its incoming chair with an assessment of current practices and practical proposals for possible adjustments, including feedback from non-executives and executives.

The Advertising Standards Authority Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 6

The review found that the ASA’s governance arrangements are both compliant with relevant standards and felt to be highly effective by non-executive directors and senior executives alike. The system of committees with delegated responsibility to scrutinise the organisation’s performance, risk, finances and people strategy is effective and in line with good practice. An Equality, Diversity and Inclusion Working Group has been effective in ensuring the ASA has senior focus on this important dimension of organisational strategy. Reporting back to the Council by committee chairs is timely and effective, and key strategic items such as the risk register and performance reporting are given additional time at the full Board.

 

Opportunities to improve transparency reporting, processes to support the effectiveness or performance of board members and board programming were identified and the recommendations will be implemented over a 12–18-month period.

 

Oversight of strategic risks

Oversight of strategic risks is delegated by Council to the Risk and Audit Committee which reviews the organisational risk register twice a year.

 

The most significant risks at the end of the financial year related to:

 

Remuneration

 

Council member remuneration

Council members receive remuneration of £20,000 per annum for an average time commitment of three days per month. A supplement of £500 is paid to members based outside London and the home counties. Remuneration is reviewed every three years with consideration of available benchmarks. Council remuneration was last reviewed in April 2024.

 

The Chair receives remuneration of £137,760 for an average time commitment of 14 hours per week. The Chair’s remuneration is set by the Advertising Standards Board of Finance which operates at arm’s length from the Advertising Standards Authority.

 

Staff remuneration

The ASA’s remuneration policy is developed by the Director of Corporate Services in conjunction with the Chief Executive and Senior Management Team and is designed to support our strategic objective to attract and retain the best talent whist upholding principles of fairness, transparency and sustainability. All roles are periodically benchmarked against comparable roles in the regulation sector and, as appropriate, beyond. This exercise, alongside a comprehensive job evaluation exercise and review of the organisation’s benefits package, was last begun in 2024 and is due for completion in early 2025.

The Advertising Standards Authority Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 7

Annual pay awards, which comprise a cost of living and individual performance award element, are agreed by the Senior Management Team on the recommendation of the Director of Corporate Services. An average 5% total award was made in 2024.

 

Staff are also eligible for a core benefits package comprising life assurance, income protection and private medical insurance and an employer’s pension contribution of up to 7% (Senior Management Team 15%) according to the level of employee contribution.

 

Chief Executive and Directors remuneration

Chief Executive and Directors’ remuneration is set in the same way as staff pay. These roles are also eligible for a non-consolidated performance bonus of up to 10%, awarded on the basis of individual and organisational performance.

 

Pay multiples

The table below discloses the relationship between the total remuneration of the highest-paid director against the 25th percentile, median and 75th percentile of remuneration of our workforce. The middle of the banded remuneration of the highest-paid director has been used for the ratio calculation.

 

2023

25th percentile

Median

75th percentile

Salary component of total remuneration (£)

£28,595

£41,544

£50,443

Ratio (against highest paid director)

7.2

4.96

4.08

 

Gender and ethnicity pay gap

We voluntarily report our gender and ethnicity pay gaps on our website (www.asa.org.uk).

 

Our latest median gender pay gap (2023) was 10.7% and the mean gender pay gap was 18.3%, both in favour of male employees. The median gender bonus gap for 2023 was 7.8% and the mean gender bonus gap is 37.2% (both in favour of male employees).

 

Our latest median ethnicity pay gap (2023) was 0.3% in favour of white employees and our mean pay gap is 5.7% in favour of ethnic minority employees. The median bonus gap was 2.6% in favour of white employees and our mean bonus gap is 12.3% in favour of ethnic minority employees.

 

A detailed analysis of the company's activity, performance and future plans is contained within the ASA and CAP annual report, which can be found at www.asa.org.uk.

The Advertising Standards Authority Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 8
Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of council members and directors responsibilities

The Council members and Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the Council members and Directors to prepare financial statements for each financial year. Under that law the Council members and Directors 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 Council members and 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 Council members and Directors arerequired to:

 

 

The Council members and 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

By order of the board
Ms J A Rowland-Hill
Mr R J Lloyd
Secretary
Director
24 June 2025
The Advertising Standards Authority Limited
Independent Auditor's Report
To the Members of The Advertising Standards Authority Limited
Page 9
Opinion

We have audited the financial statements of The Advertising Standards Authority Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 company's ability to continue as a going concern for a period of at least twelve 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.

 

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 course of 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.

The Advertising Standards Authority Limited
Independent Auditor's Report (Continued)
To the Members of The Advertising Standards Authority Limited
Page 10

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the 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 Directors' Report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Statement of Council members' and Directors' Responsibilities, 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.

The Advertising Standards Authority Limited
Independent Auditor's Report (Continued)
To the Members of The Advertising Standards Authority Limited
Page 11
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 auditor's 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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

The Advertising Standards Authority Limited
Independent Auditor's Report (Continued)
To the Members of The Advertising Standards Authority Limited
Page 12

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 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.

Callum Gritt
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
25 June 2025
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
The Advertising Standards Authority Limited
Statement of Income and Retained Earnings
For the year ended 31 December 2024
Page 13
2024
2023
Notes
£
£
Income
3
7,692,883
7,072,810
Administrative expenses
(7,873,741)
(6,954,999)
Operating (deficit)/surplus
4
(180,858)
117,811
Interest receivable and similar income
91,194
84,401
Interest payable and similar expenses
-
0
(180)
(Deficit)/surplus before taxation
(89,664)
202,032
Tax on (deficit)/surplus
7
10,494
(45,817)
(Deficit)/surplus for the financial year
(79,170)
156,215
Retained earnings brought forward
382,337
226,122
Retained earnings carried forward
303,167
382,337
The Advertising Standards Authority Limited
Balance Sheet
As at 31 December 2024
Page 14
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
8
4,424
8,845
Tangible assets
9
21,460
63,018
25,884
71,863
Current assets
Debtors
10
883,411
561,111
Cash at bank and in hand
199,767
553,639
1,083,178
1,114,750
Creditors: amounts falling due within one year
11
(700,295)
(685,019)
Net current assets
382,883
429,731
Total assets less current liabilities
408,767
501,594
Creditors: amounts falling due after more than one year
12
-
0
(13,657)
Provisions for liabilities
13
(105,600)
(105,600)
Net assets
303,167
382,337
Reserves
Income and expenditure account
303,167
382,337
Members' funds
303,167
382,337

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

The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Mr R J Lloyd
Chairman of the Risk and Audit Committee
Company Registration No. 00733214
The Advertising Standards Authority Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 15
1
Accounting policies
Company information

The Advertising Standards Authority Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Castle House, Paul Street, London, England, EC2A 4LS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The ASA Chairman, the Risk and Audit Committee Chairman, the Chief Executive and the Company Secretary work closely with The Advertising Standards Board of Finance (ASBOF) on the preparation of multi-year forecasts to ensure that the ASA is sustainably funded and are confident that the business can continue to trade and meet its liabilities as they fall due for at least one year from the date of approval of the financial statements. trueTherefore, ASBOF has pledged to support the company for at least 12 months from the date of approval of these financial statements. It will continue to make available such funds as are needed by the company to enable the company to continue in operational existence for the foreseeable future. With this support, the directors and council members are confident that the company will remain in operation for the foreseeable future, and therefore consider it appropriate to continue to adopt going concern basis for accounting.

1.3
Income and expenditure

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT if applicable.

 

Cash received from ASBOF is credited to the profit and loss in accordance with the amounts agreed with them for the financial year.

 

Seminar income is recognised on the seminar date.

 

Expenses directly attributable to events is recognised net of VAT.

 

Otherwise, expenses include VAT where applicable as Levy income is exempt.

 

All expenditure is dealt with on a accruals basis.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
4 years straight line
The Advertising Standards Authority Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 16
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over remaining term of the lease to April 2025
Office furniture & equipment
4 years
Computer hardware
4 years

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax

 

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in surplus or deficit in the period in which it arises.

The Advertising Standards Authority Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 17
1.10
Retirement benefits

The company utilises a defined contribution pension scheme. Contributions to the defined contribution scheme are charged to the statement of comprehensive income as they become payable.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Assets obtained under finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of comprehensive income to produce a constant periodic rate of change on the net obligation outstanding in each period.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue

Cash received from ASBOF has been recognised as revenue within the accounts as opposed to grant income. The money has been received in exchange for the service of a regulator and there are no conditions linked to how the money being transferred should be spent.

3
Turnover and other revenue

Income and other operating income was generated in the following territories and from the following sources.

2024
2023
£
£
Turnover analysed by geographical market
United Kingdom levy & sundry income
7,255,491
6,627,979
European Union levy income
437,392
444,831
7,692,883
7,072,810
The Advertising Standards Authority Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 18
4
Operating (deficit)/surplus
2024
2023
Operating (deficit)/surplus for the year is stated after charging:
£
£
Emoluments of Council members and Directors:
- Emoluments, attendance allowances & travel expenses
282,449
256,213
Auditor's remuneration:
- Audit
23,400
21,300
- Non-audit
8,760
8,100
Depreciation of tangible fixed assets
41,558
58,830
Amortisation of intangible fixed assets
4,421
4,421
Operating lease rentals for land and buildings
407,039
451,813
5
Employees

The average monthly number of persons (including Council members and Directors) employed jointly by the company and The Advertising Standards Authority (Broadcast) Limited during the year was:

2024
2023
Number
Number
155
138

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,658,158
4,100,393
Social security costs
498,418
440,397
Pension costs
304,480
234,718
5,461,056
4,775,508
6
Directors' remuneration

The total emoluments and fees paid to the Council members, including the Chairman, were £282,449 (2023 - £256,213). The emoluments (including benefits) in respect of the Chairman, being the highest paid director, were £106,838 (2023 - £101,542) and £nil (2023 - £nil) to defined contribution pension schemes. Council members, other than the Chairman, were remunerated from £10,277 to £13,261 per annum.

The Advertising Standards Authority Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 19
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
31,144
Adjustments in respect of prior periods
(10,494)
-
0
Total current tax
(10,494)
31,144
Deferred tax
Origination and reversal of timing differences
-
0
14,673
Total tax (credit)/charge
(10,494)
45,817
8
Intangible fixed assets
Software
£
Cost
At 1 January 2024
88,028
Disposals
(403)
At 31 December 2024
87,625
Amortisation and impairment
At 1 January 2024
79,183
Amortisation charged for the year
4,421
Disposals
(403)
At 31 December 2024
83,201
Carrying amount
At 31 December 2024
4,424
At 31 December 2023
8,845
The Advertising Standards Authority Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 20
9
Tangible fixed assets
Leasehold improvements
Office furniture & equipment
Computer hardware
Total
£
£
£
£
Cost
At 1 January 2024
158,667
61,114
190,933
410,714
Disposals
-
0
(857)
(53,581)
(54,438)
At 31 December 2024
158,667
60,257
137,352
356,276
Depreciation and impairment
At 1 January 2024
122,352
55,872
169,472
347,696
Depreciation charged in the year
28,419
1,790
11,349
41,558
Eliminated in respect of disposals
-
0
(857)
(53,581)
(54,438)
At 31 December 2024
150,771
56,805
127,240
334,816
Carrying amount
At 31 December 2024
7,896
3,452
10,112
21,460
At 31 December 2023
36,315
5,242
21,461
63,018
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
180,016
32,136
Corporation tax recoverable
10,077
-
0
Amounts owed by the ASAB
159,782
-
0
Other debtors
102,247
1,550
Prepayments and accrued income
431,289
527,425
883,411
561,111
The Advertising Standards Authority Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 21
11
Creditors: amounts falling due within one year
2024
2023
£
£
Rent-free accrual
16,287
57,256
Trade creditors
64,081
72,919
Amounts due to the ASAB
-
0
48,840
Corporation tax
-
0
31,561
Other taxation and social security
284,429
261,905
Other creditors
79,687
67,171
Accruals and deferred income
255,811
145,367
700,295
685,019
12
Creditors: amounts falling due after more than one year
2024
2023
£
£
Rent-free accrual
-
0
13,657
13
Provisions for liabilities
2024
2023
£
£
Dilapidations
105,600
105,600
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
304,480
234,718

The company operates a defined contribution pension scheme.

 

In 2013 the company introduced a flexible benefit scheme and changed the pension scheme to a Group Personal Pension Plan with Aegon. The company's contributions to this scheme are fixed at a maximum of 7% of pensionable salary for staff (15% for senior management). Members' contributions are variable. At the year end £75,903 (2023: £65,776) was outstanding.

15
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

The Advertising Standards Authority Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 22
16
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
22,762
484,327
17
Related party transactions

During the year, the company charged £3,700,625 (2023: £3,269,980) to The Advertising Standards Authority (Broadcast) Limited (ASAB) a company under common control, for shared costs which were apportioned on staff headcount and workload.

 

At the balance sheet date, the amount due from the ASAB was £159,782 (2023: due to £48,480).

 

18
Controlling party

There is no ultimate controlling party of the association.

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