Payments Innovation Forum Limited 05955151 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is developing payment standards and communication on behalf of its members. Digita Accounts Production Advanced 6.30.9574.0 true true 05955151 2024-01-01 2024-12-31 05955151 2024-12-31 05955151 core:RetainedEarningsAccumulatedLosses 2024-12-31 05955151 core:CurrentFinancialInstruments 2024-12-31 05955151 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 05955151 core:FurnitureFittingsToolsEquipment 2024-12-31 05955151 bus:SmallEntities 2024-01-01 2024-12-31 05955151 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 05955151 bus:AbridgedAccounts 2024-01-01 2024-12-31 05955151 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05955151 bus:RegisteredOffice 2024-01-01 2024-12-31 05955151 bus:Director1 2024-01-01 2024-12-31 05955151 bus:Director12 2024-01-01 2024-12-31 05955151 bus:Director17 2024-01-01 2024-12-31 05955151 bus:Director18 2024-01-01 2024-12-31 05955151 bus:Director2 2024-01-01 2024-12-31 05955151 bus:Director21 2024-01-01 2024-12-31 05955151 bus:Director22 2024-01-01 2024-12-31 05955151 bus:Director4 2024-01-01 2024-12-31 05955151 bus:Director5 2024-01-01 2024-12-31 05955151 bus:Director6 2024-01-01 2024-12-31 05955151 bus:Director8 2024-01-01 2024-12-31 05955151 bus:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 05955151 bus:Agent1 2024-01-01 2024-12-31 05955151 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05955151 core:PaymentsOnAccount 2024-01-01 2024-12-31 05955151 core:ComputerEquipment 2024-01-01 2024-12-31 05955151 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 05955151 countries:England 2024-01-01 2024-12-31 05955151 2023-12-31 05955151 core:RetainedEarningsAccumulatedLosses 2023-12-31 05955151 core:FurnitureFittingsToolsEquipment 2023-12-31 05955151 2023-01-01 2023-12-31 05955151 2023-12-31 05955151 core:CurrentFinancialInstruments 2023-12-31 05955151 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05955151 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05955151 2022-12-31 05955151 core:RetainedEarningsAccumulatedLosses 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 05955151

Payments Innovation Forum Limited

(A company limited by guarantee)

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2024

 

Payments Innovation Forum Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Abridged Financial Statements

8 to 11

 

Payments Innovation Forum Limited

Company Information

Directors

Ms Diane Brocklebank

Mr J P Field

Dr H D Gerhartinger

Mr Boris Diakonov

Mr David John Walsh

Mr JDL Askham

Mr C J Ellis

Ms S H Moore

Mr P K Sidenius

Mr Matthew John Sloan

Mr Nirav Patel

Registered office

86-90 Paul Street
London
EC2A 4NE

Accountants

Mr John Graham Eardley
Chartered AccountantEardley & Co ltd
Borrowash
Borrowash
Derby
Derbyshire
DE72 3JZ

 

Payments Innovation Forum Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

The directors who held office during the year were as follows:

Ms Diane Brocklebank

Mr J P Field

Dr H D Gerhartinger

Mr Boris Diakonov

Mr David John Walsh

Mr JDL Askham

Mr C J Ellis

Ms S H Moore

Mr P K Sidenius

Mr Matthew John Sloan

Mr Nirav Patel

Principal activity

The principal activity of the company is developing payment standards and communication on behalf of its members.

Going concern

The Company exists for the benefit of its members and does not intend to make profits, therefore relies upon the continuing financial support of its membership.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 1 July 2025 and signed on its behalf by:
 

.........................................
Ms S H Moore
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Payments Innovation Forum Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Payments Innovation Forum Limited for the year ended 31 December 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Payments Innovation Forum Limited, as a body, in accordance with the terms of our engagement letter dated 31 March 2022. Our work has been undertaken solely to prepare for your approval the accounts of Payments Innovation Forum Limited and state those matters that we have agreed to state to the Board of Directors of Payments Innovation Forum Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Payments Innovation Forum Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Payments Innovation Forum Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Payments Innovation Forum Limited. You consider that Payments Innovation Forum Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Payments Innovation Forum Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Mr John Graham Eardley
Chartered Accountant
Eardley & Co ltd
Borrowash
Borrowash
Derby
Derbyshire
DE72 3JZ

1 July 2025

 

Payments Innovation Forum Limited

Abridged Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Gross surplus

 

175,640

135,188

Administrative expenses

 

(157,025)

(155,506)

Interest payable and similar expenses

 

(2,705)

-

Surplus/(deficit) before tax

4

15,910

(20,318)

Surplus/(deficit) for the financial year

 

15,910

(20,318)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Payments Innovation Forum Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

Surplus/(deficit) for the year

15,910

(20,318)

Total comprehensive income for the year

15,910

(20,318)

 

Payments Innovation Forum Limited

(Registration number: 05955151)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

477

-

Current assets

 

Debtors

50,567

53,639

Cash at bank and in hand

 

41,762

5,533

 

92,329

59,172

Creditors: Amounts falling due within one year

(138,646)

(120,922)

Net current liabilities

 

(46,317)

(61,750)

Net liabilities

 

(45,840)

(61,750)

Reserves

 

Retained earnings

(45,840)

(61,750)

Deficit

 

(45,840)

(61,750)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 1 July 2025 and signed on its behalf by:
 

.........................................
Ms S H Moore
Director

 

Payments Innovation Forum Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Retained earnings
£

Total
£

At 1 January 2024

(61,750)

(61,750)

Surplus for the year

15,910

15,910

At 31 December 2024

(45,840)

(45,840)

Retained earnings
£

Total
£

At 1 January 2023

(41,432)

(41,432)

Deficit for the year

(20,318)

(20,318)

At 31 December 2023

(61,750)

(61,750)

 

Payments Innovation Forum Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.

The address of its registered office is:
86-90 Paul Street
London
EC2A 4NE
England

These financial statements were authorised for issue by the Board on 1 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, advanced payments, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Payments Innovation Forum Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% on cost

Amortisation

Asset class

Amortisation method and rate

Advances payments from members

not amortised as held in other creditors

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Payments Innovation Forum Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

238

655

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

1,480

1,480

Additions

715

715

At 31 December 2024

2,195

2,195

Depreciation

At 1 January 2024

1,480

1,480

Charge for the year

238

238

At 31 December 2024

1,718

1,718

Carrying amount

At 31 December 2024

477

477

6

Related party transactions

 

Payments Innovation Forum Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

69,548

66,500