Company registration number 03643088 (England and Wales)
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
TRADING AS THE IVORS ACADEMY
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
TRADING AS THE IVORS ACADEMY
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
TRADING AS THE IVORS ACADEMY
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,646
7,890
Current assets
Debtors
5
60,957
212,878
Cash at bank and in hand
801,906
599,725
862,863
812,603
Creditors: amounts falling due within one year
6
(484,567)
(458,429)
Net current assets
378,296
354,174
Total assets less current liabilities
383,942
362,064
Creditors: amounts falling due after more than one year
8
(7,500)
(17,500)
Net assets
376,442
344,564
Reserves
Income and expenditure account
376,442
344,564
Total members' funds
376,442
344,564
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
Mr T W Gray
Director
Company registration number 03643088 (England and Wales)
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
TRADING AS THE IVORS ACADEMY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
British Academy of Songwriters, Composers and Authors is a private company limited by guarantee incorporated in England and Wales. The registered office is 5a Bear Lane, Southwark, London, United Kingdom, SE1 0UH.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
Turnover
Turnover represents amounts receivable for subscriptions and event income net of VAT and trade discounts.
1.3
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:
Fixtures, fittings & equipment
20% Straight Line
Computer equipment
25% Straight Line
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
TRADING AS THE IVORS ACADEMY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
25
25
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2024
44,223
22,851
67,074
Additions
2,472
2,472
At 31 December 2024
44,223
25,323
69,546
Depreciation and impairment
At 1 January 2024
44,175
15,009
59,184
Depreciation charged in the year
12
4,704
4,716
At 31 December 2024
44,187
19,713
63,900
Carrying amount
At 31 December 2024
36
5,610
5,646
At 31 December 2023
48
7,842
7,890
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
TRADING AS THE IVORS ACADEMY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
288
141,191
Other debtors
60,669
71,687
60,957
212,878
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
58,747
43,522
Corporation tax
10,020
1,047
Other taxation and social security
43,309
49,407
Other creditors
362,491
354,453
484,567
458,429
Included in other creditors is an amount of £90,825 (2023: £72,367) due to writers in respect of funds received from Copydan which is awaiting distributions to writers.
7
Loans and overdrafts
2024
2023
£
£
Bank loans
17,500
27,500
Payable within one year
10,000
10,000
Payable after one year
7,500
17,500
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,500
17,500
Creditors which fall due after five years are payable as follows:
Payable by instalments
7,500
17,500
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
TRADING AS THE IVORS ACADEMY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
9
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.