REGISTERED NUMBER: 06783090 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ASSOCIATION OF SURGEONS OF GREAT BRITAIN

AND IRELAND LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C Macutkiewicz

Mr B Griffiths

Mr R S Vohra

Mr G Bond-Smith

Mr D Damaskos

REGISTERED OFFICE:

Royal College of Surgeons

38-43 Lincoln`s Inn Fields

London

WC2A 3PE

REGISTERED NUMBER:

06783090 (England and Wales)

ACCOUNTANTS:

Ford Bentall LLP

Chartered Certified Accountants

60 High Street

Chobham

Surrey

GU24 8AA

FIXED ASSETS

Tangible assets

4

44,019

8,420

Investments

5

5

5

44,024

8,425

CURRENT ASSETS

Stocks

6

1,000

-

Debtors

7

211,102

254,880

Cash at bank

695,369

573,418

907,471

828,298

CREDITORS

Amounts falling due within one year

8

182,962

203,185

NET CURRENT ASSETS

724,509

625,113

TOTAL ASSETS LESS CURRENT LIABILITIES

768,533

633,538

RESERVES

Revaluation reserve

40,000

-

Retained earnings

728,533

633,538

768,533

633,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2025 and were signed on its behalf by:

Mr G Bond-Smith - Director

1.	STATUTORY INFORMATION

Association of Surgeons of Great Britain and Ireland Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover comprises members subscriptions, income from an annual general meeting, provision of administration services to similar organisations, corporate sponsorship and conferences exclusive of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Presidents Chain

-

not provided

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiaries are measured under the historical cost and are subject to impairment test annually.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks represent Medals held by the Association.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The Association of Surgeons of Great Britain and Ireland is a Participating Employer in SAUL. The actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. It is not possible to identify an individual Employer's share of the underlying assets and liabilities of SAUL. The Association of Surgeons of Great Britain and Ireland accounts for its participation in SAUL as if it were a defined contribution scheme and pension costs are based on the accounts actually paid (ie cash amounts) in accordance with paragraphs 28.11 of FRS 102.

Trade debtors

Trade Debtors are measured at their amortised cost using the effective interest rate and are subject to impairment test at the year end. The amounts are recoverable within the next twelve months from the reporting period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Presidents

Computer

Chain

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

7,367

13,241

20,608

Additions

-

230

230

Disposals

(7,367

)

(981

)

(8,348

)

Revaluations

40,000

-

40,000

At 31 December 2024

40,000

12,490

52,490

DEPRECIATION

At 1 January 2024

5,839

6,349

12,188

Charge for year

-

3,103

3,103

Eliminated on disposal

(5,839

)

(981

)

(6,820

)

At 31 December 2024

-

8,471

8,471

NET BOOK VALUE

At 31 December 2024

40,000

4,019

44,019

At 31 December 2023

1,528

6,892

8,420

Cost or valuation at 31 December 2024 is represented by:

Presidents

Computer

Chain

equipment

Totals

£

£

£

Valuation in 2024

40,000

-

40,000

Cost

-

12,490

12,490

40,000

12,490

52,490

If The Presidents Chain had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

2,783

-

Aggregate depreciation

2,505

-

The Presidents Chain was valued on an open market value basis on 29 October 2024 by Spink Valuation Department .

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

5

NET BOOK VALUE

At 31 December 2024

5

At 31 December 2023

5

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Surgical Indemnity Scheme Limited

Registered office:

Nature of business: Insurance brokers

%

Class of shares:

holding

Ordinary

100.00

6.

STOCKS

2024

2023

£

£

Stocks

1,000

-

7.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

59,975

114,050

Other debtors

106,127

95,830

166,102

209,880

Amounts falling due after more than one year:

Amounts owed by group undertakings

45,000

45,000

Aggregate amounts

211,102

254,880

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

44,665

53,117

Amounts owed to group undertakings

3,463

2,848

Taxation and social security

31,936

47,453

Other creditors

102,898

99,767

182,962

203,185

9.	OFF-BALANCE SHEET ARRANGEMENTS

The Association has been committed to provide financial support for at least the next 12 months to The Surgical Indemnity Scheme, its 100% subsidiary.

The maximum amount of finance support will not exceed £5,000 for the next twelve months.

10.	RELATED PARTY DISCLOSURES

11.	PENSION COMMITMENTS

General description of the pension scheme

The Company participates in the Superannuation Arrangements of the University of London ("SAUL"), which is a centralised defined benefit scheme within the United Kingdom and was contracted-out of the Second State Pension (prior to April 2016).

SAUL is an independently-managed pension scheme for the non-academic staff of over 50 colleges and institutions with links to higher education.

Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings ("CARE") basis.

The Company is not expected to be liable to SAUL for any other current participating employer's obligations under the Rules of SAUL, but in the event of an insolvency of any participating employer within SAUL, an amount of any pension shortfall (which cannot otherwise be recovered) in respect of that employer, may be spread across the remaining participating employers and reflected in the next actuarial valuation.

Funding Policy

SAUL's statutory funding objective is to have sufficient and appropriate assets to meet the costs incurred by the Trustee in paying SAUL's benefits as they fall due (the "Technical Provisions"). The Trustee adopts assumptions which, taken as a whole, are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the commitments which arise from Members' accrued pension rights to be met.

The Technical Provisions assumptions include appropriate margins to allow for the possibility of events turning out worse than expected. However, the funding method and assumptions do not completely remove the risk that the Technical Provisions could be insufficient to provide benefits in the future.

A formal actuarial valuation of SAUL is carried out every three years by a professionally qualified and independent actuary. The last actuarial valuation was carried out with an effective date of 31 March 2020. Informal reviews of SAUL's position, reflecting changes in market conditions, cash flow information and new accrual of benefits, are carried out between formal valuations.

The actuarial method applies to the scheme as a whole and does not identify surpluses of deficit applicable to individual employers. SAUL's funding in the lead up to the valuation was affected by an environment of continuing low guilt yields and uncertainty of Brexit. Covid 19 also introduced financial volatility immediately before and during the 2020 valuation process.

The valuation results show that SAUL's funding level at 31 March 2020 (the valuation date) was 94%, with a funding deficit of £217 million.

SAUL has recovered from the short term impact of pandemic because of immediate action. On 30 April 2021, SAUL had 109% of the money we need. SAUL is in good place and have got more money than need to pay the pensions already promised to SAUL members. This is know as being in surplus.

The funding principles were agreed by the Trustee and employers in November 2018 due to strain cost and come to settlement that ASGBI will pay 5,000 each year as additional cost. The last payment will be 31st October 2021.

The Trustee and the Employers have agreed that the ongoing Employers' contributions will continue at a rate of 16% of CARE Salaries but will be subject to change in 2021.