Director's Report and Financial Statements

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Information about Director's Report and Financial Statements
Economy & Finance

Published on October 15, 2014

Author: IPRAofficial

Source: slideshare.net

Description

The director presents his report and the financial statements for the year ended 31 December 2013.

1. Registered number: 03744532 INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED AUDITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

2. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) COMPANY INFORMATION DIRECTOR Mr N W M G Chism COMPANY SECRETARY Mr J S Holt REGISTERED NUMBER 03744532 REGISTERED OFFICE Munro House Portsmouth Road Cobham Surrey KT11 1PP INDEPENDENT AUDITORS Wellden Turnbull LLP Chartered Accountants and Chartered Tax Advisers Munro House Portsmouth Road Cobham Surrey KT11 1PP

3. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) CONTENTS Page Director's report 1 - 2 Independent auditors' report 3 - 4 Profit and loss account 5 Balance sheet 6 Notes to the financial statements 7 - 9 For the information of the director only: Detailed profit and loss account and summaries 10 - 12

4. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2013 The director presents his report and the financial statements for the year ended 31 December 2013. DIRECTOR'S RESPONSIBILITIES STATEMENT The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 these financial statements, the director is required to:  select suitable accounting policies and then apply them consistently;  make judgments and accounting estimates that are reasonable and prudent;  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. PRINCIPAL ACTIVITY The principal activity of the company in the year under review was to provide professional development and personal networking opportunities for its world wide membership and the promotion of the practice of public relations on a global level. DIRECTOR The director who served during the year was: Mr N W M G Chism The company carries appropriate qualifying insurance for the director. DISCLOSURE OF INFORMATION TO AUDITORS The director at the time when this director's report is approved has confirmed that:  so far as he is aware, there is no relevant audit information of which the company's auditors are unaware, and  he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information. Page 1

5. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2013 In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 16 September 2014 and signed on its behalf. Mr N W M G Chism Director Page 2

6. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED We have audited the financial statements of International Public Relations Association Limited for the year ended 31 December 2013, set out on pages 5 to 9. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities). 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 auditors' 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. RESPECTIVE RESPONSIBILITIES OF DIRECTOR AND AUDITORS As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the director; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the director's report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. OPINION ON FINANCIAL STATEMENTS In our opinion the financial statements:  give a true and fair view of the state of the company's affairs as at 31 December 2013 and of its loss for the year then ended;  have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and  have been prepared in accordance with the requirements of the Companies Act 2006. OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements. Page 3

7. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION 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:  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 and returns; or  certain disclosures of director's remuneration specified by law are not made; or  we have not received all the information and explanations we require for our audit; or  the director was not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies' exemption from the requirement to prepare a strategic report or in preparing the director's report. Simon Spevack FCA (senior statutory auditor) for and on behalf of Wellden Turnbull LLP Chartered Accountants Chartered Tax Advisers Munro House Portsmouth Road Cobham Surrey KT11 1PP 16 September 2014 Page 4

8. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2013 2013 2012 Note £ £ TURNOVER 1 123,530 141,949 Cost of sales (66,682) (106,195) GROSS PROFIT 56,848 35,754 Administrative expenses (111,383) (94,036) OPERATING LOSS 2 (54,535) (58,282) Interest receivable and similar income 270 282 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (54,265) (58,000) Tax on loss on ordinary activities 3 - - LOSS FOR THE FINANCIAL YEAR 10 (54,265) (58,000) The notes on pages 7 to 9 form part of these financial statements. Page 5

9. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) REGISTERED NUMBER: 03744532 BALANCE SHEET AS AT 31 DECEMBER 2013 2013 2012 Note £ £ £ £ FIXED ASSETS Intangible assets 4 1 1 Tangible assets 5 2 2 3 3 CURRENT ASSETS Debtors 6 - 661 Cash at bank 196,888 262,664 196,888 263,325 CREDITORS: amounts falling due within one year 7 (33,666) (43,054) NET CURRENT ASSETS 163,222 220,271 TOTAL ASSETS LESS CURRENT LIABILITIES 163,225 220,274 CREDITORS: amounts falling due after more than one year 8 (150) (2,934) NET ASSETS 163,075 217,340 CAPITAL AND RESERVES Profit and loss account 10 163,075 217,340 163,075 217,340 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2014. Mr N W M G Chism Director The notes on pages 7 to 9 form part of these financial statements. Page 6

10. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 1. ACCOUNTING POLICIES 1.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). 1.2 Turnover Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Revenue, including membership subscriptions, is recognised when it is receivable and according to the period to which it relates. 1.3 Intangible fixed assets and amortisation Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life. 1.4 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Fixtures and fittings - 20% straight line Computer equipment - 25% straight line 1.5 Operating leases Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term. 1.6 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the profit and loss account. 2. OPERATING LOSS The operating loss is stated after charging: 2013 2012 £ £ Auditors' remuneration 5,500 5,500 During the year, no director received any emoluments (2012 - £NIL). Page 7

11. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 3. TAXATION 2013 2012 £ £ UK corporation tax charge on loss for the year - - Factors that may affect future tax charges The Association is subject to corporation tax on its investment and trading income. At the year end, the Association had trading losses available to use against future trading income. 4. INTANGIBLE FIXED ASSETS Goodwill £ Cost At 1 January 2013 and 31 December 2013 13,352 Amortisation At 1 January 2013 and 31 December 2013 13,351 Net book value At 31 December 2013 1 At 31 December 2012 1 5. TANGIBLE FIXED ASSETS Office equipment £ Cost At 1 January 2013 and 31 December 2013 9,349 Depreciation At 1 January 2013 and 31 December 2013 9,347 Net book value At 31 December 2013 2 At 31 December 2012 2 6. DEBTORS 2013 2012 £ £ Other debtors - 661 Page 8

12. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 7. CREDITORS: Amounts falling due within one year 2013 2012 £ £ Trade creditors 1,860 2,220 Other taxation and social security 1,658 5,243 Other creditors 30,148 35,591 33,666 43,054 8. CREDITORS: Amounts falling due after more than one year 2013 2012 £ £ Accruals and deferred income 150 2,934 9. COMPANY STATUS The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £5 towards the assets of the company in the event of liquidation. 10. RESERVES Profit and loss account £ At 1 January 2013 217,340 Loss for the financial year (54,265) At 31 December 2013 163,075 11. CONTROLLING PARTY The company is limited by guarantee and is controlled by the members. Page 9

13. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2013 2013 2012 Page £ £ TURNOVER 11 123,530 141,949 Cost of sales 11 (66,682) (106,195) GROSS PROFIT 56,848 35,754 Gross profit % 46.0 % 25.2 % LESS: OVERHEADS Administration expenses 11 (111,383) (94,036) OPERATING LOSS (54,535) (58,282) Interest receivable 12 270 282 LOSS FOR THE YEAR (54,265) (58,000) Page 10

14. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2013 2013 2012 £ £ TURNOVER Members subscriptions 31,224 33,188 Conference and events income 2,431 37,828 Sponsorship - 3,267 Golden World Awards 89,875 67,666 123,530 141,949 2013 2012 £ £ COST OF SALES Frontline 10,500 13,862 Website hosting 30,359 30,285 Golden World Awards 25,659 43,253 Conferences and events 164 18,795 66,682 106,195 2013 2012 £ £ ADMINISTRATION EXPENSES Staff salaries 68,837 58,439 Staff social security costs 6,812 6,606 Telephone, computer and fax costs 2,960 2,863 Board and council costs 11,246 3,235 General office expenses 2,799 3,019 Legal and professional 1,759 1,100 Auditors' remuneration 5,500 5,500 Accountancy and bookkeeping 7,590 8,250 Bank charges 6,294 4,132 Difference on foreign exchange (2,414) 892 111,383 94,036 Page 11

15. INTERNATIONAL PUBLIC RELATIONS ASSOCIATION LIMITED (A company limited by guarantee) SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2013 2013 2012 £ £ INTEREST RECEIVABLE Bank interest receivable 270 282 Page 12

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