STAFFS, SALOP & WOLVERHAMPTON SOCIETY OF CHARTERED ACCOUNTANTS. The Society is reporting a surplus for the year following previous deficits.

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1 TREASURER'S REPORT The Society is reporting a surplus for the year following previous deficits. Historically, the Society has been reliant on the surpluses generated by its course provision to fund its other activities. In recent years, it has faced increased competition from other CPD providers offering courses in the District and from the emergence of webinar training, at a time when costs have been increasing. During 2015 Course revenues increased due to an increase in prices, greater overall attendances and strict control of costs. In the interests of members, the Society intends to continue to provide CPD courses. In the review of income and expenditure, the Society suspended its automatic provision of grants to its Branches, although it will consider future grants on the basis of a business case being made by the Branch. Branches will be encouraged to reduce their reliance on the Society for funding. The Annual Dinner in 2015 with principal guest Arthur Bailey, ICAEW President, was a success financially and an enjoyable evening, thanks to strong support from members and sponsors. The North Staffordshire Society of Chartered Accountants contributed 1,000, which is gratefully acknowledged. Treasurer 2016 Page 1 of 10

2 STATEMENT OF COMMITTEE'S RESPONSIBILITIES The Society's Committee is responsible for the preparation of financial statements for each financial year, which give a true and fair view of the state of the affairs of the Society and of its income and expenditure for the year. These statements are required to be examined by Independent Examiners and copies made available to members. In preparing the statements the Committee will have due regard to: Selecting suitable accounting policies and applying them consistently; Making judgments and estimates that are reasonable and prudent; Observing applicable Accounting Standards; and Preparing the financial statements on a going concern basis. The Committee is also responsible for keeping proper accounting records that disclose with reasonable accuracy the financial position of the Society and for safeguarding the assets. Page 2 of 10

3 INDEPENDENT EXAMINERS REPORT TO THE MEMBERS OF STAFFS, SALOP & WOLVERHAMPTON SOCIETY OF CHARTERED ACCOUNTANTS We report on the financial statements of the Staffs, Salop & Wolverhampton Society of Chartered Accountants for the year ended 31 December 2015, which are set out on pages 4 to 10. Respective responsibilities of the Committee and Independent Examiner The Society's Committee is responsible for the preparation of the financial statements, The Society's Committee considers that an audit is not required for this year and that an Independent Examination is needed It is our responsibility to: Examine the financial statements; Follow the general directions for the conduct of an Independent Examination; and State whether particular matters have come to our attention. Basis of the Independent Examiner's Report Our examination was carried out in accordance with the general directions for an Independent Examination. An examination includes a review of the accounting records kept by the Society and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as a Committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the financial statements and the report is limited to those matters set out in the statement below. Independent Examiner's Statement In connection with our examination, no matter has come to our attention: 1. which gives us reasonable cause to believe that in any material respect the requirements To keep appropriate accounting records; and To prepare financial statements which accord with the accounting records and comply with applicable financial reporting standards. have not been met; or 2. to which, in our opinion, attention should be drawn in order to enable a proper understanding of he financial statements to be reached Date: Tranter Lowe (D&W) LLP, 23 Tan Bank, Wellington, Telford, TF1 1HJ Page 3 of 10

4 INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER Total SSWSCA WSCA NSSCA SSCA Income 52,540 Fees for lectures, 55,017 55, Meetings etc. 7,538 Other Events 11,997 11, Interest receivable (net of taxation) 2,390 ICAEW & Regional 2,390 2, Office Sundry ,731 70,226 70, Expenditure 40,300 Lecture & Meeting Costs 38,631 37, ,055 Other Events 11,525 10,525-1, Prizes ,450 Honoraria 5,500 4, ,217 Printing,stationary & 3,295 2, Postage 2,802 Committee meeting 2,153 1, Expenses Publicity & Promotion ,521 Presidents' Expenses 1,770 1, Fees Sundries ,107 65,525 61,216 2,151 1,000 1,158-7,376 4,701 8,998-2, ,151 North Staffordshire Society of Chartered Accountants made a contribution of 1,000 towards the Annual Dinner which is gratefully acknowledged. All activities derive from continuing operations. There are no recognised gains or losses other than the deficit for the financial year. Accordingly, no Statement of Total Recognised Gains and Losses is presented. The Society and its Branches are independently constituted entities. Aggregated financial information is provided for information only. Page 4 of 10

5 BALANCE SHEET AS AT 31 DECEMBER Total SSWSCA WSCA NSSCA SSCA 1 Fixed Assets Stock of Past Presidents Badges 4,628 Debtors and prepayments 3,886 3, ,278 Bank current accounts 52,321 44,817 1,245 4,417 1,842 17,983 Bank deposit accounts 16,493-1,938 1,207 13,348 28,361 Building Society accounts 28,557 27,328 1, ,113 Current Assets 102,120 76,390 4,412 5,624 15,694 40,344 Creditors due within 1 41,650 39,533 2, Year 55,770 Net Assets 60,471 36,858 2,398 5,624 15,591 Represented by: 63,146 Accumulated Fund at 55,770 27,860 4,545 6,623 16,742 1 January -7,376 Surplus/(deficit ) for the year 4,701 8,998-2, ,151 55,770 Accumulated Fund at 60,471 36,858 2,398 5,624 15, December The Society and its Branches are independently constituted entities. Aggregated financial information is provided for information only. Page 5 of 10

6 INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2015 Income Note Fees for lectures, meetings etc. 4 55,017 52,540 Other Events 11,997 7,538 Interest Receivable (net of taxation) ICAEW & Regional Office 2,390 2,390 Sundry Expenditure 70,214 62,717 Lecture & Meeting Costs 4 37,917 36,988 Other Events 10,525 11,055 Prizes Student & Branch Society Grants 0 0 Administration Expenses 5 4,600 4,550 Printing, Stationery & Postage 2,918 5,907 Committee meeting expenses 1,545 1,981 Publicity & promotion 0 0 Presidents' expenses 1,670 2,421 Fees Sundries ,216 64,135 8,998-1,418 All activities derive from continuing operations. There are no recognised gains or losses other than the surplus for the financial year. Accordingly, no Statement of Total Recognised Gains and Losses is presented. Page 6 of 10

7 BALANCE SHEET AS AT 31 DECEMBER 2015 Note Fixed Assets 1 1 Stock of Past Presidents Badges Debtors and prepayments 2 3,886 4,628 Bank Current accounts 44,817 34,228 Building Society accounts 27,328 27,120 Current Assets 76,390 66,335 Creditors due within 1 year 3 39,533 38,475 Net Assets 36,858 27,860 Represented by: Accumulated Fund at 1 January 27,860 29,278 Surplus/ (Deficit) for the year 8,998-1,418 Accumulated Fund at 31 December 36,858 27,860 These financial statements were approved by the Committee on Treasurer Page 7 of 10

8 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER Accounting Policies The Financial statements have been prepared under the historical cost convention and in accordance with applicable financial reporting standards. The particular accounting policies are set out below. The Society and its Branches are independently constituted entities. Aggregated financial information is provided for information only. Fixed Assets Depreciation is calculated so as to write down the original cost of fixed assets to their residual value by equal annual instalments over the expected useful life of the fixed assets concerned. Stock Stock is valued at the lower of cost and net realisable. Past President badges are expensed in the year in which they are issued. Income Recognition Income (and expenditure) in respect of events is recognised when the event occurs. All other income is recognised as it is received or becomes receivable. 2. Debtors Accounts Receivable 3,886 3,076 Other Debtors 0 0 Prepayments 0 1,552 3,886 4, Creditors falling due within one year Accounts Payable 7,163 3,765 Other Creditors 1, Corporation Tax Deferred Income -Courses 26,609 24,788 Deferred Income - Other 610 5,540 Accruals 4,025 3,670 39,533 38,475 Page 8 of 10

9 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015 (contd.) 4. Income and Expenditure on Events Courses Income from Courses 55,017 52,540 Room Hire 5,257 6,043 Catering 2,843 3,002 Printing 9,313 7,359 Speaker 20,503 20,584 Surplus 17,101 15,552 Other Events Income 11,997 7,538 Expense 10,525 11,055 Surplus / Deficit 1,472-3,517 Total Income 67,014 60,078 Expense 48,441 48,043 Surplus 18,573 12, Administration Expenses Bookkeeping 3,600 3,550 Honorarium - Treasurer 1,000 1,000 Other 0 0 4,600 4,550 Page 9 of 10

10 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015 (contd 6. Transactions with Related Parties The following transactions have occurred between the Society and its Committee: J. Eyre-Walker (President ) - Expenses 1,670 Cost Due at 31/12/15 R. Stephenson (Treasurer ) - Honorarium 1,000 1,000 Page 10 of 10