ISLE OF MAN SOCIETY OF CHARTERED ACCOUNTANTS COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011

Transcription

1 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011

2 1 CONTENTS Report of the Directors...2 Statement of Directors Responsibilities...3 Report of the Auditors... 4 & 5 Profit and Loss Account...6 Balance Sheet...7 Notes to the Financial Statements...8

3 2 REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2011 The directors present their report together with the financial statements of the Company for the year ended 31 December PRINCIPAL ACTIVITY The principal activity of the Company in the year under review was that of a Professional Accountants Society. RESULTS The results for the year are set out in the profit and loss account on page 6. The deficit of 9,109 (2010: surplus 6,832) has been deducted from reserves. DIRECTORS The directors of the Company holding office during the year were: S Sanders (CHAIRPERSON) I G Clague resigned N Duggan T S H Callow A T Lloyd-Jones A Gerrard M H Crowe R G Woolley K D Skinner D B Churcher appointed COMPANY SECRETARY AUDITOR The auditors, Browne Craine Associates Limited, will be proposed for re-appointment in accordance with section 12(2) of the Companies Act By Order of the Board D A McGURGAN 2/3/12 Date

4 3 STATEMENT OF DIRECTORS RESPONSIBILITIES Company law requires the directors to prepare financial statements for each financial year, which 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 year. In preparing those financial statements, the directors are required to:- select suitable accounting policies and then apply them consistently; make judgements and 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. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. The directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Acts 1931 to They are 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. By Order of the Board D A McGURGAN 2/3/12 Date

5 4 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ISLE OF MAN SOCIETY OF CHARTERED ACCOUNTANTS We have audited the financial statements of the ISLE OF MAN SOCIETY OF CHARTERED ACCOUNTANTS for the year ended 31 st December 2011 which comprise a Profit and Loss Account, Balance Sheet and the related notes 1 to 5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom generally accepted Accounting Practice) and the Financial Reporting Standard for Smaller Entities. This report is made solely to the company s members, as a body, in accordance with Section 15 of the Companies Act 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 auditor s 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 DIRECTORS AND AUDITOR As explained more fully in the Directors Responsibilities Statement, the directors are 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 (APB 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 directors; and the overall presentation of the financial statements. 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 st December 2011 and of its loss for the year then ended; have been properly prepared in accordance with Generally Accepted Accounting Practice as applicable to Smaller Entities; and have been properly prepared in accordance with the requirements of the Companies Acts 1931 to 2004.

6 5 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ISLE OF MAN SOCIETY OF CHARTERED ACCOUNTANTS MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters where the Companies Acts 1931 to 2004 require us to report to you if, in our opinion: proper books of account have not been kept by the company and that proper 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 books of account and returns; or we have not received all the information and explanations which to the best of our knowledge and belief, are necessary for the purpose of our audit; or certain disclosures of directors loans and remuneration specified by law have not been complied with. Browne Craine Associates Limited Chartered Accountants Burleigh Manor Peel Road Douglas Isle of Man IM1 5EP BROWNE CRAINE ASSOCIATES LTD Date 2 nd MARCH 2012

7 6 ISLE OF MAN SOCIETY OF CHARTERED ACCOUNTANTS PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2011 NET INCOME/DEFICIT FROM ACTIVITIES NOTES Net course income 23,129 32,567 Interest on deposit capital ICAEW grant 2,000-25,500 32,938 OVERHEAD EXPENDITURE 5 Contribution to department of economic development 5,000 - Administrator s cost 16,145 15,436 Telephone and internet website Rent 5,675 6,630 Post, stationery and printing Student prizes Corporate expenses Sundry expenses including Annual General Meeting Insurance Institute visit Deficit from social events 3, Travel Repairs and renewals 1,235-34,609 26,106 NET (DEFICIT)/SURPLUS (9,109) 6,832 ===== ===== The company has no recognised gains and losses other than those included in the profit and loss account above, and therefore no separate statement of total recognised gains and losses has been presented.

8 7 BALANCE SHEET AS AT 31 DECEMBER CURRENT ASSETS Debtors and prepayments 1,941 1,807 Cash at bank 42,668 47,438 44,609 49,245 CREDITORS: Amounts falling due within one year: Creditors and accruals 5, Total assets less current liabilities 39,230 48,339 ===== ===== CAPITAL AND RESERVES Profit and loss account accumulated fund: Brought forward 48,339 41,507 Current year (deficit)/surplus (9,109) 6,832 39,230 48,339 ===== ===== These financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Smaller Entities (effective April 2008). D A McGURGAN S SANDERS S Sanders 2/3/12 Date Approved by the Board

9 8 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER PRINCIPAL ACCOUNTING POLICIES The directors have resolved to adopt United Kingdom Financial Reporting Standards, published by the United Kingdom Accounting Standards Board, in the preparation of these financial statements provided that they are not inconsistent with the provisions of the Companies Acts 1931 to A summary of the more important policies, which have been applied consistently, is set out below. Basis of Accounting The financial statements are prepared in accordance with the historical cost convention. Income and Expenditure Income and expenditure are recorded on an accruals basis. Cash Flow Statement Exemption has been taken from preparing a cash flow statement on the grounds that the Company qualifies as a smaller company. 2 PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION Profit on ordinary activities before taxation is stated after charging/(crediting): Directors remuneration - - Auditors remuneration - - The auditor of the Company is an honorary position. 3 TAXATION There is no Manx taxation charge due. 4 SHARE CAPITAL The Company is limited by guarantee and no share capital has been issued. 5 CONTRIBUTION TO THE DEPARTMENT OF ECONOMIC DEVELOPMENT The directors have authorised a contribution to the Department of Economic Development to assist with the appointment of the director of International Business Development.