Registered number: 03037353 INSOL INTERNATIONAL DIRECTORS' REPORT AND FINANCIAL STATEMENTS
COMPANY INFORMATION Directors S Atkins S Briscoe C Broughton P Casey J Damons R Silverman N Edwards B Gibson A Harris R Heis J Hertzberg J Berkenbosch L Morato M Uttamchandani M Robinson L Shuguang Company secretary C Broughton Registered number 03037353 Registered office 6-7 Queen Street London EC4N 1SP Bankers Barclays Bank Plc Hatton Garden Business Centre Strand Corporate Banking Group 99 Hatton Garden London EC1N 8DN
CONTENTS Page Directors' Report 1-2 Independent Auditors' Report 3-4 Income and Expenditure Account 5 Balance Sheet 6 Notes to the Financial Statements 7-11 The following pages do not form part of the statutory financial statements: Detailed Income and Expenditure Account and Summaries 12-13
DIRECTORS' REPORT The directors present their report and the audited financial statements for the year ended 31 December 2015. Directors' responsibilities statement The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. 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. Directors The directors who served during the year were: S Atkins S Briscoe C Broughton W Courage (resigned 15 April 2015) R Silverman (appointed 8 December 2015) N Edwards (appointed 12 May 2015) B Gibson G Gispen (resigned 15 April 2015) A Harris R Heis J Hertzberg J Klopper (resigned 15 April 2015) M Knoll (resigned 8 October 2015) J Luby (resigned 8 October 2015) J Berkenbosch (appointed 26 March 2015) L Morato M Uttamchandani (appointed 25 March 2015) M Robinson L Shuguang J Sprayregan (resigned 26 March 2015) J Damons (appointed 26 March 2015) P Casey (appointed 26 March 2015) Page 1
DIRECTORS' REPORT Disclosure of information to auditors Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: so far as that director is aware, there is no relevant audit information of which the company's auditors are unaware, and that director 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. In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime. This report was approved by the board on and signed on its behalf. C Broughton Secretary Page 2
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSOL INTERNATIONAL We have audited the financial statements of Insol International for the year ended 31 December 2015, set out on pages 5 to 11. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective January 2015) (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 directors and auditors 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 Ethical Standards for Auditors. Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uk/auditscopeukprivate. 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 2015 and of its surplus 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Page 3
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSOL INTERNATIONAL 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 directors' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the directors were 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 Directors' Report. George Crowther (Senior Statutory Auditor) for and on behalf of haysmacintyre Statutory Auditors 26 Red Lion Square London WC1R 4AG Date: Page 4
INCOME AND EXPENDITURE ACCOUNT Note TURNOVER 1 2,277,479 2,122,405 Administrative expenses (1,986,529) (1,807,680) OPERATING SURPLUS 3 290,950 314,725 Interest receivable and similar income 6,921 7,149 SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION 297,871 321,874 Tax on surplus on ordinary activities 5 (2,400) (1,430) SURPLUS FOR THE FINANCIAL YEAR 10 295,471 320,444 The notes on pages 7 to 11 form part of these financial statements. Page 5
REGISTERED NUMBER: 03037353 BALANCE SHEET AS AT 31 DECEMBER 2015 FIXED ASSETS Note Tangible assets 6 279 429 CURRENT ASSETS Debtors 7 567,146 359,392 Cash at bank 3,421,913 3,365,307 3,989,059 3,724,699 CREDITORS: amounts falling due within one year 8 (1,092,923) (1,124,184) NET CURRENT ASSETS 2,896,136 2,600,515 TOTAL ASSETS LESS CURRENT LIABILITIES 2,896,415 2,600,944 CAPITAL AND RESERVES Other reserves 10 426,258 426,258 Income and expenditure account 10 2,470,157 2,174,686 2,896,415 2,600,944 The financial statements have been prepared in accordance with the special provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). The financial statements were approved and authorised for issue by the board and were signed on its behalf on A Harris Director M Robinson Director The notes on pages 7 to 11 form part of these financial statements. Page 6
NOTES TO THE FINANCIAL STATEMENTS 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 January 2015). 1.2 Turnover Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax. 1.3 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 - 25% straight line 1.4 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 Income and Expenditure Account. 1.5 Operating leases Rentals under operating leases are charged to the Income and expenditure account on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate. 1.6 Pensions The company makes contributions to employees group personal pension plans. The pension charge represents contributions payable by the company to the personal pension plans in respect of the year. 1.7 Conferences Income and expenditure arising on conferences is included within income and administration expenses retrospectively. Income and expenditure relating to a conference in a subsequent accounting period is carried forward to that period. Page 7
NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES (continued) 1.8 Taxation The company is only liable to taxation on its investment income and any profits earned from non members. SURPLUS ON CONFERENCE AND SEMINARS The following are included within income and administration expenses: Income 1,217,603 1,238,249 Expenditure 675,939 612,314 Total 541,664 625,935 2015 2014 2. TURNOVER The whole of the income is attributable to the principal activities of the company. 3. OPERATING SURPLUS The operating surplus is stated after charging: Depreciation of tangible fixed assets: - owned by the company 150 150 Auditors' remuneration 4,925 4,875 Pension costs 26,242 16,802 4. DIRECTORS' REMUNERATION Aggregate remuneration 134,370 127,495 During the year retirement benefits were accruing to 1 director (2014-1) in respect of defined contribution pension schemes. Page 8
NOTES TO THE FINANCIAL STATEMENTS 5. TAXATION UK corporation tax charge on surplus for the year 2,400 1,430 There were no factors that may affect future tax charges. 6. TANGIBLE FIXED ASSETS Cost Fixtures and fittings At 1 January 2015 and 31 December 2015 13,326 Depreciation At 1 January 2015 12,897 Charge for the year 150 At 31 December 2015 13,047 Net book value At 31 December 2015 279 At 31 December 2014 429 7. DEBTORS Prepayments and accrued income Other debtors 531,009 36,137 316,642 42,750 567,146 359,392 Included within other debtors is a rent deposit of 31,028 (2014: 31,028) which is due after one year. Included within prepayments is 74,076 (2014 130,882) due after one year. Page 9
NOTES TO THE FINANCIAL STATEMENTS 8. CREDITORS: Amounts falling due within one year Corporation tax 2,400 1,430 Other creditors 1,090,523 1,122,754 1,092,923 1,124,184 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 1 towards the assets of the company in the event of liquidation. 10. RESERVES Special Capital Reserve Income and expenditure account At 1 January 2015 426,258 2,174,686 Surplus for the financial year 295,471 At 31 December 2015 426,258 2,470,157 The Special Capital Reserve consists of funds transferred into the company upon incorporation by the previously unincorporated INSOL International. 11. OPERATING LEASE COMMITMENTS At 31 December 2015 the company had annual commitments under non-cancellable operating leases as follows: Expiry date: Within 1 year - 328 Between 2 and 5 years 54,287 2,483 After more than 5 years - - Page 10
NOTES TO THE FINANCIAL STATEMENTS 12. RELATED PARTY TRANSACTIONS During the year, payments amounting to 20,440 (2014: 19,656) were made to D Broughton for work carried out by Mr and Mrs Broughton on maintaining the INSOL database and providing technical support to the INSOL office. Mr and Mrs Broughton are the parents of the executive director, Claire Broughton. 13. CONTROLLING PARTY The directors consider there to be no ultimate controlling party. Page 11
DETAILED INCOME AND EXPENDITURE ACCOUNT TURNOVER Conference and Seminar Income 1,217,603 1,238,249 Subscription Income 949,831 783,833 Advertising and other income 94,631 94,567 Other income 15,414 5,756 2,277,479 2,122,405 LESS: EXPENSES Directors salaries 128,495 121,900 Staff salaries 413,593 328,065 Directors pension costs 5,875 5,595 Staff national insurance 49,287 37,629 Staff pension costs 20,367 11,207 Staff training - 2,529 Meetings 56,882 62,433 Insol Fellowship 13,618 752 Recruitment expenses 19,631 12,068 Postage 8,109 8,594 Printing and stationery 5,110 5,174 Telephone 15,833 12,624 Computer costs 35,702 42,379 General office expenses 11,377 5,542 Office move costs - 36,282 Advertising and promotion 3,114 2,016 Legal and professional 73,928 41,163 Auditors' remuneration 4,925 4,875 Accountancy fees 24,635 21,595 Equipment hire 1,699 2,296 Rent 46,804 36,168 Rates 16,279 11,129 Light and heat 1,407 1,583 Service charge 15,891 12,030 Sundry expenses 2,186 2,156 Uncitral related expenditure 11,369 25,408 Insurances 21,454 18,974 Repairs and maintenance 4,202 3,959 Depreciation 150 150 Sub-total carried forward 1,011,922 876,275 Page 12
DETAILED INCOME AND EXPENDITURE ACCOUNT (continued) LESS: EXPENSES (continued) Sub-total brought forward 1,011,922 876,275 Conference and seminar expenses 675,939 612,314 Promotions 146,702 121,400 Publications 136,104 198,933 Courses - - Bank interest receivable (6,921) (7,149) Bank charges 15,984 8,383 Difference on foreign exchange (122) (9,625) 1,979,608 1,800,531 NET SURPLUS 297,871 321,874 Page 13