Registration number:
Society of Professional Economists
(A company limited by guarantee)
for the Year Ended 30 June 2023
Society of Professional Economists
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
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Notes to the Financial Statements |
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Detailed Profit and Loss Account |
Society of Professional Economists
Company Information
Directors |
G E Buckley (Chair) A Milligan (Honorary Secretary) J H Lambert (Honorary Treasurer) C V Connolly S Hewin U Hotopp S Krishnan L Meakin S Meredith M T Pisani A Rowlatt |
Company secretary |
A Milligan |
Registered office |
|
Auditors |
|
Society of Professional Economists
Directors' Report for the Year Ended 30 June 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
Directors of the company
The directors who held office during the year were as follows:
Co-opted members of Council of Directors
Sonali Punhani (appointed January 2023)
Co-opted members are proposed to be appointed at the next AGM
Directors' reappointment
At the Society’s AGM on 23 November 2022 Stephen Meredith and Ian Mulheirn retired by rotation with Kevin Daly also retiring. Stephen Meredith was eligible and offered himself for re-election. The election of Stephen Meredith passed at the Society's AGM. Sarah Hewin was also appointed to the board at the AGM.
At the Society's forthcoming AGM on 29 November 2023 Ulrike Hotopp, James Lambert and Mario Pisani will retire by rotation. Ulrike Hotopp, James Lambert and Mario Pisani are eligible and have offered themselves for re-election. In addition Sonali Punhani has been nominated for election having been co-opted in January 2023.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Blue Spire Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Society of Professional Economists
Directors' Report for the Year Ended 30 June 2023
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Society of Professional Economists
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 apply them consistently; |
• |
make judgements 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.
Society of Professional Economists
Independent Auditor's Report to the Members of Society of Professional Economists
Opinion
We have audited the financial statements of Society of Professional Economists (the 'company') for the year ended 30 June 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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:
Society of Professional Economists
Independent Auditor's Report to the Members of Society of Professional Economists
• |
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 take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the sector in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Companies Act. We assessed the extent of compliance with laws and regulations as part of our procedures on the related financial statement items.
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Audit procedures performed by the engagement team included: |
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• |
Enquiry of those charged with governance around actual and potential litigation and claims; |
• |
Enquiry of those charged with governance of any instances of non-compliance with laws and regulations; |
• |
Reviewing minutes of meetings of those charged with governance. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
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 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.
Society of Professional Economists
Independent Auditor's Report to the Members of Society of Professional Economists
......................................
For and on behalf of
Cawley Priory
South Pallant
West Sussex
PO19 1SY
Society of Professional Economists
Profit and Loss Account for the Year Ended 30 June 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Gross surplus |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating (deficit)/surplus |
(13,488) |
18,628 |
|
Other interest receivable and similar income |
|
|
|
(Deficit)/surplus before tax |
( |
|
|
Tax on (loss)/profit |
( |
( |
|
(Deficit)/surplus for the financial year |
( |
|
The above results were derived from continuing operations.
Society of Professional Economists
(Registration number: 667616)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Other financial assets |
179,181 |
164,357 |
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Reserves |
|||
Revaluation reserve |
99,842 |
85,018 |
|
Retained earnings |
189,096 |
198,618 |
|
Surplus |
288,938 |
283,636 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
......................................... |
Society of Professional Economists
Statement of Changes in Equity for the Year Ended 30 June 2023
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 July 2022 |
|
|
|
Deficit for the year |
- |
( |
( |
Other comprehensive income |
|
- |
|
Total comprehensive income |
|
( |
|
At 30 June 2023 |
|
|
|
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 July 2021 |
|
|
|
Surplus for the year |
- |
|
|
Other comprehensive income |
( |
- |
( |
Total comprehensive income |
( |
|
( |
At 30 June 2022 |
|
|
|
Society of Professional Economists
Notes to the Financial Statements for the Year Ended 30 June 2023
General information |
The company (reg. no. 00667616) is a company limited by guarantee, incorporated in England and Wales, 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.
The address of its registered office is:
These financial statements were authorised for issue by the
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Society of Professional Economists
Notes to the Financial Statements for the Year Ended 30 June 2023
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
4 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Society of Professional Economists
Notes to the Financial Statements for the Year Ended 30 June 2023
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Other financial assets (current and non-current) |
Listed investments at fair value through profit and loss |
Unlisted investments at fair value through profit and loss |
Total |
|
Non-current financial assets |
|||
Valuation |
|||
At 1 July 2022 |
71,460 |
92,897 |
164,357 |
Fair value adjustments |
13,140 |
- |
13,140 |
Fair value adjustments |
- |
1,684 |
1,684 |
At 30 June 2023 |
84,600 |
94,581 |
179,181 |
Impairment |
|||
Carrying amount |
|||
At 30 June 2023 |
|
|
179,181 |
The market value of the listed investments at 30 June 2023 was £84,600 (2022 - £71,460).
The market value of the unlisted investments at 30 June 2022 was £94,581 (2022 - £92,897).
The historic cost of the listed investments is £2,567 (2022 - £2,567) and the unlisted investments is £76,772 (2022 - £76,772).
Society of Professional Economists
Notes to the Financial Statements for the Year Ended 30 June 2023
Debtors |
Current |
2023 |
2022 |
Prepayments |
|
- |
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
|
Surplus/deficit on revaluation of other assets |
|
|
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
|
Surplus/deficit on revaluation of other assets |
( |
( |
|
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank overdrafts |
- |
|
Society of Professional Economists
Detailed Profit and Loss Account for the Year Ended 30 June 2023
2023 |
2022 |
|
Turnover (analysed below) |
71,347 |
71,926 |
Gross surplus (%) |
100% |
100% |
Administrative expenses |
||
Establishment costs (analysed below) |
(425) |
(414) |
General administrative expenses (analysed below) |
(57,871) |
(54,093) |
Finance charges (analysed below) |
(2,172) |
(3,188) |
Other expenses (analysed below) |
(28,217) |
(68,963) |
(88,685) |
(126,658) |
|
Other operating income (analysed below) |
3,850 |
73,360 |
Operating (deficit)/surplus |
(13,488) |
18,628 |
Other interest receivable and similar income (analysed below) |
4,144 |
2,133 |
(Deficit)/surplus before tax |
(9,344) |
20,761 |
Society of Professional Economists
Detailed Profit and Loss Account for the Year Ended 30 June 2023
2023 |
2022 |
Turnover |
||
Membership subscriptions |
71,347 |
71,926 |
Establishment costs |
||
Insurance |
425 |
414 |
General administrative expenses |
||
Secretarial service fees |
50,688 |
46,155 |
Printing, postage and stationery |
97 |
33 |
Website costs |
411 |
660 |
Sundry expenses |
989 |
516 |
Travel and subsistence |
186 |
- |
Auditor's remuneration - The audit of the company's annual accounts |
2,300 |
1,900 |
Auditors' remuneration - non audit work |
3,200 |
3,200 |
Legal and professional fees |
- |
1,629 |
57,871 |
54,093 |
Finance charges |
||
Bank and credit card charges |
2,172 |
3,188 |
Other expenses |
||
Conferences and dinners |
12,607 |
44,247 |
Yearbook |
1,846 |
1,782 |
Rybczynski prize expenses |
- |
10,000 |
Irrecoverable VAT |
13,764 |
12,934 |
28,217 |
68,963 |
Other operating income |
||
Sponsorship of Rybczynski prize |
- |
10,000 |
Conferences and dinners |
1,400 |
61,660 |
Advertising (SPE) |
2,450 |
1,700 |
3,850 |
73,360 |
Other interest receivable and similar income |
||
Bank interest receivable |
939 |
42 |
Dividend income |
3,205 |
2,091 |
4,144 |
2,133 |