The Co-operative Loan Fund Limited
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Registered number: |
05670633
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Directors' Report |
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The directors present their report and audited financial statements for the year ended 31 December 2015. |
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Principal activities |
The company's principal activity during the year continued to be the provision of loans to common ownership companies and co-operatives and also to be a vehicle for channelling loans from public funds to such enterprises.
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Directors |
The following persons served as directors during the year: |
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P Dubois
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L Gardner
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B Hodgson (resigned 23 October 2015)
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J Pendle
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D Pownall
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L Ward
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Directors' responsibilities |
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. |
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Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts unless they are 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 accounts, the directors are required to: |
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select suitable accounting policies and then apply them consistently; |
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make judgements and estimates that are reasonable and prudent; |
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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 accounts 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. |
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Disclosure of information to auditors |
The Co-operative Loan Fund Limited
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Independent auditors' report |
to the members of The Co-operative Loan Fund Limited |
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We have audited the accounts of The Co-operative Loan Fund Limited for the year ended 31 December 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. 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 Statement of Directors' Responsibilities, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts 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 accounts |
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/auditscopeukprivate |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion the information given in the Directors' Report for the financial year for which the accounts are prepared is consistent with the accounts. |
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: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
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the accounts are not in agreement with the accounting records and returns; or |
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certain disclosures of directors’ remuneration specified by law are not made; or |
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we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the directors’ report and take advantage of the small companies exemption from the requirement to prepare a strategic report. |
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Robert Wilson FCA
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(Senior Statutory Auditor) |
Zone 10 Bath Road Studios
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for and on behalf of |
470 Bath Road
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Godfrey Wilson Limited
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Bristol
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Accountants and Statutory Auditors |
26 April 2016
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BS4 3HG
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The Co-operative Loan Fund Limited |
Income and expenditure account |
for the year ended 31 December 2015 |
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Restricted |
loan |
General |
funds |
reserve |
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2015 |
|
2015 |
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2015 |
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2014 |
£ |
£ |
£ |
£ |
Income |
Turnover |
- |
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77,628 |
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77,628 |
|
67,682 |
Capital grants for lending activities |
- |
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- |
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- |
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5,000 |
Interest receivable |
- |
|
1,152 |
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1,152 |
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1,985 |
Income from investments |
- |
|
2,224 |
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2,224 |
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1,037 |
Other income |
- |
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- |
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- |
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17,066 |
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- |
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81,004 |
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81,004 |
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92,770 |
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Expenditure |
General administrative expenses: |
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Specific provisions for loan losses |
8,518 |
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- |
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8,518 |
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8,722 |
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General provisions for loan losses |
(39,663) |
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- |
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(39,663) |
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3,623 |
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Loan capital and interest written off |
- |
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954 |
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954 |
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3,703 |
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Sundry expenses |
- |
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2,673 |
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2,673 |
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2,660 |
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Legal and professional costs: |
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Audit fees |
- |
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1,860 |
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1,860 |
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2,300 |
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Management fees |
- |
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38,359 |
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38,359 |
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47,837 |
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Advertising and PR |
- |
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8,400 |
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8,400 |
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7,380 |
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Other legal and professional |
- |
|
857 |
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857 |
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2,107 |
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(31,145) |
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53,103 |
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21,958 |
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78,332 |
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Net income/(expenditure) before tax and transfers |
31,145 |
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27,901 |
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59,046 |
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14,438 |
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Tax on profit on ordinary activities |
- |
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- |
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- |
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- |
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Total reserves brought forward |
1,495,872 |
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93,995 |
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1,589,867 |
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1,575,429 |
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Total reserves at 31 December 2015 |
1,527,017 |
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121,896 |
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1,648,913 |
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1,589,867 |
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The Co-operative Loan Fund Limited
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Notes to the Accounts |
for the year ended 31 December 2015
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover |
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Turnover represents the amount derived from interest and fees on loans falling within the company's activities.
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Deferred taxation |
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Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the the balance sheet date. Tax losses of £3,072 can be carried forward and offset against future profits. However, a deferred tax asset has not been recognised as future profits are uncertain. |
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Restricted fund |
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The restricted loan funds are available for lending purposes only. During the year to 31 December 2015, the company received additional donated funds of £nil (2014: £5,000), available for lending purposes only. |
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Fixed asset investments |
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Fixed asset investments are stated at historic cost less provision for any permanent diminution in value. |
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2 |
Turnover |
2015 |
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2014 |
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Turnover attributable to geographical markets outside the UK |
0.0% |
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0.0% |
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3 |
Operating profit |
2015 |
|
2014 |
£ |
£ |
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This is stated after charging: |
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Directors' remuneration |
- |
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- |
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Auditors' remuneration |
1,860 |
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1,800 |
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4 |
Taxation |
2015 |
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2014 |
£ |
£ |
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UK corporation tax based on results for the period |
- |
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- |
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Factors affecting current UK tax charge |
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Profit on ordinary activities by rate of tax |
5,580 |
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4,356 |
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Losses brought forward |
(6,195) |
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(10,551) |
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Losses carried forward |
615 |
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6,195 |
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Total current tax charge |
- |
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- |
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5 |
Investments |
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Other |
investments |
£ |
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Cost |
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At 1 January 2015 |
60,585 |
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Additions |
1,356 |
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At 31 December 2015 |
61,941 |
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Other investments |
2015 |
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2014 |
£ |
£ |
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Unlisted investments |
61,941 |
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60,585 |
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6 |
Debtors |
2015 |
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2014 |
£ |
£ |
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Trade debtors |
1,106,831 |
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1,058,467 |
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Other debtors |
6,354 |
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6,667 |
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1,113,185 |
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1,065,134 |
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Amounts due after more than one year included above |
895,264 |
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790,172 |
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7 |
Creditors: amounts falling due within one year |
2015 |
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2014 |
£ |
£ |
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Accruals |
1,860 |
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1,800 |
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8 |
Reserves |
Restricted |
General |
loan funds |
reserve |
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2015 |
£ |
£ |
£ |
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At 1 January 2015 |
1,495,872 |
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93,995 |
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1,589,867 |
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Profit for the year |
31,145 |
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27,901 |
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59,046 |
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At 31 December 2015 |
1,527,017 |
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121,896 |
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1,648,913 |
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9 |
Related party transactions |
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Industrial Common Ownership Finance Limited
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The Co-operative Loan Fund Limited shares common key management with Industrial Common Ownership Finance Limited.
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During the year The Co-operative Loan Fund Limited was charged a management fee of £38,359 (2014: £47,837) by Industrial Common Ownership Finance Limited. These charges were made on normal commercial terms.
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