Registered number: 03282879
THE PUBLISHERS ASSOCIATION LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022
|
THE PUBLISHERS ASSOCIATION LIMITED
REGISTERED NUMBER: 03282879
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current asset investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE PUBLISHERS ASSOCIATION LIMITED
REGISTERED NUMBER: 03282879
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
J N Newton (President)
|
|
|
|
The notes on pages 4 to 20 form part of these financial statements.
|
THE PUBLISHERS ASSOCIATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
Income from defined benefit scheme
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
Income from defined benefit scheme
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
The notes on pages 4 to 20 form part of these financial statements.
|
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company is engaged primarily in representing, promoting and protecting, by all lawful means, the interests of book, journal and electronic publishers. A full description of the year's activities is contained in the Annual Report sent to their members with these financial statements.
The Company is a private company limited by guarantee and is domiciled and incorporated in England and Wales.
The Registered Office address is 50 Southwark Street, London, England, SE1 1UN.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The directors note that the deficit for the year of £76,913 is before accounting for the defined benefit scheme interest income presentational adjustment of £35,000. The total comprehensive income for the year after accounting for this interest income is a deficit of £(41,913). Alongside this, the directors have considered the Statement of Financial Position at the accounting date and reviewed forecasts and are satisfied that the Company is in a position to meet its liabilities as they fall due for a period of at least twelve months from the date of signing these financial statements. The company has significant funds which can be used against this deficit.
Due to the nature of how the Company operates, the majority of revenues for the next 12 months following the signing of these financial statements have already been received and are therefore expected to be stable.
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Revenue from operations is derived from four sources:
• Annual membership subscriptions;
• Book fair;
• Copyright infringement portal licences;
• Content protection & enforcement
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Subscription income is recognised over the period that the relevant service is provided.
Book fair income is recognised when the event to which the income relates takes place.
Portal licence income is recognised over the period that the relevant service is provided.
Content protection and enforcement income is recognised when the costs to complete the work are incurred.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
|
|
Leased assets: the Company as lessee
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
|
|
Coronavirus Job Retention Scheme income and expenditure
|
Furlough income is receivable as compensation for salary expenses already incurred and to give immediate financial support to the Company with no future related costs. This income is recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Company operates both a defined contribution and a defined benefit pension scheme and accounts for these in accordance with FRS 102, Section 28 'Employee benefits'.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Defined benefit scheme
The Company operates a defined benefit scheme, which closed to future benefit accrual with effect from 31 July 2013. Scheme assets are measured at fair value. Scheme liabilities are measured actuarially using the projected unit credit method and are discounted to present value using yields on high quality corporate bonds. The net surplus or deficit is presented separately from other net assets on the Statement of Financial Position.
The defined benefit net asset or liability represents the present value of the defined benefit obligation less the fair value of plan assets out of which obligations are settled. A pension scheme asset is recognised only to the extent that the surplus may be recovered by reduced future contributions or to the extent that the trustees have agreed a refund from the scheme at the accounting date. A pension scheme liability is recognised to the extent that the Company has a legal or constructive obligation to settle the liability.
Gains or losses recognised as part of the surplus on ordinary activities in the Statement of Comprehensive Income:
∙The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.
∙Net interest on the net defined benefit asset or liability comprises the interest cost on the defined benefit obligation and interest income on the plan assets, calculated by multiplying the fair value of the plan assets at the beginning of the period by the rate used to discount the benefit obligation.
Gains or losses recognised in other comprehensive income:
∙Actuarial gains and losses;
∙Deferred tax arising on the net surplus or deficit
∙Contributions to the scheme when the surplus is not recognised on the Statement of Financia Position following the accounting policy above.
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like debtors and creditors.
(i) Financial assets
Basic financial assets, including trade and other debtors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
|
|
Financial instruments (continued)
|
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
|
Critical Accounting Estimates, Areas of Judgement and Assumptions
|
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Defined benefit pension scheme
The measurement of scheme obligations is subject to certain key assumptions, which are based on the judgement of the Scheme Actuary, and industry-standard estimation bases. These are listed in note 15.
In 2018, the Scheme Actuary was aware that one of these industry-wide estimation bases (the guaranteed Minimum Pension (GMP) Equalisation) was in the process of being clarified following a recent High Court ruling.
Since then, the SFO actuarial valuation has been carried out on behalf of the Trustees. It was agreed to use an estimate of 3%, the upper limit of industry estimates. An allowance of 3% has implicitly been included in the defined benefit obligation as at 31 December 2022, meaning no further provision is required.
A further assumption in the financial statements is that the pension scheme surplus at the accounting date is not deemed recoverable by reduced future deficit contributions and as a result the surplus asset associated with the scheme has not been recognised on the Statement of Financial Position on the grounds of future recoverability.
|
The average monthly number of employees, including directors, during the year was 18 (2021 - 15).
|
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
|
|
|
|
|
Adjustments in respect of previous periods
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and reversal of timing differences
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on (loss)/profit on ordinary activities
|
|
|
|
Factors affecting tax charge for the year
|
|
The tax assessed for the year is the same as (2021 - the same as) the standard rate of corporation tax in the UK of 19% (2021 - 19%) as set out below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on ordinary activities before tax
|
|
|
|
Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
|
|
|
|
|
|
|
|
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
|
|
|
|
|
|
|
|
Adjustments to tax charge in respect of prior periods
|
|
|
|
Remeasurement of deferred tax for changes in tax rates
|
|
|
|
Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
|
|
|
|
Total tax charge for the year
|
|
|
|
Factors that may affect future tax charges
|
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
5.Taxation (continued)
The UK Government announced its intention to increase the rate of UK corporation tax rate from 19% to 25% with effect from 1 April 2023. The increase in the rate of UK corporation tax was enacted in the Finance Act 2021 which received Royal Assent on 10 June 2021.
The Company has tax losses in excess of £66,000 (2021: £23,000) available to carry forward against future tax liabilites of the Company. A deferred tax asset has been recognised in respect of these losses due to the Company making a surplus. This is reflected within the deferred tax liability in note 16.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The net book value of tangible assets includes £1,354 (2021: £3,460) in respect of assets held under finance leases and hire purchase agreements.
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company holds interests in three not-for-profit organisations.
A 50% share is held in World Book Day Limited, a charity registered in England and Wales. The Company is required to appoint three Trustees, enabling the Company to exercise influence but not control over the charity.
A 25% interest is held in Publishers Licensing Society Limited, a private company limited by guarantee and incorporated in England and Wales. The Company is entitled to appoint up to 3 directors, enabling the Company to exercise influence but not control over the organisation.
A minority interest is held in Book Industry Communication Limited, a private company limited by guarantee and incorporated in England and Wales. By virtue of the Company's entitlement to vote at general meetings, it can exercise influence but not control over the organisation.
As all organisations are not-for-profit and therefore have no share capital, no assets in respect of these investments have been recognised in the Statement of Financial Position.
|
Due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Current asset investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
Obligations under finance lease and hire purchase contracts
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net obligations under finance leases and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase and finance leases
|
|
Minimum lease payments under hire purchase fall due as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to profit or loss
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated capital allowances
|
|
|
|
Tax losses carried forward
|
|
|
|
|
|
|
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company operates a defined contributions scheme open to current employees and a defined benefit pension scheme that closed to new employees in 2007 and to future accrual on 31 July 2013. The defined contribution scheme's assets are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £80,778 (2021: £73,839).
The Company's defined benefit pension scheme is administered by trustees and is independent of the Company's finances. The Company paid no annual deficit funding contribution this year nor in the previous year on the recommendation of a independent actuary.
|
Reconciliation of present value of plan liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of present value of plan liabilities
|
|
|
|
At the beginning of the year
|
|
|
|
|
|
|
|
|
|
|
|
Actual return on scheme assets (excluding interest)
|
|
|
|
|
|
|
|
Included within benefits paid are administration expenses amounting to £93,000 (2021: £22,000).
|
|
Reconciliation of present value of plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
15.Pension commitments (continued)
|
Composition of plan assets:
|
|
Present value of the defined benefit obligation
|
|
|
|
Fair value of scheme assets
|
|
|
|
|
|
|
|
Surplus at the accounting date
|
|
|
|
The surplus at the accounting date has not been recognised as it is not deemed recoverable by reduced future deficit contributions and there is no agreement with the scheme for a refund. On the basis that the surplus has not been recognised, contributions made and net interest on the scheme have been recognised in other comprehensive income.
|
|
Amount recognised in the Statement of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on plan assets
|
|
|
|
|
|
|
|
Scheme assets at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Driven Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing defined benefit obligation
|
|
|
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
15.Pension commitments (continued)
|
The most recent actuarial valuation of the defined benefit scheme assets and the present value of the defined benefit obligation was carried out as at 31 December 2021. The principal assumptions used last year in the previous actuarial valuation, and in the updated valuation this year include:
|
|
|
|
|
|
|
|
|
|
Rate of increase in pre 1997 pensions in payment
|
|
|
|
Rate of increase of post 1997 pensions in payment
|
|
|
|
Rate of increase of deferred pensions
|
|
|
|
|
|
|
|
Post retirement mortality
|
|
|
|
Inflation assumption - RPI
|
|
|
|
Inflation assumption - CPI
|
|
|
|
|
|
|
|
Life expectancy aged 65 at the reporting date - male
|
|
|
|
Life expectancy aged 65 at the reporting date - female
|
|
|
|
Life expectancy aged 65, 20 years after the reporting date - male
|
|
|
|
Life expectancy aged 65, 20 years after the reporting date - female
|
|
|
|
Commitments under operating leases
|
|
At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
THE PUBLISHERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
|
Related party transactions
|
|
All the directors are also senior executives of members that pay subscriptions at the standard rates.
The Company received £149,737 (2021: £123,757) from two organisations with a common director.
The Company provided part of its office space to World Book Day Ltd, a company with a common director and in which the Company has an interest, free of charge during the year. The Company donated an amount of £5,000 towards the 25th Anniversary Reception.
The Company also paid a subscription fee of £1,471 (2021: £3,896) to Book Industry Communications Limited, an organisation in which the Company has an interest.
|
The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.
The audit report was signed on 24 April 2023 by Myfanwy Neville FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.
|