The Construction Industry Council Group accounts (Group and Company)
The Construction Industry Council Group accounts (Group and Company)
COMPANY REGISTRATION NUMBER:
02388396
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Company Limited by Guarantee |
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COMPANY LIMITED BY GUARANTEE |
FINANCIAL STATEMENTS |
YEAR ENDED 31 DECEMBER 2018
Contents |
Page |
Officers and professional advisers |
1 |
Directors' report |
2 |
Independent auditor's report to the members |
6 |
Consolidated income statement |
10 |
Company statement of income and retained earnings |
11 |
Consolidated statement of financial position |
12 |
Company statement of financial position |
13 |
Notes to the financial statements |
14 |
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COMPANY LIMITED BY GUARANTEE |
OFFICERS AND PROFESSIONAL ADVISERS |
The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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168 Church Road |
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Hove |
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East Sussex |
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BN3 2DL |
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Bankers |
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PO Box LB 633 |
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39 Tottenham Court Road |
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London |
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W1T 2AR |
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COMPANY LIMITED BY GUARANTEE |
DIRECTORS' REPORT |
YEAR ENDED 31 DECEMBER 2018
The directors present their report and the financial statements of the group for the year ended
31 December 2018
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Principal activities
Directors
The directors who served the company during the year were as follows:
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Mr SR Hodder
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(Appointed
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Dr PG Hansford
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(Resigned
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Directors' responsibilities statement
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
Small company provisions
This report was approved by the board of directors on
23 May 2019
and signed on behalf of the board by:
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Company Secretary |
Registered office: |
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COMPANY LIMITED BY GUARANTEE |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
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YEAR ENDED 31 DECEMBER 2018
Opinion
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's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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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
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the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Responsibilities of directors
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, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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.
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
168 Church Road |
Hove |
East Sussex |
BN3 2DL |
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COMPANY LIMITED BY GUARANTEE |
CONSOLIDATED INCOME STATEMENT |
YEAR ENDED 31 DECEMBER 2018
2018 |
2017 |
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Note |
£ |
£ |
Turnover |
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Cost of sales |
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Gross profit |
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Administrative expenses |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Profit before taxation |
5 |
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Tax on profit |
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--------- |
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Profit for the financial year |
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All the activities of the group are from continuing operations.
The group has no other recognised items of income and expenses other than the results for the year as set out above.
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COMPANY LIMITED BY GUARANTEE |
COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS |
YEAR ENDED 31 DECEMBER 2018
2018 |
2017 |
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Note |
£ |
£ |
Profit for the financial year and total comprehensive income |
(
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(
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Retained losses at the start of the year |
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(
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Retained losses at the end of the year |
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(
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COMPANY LIMITED BY GUARANTEE |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2018 |
2017 |
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Note |
£ |
£ |
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Fixed assets
Tangible assets |
6 |
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Current assets
Stocks |
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Debtors |
8 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
9 |
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Net current assets |
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------- |
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Total assets less current liabilities |
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Provisions |
– |
(
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Net assets |
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Capital and reserves
Profit and loss account |
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Members funds |
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These financial statements were approved by the
board of directors
and authorised for issue on
23 May 2019
, and are signed on behalf of the board by:
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Director |
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Company registration number:
02388396
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COMPANY LIMITED BY GUARANTEE |
COMPANY STATEMENT OF FINANCIAL POSITION |
2018 |
2017 |
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Note |
£ |
£ |
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Fixed assets
Tangible assets |
6 |
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Current assets
Stocks |
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Debtors |
8 |
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Cash at bank and in hand |
– |
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Creditors: amounts falling due within one year |
9 |
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Net current liabilities |
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Total assets less current liabilities |
(
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Provisions |
– |
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Net liabilities |
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(
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Capital and reserves
Profit and loss account |
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(
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Members deficit |
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The loss for the financial year of the parent company was £
8,121
(2017: £
31,898
).
These financial statements were approved by the
board of directors
and authorised for issue on
23 May 2019
, and are signed on behalf of the board by:
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Director |
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Company registration number:
02388396
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COMPANY LIMITED BY GUARANTEE |
NOTES TO THE FINANCIAL STATEMENTS |
YEAR ENDED 31 DECEMBER 2018
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is The Building Centre, 26 Store Street, London, WC1E 7BT.
2.
Accounting policies
Basis of preparation
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of The Construction Industry Council and all of its subsidiary undertakings.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Income tax
Operating leases
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings |
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Equipment |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Provisions
Financial instruments
Defined contribution plans
3.
Company limited by guarantee
The liability of each member in respect of the undertaking to contribute to the assets of the company is limited to an amount not exceeding £1.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2017:
10
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5.
Profit before taxation
Profit before taxation is stated after charging:
2018 |
2017 |
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£ |
£ |
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Depreciation of tangible assets |
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Fees payable for the audit of the financial statements |
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6.
Tangible assets
Group and company |
Fixtures and fittings |
Equipment |
Total |
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£ |
£ |
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Cost |
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At 1 January 2018 |
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Additions |
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– |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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– |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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7.
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
CICAIR Ltd, a company limited by guarantee, Registered office The Building Centre, 26 Store Street, London WC1E 7BT. The Construction Industry Council is the sole member.
8.
Debtors
Group |
Company |
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2018 |
2017 |
2018 |
2017 |
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£ |
£ |
£ |
£ |
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Trade debtors |
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Other debtors |
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9.
Creditors:
amounts falling due within one year
Group |
Company |
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2018 |
2017 |
2018 |
2017 |
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£ |
£ |
£ |
£ |
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Bank loans and overdrafts |
– |
– |
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– |
Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
– |
– |
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Corporation tax |
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– |
– |
– |
Social security and other taxes |
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Other creditors |
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10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group |
Company |
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2018 |
2017 |
2018 |
2017 |
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£ |
£ |
£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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11.
Related party transactions
Company
The Construction Industry Council received £422,073 (2017: £397688) in annual subscription fees from the Council Members listed on page 3 to the accounts. These transactions were conducted on an arms length basis and any amounts outstanding at the year end are cleared in the normal course of business. The Construction Industry Council received £42,956 (2017: £41,775) in fee payments from the Considerate Constructors Scheme Limited (CCS Ltd), via its parent company, Construction Umbrella Bodies (Holdings) Ltd, which is partly owned by the Construction Industry Council, for services rendered by Construction Industry Council staff in 2018 to assist the governance and strategic development of the CCS Ltd in the year. As of January 2019 CIC became one of the two members of Constructionarium Ltd, a company limited by guarantee. CICAIR Ltd is a subsidiary of The Construction Industry Council, and pays a management charge to The Construction Industry Council in respect of services, personnel and office space utilised by CICAIR Ltd within the office in accordance the service agreement signed in 2017 and this is deemed to be a reasonable allocation of costs. During the year the company paid a service charge of £90,268 (2017:£87,639). CICAIR Ltd also pay half of the net surplus for the year to The Construction Industry Council as agreed and this amount during the year was £42,901 (2017:£39,987).