Company Registration No. NI043791 (Northern Ireland)
THE GOVERNING BODIES ASSOCIATION (NORTHERN IRELAND)
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
THE GOVERNING BODIES ASSOCIATION (NORTHERN IRELAND)
COMPANY INFORMATION
Directors
Ms M Winchborne
Mr I Noad
Sir G Loughran
Mr L T McDaid
Mr S Black
Professor J H Gillespie
Ms T Campbell
Mr S T Gowdy
Ms M Grey
Mr R Hassard
Mr D Mullan
Mr S Naismith
Ms J Weir
Dr C B Ryan
Mr L O'Reilly
(Appointed 1 February 2021)
Mr V O'Connell
(Appointed 25 November 2020)
Mr I Henderson
(Appointed 25 November 2020)
Secretary
Ms N O'Neill
Company number
NI043791
Registered office
83-85 Victoria Street
Belfast
BT1 4PB
Auditor
SLMD Limited
T/a Bridge, Chartered Accountants
Suite 7, Ormeau House
91-97 Ormeau Road
Belfast
Northern Ireland
BT7 1SH
Bankers
Danske Bank
Donegall Sq West
Belfast
BT1 6JS
THE GOVERNING BODIES ASSOCIATION (NORTHERN IRELAND)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE GOVERNING BODIES ASSOCIATION (NORTHERN IRELAND)
BALANCE SHEET
AS AT 31 JULY 2020
31 July 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
4
34,452
33,481
Cash at bank and in hand
38,413
39,357
72,865
72,838
Creditors: amounts falling due within one year
5
(11,410)
(11,658)
Net current assets
61,455
61,180
Reserves
Other reserves
3,773
3,773
Income and expenditure account
57,682
57,407
Members' funds
61,455
61,180
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 28 April 2021 and are signed on its behalf by:
Ms J Weir
Director
Company Registration No. NI043791
The notes on pages 2 to 4 form part of these financial statements
THE GOVERNING BODIES ASSOCIATION (NORTHERN IRELAND)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 2 -
1
Accounting policies
Company information
The Governing Bodies Association (Northern Ireland) is a private company limited by guarantee without share capital incorporated in Northern Ireland. The registered office is 83-85 Victoria Street, Belfast, Northern Ireland, BT1 4PB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern. The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the financial statements, but management has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THE GOVERNING BODIES ASSOCIATION (NORTHERN IRELAND)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2019 - 0).
3
Directors' remuneration
2020
2019
£
£
Remuneration paid to directors
THE GOVERNING BODIES ASSOCIATION (NORTHERN IRELAND)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 4 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
4,396
1,043
Other debtors
30,056
32,438
34,452
33,481
5
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
11,410
11,658
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Mr Seamus Dawson.
The auditor was SLMD Limited.
2020-07-312019-08-01false28 April 2021CCH SoftwareCCH Accounts Production 2021.100No description of principal activityThis audit opinion is unqualifiedMs M WinchborneMr I NoadSir G LoughranMr L T McDaidMr S BlackProfessor J H GillespieMs T CampbellMr S T GowdyMr B GregoryMs M GreyMr R HassardMs L LaveryMr J McDowellMr D MullanMr D MullanMr S NaismithMs J WeirMs J WeirMr Leo O'ReillyDr C B RyanMr L O'ReillyMs N O'Neill0NI0437912019-08-012020-07-31NI043791bus:Director12019-08-012020-07-31NI043791bus:Director22019-08-012020-07-31NI043791bus:Director32019-08-012020-07-31NI043791bus:Director42019-08-012020-07-31NI043791bus:Director52019-08-012020-07-31NI043791bus:Director62019-08-012020-07-31NI043791bus:Director72019-08-012020-07-31NI043791bus:Director82019-08-012020-07-31NI043791bus:Director102019-08-012020-07-31NI043791bus:Director112019-08-012020-07-31NI043791bus:Director152019-08-012020-07-31NI043791bus:Director162019-08-012020-07-31NI043791bus:Director182019-08-012020-07-31NI043791bus:Director202019-08-012020-07-31NI043791bus:Director212019-08-012020-07-31NI043791bus:Director222019-08-012020-07-31NI043791bus:Director232019-08-012020-07-31NI043791bus:CompanySecretary12019-08-012020-07-31NI043791bus:Director92019-08-012020-07-31NI043791bus:Director122019-08-012020-07-31NI043791bus:Director132019-08-012020-07-31NI043791bus:Director142019-08-012020-07-31NI043791bus:Director172019-08-012020-07-31NI043791bus:Director192019-08-012020-07-31NI043791bus:RegisteredOffice2019-08-012020-07-31NI043791bus:Agent12019-08-012020-07-31NI0437912020-07-31NI0437912019-07-31NI043791core:CurrentFinancialInstruments2020-07-31NI043791core:CurrentFinancialInstruments2019-07-31NI043791core:OtherMiscellaneousReserve2020-07-31NI043791core:OtherMiscellaneousReserve2019-07-31NI043791core:RetainedEarningsAccumulatedLosses2020-07-31NI043791core:RetainedEarningsAccumulatedLosses2019-07-31NI0437912018-08-012019-07-31NI043791bus:CompanyLimitedByGuarantee2019-08-012020-07-31NI043791bus:SmallCompaniesRegimeForAccounts2019-08-012020-07-31NI043791bus:FRS1022019-08-012020-07-31NI043791bus:Audited2019-08-012020-07-31NI043791bus:FullAccounts2019-08-012020-07-31xbrli:purexbrli:sharesiso4217:GBP