AIPPI United Kingdom - Limited company accounts 18.1.1

REGISTERED NUMBER: 00223374 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2017

for

AIPPI United Kingdom

Page

Company Information

1

Report of the Directors

3

Income and Expenditure Account

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

T M Cook

C Morcom QC

I Karet

K J Tomlinson

J Watts

A Roughton

S F Jones

P Harris

J Mutimear

J M O Brunner

J M Vleck

P Finnie

M D Pratt

R Vary

S Ashby

J Tumbridge

D Brook

C Smyth

N Dagg

S Baldock

N Cunningham

J Moss

D E Adair

A Ward

A Artinian

M Ridgway

SECRETARY:

S Ashby

REGISTERED OFFICE:

52 Kingsway Place

Sans Walk

London

EC1R 0LU

REGISTERED NUMBER:

00223374 (England and Wales)

ACCOUNTANTS:

Sawin & Edwards Chartered Accountants

52 Kingsway Place

Sans Walk

London

EC1R 0LU

The directors present their report with the financial statements of the company for the year ended 31 December 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2017 to the date

of this report.

T M Cook

C Morcom QC

I Karet

K J Tomlinson

J Watts

A Roughton

S F Jones

P Harris

J Mutimear

J M O Brunner

J M Vleck

P Finnie

M D Pratt

R Vary

S Ashby

J Tumbridge

D Brook

C Smyth

N Dagg

S Baldock

N Cunningham

J Moss

D E Adair

Other changes in directors holding office are as follows:

A Ward - appointed 8 March 2017

A Artinian - appointed 8 March 2017

M Ridgway - appointed 19 September 2017

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

M D Pratt - Director

18 September 2018

INCOME

3

45,929

45,902

Administrative expenses

(55,629

)

(52,213

)

(9,700

)

(6,311

)

Unrealised (loss)/gain on

investments

(1,401

)

6,447

OPERATING (DEFICIT)/SURPLUS

(11,101

)

136

Income from fixed asset investments

2,111

1,987

Interest receivable and similar income

34

3

(DEFICIT)/SURPLUS BEFORE TAXATION

(8,956

)

2,126

Tax on (deficit)/surplus

4

266

(1,554

)

(DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR

(8,690

)

572

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(8,690

)

572

FIXED ASSETS

Investments

5

112,506

113,907

CURRENT ASSETS

Debtors

6

325

173

Cash at bank

7,002

12,695

7,327

12,868

CREDITORS

Amounts falling due within one year

7

(7,246

)

(5,232

)

NET CURRENT ASSETS

81

7,636

TOTAL ASSETS LESS CURRENT LIABILITIES

112,587

121,543

PROVISIONS FOR LIABILITIES

(3,760

)

(4,026

)

NET ASSETS

108,827

117,517

RESERVES

Income and expenditure account

108,827

117,517

108,827

117,517

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 18 September 2018 and were signed on its behalf by:

J Watts - Director

1.	STATUTORY INFORMATION

AIPPI United Kingdom is a private company, limited by guarantee , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements present information about the company as a single entity.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

Income represents services supplied during the accounting period, subscriptions, income from

investments and interest received.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of

financial assets and liabilities such as listed investments, debtors and creditors. Financial assets and

liabilities are recognised when the company becomes a party to the contractual provisions of the

instruments.

Fixed Asset - Investments

Listed investments are a form of basic financial instrument and are initially recognised at their

transaction value and subsequently measured at their fair values, as at the balance sheet date, using

the closing quoted market price. Unrealised gains and losses are calculated as the difference between

the fair value at the year end and the carrying value.

Debtors and creditors

Basic financial assets and liabilities, including debtors and creditors, 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

and liabilities are subsequently carried at amortised cost using the effective interest method, less any

impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash at bank and in hand.

Taxation

The tax expense for the year comprises current tax. Tax is recognised in the income and expenditure

account, except that a change 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not

reversed by the balance sheet 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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

3.

INCOME

2017

2016

£

£

Subscriptions

38,910

37,560

Lecture income

7,019

8,342

45,929

45,902

Number of

Number of

members

members

Individuals

429

390

Corporate members

2

6

431

396

4.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the deficit for the year was as follows:

2017

2016

£

£

Current tax:

UK corporation tax

-

265

Deferred tax

(266

)

1,289

Tax on (deficit)/surplus

(266

)

1,554

5.	FIXED ASSET INVESTMENTS

UK QUOTED INVESTMENTS

2017

2016

£

£

Market Value at 1 January 2017

113,907

107,460

Unrealised (loss)/gain

(1,401

)

6,447

Market Value at 31 December 2017

112,506

113,907

Historic cost as at 31 December 2017

93,771

93,771

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

224

173

Prepayments and accrued income

101

-

325

173

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other creditors

7,246

5,232

8.	RELATED PARTY DISCLOSURES

During the year, the directors were reimbursed £1,100 (2016: £21) for expenses paid relating to

events and professional expenses. Included in creditors at the year-end is an amount owed to a

director totalling £84 (2016: £Nil).

9.

CAPITAL

The Association is a company limited by guarantee; the liability of each member is limited to £1.05.