Association of Foreign Banks - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02658283 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

ASSOCIATION OF FOREIGN BANKS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Stewart Watson Boyd

Wenjian Fang

Mark Stephen Garvin

Michael Roger Gifford

Patrick Rudolf Gutmann

Thomas William David Isaac

Loknath Nath Mishra

Catherine Lindsay Raines

William Kenneth Spinney Smith

Christian Steffens

Tamira Suzanne Treffers-Herrera

Mauricio Vieira Itagyba Borges

SECRETARY:

Catherine Lindsay Raines

REGISTERED OFFICE:

65-66 Queen Street

London

EC4R 1EB

REGISTERED NUMBER:

02658283 (England and Wales)

SENIOR STATUTORY AUDITOR:

Richard Christopher Harris

AUDITORS:

Watson Associates (Audit Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Tangible assets

4

7,253

17,818

CURRENT ASSETS

Debtors

5

68,064

45,098

Cash at bank and in hand

815,548

770,854

883,612

815,952

CREDITORS

Amounts falling due within one year

6

(144,366

)

(189,002

)

NET CURRENT ASSETS

739,246

626,950

TOTAL ASSETS LESS CURRENT LIABILITIES

746,499

644,768

RESERVES

Income and expenditure account

746,499

644,768

746,499

644,768

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 10 March 2020 and were signed on its behalf by:

Catherine Lindsay Raines - Director

1.	STATUTORY INFORMATION

Association of Foreign Banks 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial

statements.

There were no key assumptions made concerning the future, and other key sources of estimation

uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the

carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost and 20% on cost

Financial instruments

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

financial assets and liabilities like trade and other accounts receivable and payable, loans from banks

and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and

subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or

received; other debt instruments are initially measured at present value of the future payments and

subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when

there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2019

44,697

Disposals

(4,319

)

At 31 December 2019

40,378

DEPRECIATION

At 1 January 2019

26,879

Charge for year

7,596

Eliminated on disposal

(1,350

)

At 31 December 2019

33,125

NET BOOK VALUE

At 31 December 2019

7,253

At 31 December 2018

17,818

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

40,830

15,666

Other debtors

27,234

29,432

68,064

45,098

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

-

900

Taxation and social security

123,032

168,208

Other creditors

21,334

19,894

144,366

189,002

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Christopher Harris (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

8.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £142,737 (2018:

£188,283).