ACCOUNTS - Final Accounts

COMMITMENTS UNDER OPERATING LEASES

At 31 March 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

INSTITUTE OF STUDENT EMPLOYERS - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-03-312021-03-31The Company is a mutual trading organisation and as such only pays tax on investment income and gains and non-member income. Tax is recognised in profit or loss 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.2020-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false07truetrue 01042932 2020-04-01 2021-03-31 01042932 2019-04-01 2020-03-31 01042932 2021-03-31 01042932 2020-03-31 01042932 c:Director1 2020-04-01 2021-03-31 01042932 d:PlantMachinery 2020-04-01 2021-03-31 01042932 d:PlantMachinery 2021-03-31 01042932 d:PlantMachinery 2020-03-31 01042932 d:PlantMachinery d:OwnedOrFreeholdAssets 2020-04-01 2021-03-31 01042932 d:CurrentFinancialInstruments 2021-03-31 01042932 d:CurrentFinancialInstruments 2020-03-31 01042932 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 01042932 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 01042932 d:RetainedEarningsAccumulatedLosses 2021-03-31 01042932 d:RetainedEarningsAccumulatedLosses 2020-03-31 01042932 c:FRS102 2020-04-01 2021-03-31 01042932 c:Audited 2020-04-01 2021-03-31 01042932 c:FullAccounts 2020-04-01 2021-03-31 01042932 c:CompanyLimitedByGuarantee 2020-04-01 2021-03-31 01042932 d:WithinOneYear 2021-03-31 01042932 d:WithinOneYear 2020-03-31 01042932 d:BetweenOneFiveYears 2021-03-31 01042932 d:BetweenOneFiveYears 2020-03-31 01042932 c:SmallCompaniesRegimeForAccounts 2020-04-01 2021-03-31 01042932 2 2020-04-01 2021-03-31 01042932 6 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure

Registered number: 01042932

INSTITUTE OF STUDENT EMPLOYERS

(A Company Limited by Guarantee)

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2021

INSTITUTE OF STUDENT EMPLOYERS

(A Company Limited by Guarantee)

REGISTERED NUMBER: 01042932

BALANCE SHEET

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

FIXED ASSETS
Tangible assets	4		5,203		8,088
Investments	5		82,271		155,469
			87,474		163,557
CURRENT ASSETS
Debtors: amounts falling due within one year	6	266,082		405,302
Cash at bank and in hand		430,000		274,652
		696,082		679,954
Creditors: amounts falling due within one year	7	(502,927)		(548,584)
NET CURRENT ASSETS			193,155		131,370
TOTAL ASSETS LESS CURRENT LIABILITIES			280,629		294,927

NET ASSETS			280,629		294,927

CAPITAL AND RESERVES
Profit and loss account	280,629	294,927
	280,629	294,927

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 profit and loss account 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:

D Davidson

Director

Date: 9 December 2021

The notes on pages 2 to 7 form part of these financial statements.

Page 1

INSTITUTE OF STUDENT EMPLOYERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	GENERAL INFORMATION

The Company is limited by guarantee and incorporated in England. The address of the registered office is 6 Bath Place, Rivington Street, London EC2A 3JE.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

2.1

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:

2.2

GOING CONCERN

The Directors have prepared forecasts for 2021/22 and considered the trading period beyond this. In light of the changes that the ongoing global pandemic has required, the Directors have stress-tested the forecasts, chiefly in light of the continuing efforts to identify different and sustainable sources of income and diversification of the Institue's activities.
Upon their review, the Directors believe the company will have sufficient resources to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt a going concern basis in preparing these financial statements.

2.3

TURNOVER

Turnover from subscriptions is recognised over the period to which they relate.
Conference and trade show income is recognised when the event is held.
Income from publications is recognised on the publication date.

2.4

TANGIBLE FIXED ASSETS

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.

There is a capitalisation policy in place of £500. Assets costing less that £500 are expensed in the year of purchase through the profit and loss account.

Page 2

INSTITUTE OF STUDENT EMPLOYERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.4

TANGIBLE FIXED ASSETS (CONTINUED)

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:

Office furniture & equipment

3-5 years straight line

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 profit or loss.

2.5

VALUATION OF INVESTMENTS

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

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.

2.8

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss 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 Profit and Loss Account in the same period as the related expenditure.

Page 3

INSTITUTE OF STUDENT EMPLOYERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.10

PENSIONS

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.11

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.12

TAXATION

The Company is a mutual trading organisation and as such only pays tax on investment income and gains and non-member income.

Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

3.	EMPLOYEES
	The average monthly number of employees during the year was 9 (2020 - 8).

Page 4

INSTITUTE OF STUDENT EMPLOYERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

4.	TANGIBLE FIXED ASSETS

		Office furniture & equipment
		£
	COST OR VALUATION
	At 1 April 2020	21,364
	At 31 March 2021	21,364
	DEPRECIATION
	At 1 April 2020	13,276
	Charge for the year on owned assets	2,885
	At 31 March 2021	16,161
	NET BOOK VALUE
	At 31 March 2021	5,203
	At 31 March 2020	8,088

5.	FIXED ASSET INVESTMENTS

		Listed investments
		£
	COST OR VALUATION
	At 1 April 2020	155,469
	Disposals	(80,000)
	Revaluations	6,802
	At 31 March 2021	82,271

Page 5

INSTITUTE OF STUDENT EMPLOYERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

DEBTORS

					2021	2020
					£	£


Trade debtors	220,238	312,466
Prepayments and accrued income	45,844	92,836
	266,082	405,302

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2021	2020
		£	£

Trade creditors	23,211	46,062
Corporation tax	1,414	99
Other taxation and social security	114,051	85,868
Other creditors	10,172	10,184
Accruals and deferred income	354,079	406,371
	502,927	548,584

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £5,602 (2020 - £5,614) were payable to the fund at the balance sheet date and are included in other creditors.


8.	COMPANY STATUS

The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £5 towards the assets of the Company in the event of liquidation.

Page 6

INSTITUTE OF STUDENT EMPLOYERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Not later than 1 year	23,850	23,850
Later than 1 year and not later than 5 years	55,650	79,500
	79,500	103,350

10.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2021 was unqualified.

The audit report was signed on 10 December 2021 by Michael Hewett (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.

Page 7