Association of Foreign Banks - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02658283 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ASSOCIATION OF FOREIGN BANKS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Stewart Watson Boyd

Wenjian Fang

Loknath Nath Mishra

William Kenneth Spinney Smith

Pierre Vinci

Neslihan Serra Akcaoglu

Richard Andrew John Kaye

Anand Kumar

Gabriela Martinez De Aragon Calvo

Giles Edward French

Fabio Ricardo Machado

Diana-Alina Hudymac

Megan Christine McDonald

Yasser Ismail Hassan Mohamed

SECRETARY:

Giles Edward French

REGISTERED OFFICE:

4th Floor

28 Austin Friars

London

EC2N 2QQ

REGISTERED NUMBER:

02658283 (England and Wales)

SENIOR STATUTORY AUDITOR:

Richard Christopher Harris

AUDITORS:

Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Intangible assets

4

2,256

15,789

Tangible assets

5

30,220

2,717

32,476

18,506

CURRENT ASSETS

Debtors

6

67,363

72,095

Cash at bank and in hand

1,375,012

1,343,486

1,442,375

1,415,581

CREDITORS

Amounts falling due within one year

7

(237,777

)

(251,371

)

NET CURRENT ASSETS

1,204,598

1,164,210

TOTAL ASSETS LESS CURRENT LIABILITIES

1,237,074

1,182,716

RESERVES

Income and expenditure account

1,237,074

1,182,716

1,237,074

1,182,716

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 and authorised for issue on 26 March 2024 and were signed on its behalf by:

Giles Edward French - 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

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 11 (2022 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2023

and 31 December 2023

40,600

AMORTISATION

At 1 January 2023

24,811

Charge for year

13,533

At 31 December 2023

38,344

NET BOOK VALUE

At 31 December 2023

2,256

At 31 December 2022

15,789

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2023

11,047

Additions

32,457

Disposals

(10,485

)

At 31 December 2023

33,019

DEPRECIATION

At 1 January 2023

8,330

Charge for year

4,954

Eliminated on disposal

(10,485

)

At 31 December 2023

2,799

NET BOOK VALUE

At 31 December 2023

30,220

At 31 December 2022

2,717

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

27,318

32,640

Other debtors

40,045

39,455

67,363

72,095

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

2,733

1,847

Taxation and social security

126,175

133,064

Other creditors

108,869

116,460

237,777

251,371

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

43,175

-

Between one and five years

172,700

-

In more than five years

25,185

-

241,060

-

9.	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

10.	RELATED PARTY DISCLOSURES

For the first eight months of the year the entity occupied part of one of the member's premises with no cost.