Association of Surgeons of Great Britain - Accounts to registrar - small 16.1.1

REGISTERED NUMBER: 06783090 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

ASSOCIATION OF SURGEONS OF GREAT BRITAIN

AND IRELAND LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Certified Accountants' Report

11

DIRECTORS:

Mr R J Moorehead

Mr D A Rew

Mr N T Welch

Mr J E Hartley

Mr P Sagar

Ms K Nugent

Mr B Singh

Mr T A Cook

Mr I D Anderson

SECRETARY:

Mr A Sepehr

REGISTERED OFFICE:

The Surgical Foundation

C/o Association of Surgeons of GB

35-43 Lincoln`s Inn Fields

London

WC2A 3PE

REGISTERED NUMBER:

06783090 (England and Wales)

ACCOUNTANTS:

Ford Bentall LLP

Chartered Certified Accountants

60 High Street

Chobham

Surrey

GU24 8AA

FIXED ASSETS

Intangible assets

4

9,678

-

Tangible assets

5

4,612

3,577

Investments

6

10

22

14,300

3,599

CURRENT ASSETS

Stocks

5,050

5,150

Debtors: amounts falling due within one year

7

326,411

439,701

Debtors: amounts falling due after more than one year

7

40,200

-

Cash at bank and in hand

152,922

104,565

524,583

549,416

CREDITORS

Amounts falling due within one year

8

393,308

428,100

NET CURRENT ASSETS

131,275

121,316

TOTAL ASSETS LESS CURRENT LIABILITIES

145,575

124,915

RESERVES

Other reserves

(6,730

)

-

Retained earnings

152,305

124,915

145,575

124,915

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 profit or loss 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 26 October 2016 and were signed on its behalf by:

Mr R J Moorehead - Director

1.	STATUTORY INFORMATION

Association of Surgeons of Great Britain and Ireland Limited 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 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.

Preparation of consolidated financial statements

The financial statements contain information about Association of Surgeons of Great Britain and

Ireland Limited as an individual company and do not contain consolidated financial information as the

parent of a group. The company has taken the option under Section 398 of the Companies Act 2006

not to prepare consolidated financial statements.

Turnover

Turnover comprises members subscriptions, income from an annual general meeting, provision of

administration services to similar organisations, corporate sponsorship and conferences exclusive of

value added tax.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and 20% on cost

Hire purchase and leasing commitments

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

period of the lease.

Pension costs and other post-retirement benefits

The company participates in the Superannuation Arrangements of the University of London, which is a

funded, defined benefit scheme.The scheme is contracted out of the State Earnings-Related Pension

scheme. The scheme is valued formally every three years by professionally qualified and independent

actuaries.Reviews of the scheme`s position are carried out in the period between valuations. The

expected costs to the Company of providing pensions is charged to the accounts so as to spread the

cost over the service lives of employees involved in such a way that the pension cost equals the

annualised long-term cash outlay to the scheme.

Investments in subsidiaries

Investments in subsidiaries are measured under the historical cost and are subject to impairment test

annually.

Trade debtors

Trade Debtors are measured at their amortised cost using the effective interest rate and are subject to

impairment test at the year end. The amounts are recoverable within the next twelve months from the

reporting period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

Additions

9,884

At 31 December 2015

9,884

AMORTISATION

Amortisation for year

206

At 31 December 2015

206

NET BOOK VALUE

At 31 December 2015

9,678

Development cost relates to a software programme for the improvement of services provided to

members of the Association. The software will be completed in two phases. The first phase has been

completed and full completion is anticipated by the end of 2016.

The useful life of the asset is estimated to be 4 years and amortisation will be spread over that period.

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2015

7,440

18,106

25,546

Additions

2,784

449

3,233

At 31 December 2015

10,224

18,555

28,779

DEPRECIATION

At 1 January 2015

7,272

14,697

21,969

Charge for year

428

1,770

2,198

At 31 December 2015

7,700

16,467

24,167

NET BOOK VALUE

At 31 December 2015

2,524

2,088

4,612

At 31 December 2014

168

3,409

3,577

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2015

22

Impairments

(12

)

At 31 December 2015

10

NET BOOK VALUE

At 31 December 2015

10

At 31 December 2014

22

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Subsidiaries

Surgical Services Trading Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Surgical Events Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Surgical Expert Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Surgical Indemnity Scheme Limited

Registered office:

Nature of business: Insurance brokers

%

Class of shares:

holding

Ordinary

100.00

2015

2014

£

£

Aggregate capital and reserves

(22,764

)

(22,327

)

Loss for the year

(437

)

(2,720

)

Surgical Web Services Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Associated company

Newscanner Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary shares

50.00

7.

DEBTORS

2015

2014

£

£

Amounts falling due within one year:

Trade debtors

217,422

241,396

Amounts owed by group undertakings

41,165

97,675

Other debtors

-

21,986

Tax

1,161

-

VAT

14,693

16,857

Prepayments

51,970

61,787

326,411

439,701

Amounts falling due after more than one year:

Amounts owed by group undertakings

17,418

-

Other debtors

22,782

-

40,200

-

Aggregate amounts

366,611

439,701

The amounts due more than a year are expected to be received in 2017. The amount of £ 22,915

owed by CORESS, has been discounted to its present value of £19,795, with a discount rate of 5%,

and date of settlement 31/12/2017.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

£

Bank loans and overdrafts

1,177

-

Trade creditors

135,305

99,350

Tax

8,140

11,124

Social security and other taxes

15,934

15,787

Other creditors

157,716

205,349

Accruals and deferred income

75,036

96,490

393,308

428,100

9.	OFF-BALANCE SHEET ARRANGEMENTS

The Association has been committed to provide financial support for at least the next 12 months to

The Surgical Indemnity Scheme , its 100% subsidiary . Current year year net cash outflows amounted

to £1110 (2014: £4384) .

The maximum amount of finance support will not exceed £5000 for the next twelve months.

10.	RELATED PARTY DISCLOSURES

11.	POST BALANCE SHEET EVENTS

The company undertook a review of its operational administration in 2016 and let go a senior member

of staff.

The former member of management has made a claim against the Association and the Association

is in dispute with SAUL regarding a pension lump sum payment to the former employee.

12.	SHARE CAPITAL

In accordance with the company's Memorandum and Articles of Association the company has no

authorised or issued Share capital and is Limited by guarantee.

As at 31 December 2015 the Company had 1,545 members.The liability of each member is limited to

£1.

13.	PENSION COMMITMENTS

The company participates in the Superannuation Arrangements of the University of London (SAUL), a

centralised defined benefit scheme fo all qualified employees with assets held in separate Trustee

administered funds. It is not possible to identify the Company`s share of the underlying assets and

liabilities of SAUL.Therefore contributions are accounted for as if SAUL were a defined contributions

scheme and pension costs are based on the amounts actually paid (i.e., cash amounts ). The total

costs of pension contributions on behalf of employees of the company during the period was £58,312

(2012: £66,702)

The scheme is subject to triennial valuation by professionally qualified independent actuaries.The last

available valuation was carried out at 31 March 2014 using the projected credit method in which the

actuarial liability makes allowance for projected earnings.

The following assumptions were used to asses the past service funding position and future service

liabilities:

Projected Unit

Technical

Future

Valuation method

Provisions

Funding Objective

Investment return - pre-retirement

5.73% p.a

3.68% p.a

Investment return - post retirement

3.63% p.a

3.68% p.a

Retail Price index price inflation increases

3.40% p.a

3.60% p.a

Salary increases (excluding an allowance for promotional increases)

3.65% p.a

until 31/03/14

4.40% p.a

thereafter

Pension increases in payment

2.70% p.a

2.90% p.a

The actuarial method applies to the scheme as a whole and does not identify surpluses or deficits

applicable to individual employers. SAUL had made significant changes in the pension scheme from

1st July 2012 and from 1st April 2016 consequently to counter the running deficit within a reasonable

time horizon. The employers contributions have been increased to meet the additional funding needs.

As per last actuarial valuation, and as a whole, the market value of the scheme's assets was £1,902

million, the present value of the scheme's liabilities was £2,235 million and the resulting deficit was

£333 million.

The following reproduces the text of the report prepared for the directors and members in respect of

the company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Association of Surgeons of Great Britain and Ireland Limited for the year ended

31 December 2015 which comprise the Income statement, Balance Sheet and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Association of Surgeons of Great Britain and Ireland Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Association of Surgeons of Great Britain and Ireland Limited and state those matters that we have agreed to state to the Board of Directors of Association of Surgeons of Great Britain and Ireland Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Association of Surgeons of Great Britain and Ireland Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Association of Surgeons of Great Britain and Ireland Limited. You consider that Association of Surgeons of Great Britain and Ireland Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Association of Surgeons of Great Britain and Ireland Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ford Bentall LLP

Chartered Certified Accountants

60 High Street

Chobham

Surrey

GU24 8AA

1 December 2016