The Project Finance Association - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03592310 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

THE PROJECT FINANCE ASSOCIATION

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G N Haley

M Richards

D M Zurkow

J V C L Barratt

W Banks

A P Baxter

J P Seed

M Wilkins

Ms D Brooker

P C M Reekie

P J Hall

D Wickstrom

A Higgins

J E Prescot

SECRETARY:

M Richards

REGISTERED OFFICE:

150 Fleet Street

Fleet Street

London

EC4A 2DQ

REGISTERED NUMBER:

03592310 (England and Wales)

AUDITORS:

D & J Randles Limited

Chartered Accountants and

Statutory Auditors

203 Askern Road

Doncaster

South Yorkshire

DN5 0JR

FIXED ASSETS

Tangible assets

4

6,938

959

CURRENT ASSETS

Debtors

40,841

37,108

Cash at bank and in hand

230,177

185,483

271,018

222,591

CREDITORS

Amounts falling due within one year

142,048

130,856

NET CURRENT ASSETS

128,970

91,735

TOTAL ASSETS LESS CURRENT LIABILITIES

135,908

92,694

RESERVES

Retained earnings

135,908

92,694

135,908

92,694

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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 July 2017 and were signed on its behalf by:

G N Haley - Director

1.	STATUTORY INFORMATION

The Project Finance Association is a private company, limited by guarantee, registered in England. 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.

Turnover

Turnover represents subscriptions receivable for the year 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.

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Taxation

The company is not subject to corporation tax on its ordinary activities except in respect of its investment

income.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 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 8 (2015 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2016

60,433

Additions

8,159

At 31 December 2016

68,592

DEPRECIATION

At 1 January 2016

59,474

Charge for year

2,180

At 31 December 2016

61,654

NET BOOK VALUE

At 31 December 2016

6,938

At 31 December 2015

959

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

The Report of the Auditors was unqualified.

D F Randles (Senior Statutory Auditor)

for and on behalf of D & J Randles Limited

6.	RELATED PARTY DISCLOSURES

G N H Projects Limited

A company in which Mr G N Haley, a director, is a shareholder.

During the year G N H Projects Ltd charged the company £43,175 (2015: £38,400) for administrative and

marketing services.

31.12.16

31.12.15

£

£

Amount due to related party at the balance sheet date

11,400

8,400

G N Haley

Mr Haley provided training services to the company during the year amounting to £22,500 (2014: £17,900).