Association of Surgeons of Great Britain - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06783090 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

ASSOCIATION OF SURGEONS OF GREAT BRITAIN

AND IRELAND LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N T Welch

Mr P Sagar

Mr B Singh

Ms K Nugent

Mr I D Anderson

Prof R W Parks

Prof V Papalois

Mr A Navarro

REGISTERED OFFICE:

Royal College of Surgeons

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

Tangible assets

4

22,086

18,143

Investments

5

5

10

22,091

18,153

CURRENT ASSETS

Stocks

6

-

5,050

Debtors

7

287,317

361,546

Cash at bank and in hand

13,952

46,016

301,269

412,612

CREDITORS

Amounts falling due within one year

8

290,157

386,371

NET CURRENT ASSETS

11,112

26,241

TOTAL ASSETS LESS CURRENT LIABILITIES

33,203

44,394

RESERVES

Retained earnings

33,203

44,394

33,203

44,394

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 12 September 2018 and were signed on its behalf by:

Prof R W Parks - 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.

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.

Fixtures and fittings

-

20% on cost and 10% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

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

annually.

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 profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The Association of Surgeons of Great Britain and Ireland is a Participating Employer in SAUL. The

actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to

individual employers. It is not possible to identify an individual Employer's share of the underlying

assets and liabilities of SAUL. The Association of Surgeons of Great Britain and Ireland accounts for

its participation in SAUL as if it were a defined contribution scheme and pension costs are based on

the accounts actually paid (ie cash amounts) in accordance with paragraphs 28.11 of FRS 102.

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 6 (2016 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2017

12,024

35,358

47,382

Additions

2,783

9,532

12,315

Disposals

(7,440

)

(18,114

)

(25,554

)

At 31 December 2017

7,367

26,776

34,143

DEPRECIATION

At 1 January 2017

8,043

21,196

29,239

Charge for year

736

6,696

7,432

Eliminated on disposal

(7,360

)

(17,254

)

(24,614

)

At 31 December 2017

1,419

10,638

12,057

NET BOOK VALUE

At 31 December 2017

5,948

16,138

22,086

At 31 December 2016

3,981

14,162

18,143

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2017

10

Disposals

(5

)

At 31 December 2017

5

NET BOOK VALUE

At 31 December 2017

5

At 31 December 2016

10

6.

STOCKS

2017

2016

£

£

Stocks

-

5,050

7.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

27,980

179,516

Amounts owed by group undertakings

81,018

63,176

Other debtors

178,319

113,854

287,317

356,546

Amounts falling due after more than one year:

Other debtors

-

5,000

Aggregate amounts

287,317

361,546

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

22,213

129,294

Taxation and social security

18,194

55,091

Other creditors

249,750

201,986

290,157

386,371

9.	CONTINGENT LIABILITIES

The Association is in dispute with the Superannuation Arrangements of the University of London

("SAUL") regarding a pension strain cost in respect of a former employee. The outcome of the dispute

is not currently known and as a result the financial effect cannot reliably estimated.

10.	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 net cash outflows amounted to

£2,120 (2016: net cash inflows of £2,518) .

The maximum amount of finance support will not exceed £5,000 for the next twelve months.

11.	RELATED PARTY DISCLOSURES

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 2017 the Company had 1,223 members.The liability of each member is limited to

£1.

13.	PENSION COMMITMENTS

General description of the pension scheme

The Company participates in the Superannuation Arrangements of the University of London ("SAUL"),

which is a centralised defined benefit scheme within the United Kingdom and was contracted-out of the

Second State Pension (prior to April 2016).

SAUL is an independently-managed pension scheme for the non-academic staff of over 50 colleges

and institutions with links to higher education.

Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings

("CARE") basis.

The Company is not expected to be liable to SAUL for any other current participating employer's

obligations under the Rules of SAUL, but in the event of an insolvency of any participating employer

within SAUL, an amount of any pension shortfall (which cannot otherwise be recovered) in respect of

that employer, may be spread across the remaining participating employers and reflected in the next

actuarial valuation.

Funding Policy

SAUL's statutory funding objective is to have sufficient and appropriate assets to meet the costs

incurred by the Trustee in paying SAUL's benefits as they fall due (the "Technical Provisions"). The

Trustee adopts assumptions which, taken as a whole, are intended to be sufficiently prudent for

pensions and benefits already in payment to continue to be paid and for the commitments which arise

from Members' accrued pension rights to be met.

The Technical Provisions assumptions include appropriate margins to allow for the possibility of events

turning out worse than expected. However, the funding method and assumptions do not completely

remove the risk that the Technical Provisions could be insufficient to provide benefits in the future.

A formal actuarial valuation of SAUL is carried out every three years by a professionally qualified and

independent actuary. The last actuarial valuation was carried out with an effective date of 31 March

2017. Informal reviews of SAUL's position, reflecting changes in market conditions, cash flow

information and new accrual of benefits, are carried out between formal valuations.

The funding principles were agreed by the Trustee and employers in June 2018 and are due to be

reviewed at SAUL's next formal valuation in 2020.

At the 31 March 2017 valuation SAUL was fully funded on its Technical Provisions basis so no deficit

contributions were required. The Trustee and the Employers have agreed that the ongoing Employers'

contributions will continue at a rate of 16% of CARE Salaries.