The Institute of Refractories Engineers Draft Accounts DRAFT BALANCE SHEET 31 DECEMBER 2016 FIXED ASSETS


CURRENT ASSETS Debtors


Bank deposit accounts Cash at bank


DRAFT INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 DECEMBER 2016


Note INCOME


Subscriptions and entrance fees Journal advertising E-directory


Conference fees Training


Bank interest received Publishers licence fees Branch social fund raising Dinner dance


EXPENSES Meeting expenses


National Dinner Dance Branch social events


Journal


Journal printing and distribution Journal e-directory Editorial costs


Depreciation President's regalia


Other expenses Telephone


Computer expenses Printing, stationery and postage


General Secretary and office expenses Insurance


Conference and exhibition costs Credit card and bank charges General Secretary


Branch Secretaries' honoraria Presidents honoraria Marketing costs Training


Accountancy support fees Audit & accountancy fees Bad and doubtful debts Mileage


Exchange rate difference


34,537 - -


34,537


- -


464


1,632 461


1,697 933


8,238 579


11,568 100 425


2,138 -


150


2,331 4,023 1,508


(6,345) 29,902


NET SURPLUS/(DEFICIT) FOR THE PERIOD


Capital account at the beginning of the year


Surplus/(deficit) for the period Capital account at the end of the year 6


72,754 8,589


156,311 8,589


164,900


39,187 -


9,438 48,625


- -


458 793


3,345 3,970 1,012


14,749 1,103


11,566 100 850 462 215 350


2,380 2,048 1,294 2,554


47,249


112,949 (8,167)


164,478 (8,167) 156,311


424 -


7,891 8,315


933 -


16,142 17,075


18,775 37,044 2,679 9,608 2,390 766


1,167 6,110 2,804 81,343


18,474 48,664 4,662 13,179 1,655 953 -


17,195 -


104,782 £


2016 £


£


2015 £


CURRENT LIABILITIES Creditors


NET CURRENT ASSETS NET ASSETS


FINANCED BY: CAPITAL ACCOUNT


Original balance brought forward Net surplus/(deficit) for the period


156,311 8,589 164,900 (8,167) 156,311 The Members of the Council acknowledge their responsibilities for:


(i) ensuring that the Institute keeps proper accounting records which comply with the Rules; and


(ii) preparing financial statements which give a true and fair view of the state of affairs of the Institute as at the end of the financial year and of its surplus/ (deficit) for the financial year in accordance with the requirements of the Rules.


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 finalised audited accounts will be published in the September 2017 issue of The Refractories Engineer.


P Bottomley. Chairman of the Executive Committee.


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016


1. Accounting policies Basis of accounting


The financial statements have been prepared under the historical cost convention, 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.


Cash flow statement


In the opinion of the Council the Institute qualifies as a small entity and accordingly a cash flow statement is not required.


Income


The subscription and entrance fees income represents the amounts due from members for the period after adjusting for subscriptions in advance.


The journal advertising income represents the amounts due for the period for services provided, exclusive of Value Added Tax. All other income represents amounts due for the period for services provided.


Depreciation


Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:


Presidents regalia Stocks


Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


ENGINEER THE REFRACTORIES July 2017 Issue - 5% straight line basis. 164,478 4


Note 2


3 £


10,882 34,977 128,676 174,535


9,635


164,900 164,900


2016 £ -


£ 13,921


105,448 43,983 163,352


7,041


156,311 156,311


2015 £ -


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