The Institute of Refractories Engineers Draft Accounts


DRAFT BALANCE SHEET 31 DECEMBER 2017


FIXED ASSETS


CURRENT ASSETS Debtors


DRAFT INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 DECEMBER 2017


Note INCOME


Subscriptions and entrance fees Journal advertising E-directory


Conference fees UK/Australia 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 UK/Australia Insurance


Conference and exhibition costs Credit card and bank charges General Secretary


Branch Secretaries' honoraria Presidents/Chairman's honoraria Marketing costs Training


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


Exchange rate difference


23,859 - -


23,859


- -


550


1,665 312


3,085 812


17,702 787


11,568 -


850 569 178 953


2,500 700


1,218 303


43,752 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 8


67,611 64


164,900 64


164,964


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


72,754 8,589


156,311 8,589


164,900 ENGINEER THE REFRACTORIES


- - - -


424 -


7,891 8,315


17,528 25,495 1,650 19,821 2,015 408 758 - -


67,675


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


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


£


2017 £


£


2016 £


Bank deposit accounts Cash at bank


CURRENT LIABILITIES Creditors


NET CURRENT ASSETS NET ASSETS


FINANCED BY: CAPITAL ACCOUNT


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


164,900 64


164,964


156,311 8,589


164,900 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 2018 issue of The Refractories Engineer.


P Bottomley. Chairman of the Executive Committee.


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017


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 - 5% straight line basis. July 2018 Issue 4


Note 2


3 £


11,784 17,352


139,733 168,869


3,905


164,964 164,964


2017 £ -


£


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


9,635


164,900 164,900


2016 £ -


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