The Institute of Refractories Engineers Draft Accounts
DRAFT BALANCE SHEET 31 DECEMBER 2018
FIXED ASSETS
CURRENT ASSETS Debtors
DRAFT INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 DECEMBER 2018
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
- - - -
22,434 - -
22,434
- -
75
2,624 301
1,511 816
9,659 497
13,368 100 850 -
13
1,410 2,150 8,001 153
1,720 43,248 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
65,682 (1,257)
164,964 (1,257)
163,707
- - - -
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
67,611 64
164,900 64
164,964
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.
20,336 24,811 4,863
10,453 2,990 370 602 - -
64,425
17,528 25,495 1,650
19,821 2,015 408 758 - -
67,675 £
2018 £
£
2017 £
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
Note 2
3 4 5 £
22,671 27,608
116,239 166,518
2,811
163,707 163,707
2018 £ -
£
11,784 17,352
139,733 168,869
3,905
164,964 164,964
164,964 (1,257)
163,707
164,900 64
164,964 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 2019 issue of The Refractories Engineer.
P. Bottomley. Chairman of the Executive Committee.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018
2017 £ -
REFRACTORIES ENGINEER
THE
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4
July 2019 Issue
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