Income
& Expenditure Account
For the year ended 31 December 2002 |
|
Statement
of Total Recognised Gains and Losses
For the year ended 31 December 2002 |
| There
are no recognised gains or losses apart
from the deficit for the year. |
Balance
Sheet
At 31 December 2002 |
|
Sir
Philip Watts
Chairman
Kenneth Gardener
Honorary Treasurer |
Notes
to the financial statements
At 31 December 2002 |
1.
Accounting policies
(a) The financial statements have been
prepared under the historical cost convention
and in accordance with applicable accounting
standards.
(b) The stock of publications is stated
at the lower of cost and net realisable
value.
(c) Depreciation is provided on cost
in equal annual instalments over the
estimated useful life of the fixed assets.
The rates of depreciation are as follows:
Computer, word processing and telephone
equipment - over 3 to 4 years
Other office furniture - over 10 years
(d) The Euro bank account (this account
was closed during the year ended 31
December 2002) has been translated from
Euros into Sterling Pounds at the rate
ruling on the balance sheet date. Differences
on exchange have been taken to the Income
and Expenditure Account in the year.
(e) ICC United Kingdom operates a defined
contribution pension scheme for certain
members of staff. Contributions are
charged to the Income and Expenditure
Account as they become payable in accordance
with the rules of the scheme.
(g) Members’ subscriptions are
accounted for on an accruals basis.
|
| 2.
Gross profit on publications |
|
| 3.
Gross contribution on special events |
|
| 4.
Taxation |
|
| UK
corporation tax has been provided on
the deficit of income over expenditure
at an effective rate of approximately
30% (2001 – 30%). |
| 5.
Tangible Fixed Assets |
|
| 6.
Marketable Securities |
|
| The
marketable securities represent 8% Treasury
Gilts and has a market value of £39,797
(2001 - £41,244). |
Statement
of Officer’s Responsibilities
In respect of the Financial Statements |
The
officers are required to prepare financial
statements for each financial year which
give a true and fair view of the state
of affairs of the organisation and of
the surplus or deficit of income over
expenditure of the organisation for
the period. In preparing those financial
statements, the officers are required
to:
• select suitable accounting policies
and then apply them consistently;
• make judgements and estimates
that are reasonable and prudent;
• state whether applicable accounting
standards have been followed, subject
to any material departures disclosed
and explained in the financial statements;
and
• prepare the accounts on the
going concern basis unless it is inappropriate
to presume that the organisation will
continue to operate.
The officers are responsible for keeping
proper accounting records which disclose
with reasonable accuracy at any time
the financial position of the organisation.
They are also responsible for safeguarding
the assets of the organisation and hence
for taking reasonable steps for the
prevention and detection of fraud and
other irregularities.
The officers confirm that they have
complied with these requirements and
continue to adopt the going concern
basis in preparing the financial statements. |
