**Registered number: 00996225 Charity number: 261990** ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **UNAUDITED** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 JANUARY 2021** ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the charity, its directors and advisers**|1| |**Directors' annual report**|2 - 4| |**Independent examiner's report**|5 - 6| |**Statement of financial activities**|7| |**Balance sheet**|8| |**Statement of cash flows**|9| |**Notes to the financial statements**|10 - 21| ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2021** |**Directors**|Chris Chapman| |---|---| ||Monica Arino| ||Andrew Barendse| ||Grant Buchanan| ||Tim Cowen| ||Andrew Haire (resigned 22 July 2020)| ||Adriana Inzunza| ||Sean Kennedy| ||Ann LaFrance| ||Karim Lesina| ||Peter Lovelock| ||Augusto Preta| ||Jacquelynn Ruff| ||Jean-Jacques Sahel| ||Stephen Unger| ||Joe Welch| ||Derek Wilding| ||Chris Woolford| ||Sudharma Yoonaidharma| |**Company registered**|| |**number**|00996225| |**Charity registered**|| |**number**|261990| |**Registered office**|Albany House| ||Claremont Lane| ||Esher| ||Surrey| ||KT10 9FQ| |**Company secretary**|Wellco Secretaries Limited| |**President**|Chris Chapman| |**Accountants**|Wellden Turnbull Limited| ||Chartered Accountants| ||Chartered Tax Advisers| ||Albany House| ||Claremont Lane| ||Esher| ||Surrey| ||KT10 9FQ| |**Bankers**|HSBC Bank Plc| ||1 Woburn Place| ||Russell Square| ||London| ||WC1H 0LQ| Page 1 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **DIRECTORS' ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2021** The Directors present their annual report together with the financial statements of the company for the period 1 February 2020 to 31 January 2021. The Directors confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015). The Directors confirm that the Annual report and financial statements of the charity comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities (Charities SORP FRS 102). Since the charitable company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. ## **OBJECTIVES AND ACTIVITIES** ##  **POLICIES AND OBJECTIVES** The principal object of the company is the organisation of overseas meetings and conferences, carrying out research and publishing material in the field of worldwide communications. The objects of the IIC as an independent, non-profit, dynamically-engaged forum for industry, government and academia are: to analyse and debate trends in communications, including the internet, telecommunications, broadcasting, new media and their impact on society; to enable unrivalled linkages between sectors, organisations, countries and individuals in a mutually respectful way; to strengthen networking across nations and regions of the globe between policy makers, regulators, academics, content providers, technologists and industrialists; to provide a global framework for dialogue relating to communication; and to promote access to communications for all people of the world. In setting objectives and planning activities the directors have given due consideration to general guidance published by the Charity Commission relating to public benefit. There have been no changes in the objectives since the last annual report. ##  **ACTIVITIES FOR ACHIEVING OBJECTIVES** The company continues to organise overseas meetings and conferences and promote research and publishing material in worldwide communications. The IIC achieves its objectives via any of the following or such other activities of a similar nature: (i) organising and supporting research; - (ii) publishing, newsletters and web-site; - (iii) organising seminars, Forums and conferences at global, regional and national level; - (iv) maintaining a library and systems for storing and sharing information and relevant material; - (v) co-operating/forming alliances with other organisations to further the objects and share information; (vi) from time to time developing papers based upon a consensus reached for the benefit of policy makers, provided that no part of the activities of IIC shall attempt to influence legislation or policy via lobbying or intervene in any political campaign or act as a trade union. Page 2 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **DIRECTORS' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2021** ## **ACHIEVEMENTS AND PERFORMANCE** ##  **REVIEW OF ACTIVITIES** As we moved in to 2020 a change of Director General took place on the 16 March 2020, with Andrea MillwoodHargrave stepping down from the role and Lynn Robinson commencing as Director General for the IIC. At the start of the 2020 business year, with Covid-19 taking a grip across the globe, the IIC prioritised pivoting the Institute through a digital transformation programme to deal with the pandemic, to maintain a full schedule of events and increased the outputs delivered as part of the value proposition. This enabled the programme not only to continue to engage with its membership but also to reach a much wider global audience and therefore increase its profile. However, the impact of the global pandemic affected almost all aspects of the Institute’s revenue, with the exception of membership income. The results for the period, and the charity's financial position at the year end, are shown in the attached financial statements. ##  **INVESTMENT POLICY AND PERFORMANCE** The investment powers are defined in the Memorandum and Articles of Association, however, for the time being the company has no investments. ## **FINANCIAL REVIEW** ##  **GOING CONCERN** After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. ##  **RESERVES POLICY** The Board of Directors has reviewed the charity's needs for reserves in line with the guidance issued by the Charities Commission. The directors seek to maintain funds sufficient to cover annual running costs in order that the charity can run efficiently and meet the needs of the members. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ##  **CONSTITUTION** The charitable company is a charitable company limited by guarantee and was set up by a Memorandum of Association on 7 December 1970 and amended 27 October 2009.The company's registered charity number is 261990 and registered company number is 00996225. ##  **METHOD OF APPOINTMENT OR ELECTION OF DIRECTORS** The management of the charitable company is the responsibility of the Directors who are elected and co-opted under the terms of the Articles of Association of the company. ##  **ORGANISATIONAL STRUCTURE AND DECISION MAKING** The Institute operates from its offices in London and through numerous chapters throughout the world. ##  **RISK MANAGEMENT** The Directors have assessed the major risks to which the charitable company is exposed, in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Page 3 INTERNATIONAL INSTITUTE OF COMMUNICATIONS IA company Ilmlted by guarantm) DIRECTORS, ANNUAL REPORT {¢onllnued) FOR ThE YEAR ENDED 31 JANUARY 2021 PLANS FOR FUTURE PERIODS • FUTURE DEVELOPMENTS Th& company will ccfilinu8 lo organise wrtual and hY￿.d o¥er8eas meetings and conferencés and prcthot6 rvso8rch and publi8hirvJ material in worlthvide communications. DIRECTORS. RESPONSIBIUTIES 8TATEMENr The Trustee$ (who are also directors of InlematNx*l Instr(ute of COMMUn￿li0n$ for tho purposes af company I￿) ar8 r8sF(￿S1bl8 for prepariro the Directors. rep)rt and the finanrial statements in accordance with applic*>b law and United Kingdcffl Accounting Standard8 (United King¢SJm Gon8rally Ac¢8Pted Acc(yJ)kng Pr%tiC81. pany law requires th8 D￿ect￿S to preparo financial statements for eth financial year. Urhjèr company thè Directors musl not approve th& finan￿81 statements unless they are satisfiod that tw give a tnJe and fair vi•w of the slat8 of affairs of charitable (xsMp￿Y and of tho irKorning resour￿$ ar#J applicati￿ of rosources, incl￿j1ng Ihe income and expenditure, of the chantable compary for that p8riod. In preparsng those fir*nual stalemenls, the DI￿torS are required lo.. select surtable accoLrting polici8s and then appty them Consistent￿.. obsem the methods and wnciplos in the Charities SORP. makejudgmgnts aThJ ac¢¢)unting ostimatss that are reasonabh and prudent, epare the financial slal8menls on the going con¢em basis unless it is inappropriate to presume that Ihe charitable company will contiNe in operation. Tho Directors are resFonsible for keepirvJ adequate aceounling records that are suffiuent lo sh¢)w ar¥J expkin tho tharitable company's transactions and disclose wth reasonab￿ accuracy al any time the financial F()S￿On tha charrtabk8 company enable them to ensure that tho finanaal statements compty wrth the Companies A¢i 20C6. Thoy are also r&s￿nSible for safeguarding the assets of the ch8ritable company and han￿ for tain9 reasOna￿e stops for the pr8venlion and detectic￿ of fraud and other irregularities. This rekmyt was approved by the Dreotors, on 8 Odober 2021 and stwed ￿ their behalf by.. Chrls Chapmon, P nt S•an Kenn•dy, DlrKtor Pago 4 DIRECTORS. A14MUAL REPORT (contlnuod) FOR THE YEAR ENDED 31 JANUARY 2021 DIRECTORS. RESPOIISIBILMES STATEMEirr The Trustees {wtrbJ are al￿ direlkn of InteMa￿ Irtslilute crf Crnn*2l*Jns for th8 tAJfpcth8 of o)mpany lawl are r8spx￿Sib1e for weparing th8 Diredus. repwjrt aThJ th6 finantaal statements in a(xffit8n(￿ ap￿Ical￿e arml United Kir￿￿￿ AcCcA￿thrO (United Kryth)m Accepbj Accounllng Pra¢tk*). Company law rowires the DI￿*)15 to weFwe *atenwts for ￿L* financ181 ye8r. UkKJer c4xnpany law the DI￿￿￿Or5 rrwst rKrt approve ts frwi>al statements unless they aTr satisfied that *hey give a truè and fair ew of the state of affairs of the charrtth ojnpany arKI of Ihe Inc￿ling ￿$￿I￿eS and application of resources. induding the inty)me aThJ exFendilure. crf the (*aiitsblE (Thipany for that wichj. In preparing these finarrial ststements. Ihe thie(ttor5 Trwired to: rjbserve the metlK#ts and princiF4&8 in ts Charilies SORP" prepare the finarn>81 state￿￿nts on the g(Mr¥J (x)n(*m basB unless il is in8pwopriate to presum8 that The Diredors ￿ reSP￿SItIe for keepirg alequate acxX￿nting recxwds that 8r8 y￿>8n1 to shuw a￿1 exF4aln th& charIta￿e o)mpanVs transacbons arKt disdose v*ith feasonable a(xxJrdGy at any time the finèr￿￿1 p)sition of the charitable ￿Mpatty and enable them to ensure that the finan(yal statemènts (X)M￿ vAth the Companles Act 20L%. They are aLso responsibl& for sa[egua￿1￿j the assets ¢*ar[tab￿ r£rfnpany a￿1 l*nL* for taking reasonable stskxs forthe preventton arKI detecti￿ of fraud and other irregukqribes. ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2021** ## **INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF INTERNATIONAL INSTITUTE OF COMMUNICATIONS (the 'company')** I report to the charity Directors on my examination of the accounts of the company for the year ended 31 January 2021. This report is made solely to the company's Directors, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Directors those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Directors as a body, for my work or for this report. ## **RESPONSIBILITIES AND BASIS OF REPORT** As the Directors of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **INDEPENDENT EXAMINER'S STATEMENT** Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. Page 5 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** **(A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2021** I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Dated: 8 October 2021 Robin John, FCA CTA ## **WELLDEN TURNBULL LIMITED** Chartered Accountants Albany House Claremont Lane Esher Surrey KT10 9FQ Page 6 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2021** |Note
**INCOME FROM:**
Subscriptions, publications and research project income
2
Bank interest and other investment income
3
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
Charitable activities
4,6
**TOTAL EXPENDITURE**
7
**NET EXPENDITURE BEFORE OTHER RECOGNISED**
**GAINS AND LOSSES**
**NET MOVEMENT IN FUNDS**

**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
2021
£
472,352
320
472,672
31,150
534,452
565,602
(92,930)
(92,930)
295,533
202,603|Total
funds
2021
£
472,352
320
472,672
31,150
534,452
565,602
(92,930)
(92,930)
295,533
202,603|Total
funds
2020
£
719,502
899
720,401
48,638
718,234
766,872
(46,471)
(46,471)
342,004
295,533| |---|---|---|---| The notes on pages 10 to 21 form part of these financial statements. Page 7 INTERNATIONAL INSTITUTE OF COMMUNICATIONS IA company Ilmlied by guarantee) REGISTERED NUMBER: 00996226 BALANCE SHEET AS AT 31 JANUARY 2021 FIXED ASSETS Tangible assets CURRENT ASSETS Debtijrs Cash al bank and In hand 10 11 162.054 381,596 246.136 438,588 684.724 CREDITORS: amounts fallirwJ due within 12 1343,881) 1390.200) NET CURRENT ASSETS 199,769 294,524 NET ASSETS 202,603 CHARITY FUNDS Unrestricted funds 14 202,603 295.533 TOTAL CHARITY FUNDS 202,603 295,533 The companls financial ststements have been prepared in aC￿rdance with the provlslon8 applicabk8 to C4)mpanies suts'ect to th8 small companies regimo. The Dir￿t0[S consider tha the company is entitled to exemption from th8 rewiremonl to have an audrt under the provisions of 8ection 477 of thg c¢￿panieS Act 2Cth (Iha Ad) and membars not required the company lo obtain 8n a￿lt for thè year in qu6stion in a￿Orda￿e with section 476 of the Act. Th8 Directh &kncJwle•Jg& th8ir re8pon8ibilitl88 for ¢omplying with the rewiremert8 of the Companies A 20C6 with respect to accounting re￿$ and the wep8ratv)n of financi￿ statements. Th8 fin￿la1 statements were approvad and authorbsed for i88ue by thg Dreclor8 on 8 OctiJb8r 2021 and sigrnd on I￿1r behaff, by. Chrf• Chapman, Prnsl Sean Kennoiiy, Diroctor The notes on pages 10 to 21 form p*t cl tha88 finanrial ststements. Pag8 8 {A company Iwniled by guar4ntse) BALANCE SHE AS AT 31 JANUARY 2021 2020 FIXED ASSETS T8ngible assets 10 Debtors Cash at and in harKI 11 1ff2,054 381. 246,136 684.724 CREDtTORS: any￿nts falli￿ one year 12 (343.881) {3￿200} 199. 294,524 NEfA8sETS 202.￿3 295.533 Unrestrictsd funds 14 TOTAL CHARrrY FUNDS 2fj2.￿3 295,533 Thè Directors cnnsMJer that the cx)mpany is enliued to eXernpti￿ from the requirwnent to have an aEJdtt under the provlsiorts of serkn 477 of the C<#n￿nIeS Ad 2fTh llhe ar￿ membws have not requlred the company to obtsin an aL*Jitfor the year in quesiw in a9))rd￿ *ilh 476 ofthe A(* Stgngj on thelr behair. ty. Chrfs chapm￿. Presldènt The notss on pages 10 10 21 fomi part ￿these )1 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2021** |Note
**Cash flows from operating activities**
Net cash used in operating activities
16
**Cash flows from investing activities:**
Dividends, interest and rents from investments
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents brought forward
**Cash and cash equivalents carried forward**
17|2021
£
(53,896)
-
(3,095)
(3,095)
(56,991)
438,588
381,597|2020
£
(80,415)
583
(890)
(307)
(80,722)
519,310
438,588| |---|---|---| The notes on pages 10 to 21 form part of these financial statements. Page 9 **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **1. ACCOUNTING POLICIES** ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. International Institute of Communications meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. These financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. ## **1.2 Company status** The charitable company is a company limited by guarantee, incorporated in England & Wales. The principal place of business is Suite 107, 143 Kingston Road, Wimbledon, SW19 1LJ. The members of the company are the Directors named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. ## **1.3 Income** All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations and sponsorship are recognised in the period in which they are receivable. Amounts received to fund projects are taken to the statement of financial activities in the period in which related expenditure is made on the projects. When income is received relating to a future accounting period, the statement of financial activities shows the gross amount received together with the changes in the amounts deferred to future accounting periods. Deferred income at the year end is included in creditors. Page 10 **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **1. ACCOUNTING POLICIES (continued)** ## **1.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities. Direct charitable expenditure includes all expenditure directly related to the objects of the charity. Fundraising costs are those incurred in efforts to retain and increase membership and do not include the costs of disseminating information in support of the charitable activities. Support costs are those incurred directly in support of expenditure on the objects of the company and include project management carried out at headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements. ## **1.5 Tangible fixed assets and depreciation** A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities incorporating income and expenditure account. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: - Fixtures and fittings 15% straight line - Computer equipment 33% straight line ## **1.6 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank. ## **1.7 Operating leases** Rentals under operating leases are charged to the statement of financial activities incorporating income and expenditure account on a straight line basis over the lease term. Page 11 **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **1. ACCOUNTING POLICIES (continued)** ## **1.8 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **1.9 Cash at Bank and in hand** Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.10 Liabilities and provisions** Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. ## **1.11 Financial instruments** The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **1.12 Taxation** The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **1.13 Foreign currencies** Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the statement of financial activities incorporating income and expenditure account. Page 12 **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **1. ACCOUNTING POLICIES (continued)** ## **1.14 Government grants** Government grants relating to tangible fixed assets are treated as deferred income and released to the statement of financial activities incorporating income and expenditure account over the expected useful lives of the assets concerned. Other grants are credited to the statement of financial activities incorporating income and expenditure account as the related expenditure is incurred. ## **1.15 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. ## **2. SUBSCRIPTION INCOME, PUBLICATIONS AND RESEARCH PROJECT INCOME** |Subscriptions, publications and project income
Government grants
Total donations and legacies
Total 2020|Unrestricted
funds
2021
£
462,352
10,000
472,352
719,502|Total
funds
2021
£
462,352
10,000
472,352
719,502|Total
funds
2020
£
719,502
-| |---|---|---|---| ||||| ||||| ||||719,502| ||||| Page 13 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **ANALYSIS OF INCOME** |**ANALYSIS OF INCOME**||| |---|---|---| |Corporate, Regulators and Institutional membership
Individual and Associate memberships
Intermedia
Sponsorship and fees from TMF
Sponsor members
Government grant
UK Chapter and RRF
Annual Conference fees
Research

Total|2021
£
415,350
31,625
7,446
-
4,951
10,000
100
588
2,292

472,352|2020
£
312,578
32,157
5,476
12,086
213,082
-
8,533
56,244
79,346| |||| |||| |||719,502| ## **3. INVESTMENT INCOME** |**INVESTMENT INCOME**|||| |---|---|---|---| |Bank interest receivable
Total 2020|Unrestricted
funds
2021
£
320
899|Total
funds
2021
£
320
899|Total
funds
2020
£
899| ||||| ## **4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES** |Charitable expenditure ( see note 7 )
Total 2020|Unrestricted
funds
2021
£
517,210
697,006|Total
funds
2021
£
517,210
697,006|Total
funds
2020
£
697,006| |---|---|---|---| ||||| Page 14 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **5. CHARITABLE EXPENDITURE** |Direct costs
Media, forum and conference costs
Premises and related costs
Wages and salaries
Social security costs
Pension cost
Depreciation
Total 2020
**SUPPORT COSTS INCLUDING GOVERNANCE COSTS**
Accountancy and compliance costs
Office costs|Charitable
expenditure
Total
2021
£
£
25,848
25,848
172,138
172,138
52,400
52,400
238,173
238,173
21,672
21,672
5,708
5,708
1,271
1,271
517,210
517,210
697,006
697,006
Unrestricted
funds
2021
£
16,476
766
17,242|Total
2020
£
20,605
404,850
84,551
168,692
11,992
5,411
905
697,006| |---|---|---| |||Total
funds
2020
£
18,848
2,380| |||| |||| |||21,228| ## **6. SUPPORT COSTS INCLUDING GOVERNANCE COSTS** Examiners' fees included in the above amounted to £3,285 (2020 - £3,285). ## **7. ANALYSIS OF EXPENDITURE** |Raising funds
Charitable expenditure
Support and governance
costs
Total 2020|Staff costs
Depreciation
2021
£
2021
£
-
-
265,553
1,271
-
-
265,553
1,271
186,095
905|Other costs
2021
£
31,150
250,386
17,242
298,778
579,872|Total
2021
£
31,150
517,210
17,242
565,602
766,872|Total
2020
£
48,638
697,006
21,228| |---|---|---|---|---| |||||| |||||| |||||766,872| |||||| Page 15 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **8. NET INCOME/ EXPENDITURE** This is stated after charging: ||2021|2020| |---|---|---| ||£|£| |Depreciation of tangible fixed assets:||| |- owned by the charity|1,270|904| During the year, no Directors received any remuneration (2020 - £NIL). During the year, no Directors received any benefits in kind (2020 - £NIL). During the year, no Directors received any reimbursement of expenses (2020 - £NIL). ## **9. STAFF COSTS** Staff costs were as follows: |Wages and salaries
Social security costs
Other pension costs|2021
£
238,173
21,672
5,708
265,553|2020
£
168,692
11,992
5,411| |---|---|---| |||186,095| The average number of persons employed by the company during the year was as follows: ||2021||2020|| |---|---|---|---|---| ||No.||No.|| |Administrative staff||5||4| |The number of higher paid employees was:||||| ||2021||2020|| ||No.||No.|| |In the band £60,001 - £70,000||1||0| |In the band £80,001 - £90,000||1||0| Page 16 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **10. TANGIBLE FIXED ASSETS** |**TANGIBLE FIXED ASSETS**|||| |---|---|---|---| |**Cost**
At 1 February 2020
Additions
At 31 January 2021
**Depreciation**
At 1 February 2020
Charge for the year
At 31 January 2021
**Net book value**
At 31 January 2021
At 31 January 2020|Fixtures and
fittings
£
1,839
-
1,839
1,839
-
1,839
-
-|Computer
equipment
£
21,188
3,095
24,283
20,179
1,270
21,449
2,834
1,009|Total
£
23,027
3,095| ||||26,122| ||||22,018
1,270| ||||23,288| ||||2,834| ||||1,009| Page 17 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **11. DEBTORS** |**DEBTORS**||| |---|---|---| |Trade debtors
Other debtors
Prepayments and accrued income
Included in other debtors is a rental deposit of £3,500 (2020 - £3,500).|2021
£
150,379
11,675
-
162,054|2020
£
225,955
14,296
5,885| |||246,136| |||| ## **12. CREDITORS: Amounts falling due within one year** |**12.**
|**CREDITORS: Amounts falling due within one year**||| |---|---|---|---| |||2021|2020| |||£|£| ||Trade creditors|13,290|18,063| ||Other taxation and social security|8,913|4,037| ||Other creditors|1,435|840| ||Accruals and deferred income|320,243|367,260| |||343,881|390,200| ||Included in deferred income above is income received in advance of £303,457 (2020 - £340,664).||| |**13.**|**FINANCIAL INSTRUMENTS**||| |||2021|2020| |||£|£| ||Financial assets measured at amortised cost|150,379|229,455| ||Financial liabilities measured at amortised cost|13,290|18,903| Page 18 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **14. STATEMENT OF FUNDS** ## **STATEMENT OF FUNDS - CURRENT YEAR** |**Unrestricted funds**
General Funds - all funds
**STATEMENT OF FUNDS - PRIOR YEAR**
General Funds - all funds
Total of funds
**SUMMARY OF FUNDS - CURRENT YEAR**
General funds
**SUMMARY OF FUNDS - PRIOR YEAR**
General funds|Balance at 1
February
2020
£
295,533
Balance at
1 February
2019
£
342,004
342,004
Balance at 1
February
2020
£
295,533
Balance at
1 February
2019
£
342,004|Income
£
472,672
Income
£
720,401
720,401
Income
£
472,672
Income
£
720,401|Expenditure
Balance at 31
January 2021
£
£
(565,602)
202,603
Expenditure
Balance at 31
January 2020
£
£
(766,871)
295,534
(766,871)
295,534
Expenditure
Balance at 31
January 2021
£
£
(565,602)
202,603
Expenditure
Balance at 31
January 2020
£
£
(766,871)
295,534| |---|---|---|---| Page 19 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **15. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR** |Tangible fixed assets
Current assets
Creditors due within one year
**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR**
Tangible fixed assets
Current assets
Creditors due within one year|Unrestricted
funds
2021
£
2,834
543,651
(343,882)
202,603
Unrestricted
funds
2020
£
1,009
684,723
(390,198)
295,534| |---|---| ## **16. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES** |Net expenditure for the year (as per Statement of Financial Activities)
**Adjustment for:**
Depreciation charges
Dividends, interest and rents from investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
**Net cash used in operating activities**
**17.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand
Deposit account
Current account
Total|2021
£
(92,930)
1,270
-
84,082
(46,318)
(53,896)
2021
£
37
347,751
33,809
381,597|2020
£
(46,471)
904
(583)
(213,998)
179,733| |---|---|---| |||(80,415)| |||2020
£
34
347,431
91,123| |||438,588| Page 20 ## **INTERNATIONAL INSTITUTE OF COMMUNICATIONS** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021** ## **18. OPERATING LEASE COMMITMENTS** At 31 January 2021 the total of the charity’s future minimum lease payments under non-cancellable operating leases was: ||2021|2020| |---|---|---| ||£|£| |**Amounts payable:**||| |Within 1 year|3,500|3,500| ## **19. RELATED PARTY TRANSACTIONS** During the year consultancy fees of £11,000 (2020 - £12,000) were paid to Taunton Holdings Ltd, a company in which Mr C Chapman is a director. There were no other related party transactions. ## **20. CONTROLLING PARTY** The company is controlled by its members through its Board of Directors. Page 21