NICC Standards Limited Annual General Meeting FINANCE REPORT - - PowerPoint PPT Presentation

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NICC Standards Limited Annual General Meeting FINANCE REPORT - - PowerPoint PPT Presentation

Nov 09, 2022 197 likes •291 views

NICC Standards Limited Annual General Meeting FINANCE REPORT 23/10/08 Justin Orde 1 1. START UP PERIOD (OFCOM FUNDED) 70,000 provided by Ofcom in transitionary funding IET provides treasury function NICC Standards Ltd is non

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SLIDE 1

NICC Standards Limited

Annual General Meeting FINANCE REPORT

Justin Orde 1 23/10/08

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SLIDE 2
  • 1. START‐UP PERIOD (OFCOM FUNDED)
  • £70,000 provided by Ofcom in transitionary funding
  • IET provides treasury function
  • NICC Standards Ltd is non‐trading up to 31 Mar ‘09
  • Ofcom drops out of NICC / IET / Ofcom agreement
  • nce funding ends

Justin Orde 2 23/10/08

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SLIDE 3
  • 2. FUNDING & EXPENDITURE
  • Expenditure 1 April – 31 Oct ‘08:

£10,356

  • Balance of Ofcom funds at 31 Oct ‘08:

£59,644

  • Expenditure 1 Nov ‘08 – 31 Mar ’09:

£34,474

  • Balance of Ofcom funds at 31 Mar ‘09:

£25,170

  • Income 1 Apr 09 – 31 Mar ’10:

£115,670

  • Expenditure 1 Apr ‘09 – 31 Mar ‘10:

£57,822

  • Balance of NICC funds at 31 Mar ‘10:

£57,848

Justin Orde 3 23/10/08

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SLIDE 4
  • 3. MEMBERSHIP INCOME
  • 2008/09 Membership income:

Zero

  • 2009/10 Membership income:

£98,000

  • 2009/10 Ofcom subscription:

£7,500

  • Less projected cancellations:

‐£15,000

  • 2009/10 Net Membership Total:

£90,500

  • Future new member subscriptions invoiced pro‐rata to

end of current financial year

  • No new members included in budget.

23/10/08 Justin Orde 4

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SLIDE 5
  • 4. BANKING
  • NICC are opening a bank account with HSBC,

8 Victoria Street, London, SW1H 0NJ

  • This process should be completed during November

2008

Justin Orde 5 23/10/08

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SLIDE 6
  • 5. AUDITORS
  • TWP Accounting, based in Weybridge, being

proposed as auditors

  • TWP audited the IIE prior to the merger with the IEE

Justin Orde 6 23/10/08

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SLIDE 7
  • 6. COMPANIES HOUSE – STATUTORY RECORDS
  • Nick Canty, Publishing Director at the IET, is Company

Secretary

  • Industry Directors have been registered at Companies

House

  • Sir John O’Reilly’s appointment is in the process of

being registered

  • Additional Directors will be registered following the

AGM

Justin Orde 7 23/10/08

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SLIDE 8
  • 7. INSURANCE
  • From 1 Nov ’08, the following insurance policies will

be place: Policy Limit of Indemnity (each claim) Public Liability: £1,000,000 Professional Indemnity: £1,000,000 (Including IPR) Directors and Officers: £1,000,000

Justin Orde 8 23/10/08

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SLIDE 9
  • 8. VAT
  • VAT application will be submitted once HSBC bank

account opened

  • NICC not trading prior to 1 April 2009

Justin Orde 9 23/10/08