Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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CONSUMER CREDIT TRADE ASSOCIATION
COMPANY INFORMATION
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CONSUMER CREDIT TRADE ASSOCIATION
CONTENTS
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CONSUMER CREDIT TRADE ASSOCIATION
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
We marked the 130th anniversary of the Consumer Credit Trade Association in 2021. The association was first formed by those seeking to develop new credit products, we continue to represent lenders delivering alternative credit.
While our philosophy has remained constant, we have changed our means of delivery to meet the needs of the time. Throughout 2021 we carried out a significant restructuring of the association, following the acquisition of business elements of the Consumer Finance Association. This saw the integration of many new association members and the transfer of staff. We appointed a new Chief Executive and saw the appointment of Greg Stevens to Chair of the CCTA Council, our governing body. The business model was altered, building on the strong foundations of the CCTA but also adapting to meet the mission agreed by the directors and the wider membership. By the close of 2021, all the business functions had been reviewed. We had seen the departure of three long-standing members of staff as part of reshaping the CCTA team. They left with the thanks of the directors. After some years of consciously running a deficit budget, the directors agreed to bring the finances back into balance. This was a challenging objective because of the costs involved in restructuring. However, the directors report that we closed 2021 with a small surplus, and with a new financial model in place for the future. These changes were achieved without damaging existing services. There continues to be a focus on advocacy, insight, and networking. We believe that this has been reflected in a positive response from existing members, with renewal rates at the highest level in several years. Externally, this was another challenging year for alternative credit. We saw the departure of some significant lenders from the market, much of which can be traced back to problems with the regulatory architecture in the UK. A key task for the CCTA is to engage with key stakeholders to explain the importance of consumer credit to families and the economy. We highlight the consequences if the supply of credit is allowed to fall away. The directors thank the management team for their hard work during a busy time and a period of the most significant organisational change in a decade. We also thank the membership for their continued support during difficult times for the sector, and for entrusting the directors with the stewardship of the Consumer Credit Trade Association.
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CONSUMER CREDIT TRADE ASSOCIATION
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors who served during the year were:
In accordance with the company's Articles of Association, a resolution proposing that BHP LLP be reappointed
as auditors will be put at the annual general meeting.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CONSUMER CREDIT TRADE ASSOCIATION
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors are responsible for preparing the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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CONSUMER CREDIT TRADE ASSOCIATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSUMER CREDIT TRADE ASSOCIATION
We have audited the financial statements of Consumer Credit Trade Association (the 'Company') for the year ended 31 December 2021, which comprise the Income and Expenditure Account, the Balance Sheet
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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CONSUMER CREDIT TRADE ASSOCIATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSUMER CREDIT TRADE ASSOCIATION (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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CONSUMER CREDIT TRADE ASSOCIATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSUMER CREDIT TRADE ASSOCIATION (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations, relevant to the Company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, review of Company minutes and legal expenses. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
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CONSUMER CREDIT TRADE ASSOCIATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSUMER CREDIT TRADE ASSOCIATION (CONTINUED)
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of BHP LLP Chartered Accountants Statutory Auditor Centurion Way
Cleckheaton
West Yorkshire
BD19 3QB
Date:
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CONSUMER CREDIT TRADE ASSOCIATION
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
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CONSUMER CREDIT TRADE ASSOCIATION
REGISTERED NUMBER:
00034278
BALANCE SHEET
AS AT
31 DECEMBER 2021
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CONSUMER CREDIT TRADE ASSOCIATION
REGISTERED NUMBER:
00034278
BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 11 to 15 form part of these financial statements.
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CONSUMER CREDIT TRADE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Consumer Credit Trade Association is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit G5, Spring Mill, Main Street, Wilsden, Bradford, BD15 0DX.
Principal activity The principal activity of the Company during the period was that of selling professional memberships.
2.
Accounting policies
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The Company's functional and presentational currency is British Pound Sterling (£).
The following principal accounting policies have been applied:
On 1 January 2021 the association acquired the business and assets of Consumer Finance Association which has resulted in CCTA returning a surplus of £13,414 for the year to 31 December 2021. During 2021 the association has carried out a significant restructuring exercise and there is a now a new financial model in place including formal budgets and projections which are being continuously monitored by the directors. The directors have therefore concluded that it is appropriate to continue to use the going concern basis in the preparation of these financial statements.
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CONSUMER CREDIT TRADE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CONSUMER CREDIT TRADE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
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CONSUMER CREDIT TRADE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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CONSUMER CREDIT TRADE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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