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REGISTERED NUMBER: 01064239 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

INSTITUTE OF HIGHWAY ENGINEERS

INSTITUTE OF HIGHWAY ENGINEERS (REGISTERED NUMBER: 01064239)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INSTITUTE OF HIGHWAY ENGINEERS

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: D Capes
P J Dipper
J Fermilian
K Kelly
G Mallin
G Neill
M Polland
R Bollen
A Brown
P Evans
A J Gollop
J Hornsby
S A Rooney
S Motamedi
K Draper
A Cole
O Samway
P Claytonsmith
L Turner
C Bowley
R Griffiths
G H Din





SECRETARIES: C T Dobson
S J Spender





REGISTERED OFFICE: 4 Devonshire Street
London
W1W 5DX





REGISTERED NUMBER: 01064239 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

INSTITUTE OF HIGHWAY ENGINEERS (REGISTERED NUMBER: 01064239)

BALANCE SHEET
31 December 2023

2023 2022
(Restated)
Notes £    £   
FIXED ASSETS
Tangible assets 4 7,353 14,863
Investments 5 17,617 15,810
24,970 30,673

CURRENT ASSETS
Debtors 6 452,545 452,846
Cash at bank 770,673 741,305
1,223,218 1,194,151
CREDITORS
Amounts falling due within one year 7 (586,528 ) (618,746 )
NET CURRENT ASSETS 636,690 575,405
TOTAL ASSETS LESS CURRENT
LIABILITIES

661,660

606,078

PROVISIONS FOR LIABILITIES (1,878 ) (3,716 )
NET ASSETS 659,782 602,362

RESERVES
Income and expenditure account 659,782 602,362
659,782 602,362

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





D Capes - Director


INSTITUTE OF HIGHWAY ENGINEERS (REGISTERED NUMBER: 01064239)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Institute of Highway Engineers is a company limited by guarantee, limited company registered in England and Wales. Its registered office is 4 Devonshire Street, London, W1W 5DX and the registered number is 01064239.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company's functional currency and presentational currency is Sterling (£). The financial statements have been rounded to the nearest £1.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from two primary sources, membership subscriptions and conference and course income.
- Membership subscriptions are accounted for by reference to the year of membership.
- Conference and course income is recognised when an event takes place

The company has received funding in the form of grants relating to course development. The grant funding is released to the profit and loss account in full in the year the conditions of the grant funding have been met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Fixtures and fittings-25% on cost
Computer equipment-33.33% on cost

Gains and losses on disposal are determined by comparing proceeds with the carrying amount and recognised in the profit and loss account.

Fixed Asset Investments
Investments are included in the financial statements at fair value. The profit and loss account includes net gains and losses arising on revaluation and disposals throughout the year.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at
transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

INSTITUTE OF HIGHWAY ENGINEERS (REGISTERED NUMBER: 01064239)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Retained earnings
Retained earnings are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the institute and which have not been designated for other purposes.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 28 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 342 24,826 25,168
DEPRECIATION
At 1 January 2023 342 9,963 10,305
Charge for year - 7,510 7,510
At 31 December 2023 342 17,473 17,815
NET BOOK VALUE
At 31 December 2023 - 7,353 7,353
At 31 December 2022 - 14,863 14,863

INSTITUTE OF HIGHWAY ENGINEERS (REGISTERED NUMBER: 01064239)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023 15,810
Revaluations 1,807
At 31 December 2023 17,617
NET BOOK VALUE
At 31 December 2023 17,617
At 31 December 2022 15,810


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Restated)
£    £   
Trade debtors 393,907 409,210
Other debtors 16,017 13,589
Tax 15,340 5,505
VAT 14,951 13,162
Prepayments 12,330 11,380
452,545 452,846

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Restated)
£    £   
Trade creditors 29,528 14,894
Other creditors 67,526 82,172
Accruals and deferred income 489,474 521,680
586,528 618,746

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
(Restated)
£    £   
Within one year 97,078 61,813
Between one and five years 22,086 -
119,164 61,813

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP

INSTITUTE OF HIGHWAY ENGINEERS (REGISTERED NUMBER: 01064239)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


10. PRIOR YEAR ADJUSTMENT

A prior year adjustment relating to the correction of the 2022 financial statements has been recognised in the comparative year balances.

The prior year adjustment related to the following material error:

i) Paid membership income invoiced in the year ended 31 December 2022 had not been included within prior year trade debtor or deferred income balances.

The following adjustments have been made to the comparative balances;

Change in Balance Sheet
Original Adjustment Restated
£ £ £

Debtors 424,908 27,938 452,846
Creditors (590,808) (27,938) (618,746)

11. COMPANY LIMITED BY GUARANTEE

Institute of Highway Engineers is a company limited by guarantee. This guarantee extends to all members of the company. Each member's liability is limited to a maximum of £1.