REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Institute of Legacy Management |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Institute of Legacy Management |
Institute of Legacy Management (Registered number: 04340249) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Comprehensive Income | 2 |
Balance Sheet | 3 |
Statement of Changes in Equity | 5 |
Notes to the Financial Statements | 6 |
Institute of Legacy Management |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Old Printers Yard |
156 South Street |
Dorking |
Surrey |
RH4 2HF |
BANKERS: |
One Southampton Row |
London |
WC1B 5HA |
Institute of Legacy Management (Registered number: 04340249) |
Statement of Comprehensive |
Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT/(LOSS) | ( |
) |
Interest receivable and similar income |
PROFIT/(LOSS) BEFORE TAXATION | 4 | ( |
) |
Tax on profit/(loss) | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME |
Fixed asset investment revaluation | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Institute of Legacy Management (Registered number: 04340249) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
RESERVES |
Other reserves | 11 |
Retained earnings | 11 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Institute of Legacy Management (Registered number: 04340249) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Institute of Legacy Management (Registered number: 04340249) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Retained | Other | Total |
earnings | reserves | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | ( |
) | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income |
Balance at 31 December 2023 |
Institute of Legacy Management (Registered number: 04340249) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Institute of Legacy Management is a |
Incorporated on 14 December 2001, the company is limited by guarantee and does not have share capital. Every member promises, if the company is dissolved while he, she or it remains a member or within 12 months afterwards, to pay up to £1 towards the costs of dissolution and the liabilities incurred by the company while the contributor was a member. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The board has considered the risk profile of the company and believes the levels of activities and income received will continue into the next year despite the economic climate. Reserves are adequate for the company's activities and therefore the going concern basis is appropriate. |
Turnover |
Turnover represents membership subscriptions, sponsorship and web advertising income and fees for training courses, seminars and conferences. Individual membership and Corporate Partnership subscriptions are invoiced on an annual basis with income recognised on over the period it relates to. Fees for training courses and seminars are recognised as invoiced amounts as they fall due. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Computer Equipment - 25% on Cost |
Computer Software - 20% on Cost |
Fixtures and Fittings - 20% on Cost |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Institute of Legacy Management (Registered number: 04340249) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company contributes to a defined contributions scheme operated by the Pensions Trust. Contributions payable to The Pensions Trust are charged to the profit and loss account in the period to which they relate. |
Fixed asset investments |
Fixed Asset investments are measured at fair value through profit or loss. Deferred tax is calculated on the gain or loss on revaluation. |
3. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Management and Administration |
The 7 (2022: 7) Non-Executive Directors also receive an annual stipend of £3,000, the Chair and Finance Director receiving £5,000. |
4. | PROFIT/(LOSS) BEFORE TAXATION |
The profit (2022 - loss) is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
Computer software amortisation |
Institute of Legacy Management (Registered number: 04340249) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | FIXED ASSET INVESTMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Other investments not loans | 78,840 | 73,846 |
Institute of Legacy Management (Registered number: 04340249) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Other |
investments |
£ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2014 | 45,908 |
Valuation in 2015 | 480 |
Valuation in 2016 | 3,231 |
Valuation in 2017 | 1,910 |
Valuation in 2018 | (3,697 | ) |
Valuation in 2019 | 34,517 |
Valuation in 2020 | (420 | ) |
Valuation in 2021 | 2,963 |
Valuation in 2022 | (18,354 | ) |
Valuation in 2023 | 12,271 |
78,809 |
If fixed asset investments had not been revalued they would have been included at the following historical cost: |
31.12.23 | 31.12.22 |
£ | £ |
Cost | 80,000 | 62,429 |
Fixed asset investments were valued on an open market basis on 31 December 2023 by Charles Stanley & Co Limited . |
Investments (neither listed nor unlisted) were as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Charles Stanley Cash Account | 31 | 7,308 |
Institute of Legacy Management (Registered number: 04340249) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Deferred tax asset | - | 1,027 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | - | 9,350 |
Other creditors |
Accruals |
Deferred income | 128,184 | 108,089 |
10. | PROVISIONS FOR LIABILITIES |
31.12.23 |
£ |
Deferred tax | 298 |
Deferred |
tax |
£ |
Balance at 1 January 2023 | ( |
) |
Charge to Income Statement during year |
Utilised during year |
Balance at 31 December 2023 |
Institute of Legacy Management (Registered number: 04340249) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 January 2023 | 86,958 |
Profit for the year |
Revaluation | 1,798 | - | 1,798 |
At 31 December 2023 | 105,603 |
Prior to incorporation, the Institute traded as a members club. 'Other reserves' represents the surplus assets that were earned as a members' club prior to incorporation. |
12. | CONTINGENT LIABILITIES |
During the year a contract for the review and redevelopment of elements of existing training programme was awarded to Legacy Link for £19,500, payable upon completion of three stages. Two stages are outstanding for completion at the year end, with a contingent liability of £14,500. |
13. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |