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REGISTERED NUMBER: 04340249 (England and Wales)









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: J Stebbings
F K Webster
B Clubb
P S Browne
R W Billen
D R Hawes
R L Massey
Mrs A J Dewar


REGISTERED OFFICE: Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF


BUSINESS ADDRESS:
57 Queen's Park Road
Birmingham
B32 2LB


REGISTERED NUMBER: 04340249 (England and Wales)


ACCOUNTANTS: Bullimores LLP
Chartered Accountants
Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF


BANKERS: Metro
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 360,006 259,412

Cost of sales 48,124 47,736
GROSS PROFIT 311,882 211,676

Administrative expenses 294,606 248,129
OPERATING PROFIT/(LOSS) 17,276 (36,453 )

Interest receivable and similar income 1,106 2,071
PROFIT/(LOSS) BEFORE TAXATION 4 18,382 (34,382 )

Tax on profit/(loss) 1,535 (4,829 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

16,847

(29,553

)

OTHER COMPREHENSIVE INCOME
Fixed asset investment revaluation 1,798 (10,480 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

1,798

(10,480

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

18,645

(40,033

)

Institute of Legacy Management (Registered number: 04340249)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 2,995 5,990
Tangible assets 6 605 406
Investments 7 78,840 73,846
82,440 80,242

CURRENT ASSETS
Debtors 8 82,883 41,319
Prepayments and accrued income 20,832 13,934
Cash at bank and in hand 81,640 104,216
185,355 159,469
CREDITORS
Amounts falling due within one year 9 161,894 152,753
NET CURRENT ASSETS 23,461 6,716
TOTAL ASSETS LESS CURRENT
LIABILITIES

105,901

86,958

PROVISIONS FOR LIABILITIES 10 298 -
NET ASSETS 105,603 86,958

RESERVES
Other reserves 11 19,403 19,403
Retained earnings 11 86,200 67,555
105,603 86,958

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2024 and were signed on its behalf by:




D R Hawes - Director



J Stebbings - Director


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 107,588 19,403 126,991

Changes in equity
Total comprehensive income (40,033 ) - (40,033 )
Balance at 31 December 2022 67,555 19,403 86,958

Changes in equity
Total comprehensive income 18,645 - 18,645
Balance at 31 December 2023 86,200 19,403 105,603

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
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 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.

Computer software is being amortised evenly over its estimated useful life of five years.

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 144,511 125,244
Social security costs 10,585 8,212
Other pension costs 19,549 16,018
174,645 149,474

The average number of employees during the year was as follows:
31.12.23 31.12.22

Management and Administration 3 3

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 368 241
Computer software amortisation 2,995 2,995

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 14,975
AMORTISATION
At 1 January 2023 8,985
Charge for year 2,995
At 31 December 2023 11,980
NET BOOK VALUE
At 31 December 2023 2,995
At 31 December 2022 5,990

6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 228 12,620 12,848
Additions - 567 567
At 31 December 2023 228 13,187 13,415
DEPRECIATION
At 1 January 2023 183 12,259 12,442
Charge for year 45 323 368
At 31 December 2023 228 12,582 12,810
NET BOOK VALUE
At 31 December 2023 - 605 605
At 31 December 2022 45 361 406

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 66,538
Additions 23,054
Disposals (12,581 )
Revaluations 1,798
At 31 December 2023 78,809
NET BOOK VALUE
At 31 December 2023 78,809
At 31 December 2022 66,538

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 68,633 33,664
Other debtors 4,474 6,628
VAT 9,776 -
Deferred tax asset - 1,027
82,883 41,319

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 5,879 11,995
Tax 210 -
Social security and other taxes 3,918 3,441
VAT - 9,350
Other creditors 1,697 1,392
Accruals 22,006 18,486
Deferred income 128,184 108,089
161,894 152,753

10. PROVISIONS FOR LIABILITIES
31.12.23
£   
Deferred tax 298

Deferred
tax
£   
Balance at 1 January 2023 (1,027 )
Charge to Income Statement during year 1,027
Utilised during year 298
Balance at 31 December 2023 298

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 67,555 19,403 86,958
Profit for the year 16,847 16,847
Revaluation 1,798 - 1,798
At 31 December 2023 86,200 19,403 105,603

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.