REGISTERED NUMBER: 04340249 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Institute of Legacy Management

Page

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3

Statement of Changes in Equity

5

Notes to the Financial Statements

6

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

TURNOVER

417,732

317,616

Cost of sales

81,798

41,190

GROSS PROFIT

335,934

276,426

Administrative expenses

374,056

294,606

OPERATING LOSS

(38,122

)

(18,180

)

Interest receivable and similar income

1,252

1,106

(36,870

)

(17,074

)

Interest payable and similar expenses

10

-

LOSS BEFORE TAXATION

4

(36,880

)

(17,074

)

Tax on loss

2,112

1,535

LOSS FOR THE FINANCIAL YEAR

(38,992

)

(18,609

)

OTHER COMPREHENSIVE INCOME

Fixed asset investment revaluation

6,326

1,798

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

6,326

1,798

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(32,666

)

(16,811

)

Prior year adjustment

5

(35,456

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(68,122

)

FIXED ASSETS

Intangible assets

6

-

2,995

5,990

Tangible assets

7

941

605

406

Investments

8

85,826

78,840

73,846

86,767

82,440

80,242

CURRENT ASSETS

Debtors

9

78,852

82,883

41,319

Prepayments and accrued income

10,166

27,766

13,934

Cash at bank

70,569

81,640

104,216

159,587

192,289

159,469

CREDITORS

Amounts falling due within one year

10

(207,589

)

(204,284

)

(152,753

)

NET CURRENT (LIABILITIES)/ASSETS

(48,002

)

(11,995

)

6,716

TOTAL ASSETS LESS CURRENT LIABILITIES

38,765

70,445

86,958

PROVISIONS FOR LIABILITIES

11

(1,284

)

(298

)

-

NET ASSETS

37,481

70,147

86,958

RESERVES

Other reserves

12

19,403

19,403

19,403

Retained earnings

12

18,078

50,744

67,555

37,481

70,147

86,958

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

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 22 September 2025 and were signed on its behalf by:

D R Hawes - Director

J Stebbings - Director

Retained

Other

Total

earnings

reserves

equity

£

£

£

Balance at 1 January 2023

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

Prior year adjustment

(35,456

)

-

(35,456

)

As restated

50,744

19,403

70,147

Changes in equity

Total comprehensive income

(32,666

)

-

(32,666

)

Balance at 31 December 2024

18,078

19,403

37,481

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.

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

31.12.24

31.12.23

as restated

£

£

Wages and salaries

172,375

144,511

Social security costs

12,942

10,585

Other pension costs

22,297

19,549

207,614

174,645

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

31.12.24

31.12.23

as restated

Management and Administration

5

3

The 8 (2023: 7) Non-Executive Directors also receive an annual stipend of £3,000, the Chair and Finance Director receiving £5,000.

4.	LOSS BEFORE TAXATION

The loss is stated after charging:

31.12.24

31.12.23

as restated

£

£

Depreciation - owned assets

541

368

Computer software amortisation

2,995

2,995

5.	PRIOR YEAR ADJUSTMENT

The conference income for the year ending 31.12.2023 was overstated by £42,389 and expenses were overstated by £6,934, due to an error in deferred income adjustments. Adjustments for the prior year have been made to correct this in the current year's accounts.

6.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

14,975

AMORTISATION

At 1 January 2024

11,980

Charge for year

2,995

At 31 December 2024

14,975

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

2,995

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

228

13,187

13,415

Additions

-

877

877

At 31 December 2024

228

14,064

14,292

DEPRECIATION

At 1 January 2024

228

12,582

12,810

Charge for year

-

541

541

At 31 December 2024

228

13,123

13,351

NET BOOK VALUE

At 31 December 2024

-

941

941

At 31 December 2023

-

605

605

8.	FIXED ASSET INVESTMENTS

31.12.24

31.12.23

as restated

£

£

Other investments not loans

85,826

78,840

Additional information is as follows:

Other

investments

£

COST OR VALUATION

At 1 January 2024

78,809

Additions

6,796

Disposals

(6,105

)

Revaluations

6,326

At 31 December 2024

85,826

NET BOOK VALUE

At 31 December 2024

85,826

At 31 December 2023

78,809

Cost or valuation at 31 December 2024 is represented by:

Other

investments

£

Valuation in 2015

46,388

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

Valuation in 2024

7,017

85,826

If fixed asset investments had not been revalued they would have been included at the following historical cost:

31.12.24

31.12.23

as restated

£

£

Cost

80,692

80,000

Fixed asset investments were valued on an open market basis on 31 December 2024 by Charles Stanley & Co Limited .

Investments (neither listed nor unlisted) were as follows:

31.12.24

31.12.23

as restated

£

£

Charles Stanley Cash Account

-

31

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

£

£

Trade debtors

73,064

68,633

Other debtors

1,761

4,474

VAT

4,027

9,776

78,852

82,883

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

£

£

Trade creditors

10,303

5,879

Tax

238

210

Social security and other taxes

3,116

3,918

Other creditors

2,298

1,697

Accruals

22,962

22,006

Deferred income

168,672

170,574

207,589

204,284

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

as restated

£

£

Deferred tax

1,284

298

Deferred

tax

£

Balance at 1 January 2024

298

Provided during year

986

Balance at 31 December 2024

1,284

12.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 January 2024

86,200

19,403

105,603

Prior year adjustment

(35,456

)

(35,456

)

50,744

70,147

Deficit for the year

(38,992

)

(38,992

)

Revaluation

6,326

-

6,326

At 31 December 2024

18,078

19,403

37,481

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.

13.	RELATED PARTY DISCLOSURES

Straight PR limited a company which AJ Dewar is a director and shareholder, provided PR campaign services during the year totalling £16,989 (2023 £14,516). There was £2,880 (2023:£0) due to this related party at the year end.

14.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.