REGISTERED NUMBER: 04340249 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2025

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

B Clubb

R W Billen

D R Hawes

R L Massey

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

429,753

417,732

Cost of sales

112,195

81,798

GROSS SURPLUS

317,558

335,934

Administrative expenses

369,386

374,056

OPERATING DEFICIT

(51,828

)

(38,122

)

Income from fixed asset investments

858

-

Interest receivable and similar income

(87

)

1,252

771

1,252

(51,057

)

(36,870

)

Interest payable and similar expenses

-

10

DEFICIT BEFORE TAXATION

4

(51,057

)

(36,880

)

Tax on deficit

573

2,112

DEFICIT FOR THE FINANCIAL YEAR

(51,630

)

(38,992

)

OTHER COMPREHENSIVE INCOME

Fixed Asset investment revaluation

3,458

6,326

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

3,458

6,326

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(48,172

)

Prior year adjustment

(35,456

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(68,122

)

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

580

941

Investments

7

93,612

85,826

94,192

86,767

CURRENT ASSETS

Debtors

8

56,585

78,852

Prepayments and accrued income

42,960

10,166

Cash at bank

67,208

70,569

166,753

159,587

CREDITORS

Amounts falling due within one year

9

269,780

207,589

NET CURRENT LIABILITIES

(103,027

)

(48,002

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,835

)

38,765

PROVISIONS FOR LIABILITIES

10

1,856

1,284

NET (LIABILITIES)/ASSETS

(10,691

)

37,481

RESERVES

Other reserves

11

19,403

19,403

Income and expenditure account

11

(30,094

)

18,078

(10,691

)

37,481

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 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 surplus or deficit 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 15 June 2026 and were signed on its behalf by:

D R Hawes - Director

J Stebbings - Director

Retained

Other

Total

earnings

reserves

equity

£

£

£

Balance at 1 January 2024

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

Changes in equity

Total comprehensive income

(48,172

)

-

(48,172

)

Balance at 31 December 2025

(30,094

)

19,403

(10,691

)

1.	STATUTORY INFORMATION

Institute of Legacy Management is a private company, limited by guarantee , 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.

Despite the company reporting net liabilities at the balance sheet date, the directors have reviewed the company’s cash flow forecasts, expected levels of activity and future income streams, together with the overall risk profile of the business. Based on this assessment, the directors have a reasonable expectation that the company will continue to operate and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on the going concern basis.

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.

3.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

184,478

172,375

Social security costs

8,859

12,942

Other pension costs

26,898

22,297

220,235

207,614

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

31.12.25

31.12.24

Management and Administration

5

5

The 7 (2024: 8) Non-Executive Directors also receive an annual stipend of £3,000, the Chair and Finance Director receiving £5,000.

4.	DEFICIT BEFORE TAXATION

The deficit is stated after charging:

31.12.25

31.12.24

£

£

Depreciation - owned assets

361

541

Computer software amortisation

-

2,995

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

14,975

Disposals

(14,975

)

At 31 December 2025

-

AMORTISATION

At 1 January 2025

14,975

Eliminated on disposal

(14,975

)

At 31 December 2025

-

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2025

228

14,064

14,292

Disposals

-

(2,550

)

(2,550

)

At 31 December 2025

228

11,514

11,742

DEPRECIATION

At 1 January 2025

228

13,123

13,351

Charge for year

-

361

361

Eliminated on disposal

-

(2,550

)

(2,550

)

At 31 December 2025

228

10,934

11,162

NET BOOK VALUE

At 31 December 2025

-

580

580

At 31 December 2024

-

941

941

7.	FIXED ASSET INVESTMENTS

31.12.25

31.12.24

£

£

Other investments not loans

93,612

85,826

Additional information is as follows:

Other

investments

£

COST OR VALUATION

At 1 January 2025

85,826

Additions

84,000

Disposals

(80,692

)

Revaluations

3,458

At 31 December 2025

92,592

NET BOOK VALUE

At 31 December 2025

92,592

At 31 December 2024

85,826

Cost or valuation at 31 December 2025 is represented by:

Other

investments

£

Valuation in 2016

49,619

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

Valuation in 2025

6,766

92,592

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

31.12.25

31.12.24

£

£

Cost

85,168

80,692

Fixed asset investments were valued on an open market basis on 31 December 2025 by Charles Stanley & Co Limited .

Investments (neither listed nor unlisted) were as follows:

31.12.25

31.12.24

£

£

Charles Stanley Cash Account

1,020

-

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

56,518

73,064

Other debtors

67

1,761

VAT

-

4,027

56,585

78,852

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

47,443

10,303

Tax

-

238

Social security and other taxes

4,622

3,116

VAT

7,955

-

Other creditors

2,056

2,298

Accruals

21,623

22,962

Deferred income

186,081

168,672

269,780

207,589

10.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

£

Deferred tax

1,856

1,284

Deferred

tax

£

Balance at 1 January 2025

1,284

Provided during year

572

Balance at 31 December 2025

1,856

11.

RESERVES

Income

and

expenditure

Other

account

reserves

Totals

£

£

£

At 1 January 2025

18,078

19,403

37,481

Deficit for the year

(51,630

)

-

(51,630

)

Revaluation

3,458

-

3,458

At 31 December 2025

(30,094

)

19,403

(10,691

)

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.	OTHER FINANCIAL COMMITMENTS

Company has entered into a contractor agreement with Sheep CRM for the provision of CRM services.

The agreement includes a fixed monthly service charge of £599, payable until March 2026, after which it continues on a rolling monthly basis. Costs are recognised in profit or loss as incurred. Sheep CRM is not considered a related party.

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 £15,943 (2024 £16,989). There was £1,920 (2024:£2,880) due to this related party at the year end.

14.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.