THE INSTITUTE OF TRAVEL MANAGEMENT


THE INSTITUTE OF TRAVEL MANAGEMENT

Company limited by guarantee

Company Registration Number:
03484311 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2020

Period of accounts

Start date: 1 January 2020

End date: 31 December 2020

THE INSTITUTE OF TRAVEL MANAGEMENT

Contents of the Financial Statements

for the Period Ended 31 December 2020

Balance sheet
Additional notes
Balance sheet notes

THE INSTITUTE OF TRAVEL MANAGEMENT

Balance sheet

As at 31 December 2020

Notes 2020 2019


£

£
Fixed assets
Tangible assets: 3 9,065 22,242
Total fixed assets: 9,065 22,242
Current assets
Debtors: 4 54,543 25,409
Cash at bank and in hand: 646,682 424,155
Total current assets: 701,225 449,564
Creditors: amounts falling due within one year: 5 ( 289,280 ) ( 123,055 )
Net current assets (liabilities): 411,945 326,509
Total assets less current liabilities: 421,010 348,751
Total net assets (liabilities): 421,010 348,751
Members' funds
Profit and loss account: 421,010 348,751
Total members' funds: 421,010 348,751

The notes form part of these financial statements

THE INSTITUTE OF TRAVEL MANAGEMENT

Balance sheet statements

For the year ending 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 29 September 2021
and signed on behalf of the board by:

Name: Ms A J E Rogan
Status: Director

The notes form part of these financial statements

THE INSTITUTE OF TRAVEL MANAGEMENT

Notes to the Financial Statements

for the Period Ended 31 December 2020

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue recognitionTurnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

    Tangible fixed assets depreciation policy

    Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Website 20% straight lineComputer equipment 33% straight lineFixtures and Fittings 20% straight line

    Other accounting policies

    Basis of preparationThese financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below:Income taxThe taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Foreign currenciesForeign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.Operating leasesLease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.Tangible assetsTangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.Government grantsGovernment grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.Financial instrumentsFinancial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

THE INSTITUTE OF TRAVEL MANAGEMENT

Notes to the Financial Statements

for the Period Ended 31 December 2020

  • 2. Employees

    2020 2019
    Average number of employees during the period 6 6

THE INSTITUTE OF TRAVEL MANAGEMENT

Notes to the Financial Statements

for the Period Ended 31 December 2020

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2020 28,002 6,042 193,396 227,440
Additions
Disposals
Revaluations
Transfers
At 31 December 2020 28,002 6,042 193,396 227,440
Depreciation
At 1 January 2020 27,823 5,628 171,747 205,198
Charge for year 133 92 12,952 13,177
On disposals
Other adjustments
At 31 December 2020 27,956 5,720 184,699 218,375
Net book value
At 31 December 2020 46 322 8,697 9,065
At 31 December 2019 179 414 21,649 22,242

THE INSTITUTE OF TRAVEL MANAGEMENT

Notes to the Financial Statements

for the Period Ended 31 December 2020

4. Debtors

2020 2019
£ £
Trade debtors 42,080 12,076
Other debtors 12,463 13,333
Total 54,543 25,409

THE INSTITUTE OF TRAVEL MANAGEMENT

Notes to the Financial Statements

for the Period Ended 31 December 2020

5. Creditors: amounts falling due within one year note

2020 2019
£ £
Trade creditors 17,052 18,570
Taxation and social security 66,608 11,051
Other creditors 205,620 93,434
Total 289,280 123,055

THE INSTITUTE OF TRAVEL MANAGEMENT

Notes to the Financial Statements

for the Period Ended 31 December 2020

6. Financial Commitments

The total future minimum lease payments under non-cancellable operating leases are as follows: 2020 2019Not later than 1 year 4,200 25,200Later than 1 year and not later than 5 years 0 4,200 4,200 29,400