Company registration number= 03425954 Charity registration number.. 1065924 The Travel Foundation (A company limited by guarantee) Annual Report and Financial Slatemenls for the Year Ended 31 December 2024 Milsled Langdon LLP Chartered Accountants Freshford House Redcliffe Way Bristol BS1 6NL
The Travel Foundation Contents Reference and Administrative Details Report of the Chair 2to3 Trustees. Report 4t011 Statement of Trustees, Responsibilities 12 Independent Examinerfs Report 13 Statement of Financial Acttvities 14 Balance Sheet Statement of Cash Flows 16 Notes to the Financial Statem&nts 171034
The Travel Foundation Reference and Administrative Details Chief Executive OfficeT Mr J Sampson Secrgtary Mrs T J Quinn-Forgan Trustees Mrs D A Hindle Mrs J Ashton Ms H N Marano Dr M S Kelig Ms R Turner Ms C A Ritter Ms G James Dr M K Morikawa Mr M S Toprak DrSBEtti Registered Office Create Centre Smeaton Road Bristol BS1 6XN The charity is incorporated in England & Wales. Company Registration Number 03425954 Charity Registration Number 1065924 Independent Examiner Mrs S J Jenkins Milsted Langdon LLP Freshford House Redcliffe Way Bristol BS16NL Page 1
The Travel Foundation Report of the Chair As I reflect on the past year, l am struck by just how urgently our mission is needed. The world continues to see rising climate impacts and, in many places, long-standing inequalib'es remain- overtourism, rising living costs, and a widening gap beeen the economic benefits of tourism and the Gommunities that support it. The Travel Foundation was created lo address these very issues, and our work has never felt more vital. In 2024, we delivered an ambilious programme of work underpinned by this mission. Among our proudest achievemenls was the publication of two groundbreaking research reports= Climate Justice in Tourism." An Introductory Guide and Creating Equitable Destinations." How to manage and distribute tourism's value to better serve communities. These reports. produced with our partners, are helping lo shape the global conversation around fairness, equity and climate resilience in tourism, and are already influencing practice across the sector. We also launched our flagship, online training programrne, Destination Climate Champions, the first free climate action course tailored specifically for Destination Management Organisations. This program gives destination managers and marketers the tools and confidence to drive local climate aclion and make lasting change. Already, it has been taken up by destinations around the world, with enthusiastic feedback. Throughout the year, we supported many destinations and tourism businesses to develop the knowledge and capability to create and implement climate action and destination stewardship plans. We also added to our suite of free reSoUrs, including a Bluéprint and Toolkit for Climate Action Planning. We led pioneering collaborations, such as our work with The Travel Corporation and Vistt Scotland to reduce climate emissions in the tourism supply chain. And we used our voice - at major events, in the media, and through our own channels - to amplify a simple but urgent message- tourism must be transformed lo work for people and the planet. This year also marked an important moment for our govemance. Early in 2024, 1 had the honour of handing over the role of Chair to the inspiring Dr. Megan Morikawa. Megan brings èxtraordinary expertise as a climate scientist and sustainability leader. She has worked at the highest levels of the tourism industry. including as Global Director of Sustainability at Iberostar. While Megan is currently on malemity leave, we are excited for her continued leadership ahead. I remain on the Board. currently as Co-chair, and continue to support our mission with deep commitment. Like many organisations in the not-for-profit sector, we faced a challenging external environment in 2024. Financial pressures driven by shifting priorities, reduced budgets. and thé cost-of-living crisis meant that several income opportunities we had expected were delayed or did not materialise. This created considerable pressure on our cash flow and forced us to reassess, streamline and make difficult decisions around resourcing. These steps were not easy but they were necessary to safeguard the organisation and ensure we can continue our work long into the frJture. Through it all. l am deeply grateful for our dedicated team. The executive team at The Travel Foundation, led by CEO Jeremy Sampson, has shown exceptional resilience, passion, and expertise. Their deep understanding of tourism and sustainability continues to shape pioneering solutions for the sector. Page 2
The Travel Foundation I would also like to thank our funders, supporters and partners. Your bèlief in our mission and investment in our work is what allows us to scale our impact. From long-standing corporate partners like Holiday Extras. Expedia Group and Preferred Travel Group, to our many destination partners and friends around the globe, you are the reason we can keep pushing boundaries and leading the way. Looking ahead, we are focused on growing our reach and impact, particularly in Latin America and the Caribbean. and deepening our support for destinations as they face increasing climate risk. Accelerating adapiation and ensuring the benefits of tourism are shared more equitably will be at the heart of our work. l end this message with cautious optimism. There is much to do. but also real momentum building. Around the world, destinations and businesses are stepping up, r&cognising that tourism must evolve. We are proud to stand alongside them. offering support, insight and inspiration. Together, we can shape a tourism future that is more just and more resilient. H8len Marano Corychair of the Board of Trustees Page 3
The Travel Foundation Trustees. Report The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordancé with the Financial Reporting Standard applicable in the UK and Replblic of Ireland (FRS102) (effective January 2019). OBJECTIVES The Travel Foundation's objectives as per its Memorandum and Articles, are Ihe promotion of sustainable development in the tourism industy for the public benefit by research into and education of the public and the tourism industry in the following: the presèrvation, conservation and the protection of the environment and the prudent use of natural resources-, the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities, the promotion of sustainable means of achieving economic growth and regeneration. The charity aims to ensure that tourism has a posilive impact on destination communities by working with governments, community groups and tourism businesses for fairer climate-positive tourism. We aim to accelerale change, supporting better destination stewardship that ensures community involvement and sustainable tourism products. STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure The charity is govemed by a Board of Trustees who carry overall responsibility for furthering the aims and objectives of the Charity. The Trustees who held office during the financial year and to date of this report are as set out in the reference and administrative details on page one. The Board of Trustees meets al least four times a year to review operational performance and strategic issues, as prèsented by the Chief Executive, Company Secretary and members of the senior managément team. The respective roles and responsibilities of Trustees and management have been clearly defined. All strategic and governance decisions are made at Board level, with input where appropriate from the Chief Executive, Company Secretary and members of the senior management team. The day to day running of the charity has been delegated by the Trustees to the management team. To strengthen financial oversight and operational governance, a Finance and Operations Committee has been established. This committee is made up of selected Trustees, the Chief Executive, and the Director of Finance and Operations (who also serves as Company Secretary). The committee meets ahead of each Board meeting and increases its frequency when required, providing a vital forum for deeper scrutiny of financial performance, risk management, and operational matters. The importance of this committee's role was particularly evident during 2024. as the organisalion faced considerable financial pressures and income volatility. The Finance and Operations Committee provided closè oversight and challenge during this period, supporting management in thè development of a realignment strategy, reviewing cost rèduction measures, and helping lo ensure that decisions were taken with a clear understanding of financial risks and implications. Page 4
The Travel Foundation Trustees. Report Recruitment and appointment of Trustees The board's policy is to airn to have, and regularly review, the mix of skills, knowledge and experience it needs to govern, lead and deliver the charity's purposes effectively. It reflects this mix in its trustee appointm8nts, balancing the need for conlinuity with the need to refresh and diversify the board. The Travel Foundation is committed to inclusive and equilable recruitment processes in line with its Diversity, Equity and Inclusion IDEI) policy. The organisation recognises thè value of a diverse Board in bringing a range of perspectives, lived experiences and expertise to its decision-making and 90vernance. The Travel Foundation has recruited by means of both external competitive advertisement, and by approaching individuals who have been identified as having appropriale spectfic skills and experience., in either case followed by an interview process and formal appointment by trustees. Induction and training of Trustees New Trustees receive an appropriately resourced induction, including meetings with senior managernenl and a comprehensive overview of the charitys operations, policies and strategic priorities. This induction also includes guidance from the Charity Commission. Trustees are encouraged to pursue ongoing development to support their role. Governance costs Governance costs comprise all expenditure associated with the accountability of the Charity and ils compliance with regulation and good practice. This includes costs related to audit fees and the board of Trustees. In 2024, Governance costs were 0.66010 {2023 - 1.73/0) of income. Trustees. remuneration The Trustees (who are directors for purpose of Company law) received no remuneration in the current or prior period. Expenses in the year totalled £Nil12023 £41). Governing document The Travel Foundation is a Charity registered with the Charily Commission, governed by the Charities Act 2011 and the Companies Act 2006, and is incorporated as a company limited by guarantee. The constitutional documents are the Articles of Association. The Memorandum and Articles of Association were last reviewed and updated in 2016. Public benefit The truslees are confident that The Travel Foundation me8ts the public benefit requirements for charities and they confirm that they have taken into account the 9uidance contained in the Charity Commission's general guidance on public benefit where applicable. Risk Management The Foundation maintsins a comprehensive risk register covering all significant sources of risk to the achievement of its objectives. and recording any agreed mitigating action. The Foundation's risk register and policy was reviewed and approved by the board of trustees in March 2023 by finance and operations committee, a board sub-committèe. Page 5
The Travel Foundation Trustees, Report Intellectual property The Travel Foundation name. logo (as updated in 20161 and strapline are registered as a trade mark in the UK and EU. FINANCIAL REVIEW Overviow and year4nd position Total income of£684,913 in 2024 {2023- £720,757) was down 5.0°/o year on year. Total expenditure was £819,514 (2023 - £856,032), reprèsenting a 4.30/0 decrease from 2023. We closed the year with a decrease in unrestricted reserves of £74,598 {2023 £150,846 increase). leaving the organisation with closing unrestricted resetves of £48,221 {2023 £122,819) and restricted reseNes of£Nil (2023- £60,003). R85erves policy and going concern The Travel Foundation's Reserves Policy is designed to ensure that the charity maintains sufficient funds to meet its obligations in the event of a managed wind-down of operations. The target level of reserves is reviewed regularly and in 2024 was set at £150,000. As of 31 December 2024, the charitvs total reserves stood at £48,221, a decrease of £134,601 from the total reservès of £182,822 as of 31 December 2023. Of this, £48,221 were unrestricted and £Nil were restncted. Free reserves (unrestricted and not designated) wer8 £48,221, falling below the target level. This shortfall refleGts the wider financial challenges experienced during 2024, which included the loss or delay of anticipated income and increased pressure on core funding. The Board responded by implementing a financial rèview and realignmenl strategy. including cost-saving measures, a focus on income generation, and increased financial oversight through Ihe Finance and Operations Committee. The level of reserves at the year-end was below the preferred Ihreshold, and recent cash flow timing pressures have raised concerns about the charitls financial resilience and ability to continue as a going concern. A revised forecast was developed, and further steps were being taken in 2025 to slrengthen financial sustainability and rebuild reserves. However, due lo delays in projects starting. and cash being received from projects in progress, the charity's bank balance is much lower than normal operating levels and both management and Trustees are working hard lo ensure there are sufficient funds available to meet liabilities as they fall due. Further funding sources are being explored 2nd, with light cash payment controls in place, the Trustees are confident that the charity will have adequate resources to continue in operational existence for the foreseeable future. The Board will continue lo review the financial position at each meeting, monitor cash flow closely, and lake action where necessary to protect the organisalion's long-term viability. Therefore, despite Ihese concern5 about financial resilience, the Trustees continue to adopt Ihe going concern basis in preparing the financial statements. Page 6
The Travel Foundation Trustees. Report OUR VISION AND MISSION At the Travel Foundation, we are committed to ensuring tourism provides the greatest possible benefit to every destinalion so that communities and environments can thrive. We envision bétter places to live for residents, with equitable access to tourism's benefits, and visitor economies that operate within nature's boundaries - reducing carbon emissions and protecting ecosystems. Climate change and inequity remain the most urgent challenges in global tourism. With its narrow focus on economic growth, tourism often concentrales benèfits al the top, while local people bear the burdens of overcrowding. housing shortages. F>ollution, and environmental degradation. At Ihe same time, our changing climate is increasingly disrupting travel flows, straining local services, damaging infrastructure, local environments and critical habitals, and imF)osing downtime and crisis responses during crucial months of the year. To address Ihis, we work globally to accelerate change toward a more balanced and resilient model. We do this by strengthening the capacity of destinations and tourism businesses, and by using our independence, networks, and expertise to create and sUPPOrt solutions that centre on local needs and the environment. Below is a summary of the key achievements and highlights from our work in 2024. 1.RE ARCH AND ADVOCACY Groundbreaking research In 2024, we continued to lead pioneering research that challenges convenlional thinking and sets the agenda for climate-smart and equitable tourism. Our collaborative projects sparked vilal industry conversations and created tools for action. We published two new reports and began work on an exciting new project for 2025: Climate ustice in tourism.. An introducto uide This landmark report. developed with the University of Waterloo, Tourism Cares, CREST and others. introduced Ihe concept of climate juslice lo the travel sector. It emphasises the unequal impact of climate change on lourism-relianl communities and calls for coordinated industry support to build resilience and reduce emissions fairly. The report includes ten practical proposals to drive immediate aclion, including the creation of a global tourism climate fund and deslination-based pilot projects. Creatin uitable destinations With partners including CELTH, NBTC and Breda University of Applied Sciences, we investigated how to better distributè tourism's benefits, identifying 40 mechanisms to achieve this. The report argues that simply spreading tourism or attracting high-value visitors does not ensure fairness, and outlines tools such as tax initiatives, business incubators, and community-led planning to help destinations become more equitable. Destination Riskscan We launched work on an ambilious project for 2025 to help destinations assess their exposure to climale-related risk5. Six destinations, spanning winter and island tourism, are piloting this approach. The project is being developed with CELTH, a group of Dulch Universities and Risklayer. The aim is lo crèate profiles for physical, transitional, and systemic climate risks, ultimately supporting every destination worldwide lo plan for a more resilient future. Page 7
The Travel Foundation Trustees. Report Advocating for systems Ghange Our aim is to shape the narrative around tourism's future, raise visibility for critical issues, and create opportunities for collaboration. We do this through speaking engagements, digital communications and media relations, all of which enable us to share what we do, inspire others and influ8nce decision-makers. S eakin en ements We shared insights on creating climale-smart, equitable tourism at over 50 external events this year, including major global platforms such as Tourism Day at the COP29 UN Climate Conference, WTM, ITB, FITUR, and City Nation Place. We also delivered keynole speeches for our partners in Guatemala. Ontario, Tenerife, Lanzarote, Nevada and others, promoting solutions that place communities and climate action at the Centre of tourism. Growin our online and social media communi Effective communication is cenlral lo our mission to influence systems change. We use our digital channels and media outreach to share knowledge, spollighl solutions, and build momentum for action Our growing online community across social media, our website and newsletter, amplifies our work and fosters global dialogue. At the same time, our media relations work ensures our ideas and impact reach broader audiences through targeted press releases, opinion pieces, and features in respected industry and mainstream publications. Here are some stats for 2024.. We had 19,625 Linkedln followers. up nearly 130/9 from 2023. At the lime of writing in July 25. the past year showed 134.799 impressions, and around 2,500 8ngagements. We had around 10.4k followers on X. We have 4.2k subscribers to our e-newsletter. Our open and click through rates are generally very high compared to charity benchmarks. For example, in December 24, neady 50Q/o (47 /0) of recipients opened the e-newsletter, with 9.80/0 clicking through for further information. The average open rate is around 28.5/0, Wlth the average click through rate at around 3.29 % (according to Nonprofit Tech for Good and Neon One). We were mentioned in over 1,500 articles on media platforms around the world, with a potential reach of over 3,700 billion readers a huge increase on last year. This included menlions in MSN. The New York Times. BBC, and The Independent. We also provided articles and opinion for key travel publications including Travel Weekly, TTG, City Nation Place and Travel Tomorrow. We had 43,285 visitors to our websile. Collective action Collaboration is possibly the most important strategy lo improve tourism's impact on destinations. It's an approach that we've followed and encouraged for a long time, and this year was no different. We've continued our work with the Future of Tourism Coalition and the Glasgow Declaration on Climate Action in Tourism, both of which we helped to create, to develop resources and solutions thal improve the impact of tourism. Page 8
The Travel Foundation Trustees. Report 2. CENTRE OF EXPERTISE At the heart of our strategy is building the capacity of tourism organisations lo lead change and offering practical support that empowers destinations and businesses to embed climate action and community benefit into their strategies and operations. From training and toolkits to peer learning and one-lo-one guidance, we equip our partners with the knowledge and capability needed to navigate complex challenges and lead the way towards a more resilient, fair, inclusive and law-carbon tourism sector. Destination Climate Champions In 2024, we launched our flagship online course, 'Destination Climate Champions,, developed in partnership with Expedia Group. This course equips DMOS and NTOS with climate literacy and planning skills and was launched publicly in18te 2024 as the only free online climate action course for destinations. The course includes eight online modules in both English and Spanish and three peer to peer workshops, where participants can share ideas, best practice and solutions. During th8 year, we also ran a pilot for the course. reaching 78 individuals Irepresenling a variety of roles) from 41 DMOS across 4 geographi¢ cohorts across Europe. North America, New Zealand and the Pacific Islands. We received excellent feedback from this pilot, including that the course broke down the topic into manageable chunks. removed barriers to getting started, increased confidence and gave helpful guidance and structure - what needs to be done and how to do it. Alongside the pilot, we provided bespoke group coaching for participant5 in New Zealand and the Pacific Islands. This enabled participants to delve deepef into relevant topics and consider these in thè uniqLte context of their destination. It also provided opportunities to exchange challenges and ideas with coaches and peers and added a level of accountability that 8ncouraged destinations to move from intention to action. Reported outcomes include contributing to the development of climate action plans. supporting the communication of initiatives across destinalions, and the development of good connections for greater collaboration across Ihe region. Blueprint and toolkit for Climate Action Plans We created a Blueprint for Tourism Climate Action Plans for Mediterranean destinalions. a resour¢e that sets out how to develop a strategy for adapting to climate change impacts and to reduce emissions. The guide is useful for all destinations including those not in the Medilerranean region. It was developed for the Community4Tourism projecl as part of Interreg Euro-MED and commissioned by NECSTOUR and CPMR. Alongside the Blueprint, we created a supporting Toolkit for Climate Action Planning (also for CPMR) that includes a scheduling and prioritisation tool, action examples and a Climate Action Plan tèmplate. Climate action planning support and capacity building We provided expert support for destinations and tourism businesses across the globe. This included.. Latin America and the Caribbean.. Support fof Honduras. Institute of Tourism, three Mexican States (Guanajuato, Mexico City and Querétarol and the OECS Commission lo develop climate action plans, focusing on climate adaptation and community resilience. The Canary Islands: We worked with the Canary Islands to develop Climate Action Plans for El Hierro and Lanzarole and La Graciosa. These are vital tools for decarbonisation and climate preparednèss in one of Europe's most climate-vulnerable regions. Visit Finland, who published "Altemative and low-carbon accessibility lo Finland" and "Climate Action Roadmap for travel industry in Finland 2024" as part of our CAP support project. We also supported Preferred Travel Group and Travel Counsellors with their Climate Action Plans and worked with NECStouR to support the delivery of their 2030 stralegy. Page 9
The Travel Foundation Trustees. Report Resilience training in British Columbia In partnership wth Destination British Columbia, we launched a new programme to support community destinations across the province in strengthening their climate resilience and 5UStainabilily. Through a mix of workshops, expert videos and supporting resources, the initiative provides local organisations with the knowledge. tools and connections needed lo implement sustainable tourism practices and respond to climate risks. The aim is to better equip destinations to reduce the impacts of extreme weather, support local businesses, and embed climate adaptation into their tourism strategies. This work forms part of the BC Tourism Climate Resiliency Initiative. Destination Stewardship in Nevada We launched a new partnership with Travel Nevada that will resull in the state's first destination stewardship plan in 2025. The project focuses on strengthening rural communities through tourism, outdoor recreation, and inclusive planning. Batter business case studies in England We partnered with Green Traveller to produce a series of 'Better Business, case studies for VisitEngland. highlighting the many benefits for businesses of incorporating sustainability into their operations. The len case studies showcase Ihe achievements and initiatives of a diverse range of business types, including activity providers, a holiday park, a museum and a stately home which are taking practical steps lo make a positive impact on local communities and the environment, whilst also boosting business performance. These examples provide inspiration for businesses themselves and destinations keen lo support their stakeholders. 3. LIGHTHOU E PROJECTS Our lighthouse projects are initialives that test innovative approaches and demonstrate what is possible. Delivered in collaboration wilh forward-thinking partners, these project5 trial new models tools and strategies in real-wodd settings. By spotlighting leadership. generating evidence, and showcasing practical solutions, our lighthouse projects are designed to inspire replication, strengthen cross-sector partnerships, provide real-world examples, and build a Shared understanding of what effective changè looks like in practice. Reducing carbon emissions in the supply chain We began a high-impaGt partnership with Visitscotland and The Travel Corporation focused on reducing carbon emissions in the tourism supply chain. This groundbreaking collaboration brings together a national DMO and a global lour operator to create itineraries with positive social and environmental outcomes. The learnings from this project will have global relevance. Understanding tOilTism-relaled challenges in destinations We continued our work with Iberostar to develop stakeholder analysis and materiality reports for destinations that enable thè company to understand the most important tourism-related issues destinations face and the challenges and opportunities to address these issues effectively. Capacity building in the hospitality sector Our work with the Preferred Travel Group is helping lo embed climate action across its operations, with the potential to influence over 1,100 hotels worldwide and provide a leading example for the sector. During the year, we supported PTG to develop their corporate Climate Action Plan, train their leadership team, and build momentum for sustainability across their global hotel network. Page 10
The Travel Foundation Trustees, Report Lower-impact itinerary framework We created a framework with Travel Counsellors to design low-impacl, high-benefit itineraries. These itineraries reducè carbon emissions and maximise community benefits by using local suppliers, limiting waste, and integrating autheritic local experiences. Itineraries have already been developed for Thailand, Cambodia and Costa Rica. LOOKIN TO THE FUTURE As we move into 2025 and beyond, The Travel Foundation wll build on the momentum of our recent initiatives to meet the urgent challenges facing tourism today. Central lo our efforts is the expansion of Ihe Destination Riskscan project, which will support destinalions to assess and respond to growing climate risks, from physical impacts like extreme weather to syslemic vulnerabilities such as insurance instability and policy shifts. By developing innovative tools and working alongside scientists and destination leaders, we aim to place climate risk at the heart of tourism planning and resilience strategies. We will also deepen our climate action support across Latin America and the Caribbean, where our goal is to build capacity, support policy development, and enable destination communities to benefit frorn tourism. Meanwhile, we aim lo bring our Destination Climate Champions online course, to many more destinations. Equipping professionals working in DMOS and NTOS with the knoedge and confidence to lead on Climate Action Planning and foster low-carbon, climate-resilient tourism. We will also increase our focus on climate adaptation, identifwng and enabling the conditions needed for tourism to respond effectively to the climate emergency. Our aim is to shift the paradigm, ensuring that tourism supports the long-term viability of destinations and delivers more equitable outcomes for communities. While the road ahead is not without challenges, we are oplimislic. By working collaboratively, embracing innovation, and focusing on transformation. we believe tourism can play a leading role in creating a more sustainable and just future. The annual report was approved by the Trustees of the charity on 2211012025 behalf by.. and signed on its H N Marano Trustee Page11
The Travel Foundation Statement of Trustees. Responsibilities The Trustees (who are also the directors of The Travel Foundation for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and applicalion of resources, including its income and expenditure, of the charilable company for that period. In preparing these financial statements, the Tnjstees are required to.. select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP. makejudgements and estimates that are reasonable and prudent. state whether applicable accounling standards. comprising FRS 102 have been followed, subject lo any material departures disclos8d and explained in the financial statement5- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy al any time the financial position of the Charitable company and enable them to ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilies. The Truslees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdiction5. Appmved by the Trustèes of the charity on 2211.012Q25.. and signed on its behalf by: H N Marano TrL¢Stee Page 12
The Travel Foundation Independent Examiner's Report to the trustees of The Travel Foundation {'the Company,) I report lo the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's Trustees of Ihe Company (and also its directors for the purposes of company law} you are responsible for the preparation of the accounts in accordance wth the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying Out my examinalion I have followed the Directions given by the Charily Commission under section 145{5){b) of the 2011 Act. Independent examiner's stalement Since the Companls gross income exceeded £250,000 your examin8r musl be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of ICAEW. which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my altenlion in ¢onnection with the examination giving me cause to believe-. 1. accounting records were not kept in respect of The Travel Foundation as required by section 386 of the 2006 Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination- or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities, applicable to charities preparing their accounts in accordance with the Financial Rèporting Standard applicable in thè UK and Republic of Ireland IFRS 102). I draw attenlion to the disclosure in note 2 to Ihe accounts where the Trustees have expressed their concerns about the Gharitys ability to Continue as a going concern. I have no other concerns and have come across no other matters in connection with the examination lo which attention should be drawn in Ihis report in order to enable a proper understsnding of the accounts lo be reached. Mrs S R Jenkins, Independent Examiner Milsteé Langdon LLP Freshford House Redcliffe Way Bristol, BS16NL Page13
The Travel Foundation Statement of Financial Activities for the Year Ended 31 December 2024 Total 2024 Unrostrlcted Total 2023 Restricted Note Income and Endowmenls from: Donations and legacies Charitable activities Investment income Other income 179,253 179,253 419,894 254 85,512 169,916 525.047 167 25,627 419,894 254 30,878 54,634 Total Incomé 210,385 474,528 684,913 720,757 Expenditure on". Raising funds Charitable acttvities 178,607} 1206,3761 284,9831 {74,5981 {78,607} {740,9071 (819,514) (82,904) 1773,1281 {856,032 (534,531) 534,531) Total Expenditure Net Expenditure Net movement in funds {60,003} 1134,601) {135,275) (74.598) (60,003) (134,6011 (135,275) ReconciliatTon of funds Total funds broughl forward Total funds carried fOard 122,819 60,003 182,822 318,097 20 48,221 48,221 182,822 l of the charity's aetivilies derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 20. The notès on pages 17 to 34 form an intégral part of these financial statements. Page 14
The Travel Foundation (Registration number: 03425954) Balance Sheet as at 31 December 2024 2024 2023 Note Fix8d assets Tangible assets Current assets Debtors Cash al bank and in hand 14 3,841 4,868 15 63,103 146,108 124,580 175,3Q9 299,889 209,211 Creditor5: Amounts falling dua within one year Net current assels 16 (150,8961 58,315 (98.504 201.385 Total assets less current liabilities Creditors: Amounts falling duè afler more than one year 17 Net assets 62,156 206,253 13,9351 48.221 {23,4311 182,822 Funds of the charity: Restricted income funds Restricled funds 60,003 Unrestrlcted income funds Unreslricted funds 48,221 122.819 Total funds 20 48,221 182,822 For Ihe financial year ending 31 December 2024 the charity was Éntitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the charity to oblain an audit of its accounts for the year in question in accordance with section 476- and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. Thè financial ststements on pages 14 to 34 were approved by the Trustee5, and authorised for issue on 221.1n12025.. and signed on their behalf by: Ms.i4 N Marano Trustee The notes on pages 17 to 34 form an integral part of these financial statèments. Page15
The Travel Foundation Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flows from operating activities Net cash expenditure Adjustments to cash flow$ from non-cash ilems Depreciation Investment income (134,601) 1135,275) 1,526 1254) {133,329) 2,392 (1671 (133.050) Working capital adjustments Decrease in debtors Increase in creditors 61,477 52,648 78,915 40,259 Net cash flows from operating activities Cash flow$ from investing activitles Interest receivable and similar income Purchase of tangible fixed assets Net cash flows from invesling activities Cash flows from financing activities Repayment of loans and borrowings Net decrease in cash and cash 8quivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 119,204) (13,876} 254 499 167 837) 14 1245) {670) 16 9,7521 (9,630) 129,201) 175,309 {24,176) 199,485 146,108 175,309 All of the cash flows are dèrived from continuing operations during the above periods. The notes on pages 17 to 34 form an integral part of these financial statements. Page16
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 1 Charity slatus The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the Trusteès is liable to contribute an amount not exceeding £1 lowards the assets of the charity in the event of liquidalion. The address of its registered office is.. Create Centre Smeaton Road Bristol BS1 6XN 2 Accounting policles Summary of signrficant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all the years presented. unless othepNise statèd. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.- Statement of Recommended Practice appliGable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP IFRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. They also comply with the Companies Acl 2006 and thé Charities Act 2011. Thè financial statements are prepared in slerling, which is the functional currèncy of the the charity, and rounded to the nearest £. Basis of preparation The Travel Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical Cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern At the time of approving the financial slatements, the Trustees have reviewed the resources available to the charitable company and have concerns about the charitqs financial resilience and ability to continue as a going concern. Due to delays in projects starting. and cash being received from projects in progres5. the charity's bank balance is much lower than normal operating levels and both management and Trustees are working hard lo ensure there are sufficient funds available to meet liabilities as they fall due. Further funding sources are being explored and, with light cash payment controls in place, the Trustees are confident that the charity will have adequate resources to continue in operational existence for the foreseeable future. Therefore, despite these concerns about financi21 resilience, the Trustees continue to adopt the going concern basis in preparing the financial statements. Page 17
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Key sources of estimation uncertainty In the application of the charitable companls accounting policies, the trustees are required lo make judgements, estimates and assumptions about the caryng amount of assets and liabilities that are not readily apparent from other SoUrs. The estimates and associated assumptions are based on historical experience and other factors Ihat are considered to be relevant. Actual resulls may drffer from these estimatés. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, rf the revision affects only thal period. or in the period of the revision and future periods if the revision affects both current and future periods. Having given due consideration to estimates and assumptions that form part of the carrying amounts of assets and liabilities within the financial stalemenls, the trustees are of the opinion that significant judgements r8late lo gifts-in-kind. The cash value of in-kind receipts is subjective and based on reference lo external sources at the point of receipt. The valu8 of gifts-in-kind received in the year was £62,233 {2023 - £10,013). Income and endowments l income is recognised once the charity has entidement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settSement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions wll be fulfilled in the reporting period. Grants receivable Granls are included in Ihe Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance-related conditions there is not unconditional enlillement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accnjed. Government grants comprise the fair value of consideration received or receivable in respect to governmenl provided funding to the enlity. Government grants have been recognised in line with the accruals model where grants relating to revenue have been recognised as other income on a systernalic basis over the periods in which the entity has recognised related costs for which the grant is intended to compensate. Page 18
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Gifts in kind In kind support has been recognised at the commercial value of giftslservices received, less the amount paid by the Charity. Donations in kind are recognised when the receipt of the benefit is probable and the economic benefit can be measured reliably, being the amount the clients would have been willing to pay for the services or facilities received. A corresponding amount is recognis6d in expenditure in the period of receipts. Investment income Investment inoome is recognised using the effective interest m6Éhod. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expendilure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs aro allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income, the management of investmenls and those incurred in trading activitie5 that raise funds. Charitable activitles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 11 includes both costs that can be allocated directly to SLtch activities and those costs of an indirect nature necessary to 5UPPOrt them. Governance costs These include the costs attributable to the charitable CoMpanS compliance with constitutional and slatulory requirements, including audit, strategic management and Trustees, meetings and reimbursed expenses. Tangible fixed assets Tangible assets are initially recorded al cost, less any subsequent accumulated depreciation and subsequènt accumulated impairment losses. Depreciation and amortisation Deprecialion is provided on tangible fixèd assets so as lo write off the cost or valuation, less any estimated residual value, over their expected useful economic lrfe as follows: Asset class Office equipment Depreciation method and rate 200/0 reducing balance Page 19
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Trade debtors Trade debtors are amounts due from customers for services performed in the ordinary course of charitable activities. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for irnpairmenl. A provision for the impairment of trade debtor5 is established when there is objective evidence that the charitable company will not be able to collect all amounts due according io the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabililies if the charitable company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If Ihere is an unconditional right to defer settlement for at least twelve months after thè reporting date, they are presenled as non-current Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Foreign exchange Transactions in foreign currencies are recorded at the rate of exchangè at the date of the transaction. Monetary assets and liabilities denominaled in foreign currencies at the balance sheet date are reported at Ihe rates of exchange prevailing at that date. The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other Comprehensive income and accumulaled in equity (attributed to non-controlling interests as appropriate). Other exchange differences are recognised in the Statement of Financial Aclivities in the period in which they arise except for.. 1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above)., 2) exchange differencès arising on gains or losses on non-monelary items which are recognised in other comprehensive income., and 3) in the case of the consolidated financial statements, exchange differences on monetary ilems receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other Gomprehensive incoma and reported under equity. Page 20
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Fund structure Unrestricted income funds are general funds that are available for use at the Trustees, discr8tion in furtherance of the objectives of the charitable company. Restricted funds are funds which are to be used in accordance wth specific restrictions imposed by the donor or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specrfic fund. The aim and use of each Restricted fund is set out in the notes to Ihe financial statemonts. Pensions and other post retirement obligations The Charity participates in a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the Charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assels to pay all employees the benefits relating to employee service in the current and prior periods. Conlributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payTnents exceed the contribution due for service, the excess is recognised as a prepaynent. Redundancy Pay Redundancy pay is recognised immediately as an expense when the chaflty can demonstrate its commitment to terminate thè employment of an employee or to provide termination benefits in accordance wth contractual arrangements. Payments are calculated in accordance with statutory redundancy guidelines published by HM Government. other employee benefits The cost of any unused holiday entitlement is recognised as an expense in the pèriod in which the employees service is received. Page 21
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 3 Income from donations and legacies Unrestricted funds General Total 2024 Tolal 2023 Donations and legacies. Donations from companies, trusts and similar proceeds 179,253 179,253 169,916 179,253 179,253 169,916 Unrestricted Funds Restricted Total Funds Total Funds Funds 2024 2023 Donations Donations in kind First Rate Exchange Amex Foundation Holiday Extras Expedia 4VI 62,233 62,223 10,013 15,000 53,794 23,059 52,050 15,000 1,000 169,916 27,039 74,174 13,923 1,884 179,253 27,039 74,174 13,923 1,884 179,253 Others Donations include contributions made by customers travelling andlor booking holidays between January and December 2024. as well as donations passed from other organisations, of £117,018 (2023 - £159,903). Donations in kind of £62,23312023 - £10,013) w8re received during the year from Destination Think and Adventure Creative, for design management and brand development. The Gharily is grateful for all such support. £179,25312023 - £169,916} of the income was attributable to unrestricted funds and £Nil {2023 - £Nil} was atlributable to restricted funds. Page 22
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 4 Income from charitable activitie5 Restricted funds Total 2024 Total 2023 Services and project funds 419,894 419,894 525,047 £Nil (2023 £Nil) of the income above was attributable to unrestricted funds and £419,894 (2023 £525,047) attributable to restricted funds. 5 Investment Income Unrestricted funds General Total 2024 Total 2023 Interest receivable and similar income., Interest receivable on bank deposits 254 254 167 £254 {2023 - £167) of the income above was attributable to unrestricted funds and £Nil12023 £Nil) attributable to restricted funds. 6 Other income Unrestricted Total 2024 Total 2023 General Restricted Sponsorship income Other income Employerfs allowance 25,878 54,634 80,512 11,227 9,400 5,000 5,000 5,000 30.878 54,634 85,512 25,627 £30,878 {2023 - £25,627) of the income above was attribulable to unrestricted funds and £54,634 {2023 - £Nil) attributable to restricted funds. Page 23
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 7 Expenditure on raising funds Costs of generating donations and legacies Unrestricted Total 2024 Total 2023 General Fundraising costs 78,607 78,607 82,904 £78,607 (2023 £82.904} of the expenditure above was attributable to unrestricted funds and £Nil (2023 £Nill attributable lo restricted funds. 8 Expenditure on charitable activities Activity undertaken directly Activity support costs 2024 2023 Climate Change Programme Equity Programme Transformative Change Programme Destinations Other Project Fund5 315,419 74,290 48,128 11.336 363,547 85,626 241,821 90,820 160,594 78,049 14,470 24,504 11,909 2.208 185,098 89,958 16,678 315.854 73,768 50,865 642,822 98.085 740.907 773,128 £206,376 (2023 - £263,652) of the expenditure above was attributable lo unrestricled funds and £534,531 (2023 £509,476) attributable to restricted funds. Unrestricled funds General Restricted funds Total 2024 Total 2023 Climate Change Programme Equity Programme Transformative Change Programme Destinations Other Project Funds 79,348 39,234 284,199 46,392 363,547 85.626 241,821 90,820 54,093 17,023 16,678 131,005 72,935 185,098 89,958 16,678 315,854 73,768 50,865 206,376 534,531 740,907 773,128 Page 24
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 9 Analysis of governance and support costs Charitable activities expenditure Unrestricted Total 2024 General Total 2023 Restricted Staff costs Premises Communications and IT General office Human resources Deprecialion Other office Costs Travel and subsistence Governance costs 64,967 1,283 355 64,967 11,117 3,076 29 7,279 1,526 2,305 3,258 4,528 92,517 10,636 3,394 110 10,569 2,392 3,828 1,675 12,524 9,834 2,721 26 6,439 840 1,526 266 376 4,528 2,039 2,882 74,144 23,941 98,085 137,645 10 Net incomlngloutgoin9 resources Net outgoing resources for the year include-. 2024 2023 Operating leases - other assets Audit fees Independent examiner fees Other non-audit J examiner services Depreciation of fixed assets 9,214 8,828 9,733 6,000 3,737 1,526 2,750 2,392 Page 25
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 11 Trustees remuneration and expenses During the year the charity made the following transactions with Trustees.. £Nil12023 - £41) of expenses were reimbursed to the Trustees during the year. During the year the number of Trustees that were paid expenses was O (2023 - 2). Travel and subsistence costs were paid to Trustees in order to attend Trustees meetings and conferences. No Trustees, nor any persons connected with them. have received any remuneration from the charity during the current or prior year. No Tnjstees have received any other benefits from the Charity during the current or prior year. 12 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 324.850 33,635 16,243 330,824 34,350 16,493 374,728 381,667 The monthly average number of persons (including senior management team) employed by the charity during the year was as follows.. 2024 2023 No Charitable activitie5 Fundraising Support 10 No employee received emoluments of more than £60,000 during the year. 13 Taxation The charity is a registered charity and is therefore exempl from taxation on income and gains to the extent that they are applied to ils charitable objects. Page 26
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 14 Tangible fixed assets Office equipment Total Cost Al 1 January 2024 Additions 32,842 499 32.842 499 At 31 December 2024 33,341 33.341 Deprecialion At 1 January 2024 Charge for th8 year At 31 Decèmber 2024 27,974 1,526 27,974 1.526 29,500 29,500 Net book value At 31 December 2024 3,841 3,841 At 31 December 2023 4,868 4,868 15 Debtors 2024 2023 Trade debtors PrepayTnents and accrued income 27,557 35,546 117,887 6,693 124.580 63,103 Page 27
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 16 Creditors.. amounts falling due within one year 2024 2023 Government supported bank loans Trade creditors Othèr taxation and social security AGcruals and other creditors 10,184 18.209 12,504 109,999 150,896 10,440 58,210 29,854 98,504 17 Creditors: amounts falling due after one year 2024 2023 Bank loans 13,935 23,431 18 Obligations under leases and hire purchase contracts Operating lease commitments Total future minimum lease payments under non-cancellable operating leases are as follows- 2024 2023 Land and buildlngs Within one year 804 729 19 Pension and other schemes Defined contribution pension scheme The charity operates a defined contribution pension scheme. The pension cost charge for Ihe year represents contributions payable by the charity to the scheme and amounted to £16,243 {2023 £16,493). Included in £16,243 {2023 - £16,493) is amounts of £8,311 {2023 £10,540) attributable to réstricted funds and £7,932 {2023 - £5,953) to unrestricted funds. There were no outstanding or prepaid contributions at either the beginning or end of the financial year. Page 28
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 20 Funds Balance at 1 January Incoming Resources 2024 resources expended Transfers Balance at 31 December 2024 Unrestricted funds General 122,819 210,385 1284,983> 48,221 Restricted funds Sponsorship - Climale Justice White Paper Visit England Iberostar DS Plan Travel Oregon Port of Seattle NBTC NecSTour 4VI Visit Finland Oceanside Project Expedia Equity Res8arch Pacific Climate Champions Travel Counsellors Exac Travel Nevada Canary Islands CPMR, Blueprints Destination BC Lanzarole Mexico Nature4CC OECS PTG Skyscanner Staffordshire Visit California + Enterprise Mobility Visit Durango Visit Scotland 9,342 14,944 11,903 25,807 13,938 (24,286) 111,9031 {63,5551 (13,938) 37,748 {2) 5,000 (5,000} 15,7301 110,899) (28,702) 5,730 10,899 20,789 7,913 (2) 56,957 39,689 22,507 17,400 12.329 14,900 4.628 19,347 24.004 17,017 22,045 6,441 49,072 15,750 3,000 (56,957) (39,689) 122,507) (17,400) {12,329} {14,900} (4,628) 119,3471 124,004) 117,017) 122,0451 16,4411 {49,0721 {15,750) {3.000) 6,380 19,052 20,000 (6,380) (19,052) (20,000) Total restricted funds 60.003 474,528 1534,531) Total funds 182,822 684,913 819,514} 48,221 Page 29
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 Decernber 2024 Balance at 1 January 2023 Balance at 31 December 2023 Incoming resources Resources expended Unrestricled funds General 273,665 195,710 (346,556) 122,819 Restricted TCF BUSB Jamaica ETC Sponsorship Climate Justice While Paper ESG Sponsorship easyJet Holidays Colorado Tourism Office POP Summit Visit England Iberostar DS Plan Travel Oregon Port of Seattle Scotland 2022 programme NBTC Preferr8d Travel Group Future of Tourism Coalition Leeds Beckett - Living Lab Tour Radar NecSTour Gloucestershire Rail Partnership 4VI Visit Finland Oceanside Project Sidmoulh Town Council Expedia Conde Naste 29,998 10.000 (29.998} (10,000) 11,895 12,000 5.310 7.019 4,223 4.523 81,518 7,729 23,674 4,000 37,332 37,346 2,546 {2,553) 112.000) (5,310) 17,019) (4,223} (4.5231 (43,770} {7,729) {23,6721 (4,000) (32,332) 137,346) (2.546) 11,0001 14,143) 17,425) 9,342 37.748 5.000 1,000 4,143 7.425 10,000 114,085 22,913 23,672 10,000 68,694 25,000 110,000) (114,085) {15,0001 {23.674) (10,000) (72,128) 25,000) 7,913 12) 3,434 Total restricted funds 44,432 525,047 509,476} 60,003 Total funds 318,097 720,757 (856,032 182,822 Page 30
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 General Fund This fund represents the charity's free reserves, used to develop and deliver sustainable tourism initiatives without restriction. in line with trustees, decisions. TCF Jamaica - Big Up Small Business These funds, provided by the TUI Care Foundation, support small business entrepreneurs in Jamaica through training and marketing to help them benefit from tourism. European Travel Commission (ETC) These funds supported the drafting of the ETC Handbook on European Sustainability Schemes, providing guidance for National Tourism Organisalions across Europe. easyJet Holidays These funds support advice to easyJet Holidays on their strategic sustainability roadmap, including stakeholder engagement and destination resilience planning. Visit California + Enlerprise Mobillty These funds supported training for Dmos and the creation of a practical guide to help destinations rebuild responsibly and with resilience. Travel Oregon These funds supported Travel Oregon's Destination Developmenl department, with The Travel Foundation acting as a crilical friend in shaping future development strategies. Scotland Programme These funds, from Visitscotland, Scottish Enterprise, Toposophy and the Travel Corporation. supported COP26 legacy projects under the Destination Net Zero programme, accelerating climate action in Scotland's tourism sector and sharing lessons globally. Leeds Be¢kett - Living Lab These funds supported research with Leeds Beckett University into the practical support destinations need to implement Climate Aclion Plans under the Glasgow Declaration. TourRadar These funds supported TourRadar with technical advice on sustainability, including input lo roundtables, panel events, and the design of future initiatives. NECSTOUR These funds supported NECSTOUR in developing a Climate Action Plan to accelerate sustainability across its netMork of European regions. Gloucestershire Rail Partnership These funds supported the launch of a toolkit on climate, eommunily, and Ihe visitor economy, promoting rail and active travel for tourism through webinars with DMOS and Community Rail Partnerships. Visit Finland These funds supported Visil Finland in developing and implementing a national Climale Action Plan and strengthening ils Sustainable Travel Finland programme through tools. training, and capacity building for tourism businesses. Page 31
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Oceanside - MMGY N8xtFactor These funds, from MMGY NextFactor, supported a Tourism Master Plan for Oceanside, California, with The Travel Foundation leading sustainability assessments and analysis. Sidmouth Town Council These funds supported work with Sidmouth and other East Devon towns to co-creale a sustainable tourism roadmap and carbon action plan through workshops and stakeholder engagement. Expedia Group These funds supported the launch of a capacity-building programme for DMOS. providing training, tools. and peer learning to help destinations develop climate action plans and lead sustainability in their communities. 4VI These funds relate to our partnership with 4VI (formerly Tourism Vancouver Island), through which we exchangè expertise and align on sustainable tourism and climate action initiatives, enabling greater impact for destinations and communities. Equity Research These funds, from multiple sources, relate to our 2024 research publication Creating Equitable Deslinations.. How fo manage and distribute tourism s value to better serrfo communities. This Collaborative report identified practical actions and features rich case studies from global destinations. Pacific Climate Champions These funds, provided by RTNZ, relate to our Pacific Climate Champions programme, delivering training and peer support for eight Pacific Island nations to build climate literacy and develop tourism climate action plans. Travel Counsellors Exec These funds relate to our partnership with Travel Counsellors, through which we supported the organisation in developing its Climate Action Plan and embedding responsible travel practices across its business model, including training and itinerary development focused on sustainability. Travel Nevada These funds relate to our partnership wrth Travel Nevada to develop the state's first destination stewardship plan-particularly in rural communities-helping to balance tourism benefits, protecl cultural herilage, and safeguard natural landscapes across Nevada. Canary Islands These funds relate lo our work in the Canary Islands, supporting the development and delivery of climate action plans lo advance sustainable tourism across the region. CPMR BluePrints These funds relate to our collaboration with CPMR and partners to producè climate action blueprints and toolkits, supporting regional aulhorities and destinations across Europe lo develop and implement tourism climate action plans. Destination BC These funds relate to our work with Destination BC, supporting the development of a provincial climate action plan for tourism and the Creation of a business toolkit to help tourism operators embed climate action in their operations. Page 32
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Lanzarote These funds relate to our work with Lanzarote to develop their first climale action plan for tourism, supporting coordinated efforts lo reduce emissions and build resilience. Mexico These funds relate lo our work with Sustentur in Mexico, supporting sustainable tourism recovery by providing training, advisory setvices, and destination support lo strengthen the resilience and sustainability of communities across the region. Natur4CC These funds relate to our Natur4CC project, supporting European destinations to integrate climate action into nature-based tourism and conservation initiatives. OECS These funds relale to our work with Ihe Organisalion of Eastern Caribbean Stales {OECS), supporting the devalopment of a regional climate action plan for tourism. PTG These funds relate to our collaboration with Preferred Travel Group to develop their corporate Climate Action Plan, aligned with the Glasgow Declaration, and to deliver training that inspires PTG employees and member hotels to become climate action ambassadors. SkyScann&r These funds relate to our collaboration with Skyscann&r on the Shared Horizons initiative. fostering cross-seclor collaboration beeen aviation and tourism to accelerate climate action. Slaffordshire These funds relate to our work wilh Staffordshire to co-develop a Suslainable Tourism Aetion Plan, guiding the region's tourism sector with pragmatic, phased steps across partnerships, product development, marketing. inclusivity, skills, and business support. Visit Durango These funds relate lo our partnership with Visit Durango and La Plata County to support the developmènt of a destination stewardship approach residenl-informed planning, and responsible tourism initiatives. foslering communily engagement, Visit Scotland These funds relate to our work with Visit Scotland, supporting research and initiatives to integrate climale action and sustainability across the national tourism sector. Page 33
The Travel Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 21 Analysis of net assets between funds Total funds at31 December 2024 Unrestricted funds General Restricted funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets 3,841 125,307 (66,992) 13,935) 48,221 3.841 209,211 (150,896) 13,935 83,904 <83,904) 48,221 Total funds at31 December 2023 Unreslricted funds General Restricled funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets 4.868 239,886 {98,504) 23,431) 122,819 4,868 299,889 (98,5041 {23,431 182,822 60,003 60,003 22 Related party transactions During the year the charity mad& the following related party transactions.. Four Communications Limited {Direclor Debbie Hindle is a trustee of The Travel Foundation) During the year this company provided in-kind support valued at £Nil12023 £3,000). At the balance sheet date the amount due tolfrom Four Communications Limited was £Nil12023 - £Nil). Iberostar (Director Dr. M Morikawa is a trustee of The Travel Foundation) During the year this company made available £88,218 (2023 £81,518) in grant funding for the Foundation. At the balance sheet dale the amount due tolfrom Iberostar was £Nil12023 - £Nil). Page 34