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 be￿een 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 reSoUr￿s, 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.
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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.
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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.
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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.
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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.
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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 kno￿edge 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 fO￿ard
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 SoUr￿s. 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 CoMpan￿S 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.
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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.
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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 be￿een 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.
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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).
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