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2021-03-31-accounts

Docusign En¥ÈlopÈ ID". 7EA8484D-92AO-445D-8245-2AF7AA23C2C1 CHARTERED BODY PROJEC.T PROFFSSION Association for Project Management Annual report and accounts 2020-21

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

Association for Project Management

Financial statements

For the year ended 31 March 2021

Incorporated by Royal Charter RC000890 Charity registration number 1171112

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

Association for Project Management

Contents

Page
Legal and administrative information 1
Trustees’ annual report 3
Independent auditor’s report 26
Consolidated statement of financial activities 30
Consolidated balance sheet 31
Association balance sheet 32
Consolidated cash flow statement 33
Notes to the financial statements 34

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Association for Project Management

Legal and administrative information

The organisation is a body incorporated by Royal Charter (RC000890) and registered as a charity (1171112). Its charitable object is ‘to advance the science, theory and practice of project and programme management for the public benefit.’

APM board of trustees

Y Adeshile (from 23 March 2021) J Broome P Chapman (to 18 May 2020) S Forsyth S Gilbert

A Godbold (to 16 November 2020) D Lewis M Mazilu J McGlynn (to 21 September 2020) C Mills (from 16 November 2020) A Morley M Wallace K Whelan (from 16 November 2020) I Williams

Company secretary

M Robinson

Key management personnel D Dore (CE) M Hepworth (CFO) Principal address Ibis House Regent Park Summerleys Road Princes Risborough Buckinghamshire HP27 9LE

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Association for Project Management

Legal and administrative information

External auditor Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Internal auditor Crowe UK LLP
St Brides House
10 Salisbury Square
London
EC4Y 8EH
Principal bankers Barclays Bank PLC
1 Churchill Place
London
E14 5HP

Principal solicitors		 Blake Morgan LLP
New Kings Court
Tollgate
Chandler’s Ford
Eastleigh
SO53 3LG
Investment fund managers Tilney
6 Chesterfield Gardens
Mayfair
London
W1J 5BQ

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Introduction

Chair’s report

Looking back at my predecessor John McGlynn’s introduction in last year’s Annual Report, I’m reminded of quite how much we’ve all had to adapt since then. On that occasion, the focus was on increased public awareness of project management due to high-profile projects such as Brexit, HS2 and Crossrail. This year, we’ve continued to see project skills and approaches highlighted in national and international media, but this time it has been a celebration of vital projects succeeding for the public benefit. Examples that immediately come to mind from the UK include the Nightingale Hospitals, the Government’s furlough scheme, and the vaccination programme.

The coronavirus pandemic has been catastrophic for so many, but it has also been a demonstration of the project profession’s adaptability, resilience and creativity.

Like the profession we serve, APM has also achieved successes among the challenges. We saw membership levels go up across the year, which is a true testament to our staff’s creative, resilient and adaptable approach to a huge business challenge. The Board, Debbie Dore and I wish to record our thanks to all of the staff at APM for their commitment, energy and drive.

There has been so much hard work from all APM teams, and we’ve really seen proof of this in the levels of engagement with our online and virtual elections and AGM, which have seen record turnouts. Events and countless pieces of content would not have been possible without our volunteer community who have done brilliant work in helping to make these and other areas of our work a success as we pivoted to a digital-first approach.

The Board too has been extremely supportive as we’ve had to make significant adjustments rapidly. I’d like to thank all the trustees for their support over the past year.

Last, but not least I’d like to thank Debbie Dore, our chief executive, who is moving on after three years in charge. During Debbie’s time as chief executive we’ve achieved so much and progressed, I believe, beyond expectations. We owe Debbie a great deal and wish her the very best.

Debbie Lewis

APM chair

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Introduction (continued)

Chief executive’s report

The repercussions of the coronavirus pandemic will be felt for years, but we should be proud that we have faced the challenge head on and seen the organisation successfully adapt, offering a seamless service to members and delivering significant development and improvements throughout the year. Thanks to the support of our staff, volunteers and members, we have many successes to share.

Inevitably, revenues were impacted – particularly around qualifications and events – leading to the need to save costs and reduce staff numbers. However, our prudence in establishing healthy financial reserves in previous years meant that we embarked on this challenge from a position of strength.

We brought forward the launch of our planned online qualifications system, successfully delivering over 12,000 online qualifications and over £4.3m of revenue, enabling our candidates and training providers to continue with their plans. In addition, we launched the APM Project Professional Qualification 2nd edition and aligned our qualifications to the Body of Knowledge 7th edition.

We invested in resources to connect with and support new and existing members. These include the launch of our online community APM Hub, as well as delivering a regular flow of new learning modules for our digital education platform APM Learning, the use of which increased significantly. Our events programme – transformed through the introduction of virtual events – attracted nearly 3,000 delegates, promoted inclusivity and diversity, and provided project professionals with a sense of community; something that has never been more important. As a result, we have seen a further increase in membership numbers.

I am hugely proud of all that has been achieved and the strong position APM is in for the future. It has been a huge honour to lead APM at this transformational moment in our history and I think part of our ability to succeed in the face of adversity has been the excellent level of synergy and support offered by the chair and Board members for which I am truly grateful. As I prepare to leave APM, I know that the organisation’s next chief executive will go on to do great things, building on all that we have achieved over the last three years together.

Debbie Dore

Chief executive

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Structure, governance and management

Background

The board of trustees of the Association for Project Management (APM) is pleased to present the annual report and audited accounts for the year ended 31 March 2021. These comply with the Financial Reporting Standard applicable in the UK and Republic of Ireland - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. APM is incorporated by Royal Charter (RC000890) and is a registered charity (1171112). Its object is: ‘to advance the science, theory and practice of project and programme management for the public benefit.’ APM’s principal office is: Ibis House, Regent Park, Summerleys Road, Princes Risborough, Bucks, HP27 9LE.

Governance framework

The Royal Charter and By-laws are available on the ‘About Us’ section of the APM website. The Charter serves as APM’s constitution and sets high-level governance arrangements such as the composition of the board of trustees. The board is currently seeking a further update to the Royal Charter to authorise it to hold general meetings online or in ‘hybrid’ form. This follows the success of an online AGM held in 2020 to comply with covid-19 restrictions. The 2021 AGM and the Privy Council will be asked to approve the Charter updates.

The Charter authorises the board of trustees to manage the business of the Association. As part of this duty, the board agrees the APM regulations. The regulations are available online and set out detailed governance arrangements. They include a scheme of delegation confirming the matters that the board withholds to itself for approval, and the matters which it delegates to the chief executive to manage. To summarise the framework: the board sets APM’s strategy and monitors its implementation, assuring itself that performance is on track. The board ensures that APM acts within its charitable objects and applicable law. As trustees, the board members are collectively required to manage the assets of the charity.

Individual APM members form an important part of APM’s governance framework. Those in the full and fellow grades (MAPM/FAPM) are voting members. This status enables them to attend and vote at general meetings as well as to participate in the annual elections for trustees. The board currently operates with up to nine elected trustees and up to three appointed trustees. The latter are generally appointed by the board to fill gaps in skills and experience. The elected trustees are voting members who are nominated and elected by voting members.

The board has established sub-groups to oversee specific areas of its work. Duties and memberships are outlined on the APM website. The groups comprise: the audit and assurance committee; the remuneration committee; the professional standards and knowledge committee; and the nominations panel. Memberships and terms of reference for the groups are reviewed regularly. Some trustees also act as ‘champions’ for topics such as academia, membership, diversity and volunteering.

Detailed governance matters

The regulations require an annual board evaluation exercise to be undertaken; this is externally facilitated every third year. An external session was due to be held in 2020 but was deferred by the board due to its focus being on the coronavirus pandemic. An internal workshop was held instead which discussed feedback on a trustee questionnaire and SWOT analysis. Processes and behaviours were felt to be good, the need to maintain diversity of thinking in the board room was recognised and the option to fill an appointed trustee vacancy confirmed. Trustees also discussed the approach to virtual meetings and the need to maintain a focus on strategic discussions. An externally facilitated evaluation is scheduled for late 2021 / early 2022.

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Trustees’ annual report For the year ended 31 March 2021

Structure, governance and management (continued)

Detailed governance matters (continued)

APM’s trustees are not remunerated but do receive expenses. APM purchases indemnity insurance which seeks to protect trustees against personal liability if legal claims are made against them.

Trustees' biographies can be found on the APM website.

The 2020 board elections saw another record turnout of 26.6% per cent. According to APM’s election scrutineers, this is within the top 10-15% for similar membership bodies. The elections were held completely online for the first time to help APM reduce its environmental footprint and the use of paper.

New trustees receive both internal induction and external governance training. All new trustees receive briefings from members of the leadership team and the company secretary. Additional training and briefings are available for individual trustees on request. Regular briefings are given to the whole board on various aspects of APM’s activities and board-wide training is organised as required.

APM operates a code of conduct for board members and has a policy in relation to conflicts of interest. The board is updated on governance related matters as required and receives guidance on process from the company secretary. Related party transactions between APM and its board members are detailed in note 23 to the accounts.

The charity’s wholly owned subsidiary, Ibis Trading Limited (06536096), is established as a trading arm. Ibis may undertake commercial activities which are not classed as charitable primary purpose trading, or those that might expose the charity to unnecessary risk. Any profits are gift aided to APM. The presentation of the subsidiary in the accounts is explained in note 1 to the accounts. During the year the board reviewed the scope of activities of Ibis and the relationship with APM. It concluded the trading subsidiary arrangement remains useful and that Ibis’ activities should focus on sponsorship income. A revised master trading agreement between APM and Ibis was approved by the boards of both APM and Ibis.

All individual APM members are bound by a code of professional conduct. Details of the code and its associated procedural rules and indicative sanctions guidance are available on the ‘About Us’ section of the APM website.

Risk management

APM has a policy for the management of risk which is reviewed and approved by the board on the recommendation of the audit and assurance committee. Risk management is embedded within operational management and APM’s project, programme and portfolio management. APM risk management follows guidance set out by the Charity Commission (charities and risk management CC26).

The chief financial officer acts as risk champion and maintains the strategic risk register. APM has developed a process for risk management which cascades risk management to operational and programme management across APM. Each functional area manages its own risks, which are reviewed at the appropriate level and escalated as necessary.

Risk registers exemplify APM’s risk management processes and set out the topic, risk assessment, risk owners, impacts, mitigations, actions, net risk and risk acceptability.

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Trustees’ annual report For the year ended 31 March 2021

Structure, governance and management (continued)

Risk management (continued)

The risk registers are maintained as live documents within a cloud-based software solution and are available to management at all times.

Following a review of responsibilities in September, the board determined to review risk in detail on an annual basis and to review the corporate risk register on an exception basis at each Board meeting. The audit & assurance committee review corporate risks and consider an area of specific risk at each meeting, as well as monitoring the nature and application of the risk management process. Risks are also considered at regular leadership team meetings.

Key risks and the plans and strategies to manage those risks are detailed on pages 20 and 21.

Pay policy for senior staff

All board members give their time freely and received no remuneration in the year. Details of their expenses and related party transactions are disclosed in notes 21 and 23 to the financial statements. Day-to-day management of APM is delegated to a remunerated chief executive and leadership team. The leadership team include the chief executive and chief financial officer, who are considered the key management personnel within the organisation.

Remuneration of the executive team is reviewed annually in accordance with the APM performance related pay policy, along with all APM staff. The remuneration of the chief executive is approved by the remuneration committee.

Investment policy

The policy aims to protect APM’s financial assets in real terms by appointing an external investment manager to manage the Association’s investments on a discretionary basis. The manager operates under an investment management agreement with APM which in turn is directed by a policy determining the structure and appropriateness of the investments.

The APM board has oversight of the implementation of the Association’s investment policy by the APM executive. The board has appointed an investment board champion who acts as a conduit between the executive and board.

The investment objectives of the Association are to maintain the purchasing power of the current assets and all future contributions over a normal market/economic cycle (considered to be 7-10 years) to achieve returns within reasonable and prudent levels of risk. An appropriate asset allocation is maintained based on a total return policy that is compatible with a flexible spending approach, while still having the potential to produce positive real returns.

To date, £3.5m has been transferred to the portfolio for investment; of this £0.2m remained in cash at the year-end pending investment under suitable market conditions.

The remaining cash funds not required on a day-to-day basis are placed on deposit.

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Structure, governance and management (continued)

Investment policy (continued)

Ethical investment guidelines

Investments are carried out in line with APM’s aims and objectives. An exclusionary policy has not been adopted but individual investments may be excluded if perceived to conflict with the Association’s objects.

Investments with organisations having any involvement in supporting oppressive regimes or the production of certain banned munitions are prohibited. Companies with significant involvement (>10 per cent of turnover) in gambling and pornography are also excluded. The total exposure of the portfolio to any form of conventional weapons manufacturing will not exceed one per cent of total investment assets.

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Trustees’ annual report For the year ended 31 March 2021

Objectives and activities

The world is changing. The project profession, at the forefront of delivering change, has never been more important.

As the professional membership organisation for the project profession – and the only chartered organisation for the project profession in the world – we can build the profile and respect of the profession and set the highest standards.

Our vision

Our vision is ambitious, challenging and radical: “A world in which all projects succeed with project management as a life skill for all.”

We recognise that to deliver this vision, we need to inspire everyone to understand the contribution they can make to project success.

Our mission

Our mission is: “Inspiring communities to deliver meaningful change for societal benefit by advancing the art, science, theory and practice of project management.”

In addition, we’re committed to advancing our collective knowledge and, in doing so, contribute directly to achieving our vision.

Our mission is underpinned by five key objectives, which provide a clear direction of travel and guide our journey to success:

----- Start of picture text -----
Successfully position, develop and Accelerate the growth, diversity Advance the art, science, theory
launch the chartered standard to and global reach of APM’s and practice of project
become the accepted benchmark membership by engaging with management with an innovative
standard for project professionals. new sectors and communities. knowledge and research
programme.
Define and build APM as the model of a sustainable Accelerate the universal adoption of project
professional body for the 21 [st] century. management by people delivering change through
collaboration and partnerships.
----- End of picture text -----

The strategy is delivered through a rolling business plan that is reviewed annually by our Board. This plan details how our various teams and departments will contribute to delivering the knowledge and standards the profession needs to succeed. The plan includes Key Performance Indicators (KPIs) that are reviewed and set at the start of each business year. These KPIs enable us to measure how successfully we’re meeting our objectives.

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Objectives and activities (continued)

In a changing and challenging world, the project profession has never been more important. We help the profession to deliver in the face of change – and to deliver change itself – in order to create social and economic benefits for the public.

We do this by supporting the project professional to deliver better in a complex and shifting world:

In addition, we collaborate with government bodies, professional organisations and specialist third parties that work in the public interest. We also play an active role in highlighting the role of projects in supporting the journey to net zero greenhouse gas emissions and advocating for reducing the carbon footprint of projects.

This statement takes account of Charity Commission guidance on public benefit

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Objectives and activities (continued)

Volunteers form an essential part of our community and play a crucial role in helping our engagement within and beyond the project profession. This includes the effective delivery of wide-ranging activities including events, publications and blogs. APM volunteers fulfil a broad range of important roles within our branch network and Specific Interest Groups (SIGs), and also in more flexible ways such as education outreach, awards judging and conference speakers.

We operate a Volunteers Steering Group to determine how volunteers can help deliver our vision by engaging with members of the profession. Our annual Volunteer Achievement Awards provide an opportunity to formally recognise and reward the contribution volunteers make towards our success and that of the wider profession.

In February 2020 we achieved the Investing in Volunteers (IiV) Quality Standard for the third time, in recognition of the excellent work carried out with volunteers. IiV is the UK quality standard for excellence in volunteer management.

Links to volunteer opportunities can be found on our website at apm.org.uk/about-us/volunteers

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Trustees’ annual report For the year ended 31 March 2021

Achievement and performance

Achievements and successes in 2020-21

APM’s business year 2020-21 was a year like no other in our history. The year began in April 2020, just days after the UK government announced a nationwide lockdown as part of its response to the then-emerging coronavirus pandemic.

The logistics of adapting to the new operating environment – and supporting our members and partners during this transition – presented us with significant and unprecedented challenges. We responded swiftly and decisively, enabling us to adapt incredibly well to a fluid situation. The technology/digital investment made in previous years proved highly effective; both in the value we have been able offer to members and our ability to operate virtually. Throughout the year, staff and systems stood up well to vastly increased usage. With clear guidance from our Board and leadership team, the new norms that will stand us in good stead for the future were quickly established.

The year also saw a significant step forward in the development of our brand, with the introduction of our new brand story and values. These new elements were introduced following a comprehensive internal and external research programme.

Our new values – progressive, thoughtful, warm and excellent – have quickly become a driving force for our behaviours and how we communicate. In a period that has seen the world become increasingly complex, our values reflect our ambition and guide our actions in helping the project profession deliver better.

The following section lists some of our many successes and achievements from the period 1 April 2020 to 31 March 2021. These are arranged around our five key strategic themes.

Chartered standard

We continued to take steps to make the Chartered Project Professional (ChPP) standard the accepted benchmark standard for the profession.

We received 962 applications for ChPP status during the financial year; an increase from 736 in the previous year. This increase is particularly significant given that the interview process for ChPP applications was transitioned to a completely virtual environment. We also worked with assessors to help them adapt quickly to conducting assessments online.

As well as facilitating interviews in a lockdown environment, the move to online had the additional benefit of streamlining the process compared with face-to-face interviews. It has given applicants greater flexibility, which has been very well received. Going forward, we will continue to work in this way.

Among the comments we received from applicants were:

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Achievement and performance (continued)

Achievements and successes in 2020-21 (continued)

Mentoring scheme

To help increase the number of female Chartered Project Professionals, we launched a chartered mentoring scheme for women, in which female ChPPs would be paired with a prospective ChPP to mentor them through the application process. The first successful mentee, Nikki Marks, achieved chartered status in March, commenting: “I would certainly recommend the mentoring process. To me, it has been extremely valuable, not just at bolstering my confidence in applying for chartership, but also in finding a female role model to ask questions of and learn from.”

Membership growth

Overall membership increased by six per cent to over 35,000 individual members; a record high.

In a year when many project professionals faced uncertainty in their work, the fact that we have been able to grow our membership community is a testament to the value we provide to the profession and our adaptability in making sure our membership proposition reflects people’s evolving needs.

One of the biggest drivers of this growth was Student membership, which increased by 17 per cent across the year to over 11,000 Student members. There were also increases in the number of Full members (six per cent to 15,732) and Fellows (19 per cent to 684).

International membership also increased during the year. We welcomed hundreds of new members from around the world, with international members now forming eight per cent of our entire membership.

Knowledge and research

The Golden Thread

Following on from our landmark 2019 publication, The Golden Thread, we launched The Golden Thread: Project Management in Three Key Sectors in July . This report focused on three growth areas for project management in which the contribution of project management had been historically overlooked:

The research discovered a number of common themes across these sectors, including scope for further professionalisation of project management.

Projecting the Future

Our pioneering ‘big conversation’ with the profession about the future of project management, Projecting the Future, concluded with the publication of The Adaptive Project Professional: one year on . This report summarised the findings and feedback from the previous year’s challenge papers and provided action steps for stakeholders across the profession.

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Achievement and performance (continued)

Achievements and successes in 2020-21 (continued)

APM Salary and Market Trends Survey

Our Project Management Salary and Market Trends Survey 2021 continues to paint a clear picture of the employment landscape. The survey took place in November 2020 against a backdrop that few could have predicted 12 months before.

The resulting report, published in March 2021, provided a comprehensive overview of salaries, working life and the future trends. It was positive to note that the 2,626 responses received demonstrated the average salary for the profession has remained unchanged for the past year, bearing testament to a strong and resilient profession, despite the unprecedented challenges and impact of the global pandemic.

Research

We received a record number of applications for the APM Research Fund 2020, from a wide range of stakeholders including Chartered Project Professionals, academics, students, SIG members and branch members. Four proposals were awarded funding:

Whilst the development of Research Fund studies slowed during the year due to many universities focusing on online teaching, there were nevertheless a number of notable reports published that have added to the canon of project management knowledge.

These included:

Our Research Summary Series provided practitioner-friendly summaries drawn from articles published in the International Journal of Project Management . This series played a key role in helping to disseminate cuttingedge research for practitioners. During the year we published summaries of research papers on assessing public projects' value for money; success conditions for international development capacity building projects; and value-oriented stakeholder influence on infrastructure projects.

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Achievement and performance (continued)

Achievements and successes in 2020-21 (continued)

Organisational innovation

Applying a digital-first approach

Digital membership cards

As part of our ongoing commitment to reduce our carbon footprint, we introduced digital membership cards that could be delivered to members instantaneously and shared electronically. This innovation also resulted in a significant cost saving.

Nearly 5,000 digital membership cards had been issued by the end of the business year.

Commenting on LinkedIn, one APM member wrote: “Great innovation from the Association for Project Management as they change their plastic membership cards to electronic cards you can carry in your virtual wallet. Saves on plastic use and carbon associated with postage. More of this kind of thing please!”

The APM Podcast

The APM Podcast was launched in June with an initial series of interviews focusing on project professionals’ response to the coronavirus crisis. The podcast’s success led to a second series being produced, focused on project innovators.

By the end of the business year, the podcasts had been downloaded or streamed more than 11,000 times.

APM Hub

The APM Hub – an online community for individual APM members – launched in April, offering users the opportunity to connect with project professionals across the globe, collaborate with fellow members and expand their professional network. The APM Hub nurtures and facilitates discussion on any topic users choose, providing a secure space for like-minded professionals to share and learn from each other.

By the end of the business year, 2,250 members had activated their accounts on APM Hub.

APM Learning

APM Learning – our interactive digital learning platform for fee-paying members – saw strong growth during the year, with nearly 6,000 active accounts by March 2021. This means over a quarter of all eligible members have accessed the platform. Work to build the offering was ongoing throughout the year with new modules launched on portfolio management, procurement, change management and many more.

Webinar programme: Our Volunteers team worked closely with our SIG and branch members to quickly establish a programme of twice-weekly webinars, held during lunchtimes and evenings for the convenience of delegates. This new programme – which enriched our already robust schedule of online events – commenced in April, just weeks after the start of the first period of lockdown in the UK. By the end of its first month, these webinars were attracting an average of 200 delegates, with a rating of 4.5 out of 5. In total, over 20,000 delegates were reached over the year.

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Achievement and performance (continued)

Achievements and successes in 2020-21 (continued)

Events

Our events are highlights of the project community calendar, so it was essential to continue these despite the restrictions associated with the pandemic. With face-to-face events cancelled for much of the year, our teams lost no time implementing virtual solutions that enabled us to continue delivering value for the profession.

Nearly 3,000 delegates attended our revised virtual events programme during 2020.

Power of Projects Takeover: The Power of Projects Takeover event, held in June, merged selected content from the three cancelled Power of Projects conferences into a two-week long virtual experience with a diverse range of speakers, including keynote speaker Hannah Fry.

Think Differently: We held Think Differently in September. This five-day virtual event set out to redefine how project professionals perceive and practice diversity, in order to promote greater innovation, adaptability and success within projects.

Festival of Education and Research: The inaugural APM Festival of Education and Research took place in October to celebrate excellence and achievement in project management academia, education, and research. Attendees gained valuable insight and advice from workshops covering a variety of topics and were able to network with employers and publishers. The event culminated in an awards ceremony which recognised and rewarded excellence in education and research in the project profession across eight award categories from Student of the Year to Research Paper of the Year.

APM Project Management Awards: Our first virtual awards ceremony was held in November, hosted by BBC TV presenter Michelle Ackerley and mixing live broadcast with pre-recorded segments. Over 1,000 people registered for the event which was live-streamed on the APM website, Facebook and Twitter. As a result of the Awards, our website received a record number of daily visits – nearly 7,000 visits in one day.

Learning and qualifications

In April we successfully launched our new online qualifications platform, enabling people to take our exams from the comfort and safety of their own homes at a time when many were subject to lockdown restrictions.

Between April 2020 and March 2021, we ran over 12,000 online qualifications through the new platform.

We also revised and updated our Project Fundamentals, Project Management and Project Professional Qualifications. A second edition of the APM Project Professional Qualification was launched with a new assessment method. Our Project Fundamentals and Project Management Qualifications meanwhile were updated to align to the APM Body of Knowledge 7[th] edition.

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Achievement and performance (continued)

Achievements and successes in 2020-21 (continued)

Awards and recognition

Best Companies

We were delighted to achieve a 1* rating this year from Best Companies, the leading organisation for rating workplace and employee engagement. This built positively on the previous year’s Best Companies’ results, where we were rated as ‘One to Watch’. We also received a place on the Best Companies regional list and the top 10 Not for Profit companies to work for.

Commenting on the achievement, chief executive Debbie Dore said: “In a year that has posed such challenges, it has never been more important to invest in our people, support our teams and promote a positive working culture. The significant progress made is a testament to the fantastic efforts of our staff who are helping us on this ongoing journey. I have no doubt their hard work and dedication will help us continue to improve in future.”

Investors in volunteering

We achieved the Investing in Volunteers Quality Standard for the third time, in recognition of the excellent work carried out with volunteers. Investing in Volunteers (IiV) is the UK quality standard for excellence in volunteer management.

IiV aims to improve the quality of the volunteering experience for all volunteers and for organisations to acknowledge the enormous contribution made by volunteers. IiV is managed by the UK Volunteering Forum and delivered by NCVO, Volunteer Scotland, Volunteer Now in Northern Ireland and Wales Council for Voluntary Action.

We achieved the standard following an assessment against a range of good practice standards. The results showed that we excelled in all aspects of working with our volunteers.

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Achievement and performance (continued)

Achievements and successes in 2020-21 (continued)

Collaborations

Despite the restrictions that arose as a result of coronavirus, we continued to engage with external organisations to identify and deliver opportunities to support the project profession. Throughout the year, we worked with organisations including the Construction Industry Council, the Confederation of British Industry, the Project X Board, the International Longevity Centre, the National Infrastructure Commission, the secretariat of the All-Party Parliamentary Group on Data, and many more.

In April 2020, our chair and CEO led a data summit on the use of artificial intelligence, data and analytics in project-based work. The summit looked at a pilot study on a construction data trust led by Sir Robert McAlpine with partners from academia. To aid awareness and understanding in this increasingly important area we convened a Project Data Advisory Group to bring together partner organisations including professional bodies, government departments, funding providers and thought leaders in the field to explore how we can support the project profession on its data journey. We also published a new pathfinder report, Project Data Analytics: the state of the art and science , to provide a concise overview of project data analytics and conducted three APM Research Fund studies covering data and AI-related topics.

We continued to collaborate with the education sector to encourage young people into the profession and establish project management as a career of first choice. Across the year we delivered more than 80 virtual events aimed at people in education and early-career professionals.

Our president Sue Kershaw spoke at an international virtual conference in February 2021 by the Institute for Government on achieving net zero climate emissions. The event focused on the route to net zero ahead of COP26, the United Nations climate change summit. Speakers including MPs, academics, economists and members of the scientific community took part to share their insight during live sessions.

We partnered with the mental health charity Mind to launch a mental health toolkit for project managers in December. The toolkit contained helpful resources on wellbeing in the profession from APM and other trusted sources. It also featured an introductory video message from an APM Fellow. The toolkit was well received and had been viewed nearly 4,000 times by the end of the business year.

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Plans for the future

In our changing world, project professionals are at the forefront of delivering change and the environment for delivery is becoming ever more complex. As the chartered membership organisation representing the project profession, we’ll continue to build the profile and respect the profession warrants and set the most exacting standards.

The past 12 months have served as a powerful reminder of the scale, speed and often unexpected nature of change – but also, crucially, about the importance of adaptability in delivering successful outcomes. Our fiveyear strategy – ‘Inspiring Positive Change’, launched in 2017 – is now nearing its end and is currently being reviewed. Our refreshed strategy, launching in 2022, will enable us to provide the highest standards and framework to build a community of credible, capable and trusted project professionals delivering effective change in all sectors to all stakeholders. We have already come a long way in our journey to deliver our strategic objectives and there have been many successes in recent years that have demonstrated the effectiveness of our current strategy. The new strategy will build on these to continue helping us to support our members and the wider project community.

Innovations introduced during the past year that have enabled us to embrace a digital-first approach will be refined in light of the easing of coronavirus restrictions, but also to take account of people’s evolving needs and preferences. Hybrid approaches that deliver virtual and physical events, along with providing a choice of online or classroom-based learning, will provide flexibility to project professionals everywhere, while enabling us to fulfil our goals and charitable objects.

In 2022, we’ll celebrate our 50[th] anniversary. Plans are in development for how we will mark this special occasion with the profession we represent. This upcoming milestone is a chance to reflect on everything our organisation has achieved up to now, but it’s also an opportunity to look ahead and set goals for the future.

We’ll continue increasing our value proposition to members, including developing our Continuing Professional Development (CPD) offering and updating our Competence Framework.

We will reinforce and raise our profile as the voice of the profession by sharing new research and thought leadership – particularly on the themes of project data and analytics, agile and conditions for project success – and by commenting on major government project activity.

And, of course we will continue to lead debate, champion innovation and challenge the status quo where doing so will make a difference.

We know that better project delivery is about achieving the desired outcome, so in our complex world we’ll help the project profession deliver better.

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Principal risks and uncertainties

The board has considered several strategic risks during the year, including those below, together with possible impacts and mitigating strategies.

Risk
category		 Risk Mitigating strategy/assurance/controls
Governance A lack of diversity in board, committee
or volunteer roles is not delivered
leading to a lack of diversity of thought
and fresh ideas.		 Promotion of vacancies invites applications from
diverse backgrounds and sectors and the ability to
appoint three trustees provides an opportunity to
target broadening diversity.
There is a limit on the maximum term of office for
trustees and committee appointments which
sends the message that re-fresh and new ideas is
helpful to balance continuity.
The APM board has agreed a diversity action plan
to
help
drive
better
understanding
and
representation across the project profession.
Operational Business continuity - an event limits
APM’s ability to operate. This may
arise from fire, flood, adverse weather,
IT failure or denial of service attack,
media crisis, epidemic/pandemic, etc.
Business continuity and disaster recovery plans
are in place and tested.
Tools and approaches for remote working are
embedded.
IT controls are in place, as is standard insurance
cover.
Operational IT security/GDPR - a malicious IT attack
or malware infection leads to data loss.
Failure of internal controls, including
significant GDPR breach results in loss
of personal data, leading to financial
penalties and reputational damage.		 Annual
IT
security
penetration
testing
is
undertaken.
Anti-malware is deployed, and web and email
filtering are applied.
‘Cyber Essentials’ standards are followed, and
accreditation has been achieved.
Cyber security insurance cover is in place.
There are mandatory operating system updates
applied across end user devices and backups are in
place for all systems.
A data protection consultant has reviewed data
protection approaches and policies and a data
protection officer has been appointed. Data
protection training is mandatory for staff and
there has been a raised level of communication
with staff to further heighten awareness whilst
they work from home.

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Principal risks and uncertainties (continued)

Risk
category		 Risk Mitigating strategy/assurance/controls
External Economic conditions - actual or
threatened
recession
leads
to
reduced
investment
across
government and economy as a
whole.
Reduced investment in projects
and/or budgets for training and
memberships.		 APM works with partners to make the case for project
management
being
especially
vital
in
such
circumstances e.g._Golden Thread_research.
The Chartered standard provides confidence in
delivery and use of resource.
The Association continues to improve evidence of
value for each stakeholder group.
Financial There is a failure to manage
reserves appropriately and maintain
funds at an appropriate level. Either
reserves become excessive (failure
to deliver value to members) or
inadequate funds limits ability to
deliver the APM strategy.		 A risk-based reserves policy is in place; this has been
updated during the year.
Diversification is maintained through cash and long-
term investment.
There is regular reporting to the board to inform
evidence-based decision-making.
Compliance There is a failure of systems or
processes to adhere to acceptable
standards
and/or
regulatory
requirements.
For
example,
corporate
governance,
financial
regulations, health and safety,
bribery act, IR35.		 The policy register is regularly reviewed and there are
policy controls in place.
APM has qualified and experienced staff in place to
address areas of compliance.
The organisation is subject to external and internal
audit.
Annual board evaluation exercises are undertaken.
There are robust regulations and board governance -
delegations are clear and in operation.

All risks were reviewed and updated during the first coronavirus lockdown, including:

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Financial review

Overview

Whilst 2020-21 was a challenging year, APM was able to grow its membership community to a record high, roll out online examinations ahead of schedule and provide a great online programme of events for its members. These digital developments will continue to benefit its members in the future.

Income fell twenty percent to £10.1m (£12.7m prior year). The deficit for the year was £114k (deficit £128k) including an investment gain of £657k (loss £307k). Net assets at 31 March 2021 were £6.3m (£6.4m).

Income

Subscriptions income from individual members grew by four per cent during the year to £4.4m. Individual membership increased from 33,027 to 35,067 with student member numbers growing by seventeen per cent to over 11,000. International membership also increased during the year, now accounting for eight per cent of the total.

Examination and other contractual income was impacted by the restrictions in place during the year. APM staff responded quickly in launching our online examination platform, and despite a drop at the start of the year, numbers recovered month on month such that the organisation was able to deliver 12,000 online exams. Income fell from £7.1m to £4.9m, but exam numbers are now approaching pre-pandemic levels.

Events income was significantly affected by the lack of opportunity to deliver a face to face offering, resulting in a ninety-two percent fall in revenue. A successful virtual events programme was developed enabling APM to continue deliver quality content to our audience. Nearly 3,000 delegates attended the revised virtual events programme during 2020 and over 1,000 people registered for the APM Project Management Awards which was live-streamed on the APM website, Facebook and Twitter.

Total income for the year fell by £2.5m (twenty per cent) to £10.1m.

APM invests funds not required for working capital in an investment portfolio managed by a professional investment manager. Funds are actively managed and allocated across a range of asset types designed to yield the required rate of return for an acceptable level of risk. Returns are measured over a five to sevenyear term rather than on a year-on-year basis; volatility is expected within certain limits. Gains in 2020-21 reversed the fall in 2019-20. The income from investments in the year and bank interest on deposits was £35k compared to £66k in the previous year.

Expenditure

Expenditure on charitable activities fell during the year from £11.6m to £10.6m; a reduction of £1.0m (eight per cent). This was achieved through effective cost management and an adjustment to ensure the organisation maintained a level of staffing appropriate to the changes in its operating environment. Staff were kept fully informed and engagement has remained high, to the extent that APM was awarded a 1* rating this year from Best Companies. The average in-house headcount over the year decreased from 118 to 115.

The Charities Accounting Statement of Recommended Practice (SORP) requires expenditure to be analysed into the same categories as the income described above. The expenditure is detailed in note 4 on page 40.

Note: percentage variances are calculated from the full financial results rather than the rounded figures contained in this review.

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Financial review (continued)

Reserves policy

APM updated its reserve policy in February 2021. We continue to use a risk-based approach to reserves whereby reserve levels are adjusted as perceptions of risk and other factors change but have now linked this approach much more closely to our risk register.

The focus is on the short-term potential drawdown of reserves which would allow time to undertake additional mitigation activities and allow APM to adjust to changed financial circumstances. Reserves are monitored monthly.

Key risks with the potential to impact reserves as identified from the Corporate Risk Register include:

APM operates stringent internal financial controls but financial loss due to fraud remains an operational risk. It is considered unlikely that any single instance of fraud would be material.

Level of Reserves

The policy is to maintain total reserves within a range of between £3.3m to £6.9m which includes designated funds, risk-based reserves and a buffer that together provide adequate cover for any risks that may materialise whilst allowing for flexibility in operations. Reserve levels may fall outside this range if there is a strategy in place requiring the use of additional reserves and a plan to return the reserves back to the approved range.

Adequacy of reserves at 31 March 2021

APM had net assets of £6.3m at 31 March 2021 (2020: £6.4m). Free reserves amounted to £4.5m (2020: £4.5m) being total funds less the designated funds. After accounting for designated funds of £1.8m and riskbased reserves £1.3m, APM held a surplus of reserves of £3.2m.

Total reserves of £6.3m is within the range defined in the Reserves Policy.

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Coronavirus pandemic

APM traded throughout the financial year despite the pandemic. The principal impact has been a reduction in income from qualifications by £2.2m compared to the previous year. This would have been significantly higher had APM not been able to rapidly launch online qualifications to replace face to face examinations.

The APM Hub, launched in April, is our new online community platform designed exclusively for individual members of APM. The APM Hub forms part of our growing range of digital benefits and this enhanced offer has contributed to an increased paying membership. Revenue from paying members has risen by £124k compared to the previous year.

In response to the drop in income, all costs were reviewed, and significant reductions or deferrals made. Unfortunately, we did have to make some staff redundancies in the year as the nature of some of our operations has permanently changed. Overall, this resulted in a net saving in total overheads compared to the prior year of £1.1m.

APM’s investment portfolio has grown from a three year low of £3.8m in March 2020 to a five year high of £4.4m in March 2021.

Business planning and accurate cashflow and financial forecasting continue to assist in maintaining an appropriate level of reserves.

As confidence returns, the actions taken by APM has ensured that it has sufficient reserves to enable it to continue to operate and be ready to exploit future opportunities.

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Association for Project Management

Trustees’ annual report For the year ended 31 March 2021

Statement of trustees’ responsibilities

The trustees 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).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the trustees are aware:

Auditor

The current auditor is Moore Kingston Smith LLP but the post of external auditor has been put out to tender with the appointment to be confirmed at the end of July 2021.

The trustees’ annual report is approved by the trustees of the Association.

Signed on behalf of the trustees

Debbie Lewis, Chair

August 20, 2021 | 17:35 BST

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Association for Project Management

Independent auditor’s report to the trustees of Association for Project Management

Opinion

We have audited the financial statements of Association for Project Management (‘the company’) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Association Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Association for Project Management

Independent auditor’s report to the trustees of Association for Project Management

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 25, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

The trustees have elected for the financial statements to be audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. Accordingly we have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Association for Project Management

Independent auditor’s report to the trustees of Association for Project Management

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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Association for Project Management

Independent auditor’s report to the trustees of Association for Project Management

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Andrew Stickland (Senior Statutory auditor) For and on behalf of Moore Kingston Smith LLP, Statutory Auditor Devonshire House 60 Goswell Road London Date: 25 August 2021 EC1M 7AD

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

Association for Project Management

Consolidated statement of financial activities For the year ended 31 March 2021

Notes
Income:
Income from charitable activities:
Subscriptions
Examination and other contractual income
Publications
Income from other trading activities:
Events
Investment income
10
Government grant
2
Total income
Expenditure:
Expenditure on charitable activities
4
Expenditure on raising funds:
Events
Investment management costs
Total expenditure
Net gains/(losses) on investment
12
Net expenditure and net movement in funds for the year
7
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
funds
2021
£
4,379,010
4,863,304
505,437
55,770
35,153
301,977
10,140,651
10,600,480
291,262
20,369
10,912,111
657,323
(114,137)
6,437,208
6,323,071		 Total
funds
2020
£
4,205,044
7,148,432
553,614
715,796
65,620
-
12,688,506
11,561,354
927,719
20,389
12,509,462
(306,719)
(127,675)
6,564,883
6,437,208

APM has no restricted funds. All of the above results are derived from continuing activities. The group has no recognised gains or losses other than those dealt with in the statement of financial activities.

The notes on pages 34 to 51 form part of these financial statements.

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DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

Association for Project Management

Consolidated balance sheet For the year ended 31 March 2021

Notes
Fixed assets
Intangible fixed assets
11
Tangible fixed assets
11
Investments
12
Current assets
Investments
13
Stocks
14
Debtors
15
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
16
Net current assets
Total assets less current liabilities
Provisions for liabilities
17
Net assets
The funds of the charity:
Unrestricted income fund-designated 18
Unrestricted income fund-general
19		 2021
£
1,998,774
24,382
1,098,982
1,248,936
4,371,074
(3,862,324)
£
1,112,807
720,640
4,444,086
6,277,533
508,750
6,786,283
(463,213)
6,323,070
1,833,447
4,489,623
6,323,070		 2020
£
2,192,227
22,198
1,972,466
899,767
5,086,658
(3,890,665)		 £
1,026,316
924,780
3,753,332
5,704,428
1,195,993
6,900,421
(463,213)
6,437,208
1,951,096
4,486,112
6,437,208

The notes on pages 34 to 51 form part of these financial statements.

Approved by the board of trustees on 19[th] July 2021 and signed on its behalf by:

August 20, 2021 | 17:35 BST

Debbie Lewis, Chair Incorporated by Royal Charter RC000890

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DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

Association for Project Management

Association balance sheet

As at 31 March 2021

Notes
Fixed assets
Intangible fixed assets
11
Tangible fixed assets
11
Investments
12
Current assets
Investments
13
Stocks
14
Debtors
15
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Provisions for liabilities
17
Net assets
The funds of the charity:
Unrestricted fund-designated
18
Unrestricted fund-general
19		 2021
£
£
1,112,807
720,640
4,444,087
6,277,534
1,979,195
24,382
1,204,365
1,197,086
4,405,028
(3,850,195)
554,833
6,832,366
(463,213)
6,369,154
1,833,447
4,535,707
6,369,154
2020
£
£
1,026,316
924,780
3,753,333
5,704,429
2,185,921
22,198
1,943,676
885,501
5,037,296
(3,818,465)
1,218,831
6,923,260
(463,213)
6,460,047
1,951,096
4,508,951
6,460,047
2020
£
£
1,026,316
924,780
3,753,333
5,704,429
2,185,921
22,198
1,943,676
885,501
5,037,296
(3,818,465)
1,218,831
6,923,260
(463,213)
6,460,047
1,951,096
4,508,951
6,460,047
5,704,429
1,218,831
6,923,260
(463,213)
6,460,047
1,951,096
4,508,951
6,460,047

The notes on pages 34 to 51 form part of these financial statements.

Approved by the board of trustees on 19[th] July 2021 and signed on its behalf by:

August 20, 2021 | 17:35 BST Debbie Lewis, Chair Incorporated by Royal Charter RC000890

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DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

Association for Project Management

Consolidated cash flow statement

For the year ended 31 March 2021

Notes
Net cash provided by operating activities
A
Cash flows from investing activities:
Return on investment and servicing of finance
Investment income
Purchase of fixed assets
Acquisition of long-term investments
Proceeds from sale of investments and decrease in cash held within
investments
Net cash used in investing activities
Change in cash and cash equivalents
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Analysis of cash and cash equivalents:
Cash in hand
Notice deposits (less than three months)
Note A
Reconciliation of net incoming resources to net cash flow from
operating activities
Net (outgoing)/incoming resources for the year
Investment income
Loss/(gains) on investment activities
Profit/(loss on disposal)
Depreciation and amortisation
(Increase)/decrease in stock
Decrease/(increase) in trade and other receivables
(Increase)/decrease in prepayments
(Decrease)/increase in trade and other payables
(Decrease)/increase in accruals and deferred income
(Decrease) in provisions
Net cash provided by operating activities		 2021
£
910,368
35,153
(756,374)
(1,601,113)
1,567,682
(754,652)
155,716
3,091,994
3,247,710
1,248,936
1,998,774
3,247,710
(114,137)
(35,153)
(657,323)
95,076
778,946
(2,184)
458,906
414,578
34,186
(62,527)
-
910,368		 2020
£
427,089
65,620
(584,160)
(959,560)
907,756
(570,344)
(143,255)
3,235,249
3,091,994
899,767
2,192,227
3,091,994
(127,675)
(65,620)
306,719
132,775
540,372
(9,882)
145,084
(400,385)
(44,794)
43,139
(92,644)
427,089

33

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

Association for Project Management is a registered charity (number 1171112) and incorporated by Royal Charter (RC000890). The registered office is Ibis House, Regent Park, Summerleys Road, Princes Risborough, Buckinghamshire HP27 9LE.

Ibis Trading Limited is a wholly owned subsidiary of the Association for Project Management and is a limited company registered in England and Wales (number 06536096). The registered office is Ibis House, Regent Park, Summerleys Road, Princes Risborough, Buckinghamshire HP27 9LE.

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.

Association for Project Management 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 note(s).

These accounts are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.

Preparation of the accounts on a going concern basis

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Association and group to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the impact of the coronavirus pandemic.

Covid-19 has directly affected APM both financially and in its ability to deliver some of its charitable activities which have been reliant on face to face delivery. Trustees and the executive team have focused on ensuring the continued health and wellbeing of the association’s staff and stakeholders whilst enhancing its digital offer to both deliver against its charitable objects and protect its financial position. Operational changes have ensured that this approach has been successful and present an ongoing viable model. Reserves remain strong and whilst uncertainty prevails, the organisation has shown that it is able to adapt swiftly and effectively.

On this basis the trustees consider that the Association and the group have adequate resources to continue in operational existence for the foreseeable future and for this reason they continue to adopt the going concern basis in preparing the annual financial statements.

34

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1 Accounting policies (continued)

Group financial statements

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Ibis Trading Limited on a line-by-line basis.

Information in respect to the charitable holding company is as follows:

Gross income
(Deficit)/surplus for the year		 2021
2020
£
£
10,086,316
12,342,600
(90,894)
(82,722)

Unrestricted funds

Unrestricted funds are donations and other income resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. All funds are unrestricted during the year and at the year end.

Designated funds

Designated funds are unrestricted funds earmarked by the board of trustees for particular purposes.

Restricted funds

Restricted funds are to be used for specific purposes as specified by the donor. Expenditure which meets these criteria is charged to the fund. The charity currently has no restricted funds.

Income (including subscriptions, examination fees, contributions, grants, donations, contractual services, Furlough grants and investment income)

Recognition of membership income: members’ subscriptions are allocated on a time apportioned basis across the financial period covered from subscription payment through to renewal, on the assumption that this is a fair reflection of the period over which value is provided to the member.

Subscription income represents amounts receivable during the year. Subscriptions are receivable from members annually.

Fees receivable for services are accounted for in the period in which the service is provided.

Income from delegate fees and sponsorship for events is recognised in the period in which the event occurs.

Investment income is recognised in the accounts when it is receivable.

Income represents amounts receivable net of VAT and discounts.

35

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

Accounting policies (continued)

Government grants relate to grants received under the furlough scheme and are recognised when receivable.

Voluntary income represents donations which are recognised in the accounts in the period they are received.

All income is recognised as receivable when there is legal entitlement to the income, probability of receipt and amounts can be measured reliably.

Expenditure (including allocation of expenditure)

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Resources expended include attributable VAT in the instances that it cannot be recovered.

Costs of raising funds are those costs incurred for holding a variety of events on project, programme and portfolio management and related fields.

The resources expended on charitable activities comprise direct costs associated with subscriptions, examinations and publications, together with a share of the support costs.

Support costs are the costs of central and administrative functions and governance costs, which are allocated to activity cost categories as detailed in the cost allocation note below.

Governance costs relate to the governance arrangements of the Association including the costs relating to strategic management, constitutional and statutory requirements.

Cost allocation

Overhead and support costs have been allocated on the following basis to charitable activities and cost of raising funds:

Description Method of apportionment
Depreciation Apportioned in relation to income
Finance Apportioned in relation to income
Information technology Apportioned in relation to income
Other support staff Apportioned in relation to income/expenditure
Office costs Apportioned in relation to income
Governance costs Apportioned in relation to income

Intangible fixed assets

Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:

Computer software costs 33.33 per cent straight line
Customer relationship management system 20 per cent straight line
Publications 33.33 per cent straight line
Qualifications and other intangible assets 33.33 per cent straight line

Expenditure below £1,000 is written off in the year of purchase.

36

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

Accounting policies (continued)

Intangible fixed assets (continued)

Intangible fixed assets include software licences, website and e-learning development costs and the costs of producing new APM qualifications and the APM Body of Knowledge 7th edition which have been capitalised on the grounds that they underpin APM’s examination syllabuses, and that they have an economic life beyond 12 months. E-learning and certain website development costs are capitalised on the basis that they aid and assist members taking qualifications and as such are enduring assets which will assist in the creation of future revenue.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold improvements and dilapidations Over the life of the lease, straight
line
Furniture and equipment 25 per cent straight line
Computer equipment 33.33 per cent straight line

Expenditure below £1,000 is written off in the year of purchase.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow-moving items.

Foreign currency

Foreign currency transactions are recorded at the exchange rate at the time of the transaction. Foreign currency balances are translated into sterling at the exchange rate at the balance sheet date. Resulting gains or losses are included in the Statement of Financial Activities (SOFA).

Operating leases

The cost of operating leases is charged to the SOFA over the period to which they relate.

Finance leases

Leases which entail APM taking substantially all the risks and rewards of ownership of an asset are treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over its estimated useful life or the term of the lease, whichever is shorter. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.

Pension costs

APM operates a funded defined contribution pension scheme. Contributions to the scheme are charged to the SOFA in the period to which they relate. The scheme is open to all eligible APM staff.

Cash and cash equivalents

Includes cash and short-term liquid investments with a maturity date of three months or less from the date of acquisition or the opening of the deposit/investment account.

37

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

Accounting policies (continued)

Financial instruments

APM has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently at their settlement value. Financial instruments are recognised in the balance sheet when the Association becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments, deferred income and amounts due to or from HMRC, all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 15, 16 and 17 for the debtor and creditor notes.

Fixed asset investments

Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.

Judgments and key sources of estimation uncertainty

In the application of the Association’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to:

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DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

2 Income

All income was derived from the provision of services, with the exception of income from publications of £505,437 (2020: £553,614).

Interest income received was £1,720 (2020: £13,815). Dividend income from investments was £33,431 (2020: £51,805). Government grants received were £301,977 (2020: £0) and related to furlough grants claimed.

3 Governance costs

Staff costs
Audit and legal fees
Cost of trustee meetings, travel and support		 2021
£
188,448
34,718
14,117
237,283		 2020
£
202,267
35,411
34,720
272,398

Staff costs contain a proportion of executive time in addition to the company secretarial function.

The costs of £237k (2020: £272k) above are representative of total governance costs of which £1,350 (2020: £15,446) were apportioned to raising funds. The remainder were apportioned to charitable activities (note 6).

39

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

4 Breakdown of cost of charitable activities

Activities
Undertaken
Directly
2021
£
Membership subscriptions
3,030,118
Examination and other fees
2,520,649
Publications
707,836
Research & development projects
264,892
6,523,495

2020
Membership subscriptions
3,355,325
Examination and other fees
2,150,997
Publications
636,534
Research & development projects
550,167
6,693,023

5
Total support cost breakdown by activity
Staff
Costs
2021
£
Cost of raising funds
6,516
Charitable activities
1,138,830
1,145,346
2020
Cost of raising funds
129,622
Charitable activities
2,156,231
2,285,853		 Support
Costs
£
1,831,516
2,034,071
211,398
-
4,076,985
(Note 6)
1,719,273
2,922,706
226,352
-
4,868,331
(Note 6)
Other
Costs
£
16,810
2,938,155
2,954,965
163,038
2,712,099
2,875,137		 Total
£
4,861,634
4,554,720
919,234
264,892
10,600,480
5,074,598
5,073,703
862,886
550,167
11,561,354
Total
£
23,326
4,076,985
4,100,311
292,660
4,868,330
5,160,990

40

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

6 Support cost apportionment

Charitable activities

2021
Depreciation
Finance
Information technology
Support staff costs
Office costs
Governance costs
Total
2020
Depreciation
Finance
Information technology
Support staff costs
Office costs
Governance costs
Total		 Membership
subscriptions
£
347,937
265,046
323,522
511,600
277,422
105,989
1,831,516
(Note 4)
180,013
170,442
260,219
761,483
256,372
90,744
1,719,273
(Note 4)		 Examination
and other fees
£
386,417
294,358
359,301
568,180
308,104
117,711		 Publications
£
40,160
30,592
37,342
59,050
32,021
12,233
211,398
(Note 4)
23,700
22,440
34,259
100,253
33,753
11,947
226,352
(Note 4)		 Total
£
774,514
589,996
720,165
1,138,830
617,547
235,933
2,034,071 4,076,985
(Note 4)
306,017
289,746
442,364
1,294,495
435,823
154,261
2,922,706
(Note 4)		 (Note 4)
509,730
482,628
736,842
2,156,231
725,948
256,952
4,868,331
(Note 4)

7 Net incoming resources for the year

This is stated after charging:

2021 2020
£ £
Depreciation and amortisation of fixed assets 778,946 540,372
Operating lease payments - premises 187,057 217,660
Auditor’s remuneration - current year 19,900 19,600
- prior year under provision 3,500 1,080
- Auditor’s remuneration for non- 2,620 2,750
audit services

41

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

8 Staff costs and numbers

Wages and salaries
Social security costs
Pension costs
Private medical insurance
Group life assurance		 2021
£
4,817,083
415,285
367,881
45,778
19,300
5,665,327		 2020
£
4,473,307
401,157
331,932
43,965
16,752
5,267,113

Included in the above are redundancy and termination payments in the year amounting to £89,153 (2020: £23,783).

The number of employees whose emoluments fell into the following bands were:

2021 2020
£60,001 - £70,000 2 6
£70,001 - £80,000 5 4
£80,001 - £90,000 5 3
£90,001 - £100,000 1 -
£120,001 - £130,000 1 1

The above staff have retirement benefits accruing under defined contribution schemes at a cost of £102,004 (2020: £88,121) to APM.

Key management personnel are deemed to be the chief executive and the chief financial officer, as well as the trustees who are not remunerated.

Pay and benefits including pension and employer national insurance contributions to the two key management personnel who have held the positions in the year amounted to £267,996 (2020: £250,479).

Average employee numbers:
Business development and marketing
Customer services
Office and administration		 2021
52
26
37
115		 2020
53
28
37
118

42

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

9 Taxation

The activities of the charity and its trading subsidiary are exempt from corporation taxation under section 505 of the Income and Corporation Taxes Act 1988 to the extent that they are applied to the organisation’s charitable objects. The trading subsidiary does not pay UK corporation tax as its taxable profits are paid to its charitable holding company as gift aid.

10 Investment income

Bank interest
Income from investments		 2021
£
1,722
33,431
35,153		 2020
£
13,815
51,805
65,620

43

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

11 Fixed assets

Intangible fixed assets - group and Association

Customer
Computer
software		 relationship
management
Publications		 Qualifications Total
system
£ £ £ £ £
Cost
At 1 April 2020 1,190,934 378,831 561,656 640,318 2,771,739
Additions 507,645 - 37,062 183,758 728,465
At 31 March 2021 1,698,579 378,831 598,718 824,076 3,500,204
Amortisation
At 1 April 2020 645,268 296,683 473,068 330,404 1,745,423
Charge for the year 355,432 49,166 51,723 185,653 641,974
At 31 March 2021 1,000,700 345,849 524,791 516,057 2,387,397
Net book value
At 31 March 2021
 697,879 32,982 73,927 308,019 1,112,807
At 31 March 2020 545,666 82,148 88,588 309,914 1,026,316
Tangible fixed assets - group and Association
Leasehold
improvements		 Furniture &
computer		 Total
& dilapidations equipment
£ £ £
Cost
At 1 April 2020 1,193,513 587,542 1,781,055
Additions 9,072 18,837 27,909
Disposals (339,033) - (339,033)
At 31 March 2021 863,552 606,379 1,469,931
Depreciation
At 1 April 2020 321,176 535,099 856,275
Charge for the year 116,424 20,548 136,972
Disposals (243,957) - (243,957)
At 31 March 2021 193,643 555,647 749,290
Net book value
At 31 March 2021 669,909 50,732 720,641
At 31 March 2020 872,337 52,443 924,780

44

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

12 Fixed asset investments

Movement in fixed asset investments

Investment portfolio
Market value brought forward
Acquisitions at cost
Less disposal proceeds
Net gains/(losses) on investments
Market value carried forward
Historical costs
Geographical analysis
United Kingdom investments
Overseas investments
Total investments
Listed investments
Cash held by investment fund manager
Total – group
Asset allocation
Equity
Bonds
Other
Fund cash (includes cash held within investments)		 2021
2020
£
£
3,718,287
3,962,979
1,601,113
959,560
(1,541,510)
(897,533)
657,323
(306,719)
4,435,213
3,718,287
1,601,113
959,561
1,468,943
1,615,968
2,966,270
2,102,319
4,435,213
3,718,287
4,435,213
3,718,287
8,873
35,045
4,444,086
3,753,332
2021
2020
57%
51%
9%
13%
30%
29%
4%
7%

Cash is held for investment pending suitable market conditions.

45

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

Fixed asset investments (continued)

The following investments comprise the most significant holdings in the portfolio:

Investments
Liontrust special situations
Fundsmith Equity
Findlay Park
Guardcap Global Equity
TB Evenlode
MW Tops
Trojan funds
Lyxor Core US
Investment in subsidiary
Ibis Trading Limited		 Group
2021
£
-
-		 Holding
(units)
Value
£
69,691
57,415
325,077
321,535
2,580
310,063
23,597
308,028
122,277
279,611
1,668
276,426
77,578
221,447
1,934
214,577
Group
Company
2020
2021
£
£
-
1
-
1		 Company
2020
£
1
1

The Association owns all of the issued share capital of Ibis Trading Limited, a company registered in England and Wales. The subsidiary is used for sponsorship and made a loss of £23k (2020: loss of £23k) on income of £54k (2020: £482k) Ibis Trading was incorporated on 17 March 2008 and commenced trading on 27 July 2009. All activities have been consolidated line by line in the SOFA. The total net liabilities were £46,082 (2020: £22,838).

13 Current asset investments

Group Group Company Company
2021 2020 2021 2020
£ £ £ £
Cash held on deposit 1,998,774 2,192,227 1,979,195 2,185,921

46

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

14 Stocks

Group
2021
£
Publication materials and sundry sale items
24,382
15
Debtors: amounts falling due within one year
Group
2021
£
Trade debtors
671,570
Prepayments and sundry debtors
427,412
Amounts owed by group undertakings
-
1,098,982
16
Creditors: amounts falling due within one year
17
Provisions for liabilities
Group
2021
£
Trade creditors
631,384
Other creditors and accruals
879,970
Subscriptions received in advance
1,984,087
Other taxes and social security
366,883
3,862,324
Group
2021
Dilapidation provision for leased
premises
£
Bought forward
463,213
Re-measurement of estimate
-
463,213		 Group
2021
£
24,382		 Group
2020
£
22,198
Group
2020
£

1,130,476
841,990
-
1,972,466
Group
2020
£
597,198
1,096,994
1,935,759
260,714
3,890,665
Group
2020
£
555,857
(92,644)
463,213		 Company
2021
£
24,382
Company
2021
£
642,949
389,091
172,325
1,204,365
Company
2021
£
629,153
856,701
1,983,971
380,370
3,850,195
Company
2021
£
463,213
-
463,213		 Company
2020
£
22,198
Company
2020
£
1,065,699
728,415
149,562
1,943,676
Company
2020
£
595,745
1,033,004
1,935,643
254,073
3,818,465
Company
2020
£
555,857
(92,644)
463,213

47

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

18 Designated funds

2021
Group and Company
Fixed asset fund
2020
Group and Company
Fixed asset fund		 At 1 April
2020
£
1,951,096
1,951,096
At 1 April
2019
£
2,040,083
2,040,083		 Incoming
£
-
-
Incoming
£
-
-		 Outgoing
£
-
-
Outgoing
£
-
-		 Transfers
£
(117,649)
(117,649)
Transfers
£
(88,987)
(88,987)		 At 31 March
2021
£
1,833,447
1,833,447
At 31 March
2020
£
1,951,096
1,951,096

The fixed asset fund of £1,833,447 represents tangible and intangible fixed assets.

48

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

19 Unrestricted general funds

2021 At Incoming Outgoing Gain Transfer At
1 April on from 31 March
2020 investments designated 2021
funds
£ £ £ £ £ £
Group
Retained 4,486,112 9,483,329 (10,254,789) 657,323 117,649 4,489,623
fund
Company
Retained 4,508,951 10,806,967 (11,555,183) 657,323 117,649 4,535,707
fund
2020 At 1 April Incoming Ongoing (Loss) on Transfer At 31
2019 investments from March
designated 2020
funds
£ £ £ £ £ £
Group
Retained 4,524,800 12,995,227 (12,816,183) (306,719) 88,987 4,486,112
fund
Company
Retained 4,502,688 12,035,881 (11,881,886) (306,719) 88,987 4,508,951
fund

49

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

20
Net assets by fund
2021
Intangible fixed assets
Tangible fixed assets
Investments
Current assets
Current liabilities
Creditors due in over one year		 Designated
£
1,112,807
720,640
-
-
-
-
1,833,447		 General
£
-
-
4,444,086
4,371,074
(3,862,324
(463,213)
4,489,623		 Total
£
1,112,807
720,640
4,444,086
4,371,074
(3,862,324)
(463,213)
6,323,070
2020
Intangible fixed assets
Tangible fixed assets
Investments
Current assets
Current liabilities
Creditors due in over one year		 Designated
£
1,026,316
924,780
-
-
-
-
1,951,096		 General
£
-
-
3,753,332
5,086,658
(3,890,665)

(463,213)
4,486,112		 Total
£
1,026,316
924,780
3,753,332
5,086,658
(3,890,665)
(463,213)
6,437,208

21 Trustee remuneration and expenses

The trustees neither received nor waived any emoluments during the year (2020: £0). The reimbursement to 0 (2020: 12) trustees of expenses for travel and subsistence incurred on behalf of the Association totalled £0 (2020: £7,985) during the year. The Association receives subscriptions from the trustees and provides examination services to some trustees on the same basis as any other member.

50

DocuSign Envelope ID: 7EA8484D-92A0-445D-8245-2AF7AA23C2C1

22 Financial commitments

The total amounts payable over the lease term are shown below, analysed according to when the payments are due.

Operating leases:
Due:
Within one year
Between two and five years
After five years
 Land and buildings
2021
2020
£
£
171,371
171,371
685,484
685,484
426,402
597,773
1,283,257 1,454,628		 Land and buildings
2021
2020
£
£
171,371
171,371
685,484
685,484
426,402
597,773
1,283,257 1,454,628
1,454,628

23 Related party transactions

During the year the charity had no related party transactions with trustees (2020: £0).

Intercompany transactions between the charity and its wholly owned subsidiary, Ibis Trading Limited were £3,837 for the master trading agreement (2020: £15,557) and £59,491 (2020: £98,661) for shared resources. Amounts owed by Ibis Trading Limited to the charity at the balance sheet date were £172,325 (2020: £149,562).

The services referred to above were conducted at arm’s length.

51