Charity number: 288877 Company number: 00832132
Institute of Management Services (A company limited by guarantee)
Trustees' report and financial statements
for the year ended 31 December 2022
Institute of Management Services (A company limited by guarantee)
Contents
| Page | ||
|---|---|---|
| Legal and administrative information | 1 | |
| Trustees' report | 2 - 5 | |
| Auditors' report to the members | 6 - 8 | |
| Statement of financial activities | 9 | |
| Balance sheet | 10 | |
| Notes to the financial statements | 11 - 18 |
itute of hlaDagemeDt servIs IA eompn) limited bv gUarlet) Cbarlty 2888ri Compuy rryl%trnikm 1Th32132 LId Villw StIffd¢ Utii¥u5ity Cc Friwj WAY WS13 f Trusiees P. Mwr ICbAiT D. JP. H(w FKS Ilkm Clwrl lttsiined IJ 2023) Ive&iincd J July 20?JI M. FMS R. Taykn H( FMS l. Brr*nley FMS (led JI 2D•3) 14ypititcd 10 10 JU JI221 31 J•4wy 2023) C. Fjknw FMS Audl 87 Kcn#)u Ro
Institute of Management Services (A company limited by guarantee)
Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022
The trustees present their report and the financial statements for the year ended 31 December 2022. The trustees, who are also directors for the purposes of company law and who served during the year and up to the date of this report are set out on page 1.
Structure, governance and management
Charitable objects
The Institute has as its main objective the promotion of the science, technology, practice and profession of Management Services, which results in the advancement of the efficiency, productivity and satisfaction of human work.
Organisation and structure
The Institute Board has eight Trustees, who meet three times a year in addition to the Annual General Meeting. Trustees are elected by the Membership for a period of office of four years. Elections take place every two years, the last being held in 2021 and the next in 2023, and four Trustees are elected at each. Elections are held prior to the Annual General Meeting, where the results of the ballot are counted and reported. At the end of the financial year 2022 there were six Trustees in post. This current reduced number of Trustees is due to recent deaths and resignations. The Board of Trustees are actively seeking nominations from within the Institute's Corporate Membership to fill the consequent vacancies.
Risk review, governance and internal control
Directors are responsible for providing assurance that the systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include regular financial reports to Council and an external audit.
How our activities deliver public benefit
It is a requirement of section 17 of the Charities Act 2011 that a charity has due regard to the guidance issued by the Commission on how the charity provides a "Public Benefit".
The Directors of the Institute have fully satisfied themselves that as a registered charity they do provide a Public Benefit. The Institute has as its main objective the promotion of the science, technology, practice and profession of Management Services, which results in the advancement of the efficiency, productivity and satisfaction of human work.
The achievements and performance
The Articles of Association and Memorandum clearly require the Institute to expand the concept and knowledge of the benefits of Productivity in improving the wealth and living standards of all. These objectives are achieved by publishing a regular journal containing articles on productivity and maintaining a website that contains information on productivity techniques and current thinking on productivity. We also publish regular newsletters available on the Institute website. Since 2018 the Institute has operated a Continuing Professional Development (CPD) scheme for its members and non-members wishing to use the scheme, details are on the Institute website.
All the charitable activities of the Institute focus on making widely known the benefits of improving productivity as a means of raising the living standards of all people in the world. To this end it is associated with all the world's leading productivity organisations.
Recruitment and Appointment of Council of Management
The Directors of the company are also Charity Trustees for the purposes of charity law and under the company's Articles are known as members of the Council of Management. Under the requirements of the Memorandum and Articles of Association the members of the Council of Management are elected to serve for a period of four years after which they must be re-elected at the next Annual General Meeting. All members of the Council of Management give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the financial statements.
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Institute of Management Services (A company limited by guarantee)
Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022
Trustee Induction and Training
Most trustees are already familiar with the practical work of the charity. Additionally, new trustees are allocated a mentor and are encouraged to seek guidance from the mentor and in so doing familiarise themselves with the charity and the context within which it operates. The induction process is designed to support new trustees and ensure they understand the obligations of becoming a member of the IMS Council of Management.
Future plans and objectives.
The Institute has an ongoing campaign to increase membership and membership income, by encouraging existing members to upgrade to higher membership grades.
Relationship between Charities and related parties
The Institute co-operates with the R M Currie Memorial Fund which is a charity dedicated to advancing the concept of productivity. The Institute appoints the trustees to the R M Currie Memorial Fund and during the year under review two trustees of the Institute of Management Services also serve as trustees to the R M Currie Memorial Fund, they are David Blanchflower, and Richard Taylor. There were no financial transactions between the two charities during the 2022 financial year.
Achievements and performance
The Council managed the administration of IMS until October 2021 when Cygnul Ltd, a complete outsourcing company, was appointed by the trustees.
The Institute's quarterly digital publication of the Journal 'Management Services' continues to be a highly respected publication and is provided free on-line to all members on the Institute website, worldwide. A printed copy of the Journal remains available to members who request it, on a subscription basis.
The Life Membership Scheme introduced in 2005 continues to underpin the financial viability of the Institute into the distant future. In 2022 the Institute again saw an increase in membership, despite the continuing constraints, including more Members joining from overseas, and increasing numbers of students becoming Life Members upon successful completion of their Institute examinations. Life Membership of the Institute continues to offer exceptional value for money to Members whilst contributing to the financial viability of the Institute.
The Institute website is its principal outward face and has attracted visits from all around the world. In the present technological age, the Trustees are committed to developing and enhancing an informative website and continuing its role as a major source of information on productivity improvement.
In 2022 the regular email newsletter continued to be emailed to all Institute members on a regular frequency. The newsletter contains information from around the world on current productivity thinking and focuses on the Institutes core subject area of productivity improvement, the newsletter is also freely available on the website. It also informs members of Institute activities and events.
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Institute of Management Services (A company limited by guarantee)
Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022
The President, Professor Colin Coulson-Thomas, remains an effective and prominent advocate of the Institute and its objectives internationally and his contribution is warmly appreciated by the Trustees and Membership.
Currently the Institute has one main UK education provider accredited to provide courses leading to the award of the Institutes Certificate, this provider also provides Institute training courses in several countries worldwide. The education provider continues to provide a valuable service and bring new members into the Institute. The Institute continues to award Student of the Year prizes and it is gratifying in the current uncertain conditions to see the number of large national UK companies, government departments and overseas companies who are sending employees on Institute approved education courses.
Financial review
Risk Management
Financially the Institute remains sound and the retention of Members as Life Members ensures that the Institute has an enduring membership base. On current predictions the present reserves will sustain the Institute for more than ten years. All investments are made using an investment strategy that safeguards the investments. Currently the main sources of income to the Institute are new members and the increasing income from education courses. In 2022 the Institute membership continued to grow with the addition of more Institute training courses.
Coronavirus
Throughout 2020 and 2021 the UK was impacted by the global Coronavirus Covid-19 pandemic. The Institute's revenues were adversely affected throughout the period of the pandemic as the general economy took a downturn. However, the Institute was supported during 2021 by Discretionary Grants from Lichfield District Council totalling £7,500 under the HM Government business support scheme. The Trustees remained comfortable with the reserves and liquidity position of the Institute throughout this challenging period.
Plans for future periods
The Institute has a policy to maintain its reserves at a level that ensures the future financial viability of the Institute taking into consideration that the vast majority of members have life membership and only pay one initial membership subscription on joining. The current high level of reserves is considered appropriate to ensure the long-term viability of the Institute. The funds of the charity are all unrestricted. Note 15 of the financial statements indicates the level of the Institute's reserves.
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company 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 of the surplus or deficit of the charity for that period. In preparing these financial statements, the trustees are required to:
-select suitable accounting policies and then apply them consistently;
- -make judgements and estimates that are reasonable and prudent; and
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will
continue in operation.
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Institute of Management Services (A company limited by guarantee)
Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement as to disclosure to our auditors
In so far as the trustees are aware at the time of approving our trustees' annual report:
-
there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the company's auditor is unaware, and
-
the trustees, having made enquiries of fellow trustees and the company's auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a trustee in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Auditors
Leftley Rowe & Company are deemed to be reappointed in accordance with Section 487(2) of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
On behalf of the board
C. Elkington FMS Company Secretary
Date: 7th December 2023
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Institute of Management Services (A company limited by guarantee)
Independent auditor's report to the members of Institute of Management Services for the year ended 31 December 2022
Opinion
We have audited the financial statements of Institute of Management Services for the year ended 31 December 2022 which comprise the statement of financial activities, the Balance Sheet and the related notes 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 Financial Reporting Standard 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:
-
give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its net movement in funds, including the income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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.
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.
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Institute of Management Services (A company limited by guarantee)
Independent auditor's report to the members of Institute of Management Services (continued) for the year ended 31 December 2022
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the trustees' report (which includes the directors' report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and the returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement set out on page 5, the trustees (who are also 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
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Institute of Management Services (A company limited by guarantee)
Independent auditor's report to the members of Institute of Management Services (continued) for the year ended 31 December 2022
Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements of the Charities Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements. Audit procedures performed included:
-
Enquiries with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
-
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.
-
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
-
Reviewing the financial statements for compliance with the Companies Act 2006.
-
Evaluating and challenging the reasonableness of accounting estimates.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Andrews ACA (senior statutory auditor) For and on behalf of Leftley Rowe & Company Chartered Accountants and Statutory Auditors
Second Floor 87 Kenton Road Harrow Middlesex HA3 0AH
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Inslilute of lngement Senicts (A colnpan) limited b) guarantee) .Sllemtnt of finnciAI rtivilies (intorporating the income ex111re ccount For the year ended 31 December 2022 21121 Totsl 11.710 81.484 11.710 81.484 frrffj clwitabk xtiviixs 44.#75 93.194 93.194 61.371 Exptndlth 63.151 63.151 42.1191 Toial eXptlI¢U 63.151 63.151 4?.X91 Net Jurplw for the Ye before 8WIIM•t) on lthveknts 30.043 30.043 1&479 C•ajJ1 LA)4%e41 i)n %lu3[)n 19.388 19J8lkl Nrt In 20.655 38.-kn5 Rc¢ondll4¢k d funth To¢¥1 I'khE¥kn brou$ 14)nfrwd 448.J 4A8J80 410.215 TolAI cvrled fonv*nl 469.?35 44X..S The ststrmeni of finCl livI1]eS ItleS 8Ains and kwj rr0)pd ID the >rx th£[¢ • of t4kn1 re£ognised 8ain4 •nd lows
The financial statements were approved by the board on 13th October 2023 and signed on behalf by
Institute of Management Services (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
1. General information
The charity is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Lichfield Business Village Staffordshire University Centre, Friary Way, Lichfield, Staffordshire,WS13 6QG.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
3.1. Basis of preparation
The financial statements have been prepared in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and the Companies Act 2006.
Institute of Management Services 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).
3.2. Reserves
The Institute has a policy to maintain its reserves at a level that ensures the future financial viability of the Institute taking into consideration that the vast majority of members have life membership and only pay one initial membership subscription on joining. The current high level of reserves is considered appropriate to ensure the long-term viability of the Institute.
3.3. Cashflow
The charity has taken advantage of the exemption in FRS102 from the requirement to produce a cashflow statement because it is a small charity.
3.4. Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. The charity does not have any restricted or designated funds.
3.5. Income
All income and endowments are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Income from charitable activities and investments are included in the year in which it is receivable. Annual membership subscriptions and Life membership subscriptions are included in full in the Statement of Financial Activities when receivable.
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Institute of Management Services (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
3.6. Expenditure on Charitable activities
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on charitable activities are recognised in the year in which they are incurred.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
3.7. Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
- Fixtures, fittings and equipment 33% straight line p.a.
3.8. Investments
Current asset investments are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities..
3.9. Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
3.10. Irrecoverable VAT
All resources expended are classified under activity headings that aggregate all costs related to the category.
3.11. Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
3.12.Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
3.13.Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
3.14. Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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ID5titute of hIanagent Sen4LTS (A compan) limiled by guarantee Notts to the financi 5tatennts for the year ended 31 Decembtt 2022 .411&11 of sUPIMIrt costs Supwl i0SL ttx)st tuU0n% th tht fThk tlrity IM dittdly clwitsblc ofxtsThitrs in obFrn of chry { 7 ). 2•21 Totsl Bat I[r rtteiv 1721 8.989 1721 5.014 11.710 11.710 ¢hrllablt •tilvld 2•21 TrtBI 45.130 1.959 4J.130 25.100 iii 11.973 81.484 81.4x4 44.875 (Mher kn¢othe 2022 Total 2•21 To¢•1 7.5(M) 7.5(Xl Dire1rfwY Gramx fnMD IA"d)eld IXs¢nrt tsxallin8 £7M) wler the HM Crt)vcrnwni Iwine
Institute of NIanAt Services IA compaD)' limiled b) guarantee) Notes lo the fula1 statenKMts for the yur ended 31 De(tmber 2022 2•22 2•21 C4Mts ll0t>t lo rtivitl Basis of alkKa¢icm . Examinati c sji 16.64 455 15.865 15JknJ TeleOMe sFM)Thr&h4X •tyl Iw¥1 315 315 Allted io 11 Ba%1% c)f allLx4iion - io xxivity 215 170 215 176 25J95 JN2 InSuThC 6.?#• 5th3 537 537 fe B•Dk ch¥¥ Ine(0smble VAT Accounlwy f A111 lees 777 6.777 T19 J.216 7fX) 2.9?J 973 7.IX Reni Payable 1.125 8.125 15.865 4.170 63.151 42.892 Pw14
Institute of Management Services (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
8. Employees
Employment costs
From October 2021 the charity outsourced its administration and accounting function to Cygnul Limited, a complete outsourcing and office solutions company.
No salaries or wages have been paid to trustees during the year.
No members of the management committee received any remuneration during the year. Committee meeting and travelling expenses amounting to £215 (2021 - £382) were reimbursed to 7 (2021 – 8) members of the management committee.
No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2021 – Nil).
Number of employees
The average monthly numbers of employees during the year, calculated on the basis of full time equivalents, was as follows:
| Administration Out of pocket expenses were reimbursed to the trustees as follows: Travel, accommodation, stationery |
2022 Number - 2022 £ 215 |
2021 Number - |
|---|---|---|
| 2021 £ 382 |
9. Taxation
The charity's activities fall within the exemptions afforded by the provisions of Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Accordingly, there is no taxation charge in these accounts.
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IDStilute of NIaDagem Services (A compaDy limited by guarantee) Notes to the financial statellnts ror the year amled 31 December 2022 io. Trf Ai l Jarnwy ?OY_ and 1947 1947 bk vduts At 31 Dec¢mtrf J121 I l. Dtbiws 2022 T debtsys (Mher de •J94 lJ36 619 1.172 1.871 12. Currrni knvethDe•ts 159.151 161.539
stitute of hlanagement SerTrices IA company limited by gurnkn) Notes lo the staiefjxnts for the ythr ended 31 Dectmber 2022 wlthln ont ye 2021 55 Tues 1•1 stLYiiy cmli 19 2J74 14. runth 471.f<A 469.JJ5 At Al 1012 448J 93.194 163.1511 19J881 Inyfr¢ bAh nmbtn the wbl in ID orthr to in¥rffit viability. of b( 16. Pw17
Institute of Management Services (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
17. Covid-19
In March 2020 the World Health Organisation declared a pandemic in respect of the global Coronavirus Covid-19 outbreak. The UK economy was severely affected as full national lockdowns were in place from March 2020 to June 2020, during November 2020 and then from early January 2021 until March 2021. The UK successfully rolled out a vaccination programme during 2021; however the rapid spread of the Omicron variant of Covid-19 in late 2021 led to restrictions being re-implemented to protect the NHS during the winter months. In January 2022 the UK Government announced the end of Plan B of its Winter Covid-19 plan, which eased certain restrictions. From 24 February 2022 all remaining Coronavirus restrictions were lifted in England.
The Institute's revenues were adversely affected throughout the period of the pandemic as the general economy took a downturn. However, the Institute was supported during 2021 by Discretionary Grants from Lichfield District Council totalling £7,500 under the HM Government business support scheme). The Trustees remained comfortable with the reserves and liquidity position of the Institute throughout the period.
18. Company limited by guarantee
Institute of Management Services is a company limited by guarantee and accordingly does not have a share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
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