Charity registration number 1016699 Company registration numbèr 02776194 (England and Wales) THE INSTITUTE OF PROFESSIONAL SOUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE INSTITUTE OF PROFESSIONAL SOUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees M J Felton E J Wllelt R K Graham S J Bishop C M Macnab SMHClark G Hewis JPCGough P Banfield P Bridges D Carugo M Cheffin5 Tcury (Appointed 28 June 2023) (Appointed 28 June 2023) {Appointed 28 June 2023} (Appointed 28 June 2023> (Appointed 28 June 2023) Secretary Mr M Johnson Charity number 1016699 Company number 02776194 Registered office 24 Park Road South Havant Hampshire United Kingdom P09 1HB Independent examiner Azets 24 Park Road South Havant Hafflpshire Unrted lQngdom P09 1HB
THE INSTITUTE OF PROFESSIONAL SOUND CONTENTS Page Trustees. report Statement of trustees. responsibilities Independent examinerfs report statement of financAal activities Balance sheet Notes to the financial statements 8-13
THE INSTITUTE OF PROFESSIONAL SOUND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of The Institute of Professional Sound for the purpose of company law, are responsible for preparing the Trustees. Report and the ffinancial statements in accordance with applicable law and United Kingdom Accounting Standards (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 slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the thatitable company for that year. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently- - observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequale accounting records that disclose wilh reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slatements comply with the Companies Act 2006. They are also responsible for safeguarding Ihe assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other iegUlarltieS.
THE INSTITUTE OF PROFESSIONAL SOUND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and financial statements for the year ended 31 March 2024. The trustees are also directors of the charity for the purposes of the Companies Act 2006. The trustees, report contains a directors, report as required by company law. The financial statements have been prepared in accordan with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, Ihe Companies Act 2006 and Accounting and Reporting by Charrties-. Statement of Recornmended Pracb"ce applicable to charities preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019}. Objectives and acllvllles The charity's objects are to promote the widest understsnding of professional audio in all its contexts and to promote the cullural and educational benefits resulling from producing sound of high technical and artistic quality- in particular, by encouraging the maintenance of the highest professional standards among sound operations personnel, securing improvements in the art and technique of operational sound resulting in such cultural and educational benefrts, promoting and publishing the relevant resufts of experiment and research designed lo secure such improvements. and providing a forum for the exchange of information. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what artivities the charity should undertake. In performing our activilies we have considered the Charity Commission's general guidance on public benefil per our duly outlined in s17(5} of the Charilies Act 2011. Significant activities General activities maintained. The focus this year has been on support for members and increased fund raising and support events. Achievements and performance Membership of the IPS: The membership is drawn primaiily from audio professionals working in operalional posts within the UK audio industry and related professional audio fields. There are a number of members from Europe and Ihe rest of the wortd who share the same aims and ideals as those member5 in the UK. The IPS has three main categories of member - Full. Affiliate and Student. The category of Affiliate also caters for those in related industries. for example, rnanufacturing and further education establishments who have expressed an interest in the work of the IPS and wish to be assouated with it. student members are those who are slill receiving formal education on a fijlktime course or other relevant studies. From the foregoing it will be seen thal membership of the IPS 15 open initially to a wide group of individuals with a common interest in audio. Much of what IPS prodUS is atso available to the public through the website and publications. Funding of the IPS_. The primary source of funding for the organisation is by annual subscription. There is an additional source of income provided by commercial companies who wish to be associated wrth the activities of the IPS and have become Sponsor Companies of the Institute.
THE INSTITUTE OF PROFESSIONAL SOUND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review Financial position The trustees are pleased with the progrèss achieved in reviewing rts financial position and implementing changes lo ts operational focus. Finances and activities are regularly monilored and sufficient reserves held to cover short lerm needs. Throughoul the year under review the IPS has been able to mainlain a mostly positive financial position. wilh a healthy bank balance, thai gives secutity for the continued activities of the In5titule. With the changing social climate this year it has become possible to mount face to face meetings for the membership and guests, returning to the past success of such meetings prior to the Covid pandemic. A number of successful members. meetings were held throughout the year, in various localions, affording the members good neorking opportunities as well as the benefit of hearing presentations at first hand. Two particular events of nole were the Pro Audio 23 one-day trade show and the very successful residential Training Weekend held at WaThvick Universrty. It is the policy of the charity that unrestricted funds which have not been designaled for a specffic use should be maintained at a level equivalent to a minimum of e1ve month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding. they will be able lo continue the charity s current activities while consideralion is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The amount of funds the charity holds at 31 March 2024 is £65.245. The trustees have assessed the major risks to whiGh the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. structure, governance and management The charily is a company limited by guarantee as defined by the Companies Act 2006. It is controlled by its governing document, a deed of trust. The original deed was dated January 1993 and was updated in April 2018. The trustees, who are also the direclors for the purpose of company law. and who served during the year and up to the dale of signature of the finanGial statemenls were.. M J Felton E J Willett R K Graham S J Bishop C M Macnab SMHClark G Hewis JPCGough P Banfield P Bridges D Carugo M Cheffins T Curry (Appointed 28 June 2023) (Appointed 28 June 2023) (Appointed 28 June 2023) {Appointed 28 June 2023) {Appointed 28 June 2023)
THE INSTITUTE OF PROFESSIONAL SOUND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Any person who is a Full Member of the Instrtute and is willing to act as an Executive Committee member, and is permitted by law to do so, may be appointed to the Executive Committee - (al by ordinary rasolution passed at the Annual General Meeting of the Instite or {b} by a decision (invitation) of the existing Executive Commitee. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to conlribute £1 in the event of a ¥ndIng up. The Committee may from time to time, and al any time. co-opt any Full Member of the Instilule as a member of the Executive Committee. either to fill a casual vacancy or by way of addition to the Executive Committee, provided that there shall nol be more than 10 co-opied membets of the Executive Committee at any one time. Any member so appointed shall retain their office only until the next knnual General Meeting. but they shall then be eligible for election. No person who is not a Full Member of the Institute shall in any cirajmstances be eligible to hold office as a member of the Executive Committee. The Executive Committee sh211, from their number. appoint the Offir5 of the Institute as they see frt. The IPS is governed by its Memorandum and Artides of Associatson which sets out the agenda for the trustees. The trustees are all members of the Executive Committee of the IPS led by their Chairman. AJI the members of the Executive Committee (ECI are drawn from the membership of the organisation and ale elected annually at the AGM by the membership. as laid down in the Memorandum and Artides of Association. AII EC members and their Chairman operate in a purety voluntary manner wf(hout financial reward, save for the reimbursement of reasonable expenses incurred in the performance of their duties for the Commitiee. The daily administration of the organisation in undertaken by the Secretariat, currently one individual working on a part-time basis. for which he is remunerated accordingly. The trLtsSt es, report was approved by the Board of Twstees. Mr M Johnson Secretary Date..
THE INSTITUTE OF PROFESSIONAL SOUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INSTITUTE OF PROFESSIONAL SOUND I report to the trustees on my examination of the financial statements of The Institute of Professional Sound (the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity (and also its directors for the purposes of company law} you are responsible for the prepaialion of the financial statements in accordance with the requirements of the Companies Act 2006 {the 2006Act). Having satlsfied myself that the finanal statements of the charity are not qUIred to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carned out under section 145 of the Charities Act 2011 (Ihe 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b} of the 2011 Act Independent examinerfs statement I have Gompleted my examination. I confirm Ihal no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the charity as required by seclion 386 of the 2006 Act,. or the financial statement5 do not accord with those records- or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirernenl that the accounts give a true and fair view which is not a matter considered as part of an independenl examination., or the financial statements have not been prepared in accordance with the methods and principles of the Slalement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard appliGable in the UK and Republic of Ireland (FRS 102>. I have no concems and have come across no othei matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Richard Hutchinson- FCCA Azets 24 Park Road South Havant Hampshire PO91HB United Kingdom lts
THE INSTITUTE OF PROFESSIONAL SOUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income from: Donations and legacies Charitable activitie5 Inve5tment5 47,534 39,213 1,475 46,863 9.489 339 Total income 88.222 56,691 Ex enditure on: Raising funds 554 440 Charitable activilies 95.733 37,673 Total expenditure 96.287 38,113 Net {expendItu)IlnCOme for the yearl Net movement in funds {8,065) 18,578 Fund balances al 1 April 2023 73,310 54,732 Fund balances at 31 March 2024 65.245 73,310 The statement of financial activrties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE INSTITUTE OF PROFESSIONAL SOUND BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notss Fixed assets Tangible assets 10 704 652 Current assets Debtors Cash at bank and in hand 11 6,352 83,801 4,267 71,308 90.153 75,575 Creditors: amounts falling due within one year 12 (25,612) {2,91n Net cuirent assets 64.541 72,658 Total assets less Current liabilities 65.245 73,310 Income funds Unreslricted funds 65,245 73,310 65.245 73,310 The company is entitled to the exemption from ihe audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance wilh section 476. These financial slatements have been prepared in accordance with the provisions applicable to companies subjed to the small companies regime. The financial statements were approved by the Trustees on ....... ... S J Bishop Trustee SMHClark Trustee Company registration number 02776194
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢counting ptslicies Charity Inforniatlon The Institule of Professional Sound is a ptivate company limited by guarantee incorporated in England and Wales. The registered offKe is 24 Park Road South. Havant, Hampshire, P09 1HB, United Kingdom. 1.1 Ateounting convention The financial statements have been prepared in accordance with the charitys goveming document, the Companies Acl 2006 and Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in aordanCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 2019). The charity is a Public Benefit Entily as defined by FRS 102. The charity has taken a(Ivantage of the provisions in Ihe SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling.. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements contain information about The Institute of Professional Sound as an individual ompany. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the finanoal stslements. the trustees have a reasonable expectation that the chatity has adequate resources to continue in operational existen for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unreslricted funds are available for use at the discretion of the trustees in furtheran of Iheir charitable objeclives. Restricted funds can only be used for particular restricted purposes wtthin the objects of the charity. restrictions arise when specffied by the donor or when fijnds are raised for pa'Cular restricted purposes. The charity does not have any restricted furKls at the balance sheet date. Restricted funds ale subject to specific conditions by donors as to how they may be used. The purposes and Uses of the restricted ndS are set out in the notes to Ihe financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charty is legally entitled to it after any pertorrnance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Income is the amounls derived from the provision of goods and services.
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued} 1.5 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is ac¢ounted for on an accruals basis and ha5 been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated lo activities on a basis consistent with the use of resources. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The assets, residual values. useful lives and depreciation methods are reviewed and adjusled prospeGlively if appropriate. Depreciation is recognised so as to wriie off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures and fittings 20_ 330h on cost The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the slatemenl of financial activities. 1.7 Impairnient of fixed assets At each reporting end dale, the charity reviews the carrying amounts of its tangible assels lo determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the reGoverable amount of the asset is estimated in order to detemiine the extent of the impairment loss (rf any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 FinanGial instruments The charity has elected to apply Ihe provisions of Section 11 'Basic Financial Instruments. and Section 12 'Olher Financial Instruments Issues. of FRS 102 to all of rts financial instruments. Financial instruments are recognised in the charity's balance sheet when the charty becomes party to the ontractual provisions of the instrumenl. Financial assets and liabilitie5 are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention 10 settle on a net basis or to realise the assel and settle the liabilty simultaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price induding transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets lassified as receivable wilhin one year are not amortised.
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued Basic financial liabilities Basic financial liabiltties, including credilors are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Finanual liabilities classified as payable within one year are not amortised. 1.10 Taxation The charity is exempt from corporation tsx on its charitable adiwties. Donations and legacies Unrestricted Unrestricted funds funds 2024 2023 Membership fee5 47,534 46,863 Charitable activities Event Incom9 T¢)lal 2024 Event income Total 2023 2024 2024 2023 2023 Sales within charitable activities Sales of services by benefieiaries Other income 35,463 35,463 8,704 8.704 35 750 35 750 3,750 3,750 3,750 35,463 39,213 785 8,704 9,489 Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 1,475 339 10-
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Fundraisin and ublici DepreGiation and impairment 271 163 Tradin costs Support costs 283 277 554 440 Charitable activities Event costs Event costs 2024 2023 Event costs 59,657 9,213 Share of support costs {see note n Share of governance costs {see note 7) 33.274 2.802 25,320 3,140 95.733 37.673 11
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 Support Governance Costs costs 2023 Meetings Executive committee Business services Telephone and postage Website and email costs Exhibitions and promotional Bank charges Insurance Subscriptions 1,197 2,712 17,628 1,581 2.851 1,197 2,712 17.628 1.581 2.851 158 1,338 16,730 1.707 2,736 158 1,338 16,730 1,707 2,736 5,352 5.352 154 283 1.800 722 129 277 1,800 722 129 277 1,800 283 1.800 Accountancy fees Bookkeeping 2.802 2.802 2,640 500 2,640 500 33.558 2,802 36,360 25,597 3,140 28,737 Analysod between Trading Charitable activities 283 33,275 283 36.077 277 25.320 277 28,460 2,802 3,140 33,558 2.802 36.360 25.597 3,140 28,737 Govemance costs includes payments for Independent exarnination fees of £4C(1 {2023- £200). Trustees None of the trustees {or any persons connected with them) reiVed any remuneration or benefits from the charity during Ihe year. Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxalionof Chargeable Gains Act 1992 to Ihe exient that these are applied to its charitable objects. 12-
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Tangible fixed assets Flxture5 and fittings Cost At 1 April 2023 Additions 815 323 At 31 March 2024 1,138 Depreciation and impaimient At 1 April 2023 Depreciation charged in the year 163 271 At 31 March 2024 434 At 31 March 2024 704 At 31 March 2023 652 11 Debtors 2024 2023 Amounts falling due within one year: Prepaymenls and accrued income 6,352 4.267 12 Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 20.521 5,091 2,917 25.612 2,917 13 Related party transactions There were no disclosable related party transactions during the year (2023- none). 13-