Charity rngistration number 1016699 Company règistration number 02776194 (England and Wales) THE INSTITUTE OF PROFESSIONAL SOUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE INSTITUTE OF PROFESSIONAL SOUND LEGAL AND ADMINISTRATIVE INFORMATION Truste•8 M J Felton E J Willett R K Graham S J Bishop SMHClark G Hewis JPCGough P Banfield P Bridges D Carugo M Cheffins T Curry Secrntary Mr M Johnson Charlty number 1016699 Company numbor 02776194 Rogi•terod office CIO Azats Carnac Place Cams Hall Estate F8r8ham Hampshire Unll8d Kin9dom P018 8UY Independont •xamln•r Azets Cam8c Place Cams Hall Estate Fareham Hampshire United Kingdom P016 8UY
THE INSTITUTE OF PROFESSIONAL SOUND CONTENTS Page Trustee8' report statement of trustees, responsibllltles Independent 8xaminerfs report Statement of financial activities Balance sheet Noles to the financial statements 8-13
THE INSTITUTE OF PROFESSIONAL SOUND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report and financial statements for the year ended 31 March 2025. The trustees are also directors of the chanty for the purposes of the Companles Act 2006. The trustees, report contains a dire¢tors' report as required by company law. The financial statements have been prepared in accordance wlth the accounting poli¢les set out in note 1 to th8 financial statements and comply with thè charity's governing document, the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practlce applicable to charities preparing their accounts In accordance with th8 Finan¢lal Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102> (effective 1 January 2019). ObJectlve8 and actlvltle8 The charlty's objects are to promote the widest understanding of professlonal audio in all Its contexts and to promote the cultural and education81 benefits resultlng from producing sound of high technlcal and artistic quallty,. In particul8r, by encouraging th8 maintenance of the highest professional standards among sound operalDns personnel, securing improvements in the art and technlque of operational sound resuttlng In such cuttural and edurational benefits, promotlng and publishing Ihe relevant result5 of experiment and research dgslgn8d to secure such improv8m8nt8, and provldlng a forum for the exchange of Infomatlon, The trustees have pald due regard to guidance Issued by the ChaTIty Commission in deciding what actlvltles the charity should undertake. In performing our activities we have consldered the Chaiity Commission's general guidance on publlc benefft per our duly Outllned in s17(5) of the Charities Act 2011. Slgnlflcant actlvltJè8 Genaral activitie8 mainlained. The focus this year has been on 8UPPOrt for members and Increased fund rai3lng and support events. Achlevement• and p•rformanc• Membership of the IPS.. The membership is drawn prlmarlly from audio professionals working in operational posls within the UK audio Industry and relaled professional audio fields. There are a number of members from Europe and the rest of the world who Share the Same aims and ideals as thos8 members in the UK. The IPS has three main categories of member - Full. Affiliate and Studenl. The category of Affiliele also caters for those In related industries, for example, manufacturing and further educatlon establishments who have expressed an interest in the work of the IPS and wish to be associated with it. student members are those who are still receiving fonnal educatlon on a full-time course or other relevant studies. From the foregolng It wlll be seen that membership of the IPS is open initially to a wide group of individuals with a common interest in audio. Much of what IPS produces Is also available to the publlc through the website and publications. Funding of the IPS.. The primary source of funding for the organisation Ss by annual subscription. There is an additiijnal Sour of income provided by commer¢lal ¢ompanie5 who wish to be associated with 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 2025 Financial revlew Financial posltion The trustees are pleased with the progress achieved in reviewing its financial posttion and implementing changes to its operational focus. Finances and activities are regularly monitored and sufficient reserves held to cover short term needs. Throughout the year under review the IPS has been able to maintain a very positive financial position, with a healthy bank balance, that gives security for the continued activities of the Institute. Following on from the progress made last year with more member's meetings, this past year has seen an increase in bolh the number of meetings plus fresh opportunities for visits to places of interest for the membership and their guests. While this has often incurred more expenditure these activities have none the less has been funded from within the institute's resources. A number of successful members. meetings were held throughout the year, in various locations, affording the members good nerkIng opportunities as well as the benefit of hearing presentstions at first hand. This past year has seen an increase in the °churn" within the membership. IAlhile the overall numbers have remained fairly static wtth new younger members replacing departing older long-time members, what has been noticed is a number of members pausing their subscriptions due to constrained financial circumstances. This is a reflection of the general situation throughout the media industry with budget constraints within the commissioning companies leading to much reduced employment opportunities for the IPS members. Again. the IPS was able to hold another of its popular one-day Pro Audio shows in November which have now become a fixture in the professional audio calendar. It is the policy of the charity that unrestricted funds which have not been designated for a specific 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 to continue the charty's current activities while consideration is given to ways in which additional funds may be raised. This level of resenies has been maintained throughout the year. The amount of funds the charty holds at 31 March 2025 is £72,929. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems a in place to mitigate exposure to the major risks. structure, governance and management The charity 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 inApril 2018. During the year the Executive Committee of the IPS took the decision to duplicate a number of the Officer roles within the committee, e.g. appointing two chairmen, two vice chairmen, and two treasurers. This is to enable the Executive Committee meetings to satisfy the condition laid down in the M&A's that requires two officers to be present for the meeting. Now the monthly Executive Committee meetings can be quorate and not have to rely on specific individuals to always attend as Officers for the meetings to be quorate.
THE INSTITUTE OF PROFESSIONAL SOUND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: M J Felton E J Wllett R K Graham S J Bishop C M Macnab SMHClark G Hewis JPCGough P Banfield P Bridges D Carugo M Chefflns T Curry (Resigned 11 June 2024) Any person who is a Full Member of the Institute and Is wllllng to act as an Executive Committee member, and is p8rmltt8d by law to do 80, may be appointed to the Executive Committee- (a) by ordinary resolution passed at the Annual General Meeting of the Institute or (b) by a declslon (invllation) of the exlstlng Ex6cutlve Commilee. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a windlng up. The Commlttee may from tlme to tlme, and at any tlm8, C(pt any Full Member of the Institute as a member of the Executive Committeè, èither to fill a casual vacancy or by way of addition to the Executive Committee, provided that there shall not be more than 10 Co-opted members of tha Execuliv6 Committee at any one time. Any member so appointed shall retain their offica only until the next Annual General Meeting, bul they shall then be ell9lbla for election. No person who Is not a Full Member of the Institute 8hall In any clrcumytances be eligible to hold Offi as a member of th8 Executive Committee. The Executlve Commlttee shall, from their number. appoint the officers of the Institute as they see rrt. The IPS 18 govemed by its Memorandum and Articles of Association which sets out the agenda for the trustees. The trustees are all members of the Executive Committee of the IPS led by thelr Chaimian. All the N*mbers of the Executive Commlttee (ECI are drawn from the membership of the organisation and are elected annually at the AGM by the membership, as laid down in the Memorandum and Articles ofAssociatlon. AII EC m8mbers and thelr Chalrman operate in a pur81y volunlary manner without financlal reward, save for the reimbursement of reasonable expenses incurred in the perfomiance of their dutles for the Committee. The daity admlnlstratlon of the organisation In undertaken by the Secretariat, currently one individual working on a part-time basis, for which he is remunerated accordingly. The trustees, r port W8s approved by the Board of Trustees. Mr M Johns Secretary Date..
THE INSTITUTE OF PROFESSIONAL SOUND STATEMENT OF TRUSTEES, RESPONSIBILrriES FOR THE YEAR ENDED 31 MARCH 2025 The trustees. who are also the directors of The Institute of Professional Sound for the purpose of company law, ar8 responsible for preparing the Trustees, Report and the finanaal statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢pted Accounting Practice). Company Law requires the trustees to prepare financial slatements for each financial year which glve a true and fair view of the state of affairs of the ¢harity and of the incoming r880ur¢es and application of resources. including the income and expenditure, of the charitable company for that year. In preparing these flnanclal stalements, the trustees are required to.. select suitable accounting poli¢ie8 and then apply them consistently- observe the methods and principles In the Charities SORP., make judgements and estimates that are reasonabla and prudent., and prepare the financial statements on the golng conc8m basis unless it is inappropriate to pre8urr¢ that th8 charity will continue in operallon, The tru51ee5 are responslble for keeping adequate accounting records that dlsclose with reasonable accuracy at any tim8 the financial position of the charity and enable them lo ensure Ihat the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the as5et8 of the ¢harily and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE INSTITUTE OF PROFESSIONAL SOUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INSTITUTE OF PROFESSIONAL SOUND I report to thÉ trustees on my examination of the finandal statements of The Institute of Professional Sound (the tharity) for the year ended 31 March 2025. Responslbllltles and basls of report As the trustees of the charity (and also its dir8Ctors for the purposes of company law) you are responsible for the preparation of the financial stal8m6nls in accordance with th8 requlremenls of the Companiès Act 2006 (the 2006 Act). Having satisfied myself that the financial statem8nts of th8 charity are not required to be audited under Part 18 of the 2006 Act and are eligib18 for independent examination, I report In respect of my examination of the charity's financial statement6 carried out under sedlon 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by th8 Charity Commission under section 145(5)(b) of the 2011 Act, Indep•nd8nt oxamlnerfl statsmont I have completed my examlnatlon. I confimi thal 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 qUIred by s8Ctlon 386 of the 2006 Act- or the financial statemenls do not accord wlth those records., or the financlal stat8m8nts do not comply with the accounting requlrements of section 396 of the 2006 Act other than any requiremenl that the accounts give a true and fair view which 18 not a matter considered as part of an Independent examination; or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommend8d Practice for accounting and reportlng by charities applicable to charltles preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republ1¢ of Ireland IFRS 102). I have no concerns and have oome acro88 no other matters In connectlon with the 8xamlnatlon to whlch attention should be drawn in this report order to enable a proper understanding of the financial $tatement$ to be reached. Richard Hutchinson- FCCA Azets Cama¢ Pla Cams Hall Estate Fareham Hampshire P016 8UY United Kingdom Datod.. ..(......y.j..
THE INSTITUTE OF PROFESSIONAL SOUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Unrestricted funds lund8 2025 2024 Notes Donations and18gacies Charitable activities Investmants 50,462 19,052 1,310 47,534 39,213 1,475 Total Income 70,824 88,222 Ralsing funds 271 554 Charitable activities 62,869 95,733 Total expondlture 63,140 96,287 Net Incomo1{oxpendlturo) for the yearl Net movement In funds 7,884 (8,065) Fund balances at 1 April 2024 65,245 73,310 Fund balances at 31 March 2025 72,929 85,245 The statement of financial actlvltles Includes all gains and losses recognlsed in the year. All income and expenditure dedve from continuing actiwties. The statement of financial activities also complies with the requirements for an income and expenditure account under the Compani6sAct 2006.
THE INSTITUTE OF PROFESSIONAL SOUND BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 11 433 704 Currnnt asse1• Debtors Cash at bank and in hand 12 6,618 88,870 8.352 83,801 75,288 90,153 Credltors: amounts f•lllng due wlthln one year 13 (2,790) (25,612) Nèt current assets 72,496 64,541 Totsi a88•ts l•ss current Ilablllti•• 72,929 65.245 In¢omg fund• Unrestricted funds 72,929 65,245 72,929 65,245 The company is entrtled to the exemption from the audit requlrement containad in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The directors acknowledge their responslbiliti6s for complying with the requirements of the Compa18S Act 2006 with respect to accounting records and th8 pparatIon of financlal statements. The members have nol requlred the company to obtaln an audlt of Its flnancial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companles regime. The financial statements were approved by the Trustees on ......... LS S J Bishop Tru$te6 SMHClark Trustee Company roglstration number 02776194
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policlè$ Charfty Infomiatlon The Institute of Professional Sound is a private company limited by guarantee incorporated in England and Wales. Th8 registered office is CIO Azets, Carnac Place, Cams Hall Eslate. Fareham, Hampshire. P016 8UY, Unrted Kingdom. 1.1 A¢countlng convontlon The financial statements have been prepared in accordance with the charlty's governing document, the Companies Act 2006 and Accounting and Rèporting by Charitios.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Irèland (FRS 102> {6ffective 1 January 2019). The charity is a Public Benefrt Entity as defined by FRS 102. Th8 charlty has taken advantage of Ihe provision8 In the SORP for Charities applySng FRS 102 Updats Bulletln 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which 1$ the functional currency of the charity. Monetary amoun18 In thèsa financial $latements are rounded to the nearest £. The financlal statements contain information about The Insts'tut8 of Professional Sound a8 an Individual company. Thè financial statements have been prepared under the historical cost conventlon. The princlpal accountino policies adopted are set out below. 1.2 Golng concern At the time of approvlng the llnanclal statement8, the trustees have a rea80nable oxpoctation that the charlty has adequate resources to continue in operational exlstence for the foreseeable future. Thus the trustees continue to adopt the going concern basls of accounting in preparing the financial Statements. 1.3 Charft4bl• funds Unr8Stri¢ted funds are available for use at the discretion of Ihe Irustees In furtherance of théir charitable objectiV88. Restricted funds can only b8 used for particular restricted purposes within the objects of the charlty. restrlctlons arise when specrfied by the donor or when funds are raised for partlcular restrbcted purpos8S. The charlty does not have any restricted funds at the balanc8 sheet date. Restricted funds are subject lo Specif conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are sel oul in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capit81 musl be malntained by the charity. 1A Income Income is recognised wh8n th8 charity is legally entitled to It after any performance conditions have been met. th8 amounts ¢an be measured reliably, and It is probable that income will be roceived. Income is the amounts derived from the provision of goods and seryices.
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 AGGountlng policie8 (Conllnued) 1.5 Expendlture Liabilitles are recognised as expenditure as soon as thère is 8 legal or constNctive obligation committing the charity to that expenditure, it is probable that a transfer of economic ben8fft8 will be required in settlement and the amount of the obligation can be mèasured reliably. Expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all costs related to the category. 8r6 sts cannol be diredly attributed to particular headings they have been allocated to activities on a basis consistent with Ihe use of resources. 1.6 Tanglble fixad a880ts Tangible fixed assets are initially measured at Cost and subsequently measured at cost or valuation, net of depreciation and any Impairment Ioss8S. The assets. residual values, us6ful lives and depreciation methods are reviewed and adjusted prosFectively if appropriate. Depre¢iatlon Is recognlsed so as to wrlta off tha cost or valuation of assets less thelr resldual valuès over thelr useful livas on the following bases: Fixtures and fittings 20 . 33•A on cost The galn or loss arising on the disposal of an asset is d8t8miined as the difference betsveen the sale proceeds and the carrying value of the asset, and is recognised In the statement of financial actlvltles. 1.7 Impalrni•nt of fixod a•sets At each reporting end date. the charity reviews the carrying amounts of its tanglble assets to d8termin8 whether th8r8 Is any indication that those assets have suffered an impairment loss. If 8ny such indication exists, the recoverable amount of the asset is estimated In order to determine the extent of the impalrm6nt 1088 (rf any). 1.8 Cash and ¢48h oqulvalents Cash and cash equivafents Includa cash in hand, deposits held at call with banks, other short-t8m liquld investments with original maturilies of three months or less, and bank overdrafts, Bank overdrafts are shown within borrowings in ¢urrent Ilabllltles. 1.9 Flnanclal Instruments The ¢haTity has elected lo apply Ihe provisions of Sectlon 11 'Basic Financial Instruments, and S8Ctlon 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are r8cognlsed in th8 charity's balance sheet when the charty 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 8 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 liabilty simultaneously. Basi¢ financial assets Basic financial assels, which include debtors and cash and bank balances. are initially measured at transaction price induding transaction costs and are subsequently carried at amortised cosl uslng Ihe effeclive interest method unless the aThangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of intsr8st. Finanaal assets dassrfied as recEivable within one year are not amortised.
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ac,countlng pollcla8 {Continued) Baslc financlal Ilabllllles Basic financial liabilities, including creditors are inltlally recognised at transaction price unless the arrangement constitutes a financing transaclion, where the debt instrument is measured at the présent value of the future payments discounted at a market rate of interest. Financial liabilities classrfied as payable within one year are nol amortised. 1.10 Taxatlon The charity is exempt from corporation tax on its charliable activities. Donations and legacies Unre¥trictèd Unr•strlcted funds fund$ 2025 2024 Membership fees 50,462 47,534 Charllab *ctlvllle¥ Ev•nt Incomo TotAI 2025 Evfrnt Incom• Total 2024 2026 2025 2024 2024 Sales within haritable actlvities Other income 15,802 15,802 3,250 35,463 35.463 3,750 3,250 3,750 3.250 15,802 19,052 3,750 35.463 39,213 10-
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charltablo ctiviti88 (Continued) Investmont8 Unrn8trlcted Unr•stricted funds funds 2025 2024 Interest r6ceivabla 1,310 1.475 Ralilng funds Unrostrlctsd Unrostrlcted fund8 funds 2025 2024 Depreciation and impairment 271 271 Support costs 283 271 554 Charltable actlvltlog Event ¢o•ts Ev•nt costs 2025 2024 Event costs 15,725 59.657 sha of support costs (See note 7) Share of govemance costs (see note 7) 43,7C 3.444 33,274 2,802 62.869 95,733 11
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Governance costs costs 2025 Support Govornance costs costs 2024 M88tlng8 Executive committee Business seniices Telephone and postage Website and email rSt$ Exhibitions and promotional Bank Gharges Insurance Subsulptlons 8,748 1,450 22.237 1,648 2.606 8,746 1,450 22,237 1,646 2,6C6 1,197 2,712 17.628 1,581 2,851 1,197 2,712 17,628 1,581 2,851 5,071 144 5,071 144 5,352 5.352 154 283 1,800 283 1,800 1,800 1.800 Accountancy fees 3,444 2,802 2,802 43,700 3,444 47,144 33,558 2,802 36,360 Analysed beeen Trading Charitable activities 283 33,275 283 36,077 43,700 47,144 2,802 43.700 47,144 33,558 2,802 36,360 Governance costs Includes payments for Independent examinatlon fees of £500 <2024- £400). TrustO08 None of the trustees (or any persons conneded wlth them) recelved any remuneratlon or benefits from the charity during the year. Employ••• The average monthly number of employees during the year wa5: 2025 Numbor 2024 Number 13 13 There were no employees whose annual remuneration was more than £60,C(10. 10 Taxation The charity 1$ exempt from tax on income and gains falling Wbthin section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to ts charitable objects. 12-
THE INSTITUTE OF PROFESSIONAL SOUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Tanglble flxed assets Flxturo• and flttlngl Cost At 1 April 2024 1,138 At 31 March 2025 1,138 Depreclatlon and Impalrni•nt At 1 April 2024 Depreciation charged In the year 434 271 At 31 March 2025 705 At 31 March 2025 433 At 31 March 2024 704 12 Dobtors 2026 2024 Amounts falllng due wlthln one y•ar: Prepayments and accrued income 6,616 6,352 13 Croditorn: amounts falling duo wlthln one year 2025 2024 Trade credltors Accruals and deferred incom8 20,521 5.091 2,790 2,790 25,612 14 Related party tran8action8 There were no disclosable related party transactions during the year {2024- none). 13-