2024-03-31-accounts - Institute Of Conservation

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Annual Report and Accounts For the Year Ended 31 March 2024

	Page
Report of the Board of Trustees	3 – 17
Report of the Independent Auditors	18 – 21
Statement of Financial Activities	22
Balance Sheet	23
Statement of Cash Flows	24
Notes of the Financial Statements	25 – 39

INSTITUTE OF CONSERVATION

Report of the Board of Trustees

for the year ended 31[st] March 2024

REGISTERED COMPANY	NUMBER:		05201058
REGISTERED CHARITY NUMBER (England and Wales):			1108380
REGISTERED CHARITY NUMBER (Scotland):			SC039336
BOARD OF DIRECTORS:	Nicholas Boyes
	Richard Bruce
	Emma Chaplin, Chair (from 01.04.23)
	Diana Davis ACR
	Louise Davison
	Claire Fry ACR
	Maria Jordan ACR (elected 15.11.23)
	Charles Morse
	James Murphy
	David Orr ACR (elected 15.11.23)
	Anita Quye
	Michelle Rheeston
	Mark Ross
	Sophie Rowe ACR,	Vice-Chair
	Michelle Stoddart
EXECUTIVE OFFICERS:	Sara Crofts, Chief Executive (until 19.05.23)
	Kate Frame, Interim Chief Executive (17.05.23 to 14.11.23)
	Emma Jhita, Chief Executive (from 01.11.23)
REGISTERED OFFICE:	106-109 Saffron Hill WEBSITE:		www.icon.org.uk
	London EC1N 8QS
BANKERS:	Unity Trust Bank plc
	4 Brindley Place
	Birmingham
	B1 2JB
SOLICITORS:	Mills & Reeve LLP	AUDITORS:	Azets Audit Services
	1 City Square		2nd Floor, Regis House
	Leeds LS1 2ES		45 King William Street
			London EC4R 9AN
ACCOUNTANTS:	JS2 Limited
	One Crown Square
	Church Street East
	Woking
	GU21 6HR

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Report of the Board of Trustees (continued)

for the year ended 31[st] March 2024

Chair’s Introduction

2023-24 marked my first year as Icon’s Chair of Trustees and was a time of considerable change for both Icon and the wider world as we navigated shifting political and economic landscapes.

This annual report provides a record of Icon’s continued success in delivering services to members and advocating on behalf of the conservation profession throughout this period of transition.

Notable highlights in the year included:

Completion of the review and relaunch of Icon’s Accreditation Scheme.
Publication of the Conservation Skills Strategy and ‘Industrial Heritage Conservation Skills – A Plan for Action’.
Strong representation of the work of Icon members through ’Conservation Stations’ at Heritage Open Days.
Expansion of the Marsh Conservation Awards programme.
Icon Accreditation awarded to 26 members.
Delivery of 10 different training events, attended by 1,713 delegates both in-person and online.

The collective strength of Icon and the dazzling array of skills and expertise in our membership is notably visible through the work of our Groups and the network of dedicated volunteers that make this activity possible. During 2023/4 they delivered a total of 49 events and were key to advising strategy work, supporting published reports, and informing advice for the sector. My thanks go to each of our members who volunteer to take active roles in the running of the Groups, as Mentors, and across so much of Icon’s activity. You do a fantastic job, and the Board appreciates all that you do for Icon’s members and the wider conservation community.

We were delighted to welcome Emma Jhita, previously Head of Partnerships and Development at Historic England as our new CEO in November 2023 following Sara Crofts’ departure in May 2023, after four years with Icon. Sara steered Icon brilliantly through the challenging times of the Covid pandemic and our thanks and best wishes go to her in her new role. We were fortunate to secure the services of Kate Frame, former Head of Conservation and Collections Care at Historic Royal Palaces as Interim CEO to ensure leadership continuity alongside Patrick Whife, Head of Skills, throughout this period. Icon’s governance processes for the year were expertly supported by Caroline Peach.

The staff team underwent considerable change throughout the year as we also said goodbye to Michael Nelles, Jess Lock, Geanina Beres, and Chloe Gerrard. To each of them, Kate, and Patrick, we are immensely grateful.

Thank you to the strong staff team we now have in place: Heather Doyle, Emma Jhita, Beck Kaplan, Amy Neal, Michael Rodger, Patrick Whife and Isobelle White. They are a small, energetic and dedicated team, focused on delivering on Icon’s priorities and supporting our members. Thank you also to Icon Journal Editor Jonathan Kemp and our Iconnect Editor Karen Young who have taken Icon’s publications from strength to strength.

My thanks also go to the members of the Board of Trustees for their commitment and dedication to Icon throughout the year, particularly Sophie Rowe ACR, Vice Chair, Richard Bruce, Chair of Finance

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Report of the Board of Trustees (Continued) for the year ended 31[st] March 2024

Committee and Diana Davis, Chair of the Professional Standards and Development Committee.

Finally, my thanks go to our members for choosing to be part of the Icon community and helping us to strengthen and develop the conservation profession and continue to advocate for the preservation of our shared cultural heritage on regional, national and international stages. Emma Chaplin, Chair.

Report of the Trustees

The Board of Trustees presents its report and audited financial statements for the year ended 31[st] March 2024.

The Institute of Conservation (Icon) is a charitable company working to safeguard cultural heritage. Icon is also the professional membership body for the conservation profession.

Icon’s vision is to protect, preserve and promote our treasured cultural heritage through cultivating skilled conservation professionals, supporting meaningful collaboration across the cultural heritage sector, and delivering public benefit through engagement and advocacy.

Icon’s mission is to represent and support the practice and profession of conservation by promoting the public value of caring for cultural heritage and upholding high standards and ethics in conservation practice. Icon ensures that the guardians and owners of objects, buildings and collections can access knowledgeable and passionate professionals who will help them safeguard the physical remains of our past for the future.

These values underpin all our activities:

Work with integrity: we are open and honest and do what we believe is best for our shared cultural heritage, the public and our members
Be inclusive: we value diversity and ensure that opportunities are open to all those who want to care for our heritage
Be forward and outward-looking: we keep our eyes on the horizon and the world around us
Be ambitious advocates: both for our organisation and the things we believe in
Be collaborative and generous: we work with our members and partners to achieve the best results together
Uphold high standards: we value, support and promote the expertise and professionalism of our members and partners

OBJECTS AND ACTIVITIES FOR PUBLIC BENEFIT

The Charitable Objects of Icon are:

To advance the education of the public by research into and the promotion of the conservation of items and collections of items of cultural, aesthetic, historic and scientific value; and

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Report of the Board of Trustees (Continued) for the year ended 31[st] March 2024

To preserve and conserve items and collections of items of cultural, aesthetic, historic and scientific value.

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning Icon’s future activities

STRATEGIC OBJECTIVES 2023-2024

Icon published a new Strategy in April 2022 after a year of consultation and development. There are five key objectives in Icon’s Strategy:

Champion cultural heritage and the value of conservation
Extend our reach within the UK and internationally
Maintain high standards in conservation practice
Develop conservation as an inclusive and rewarding career
Strengthen our Institute

The following operational priorities for the financial year 2023-2024 were agreed by the Board of Trustees on 22 March 2023.

Key achievements for the year 2023-2024 are summarised in the table on the following pages.

Further information about Icon’s activities and their impact can be found on the Icon website at https://www.icon.org.uk/impact.html.

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Report of the Board of Trustees (continued)

for the year ended 31[st] March 2024

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Objective Activity / Priority Outcomes / Outputs

Campaign – Heritage Worked with Heritage Open Days staff and Icon members to deliver
Open Days “Conservation Stations” alongside the main programme for a second year.

Delivered four events introducing people to conservation and promoting Icon.

Published “Introducing Icon: the expert care and repair shop” on the Heritage
Open Days blog.
Marsh Awards  Continued a very positive relationship with the Marsh Charitable Trust, securing
approval for six conservation awards to be presented at Icon24 in July 2024.
Policy activity  Icon published its ‘Conservation Skills Strategy’ which outlines Icon’s approach
towards ensuring the skills to care for objects, collections and built heritage exist
in the conservation-restoration workforce.
Champion cultural

Icon published ‘Industrial Heritage Conservation Skills - A plan for action’ which
heritage and the
was supported by funding from the National Lottery Heritage Fund Heritage
value of
Innovation Programme.
conservation

Patrick Whife joined the assessment panel for Research Infrastructure for
Conservation and Heritage Science (RICHeS) an AHRC-led project.
 Patrick Whife continues to co-chair the Historic Environment Forum’s Client
Demand Task Group.

Icon facilitated the publication of the environmental statement from heads of
conservation in the UK through its Policy Forum.

Icon represented its membership through publication of a statement calling for
an end to the destruction of cultural heritage in Gaza.

The Guardian produced an article on Icon’s Annual Lecture 2023 ‘Conserving
Empire’. This article was then repurposed and also covered by The Times.
----- End of picture text -----

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Report of the Board of Trustees (Continued)

for the year ended 31[st] March 2024

Extend our reach within the UK and internationally	Presence at stakeholder events	Icon hosted an information stand at the Heritage Trust Network’s conference in November 2023.
	Social media strategy	Continued to maximise our reach and engagement in the UK and internationally via a data-informed strategy across social media channels. Icon continues to grow international audience reach via Instagram and Facebook.
	Annual Lecture 2023	The Annual Lecture 2023,_Conserving Empire_with Dr Nick Merriman was very popular with 345 attendees. The lecture secured mainstream media coverage in the Guardian and The Times.
	Tru Vue grant programme	Offered internationally for the first time. Icon received 14 applications from a wide geographical spread – all continents were represented.  Seven grants were awarded in the UK and internationally.
	Engagement with students	Icon delivered a programme of events to engage new and returning students in autumn 2023 – including panel events focused on career development and providing opportunities for students to develop their professional networks. Engaged with conservation higher education institutions to build support for the _Student Month_campaign and encourage student participation in Icon activities.

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Report of the Board of Trustees (Continued)

for the year ended 31[st] March 2024

Maintain high standards in conservation practice	Conservation Policy Forum	Two meetings were held in 2023-24 covering topics such as skills and environmental sustainability. Icon facilitated discussions around environmental controls and sustainability.
	Increasing numbers applying for Icon Accreditation	Continued to develop assessment materials related to the delivery of the new application process. 31 applications received.  26 members awarded Icon Accreditation.
	Expand skills events programme	Delivered 10 events including: business skills; leadership; writing persuasively; and health and safety.  Events were attended by 1,713 delegates.
	Group and Network events	49 Group and Network events. Mixture of online and in-person activities.  A variety of international speakers.
Develop conservation as an inclusive and rewarding career	Apprenticeships	Developed assessment materials to support the delivery of the Cultural heritage conservator (level 7) and Cultural heritage conservation technician (level 4) apprenticeship standards.
	Careers advice	Continued to promote the_Inspiring the Future_programme.
	Industrial heritage skills	Successful application to the National Lottery Heritage Fund’s Heritage Innovation Fund for a project to investigate shortages in industrial heritage conservation skills.
Strengthen our Institute	Environmental responsibility	The Icon Sustainability Network delivered webinars, online events, and the 2023 X/Twitter Conference in April which saw speakers from across the sector contribute to the sustainability conversation. Icon’s members contributed professional expertise to Arts Council England’s GIS environmental conditions review alongside the refreshed Bizot Green Protocol. Icon also supported the Environmental Statement from Heads of

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Report of the Board of Trustees (Continued)

for the year ended 31[st] March 2024

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Conservation in the UK to highlight the crucial role that professional
conservators play in both reaching net zero targets and advancing the
sustainability agenda. Both of these activities were supported by Icon's Policy
Forum.
Financial resilience  Commissioned a range of planning and guidance resources from a business
development consultant with a focus on seeking sponsorship and building
commercial partnerships.

Developed an Income Generation Strategy, including fundraised income and
earned income through sector consultancy services.
Member engagement  Continued to develop Icon’s member magazine Iconnect as a widely accessible
publication championing the positive impact of conservation and increasing
recognition of the profession through broadening readership.

Published the first Conservation Register Annual Report, setting out quantitative
results of marketing campaigns and the diversity of specialist conservator skills
searched for by users.

Delivered three ‘Marketing Tips and Tricks’ webinars supporting ACRs to
showcase their work effectively in their Conservation Register listings.
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Report of the Board of Trustees (Continued)

for the year ended 31[st] March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Institute of Conservation (“Icon”) is registered as a Charity in England and Wales (Number 1108380) and in Scotland (Number SC039336). The Institute of Conservation is a Company Limited by Guarantee, Number 05201058, and is governed by its Articles & Memorandum of Association which were approved and adopted by the Members at the Annual General Meeting on 1[st] December 2014 and amended at a General Meeting held on 27[th] August 2020.

Recruitment, appointment, induction, and training of Trustees

The Trustees are responsible for setting the strategic direction of Icon and for agreeing and reviewing annual priorities. Trustees also take decisions on all strategic matters and are responsible for the sound financial management of the charity, although they have delegated the day-to-day running of the Charity to the Chief Executive, supported by the Management Team. All Trustees are also Directors of the Limited Company.

The Trustees held five meetings during the year including an in-person “away day” in January 2024.

The Trustees are volunteers and receive no remuneration apart from travel and subsistence expenses associated with the activities they undertake for Icon. Most Trustees are elected from and by Icon’s membership, serving a term of three years. The Board can also co-opt Trustees to fill gaps in the Board’s skills, knowledge and experience.

On 31[st] March 2024 there were 15 members of the Board of Trustees. 10 trustees were elected by the membership and five were co-opted by the Board. Of the 10 elected seats, two (Scotland and Northern Ireland) are reserved nation seats and one is a reserved seat for an emerging professional member. At present there is no one in the reserved seat for Wales. Elections are held once a year through an online portal.

Icon provides a trustee induction pack, which includes information on the role and conduct of charity trustees, to all members of the Board when they take office. All new Trustees are also invited to attend an induction workshop; other training opportunities are provided throughout the year.

Emma Chaplin was newly coopted as a Trustee and Icon Chair at the start of the financial year, taking up the role from 1[st] April 2023, and following-on from Vice Chair Sophie Rowe’s tenure as interim Chair.

Two new Trustees were elected during the year with Maria Jordan ACR and David Orr ACR, in the reserved seat for Northern Ireland, taking up their terms of office from 15[th] November 2023.

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Report of the Board of Trustees (Continued)

for the year ended 31[st] March 2024

Board Committee Structure and Members

The following table sets out the structure and membership of the four Board committees. Trustees are noted in bold type.

----- Start of picture text -----
Finance (FC) Professional Nominations Remuneration Conferences
Standards and
Development (PSD)
Receives quarterly Oversees and advises on Identifies and interviews Considers proposals for Considers proposals for
Management Accounts policy development and candidates for cost-of-living and sets guidance to
and oversees the implementation of appointment as Co- adjustments and staff support groups and
preparation of the conservation related opted Trustees or as remuneration, and networks in organising
Trustees’ Annual professional standards, Chair of the Board of makes
large conferences. Sets
Report, budget setting, training and education Trustees and recommendations to and runs the main Icon
the appointment of the and research recommends to the the Board
Conference
Auditors and major Board which candidates
project expenditure should be appointed
Richard Bruce FCA, Diana Davis ACR Sophie Rowe ACR Emma Chaplin, Chair Rebecca Ellison ACR,
Chair Chair (from April ’24) Chair
James Murphy Sophie Rowe ACR Richard Bruce FCA Sophie Rowe ACR Ina Hergert, Vice
(Interim Chair from Chair
Dec ’23)
Michelle Stoddart Claire Fry ACR (from Diana Davis ACR Richard Bruce FCA Alexandra Gent ACR
Dec ’23)
Maria Jordan Louise Davison (from Helen Ganiaris (until Pieta Greaves ACR
June ’23) Sept ’23)
Laura Lewis-Davies Anna Starkey (from Ashley Lingle ACR
March ’24)
Flora Davidson
Karen Thompson
----- End of picture text -----

The Board and its committees are supported by the following:

Group Chairs Forum (reports to the Board via the Chair) – chaired by Emma Chaplin
Accreditation Committee (reports to PSD) – chaired by Sarah Peek ACR
Editorial Advisory Panel (reports to PSD) – chaired by Jonathan Kemp, Editor of the Journal

In addition, the Board sets up working groups to deliver self-contained and time-limited projects as needed. The following groups were active during the year:

Chartership Scoping Group – chaired by Simon Cane ACR.
Equity, Diversity and Inclusion (EDI) Working Group – chaired by Charles Morse.

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Report of the Board of Trustees (Continued)

for the year ended 31[st] March 2024

Volunteers

Icon’s capacity to deliver its objectives is greatly enhanced by the many members who give their time to contribute to the organisation’s work. In 2023-24, Icon was supported by more than 489 volunteers. In addition to the various committee and working group roles undertaken by volunteers, Icon members also support the delivery of Icon’s Accreditation framework, acting as CPD readers and Pathway mentors. It would not be possible to deliver Icon’s Accreditation programme without their support.

All of Icon’s Special Interest Groups and Networks are run entirely by volunteers.

It is estimated that Icon’s volunteers contribute in excess of £260,000 of in-kind support each year, calculated at a professional day-rate. The Board of Trustees is deeply grateful for the combined efforts of all the Icon members who give their time and talents in support of their profession.

Membership

A substantial proportion of Icon’s operating revenue comes from membership subscriptions.

Icon had 2,209 members on 31[st] March 2024 of whom approximately 18% live outside the UK. Members are the heart of Icon and during the reporting period Icon’s membership team kept up an active marketing and recruitment programme to engage and recruit new members.

Icon’s Special Interest Groups mostly focus on areas of subject expertise and are led by voluntary committees with designated officers and financial accountability. There are currently 17 groups: Archaeology, Book & Paper, Care of Collections, Ceramics & Glass, Contemporary Art, Ethnography, Furniture & Woodwork, Gilding & Decorative Surfaces, Heritage Science, Historic Interiors, Historic Interiors, Metals, Paintings, Photographic Materials, Scotland, Stained Glass, Stone & Wall Paintings, and Textiles. Care of Collections was the largest group with 1460 subscribing members and the Stained Glass Group was the smallest with 348.

Icon Networks are looser affiliations with less formal structures. Current active Icon Networks are: Conservation Higher Education Institutions, Documentation, Dynamic Objects, Emerging Professionals, Sustainability, Modern Materials, and Pest Odyssey IPM. It was agreed that all Networks should become groups in April 2024. This allows a transition year during which Network committees can become familiar with Group regulations and processes.

Activity levels between individual Groups and Networks vary in any given year, but all contribute to the overall programme by delivering an extensive array of networking and training opportunities for Icon members. Formats range from workshops and conferences to lectures and talks. Groups and Networks have also hosted short courses, panel debates, gallery tours and symposia.

Skills (Internships, training and events)

Icon published its new Conservation Skills Strategy in April 2023 to guide our work and to enable us to focus our time and resources on the most pressing issues impacting the sector. The report built on our established commitment to Icon Accreditation, the development of sustainable entry routes into

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Report of the Board of Trustees (Continued)

for the year ended 31[st] March 2024

the conservation profession and the support for continuing professional development opportunities for conservators throughout their careers.

Icon was also successful in securing funding from the Heritage Innovation Fund to investigate the very real risk of the loss of the underpinning knowledge and skills required to care for industrial heritage collections. The published report established six key areas of work necessary for Icon to address in partnership with wider stakeholders to turn the tide and ensure that there is a skilled workforce to protect and preserve collections for future generations.

In addition, our events programme continued to grow, attracting over 450 delegates on a range of programmes to support the development of skills across the conservation workforce. A particular success was the launch of our Care of Collections for Non-Conservators programme which was designed to support small heritage institutions without in-house access to a professional conservator, to ensure they have the skills necessary to care for collections in their care.

Accreditation

Following the approval of the new model for delivering Icon Accreditation in 22/23, Icon has continued to develop and roll out the new application and assessment process. This has been wellreceived, with 30 new applications having been submitted.

The new pool of fully qualified assessors were trained to support the continued professionalisation of the assessment process along with a full review of the policies and procedures that back up the system. This combined has allowed Icon to move towards the delivery of a system of professional assessment that is in line with industry standards and helps to continue to raise the bar in terms of the quality and rigor of Icon Accreditation.

Publications

Three issues of the peer reviewed Journal of the Institute of Conservation edited by Dr Jonathan Kemp and published by Routledge Journals were produced in June 2023 (Vol 46, no 2), October 2023 (Vol 46, no 3) and February 2024 (Vol 47, no 1). The Journals are all available online and in a printed version which is posted to members.

Meanwhile, four issues of Iconnect (nos. 2-5), edited by Karen Young, were published by CPL One on behalf of Icon during the reporting period. The full library of Iconnect and its forerunner Icon News is available in the resources section of the Icon website.

Code of Conduct and Complaints

There were no complaints made during the reporting period.

Principal risks and uncertainties

Icon maintains a detailed risk register which is updated quarterly by the Chief Executive and reviewed by the Finance Committee and Board of Trustees. We also have a Governance Handbook , which contains Icon’s regulatory and operating policies and a Staff Handbook . All policies and

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Report of the Board of Trustees (Continued)

for the year ended 31[st] March 2024

procedures are regularly reviewed and updated, and members of the Management Team undertake regular training on relevant governance and compliance-related topics.

Cyber security has also been a key topic for all staff this year as the risk of a potential cyber-attack continues to a very serious concern for all charitable organisations. Icon’s most vulnerable digital asset is our membership database. If this was compromised valuable membership data could be lost, stolen or damaged, which would have serious repercussions. To mitigate this, the Chief Executive has built on the previous year’s review by maintaining necessary upgrades of operational IT systems supported by AirIT, Icon’s outsourced IT provider. Icon has also procured cyber security insurance cover from AXA which provides guidance and support around this rapidly changing threat in addition to financial cover should any losses be sustained.

In terms of uncertainties, the greatest risk continues to be in relation to membership numbers with impact from the pandemic and cost of living crisis still having an effect. Following a 6% membership fee increase in 2023-24, and after detailed consideration of membership projections in the coming months and years, the Board made the decision to prioritise retention and, therefore, froze membership fees at their existing level for 2024-25. The Board agreed that Icon’s key priority is growing the membership base and encouraging increased numbers of conservators to pursue professional accreditation. Our view is that the key to long term financial sustainability is to reach a membership figure closer to 3,000. This is a high target, but with a renewed focus on membership marketing we are confident it is achievable.

for the year ended 31[st] March 2024

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Report of the Board of Trustees (Continued)

Looking to the future

The new Icon Strategy was launched in April 2022. The following operational priorities for the financial year 2024-2025 were agreed by the Board of Trustees on 26[th] June 2024.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The statement of financial activities on page 22 shows a deficit in unrestricted activities after transfers of £4,778 (2023: deficit of £50,849), a deficit on the expendable endowment of £22,564 (2023: deficit of £12,488) and a deficit on restricted activities of £27,793 (2023: surplus of 17,917).

Reserves Statement

At the 31[st] March 2024 Icon had total reserves of £227,636 (2023: £332,771). These included restricted funds which are not available for the general purposes of the charity of £54,722 (2023: £82,515) and an Expendable Endowment of £nil (2023: £22,564). This is the Clare Hampson Fund, a bequest set up with the intention of supporting studies in paper conservation. Designated funds of £19,761 (2023: £44,437) represent the net book value of the capital database project and will be utilised over the life of the asset. The unrestricted reserves were £203,153 (2023: £183,255) and these can be used at the

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Report of the Board of Trustees (Continued)

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Trustees’ entire discretion. As the reserves are all held in bank accounts, there would be no need to realise tangible assets to release funds.

Icon retains reserves for four main reasons:

1 to cover financial risks to which the charity is exposed in the course of its business including income shortfall, cash flow volatility, unplanned expenditure and managed contraction;
2 to enable annual planning and budgeting with a degree of flexibility and contingency;
3 to finance future plans and provide capacity for planned growth in line with Icon’s strategy and
4 to provide the ability to take advantage of change and opportunities, identified and agreed by senior management and Trustees.

The Trustees consider that in order to meet these needs, Icon should hold free reserves equivalent to no less than six months' unrestricted expenditure (approximately £515,000 at 31st March 2024 (2023: £415,000) based on the 2024-25 budget).

The current level of free reserves, excluding the designated fund and expendable endowment, is £203,153 at 31[st] March 2024 and is therefore below the overall level set by Trustees. Accordingly, Icon management and Trustees will continue to monitor finances with the aim of achieving an unrestricted fund surplus being generated in each financial year until the six-months’ target has been met. The Trustees recognise that this represents a significant challenge in the current economic environment in the heritage sector.

The Board of Trustees will review this policy annually. Any substantial call on, or contribution to, reserves will be reported to Trustees.

Investment Policy

The Trustees consider that it is appropriate that the majority of the funds are invested in interest earning reserve accounts and that no funds are invested in either equities or bonds. The Board of Trustees reviews this policy annually.

Staff Remuneration

The pay of all staff is reviewed annually according to Icon’s Pay Policy to determine cost of living adjustments and whether any individual increases are warranted. In view of the nature of the charity, the Trustees benchmark from time to time against pay levels in other similar organisations. The remuneration benchmark is the median of the range paid for similar roles in similar organisations.

Fundraising Policy

Icon does not engage in large scale public fundraising and does not use professional fundraisers or commercial participators. We are unaware of any non-compliance with any regulations and codes and the charity has received no complaints relating to its fundraising practice during the year nor in any prior year.

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Report of the Board of Trustees (Continued)

for the year ended 31[st] March 2024

Statement of Trustees' Responsibilities

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 Institute at the end of the financial year and its surplus and deficit for the financial year.

In doing so, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the principles and methods of the Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the basis of a going concern unless it is inappropriate to presume that the company will continue in business

The Trustees are responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity's website is the responsibility of the Trustees. The Trustees' responsibility also extends to the ongoing integrity of the financial statements contained therein.

Each of the Trustees at the date of approval of this report confirms that:

1) so far as the Trustee is aware, there is no relevant audit information of which the company’s Auditors are unaware; and
2) the Trustee has taken all the steps that s/he ought to have taken as a Trustee to make herself/himself aware of any relevant audit information and to establish that the company’s Auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with the Companies Act 2006.

This report was approved by the Board of Trustees on 25 September 2024 and signed on their behalf.

……………………………………… Emma Chaplin, Chair

INSTITUTE OF CONSERVATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF INSTITUTE OF CONSERVATION

Independent auditor’s report to the members and trustees of Institute of Conservation

Opinion

We have audited the financial statements of Institute of Conservation (the ‘charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including 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 charitable company’s affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 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 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.

INSTITUTE OF CONSERVATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF INSTITUTE OF CONSERVATION (CONTINUED)

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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 (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charity Accounts (Scotland) Regulations (as amended) require 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 returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

INSTITUTE OF CONSERVATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF INSTITUTE OF CONSERVATION (CONTINUED)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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 charitable 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 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

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

INSTITUTE OF CONSERVATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF INSTITUTE OF CONSERVATION (CONTINUED)

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-ofauditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable 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 anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

John Howard Senior Statutory Auditor Azets Audit Services Chartered Accountants 2nd Floor, Regis House 45 King William Street London EC4R 9AN

Date: 7 October 2024

INSTITUTE OF CONSERVATION

STATEMENT OF FINANCIAL ACTIVITIES

(incorporating the income and expenditure account) for the year ended 31[st] March 2024

Note Unrestricted Funds Restricted Funds Expendable Endowment 2024 2024 2024 Income from £ £ £ *Donations, Legacies & Grants* Donations & Grants 2 460 3,620 - *Charitable Activities* Champion cultural heritage 42,334 - - Extend our reach 57,547 - - Maintain high standards 74,963 - - Develop conservation careers 67,664 - - Membership Services 381,164 - - *Other Trading Activities* Advertising Income 46,492 - - Sponsorship 17,155 - - *Investments* Bank Interest 1,143 __- 526 Total Income 688,922 3,620 526 __ _ _ Expenditure on *Charitable* *Activities* Champion cultural heritage 105,310 - - Extend our reach 91,438 - - Maintain high standards 231,312 23,483 - Develop conservation careers 87,102 4,126 23,090 Membership Services 145,512 - - Strengthen our Institute 33,026 3,804 - Total Expenditure 5 693,700 31,413 23,090 Net Income (expenditure) (4,778) (27,793) (22,564) Transfer of Funds - - - Net Movement in Funds (4,778) (27,793) (22,564) Brought Forward Funds at 1 April 2023 227,692 _ 82,515 _ 22,564 _ Carried Forward Funds at 31 March 2024 222,914 54,722 - _ _ __	Total Funds 2024 £ 4,080 42,334 57,547 74,963 67,664 381,164 46,492 17,155 __1,669 693,068 __ 105,310 91,438 254,795 114,318 145,512 36,830 748,203 (55,135) - (55,135) 332,771 _ 277,636 ______	Total Funds 2023 £ 38,703 23,823 52,120 63,113 93,971 376,447 30,285 13,985 3,601
		__ 696,048
		______ 134,967 79,357 194,317 107,461 184,108 41,258 741,468
		(45,420) -
		(45,420) 378,191 _ 332,771 __

The notes on pages 25 – 39 form an integral part of these financial statements. All transactions are derived from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities. Full comparative figures for the year ended 31 March 2023 are shown in note 14.

INSTITUTE OF CONSERVATION

Company Number: 05201058

BALANCE SHEET

as at 31[st] March 2024

			2024	2023
	Note	£	£	£
FIXED ASSETS
Tangible Assets	6		758	3,374
Intangible Assets	7		52,072	80,554
CURRENT ASSETS
Debtors	8	61,756		102,730
Cash at Bank and in Hand		435,229		295,212
		__		__
		496,985		397,942
CREDITORS- Amounts
Falling Due Within One Year	9	(272,179)	(272,179)	(149,099)
		__		__
NET CURRENT ASSETS			224,806	248,843
			__	__
NET ASSETS	10		277,636 __	332,771 __
FUNDS
Restricted Funds			54,722	82,515
Unrestricted Funds
General Unrestricted Funds		203,153		183,255
Designated Funds		19,761		44,437
Expendable Endowment		-		22,564
		______		______
			222,914	250,256
			__	__
	10		277,636 _	332,771 __

These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities.

These Financial Statements were approved and authorised for issue by the Board of Trustees on 25 September 2024 and signed on its behalf by:

………………………………

Emma Chaplin, Chair

The notes on pages 25 - 39 form an integral part of these financial statements.

INSTITUTE OF CONSERVATION

STATEMENT OF CASH FLOWS

for the year ended 31[st] March 2024

			2024		2023	2023
	Note	£		£	£		£
Cash flows from operating activities:
*Net income/(expenditure) for the year*		(55,135)			(45,420)
Adjustments for:
Depreciation and Amortisation charges	6 & 7	31,098			30,695
Dividends & interest		(1,669)			(3,601)
(Increase)/Decrease in debtors	8	40,974			(24,401)
Increase/(decrease) in creditors	9	123,080			(89,597)
		__			__
Net cash provided by operating
activities:				138,348			(132,324)
Cash flows from investing activities:
Purchase of intangible fixed assets	6 & 7	-			(3,687)
Dividends & interest		1,669			3,601
		__			__
Net cash provided by (used in)				1,669				(86)
investing activities:
			__				__
Decrease in cash and cash equivalents
in the year				140,017			(132,410)
Net cash and cash equivalents at the
start of the year				295,212			427,622
			__				__
Net cash and cash equivalents at the
end of the year			435,229 __				295,212 __
Analysis of changes in net debt			Balance at		Cash flows	Balance		at 31
			1	April 2023		March		2024
				£	£			£
Cash at bank and in hand				295,212	140,017		435,229
			__		__		__
			295,212 __		140,017 __		435,229 __

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31[st] March 2024

1. ACCOUNTING POLICIES

a) Statement of Compliance

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 (FRS 102) (Second Edition, effective 1[st] January 2019) - (Charities SORP (FRS 102)), and the Companies Act 2006. The Institute of Conservation 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).

General Information

The Charity is a private company limited by guarantee without share capital, incorporated in England & Wales (company number 05201058), a Charity registered in England and Wales (Charity number: 1108380) and a Charity registered in Scotland (Charity number: SC039336). The registered office is listed on page 2.

Going Concern

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 charity 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 charity’s forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Fund Accounting

General unrestricted funds comprise surpluses and deficits and are available for use at the discretion of the Board of Trustees in furtherance of the Charity’s general charitable objectives.

Other unrestricted funds are amounts that have been put aside out of the general unrestricted funds at the discretion of the Trustees to fund specific projects for the future development of the Institute (note 11).

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

Expendable Endowment – following the receipt of the final balance of the Clare Hampson bequest the balance on the fund has been transferred into an Expendable Endowment fund where the expenditure is restricted for use in the support of book & paper conservation studies.

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

1. ACCOUNTING POLICIES (CONTINUED)

c) Income

Income represents amounts receivable (and known at the year-end) by the charity during the year from all sources including subscriptions, grants, contracts, donations and investments. All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Grant income and membership contributions are included as they are received except where they relate to future periods in which case they are deferred.

d) Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Bursary payments are treated as fully expended when paid.

The costs of policy and advocacy, membership, Conservation Register, conferences, professional development, publications, group activities and support costs comprise expenditure, including staff costs, which is directly attributable to these activities. Where costs, such as support and governance, cannot be directly attributed, they have been allocated on the percentage of time spent on each charitable activity.

Support costs comprise all services supplied centrally, identifiable as wholly or mainly in support of direct charitable purposes and include an appropriate proportion of general overheads which cannot be allocated to specific activities.

Governance costs include these costs associated with meeting the constitutional and statutory requirement of the charity and include the audit fees.

e) Operating Leases

Rentals payable under operating leases are charged on a straight line basis over the terms of the leases.

f) Depreciation and Amortisation

Depreciation is provided on all tangible fixed assets in order to write off their cost over their expected useful lives. The rates adopted are as follows:-

Computer Equipment & databases 33.33% per annum straight line

Only fixed assets with a value in excess of £1,000 are capitalised. Assets purchased with a value below this are expensed in the year in which they occur.

Amortisation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The amortisation rates in use are as follows:

Conservation Register 5 years Membership database and website 5 years

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

1. ACCOUNTING POLICIES (CONTINUED)

g) Defined Contribution pension scheme

The amounts charged to the statement of financial activities are pension contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

h) Financial Instruments

Financial assets such as cash and debtors are measured at their present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation.

With the exceptions of prepayments all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 7 and 8 for the debtor and creditor notes.

i) 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.

j) 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.

k) 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.

l) Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors 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.

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

1. ACCOUNTING POLICIES (CONTINUED)

l) Judgements and key sources of estimation uncertainty (continued)

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

Useful Economic Lives - The annual depreciation charge for property, plant and equipment is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended where necessary to reflect current circumstances.

m) Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2. DONATIONS, LEGACIES AND GRANTS

Voluntary income received in the year was as follows:

2024 *Donations, Legacies & Grants* Sundry Donations 2023 *Donations & Legacies* National Lottery Heritage Fund Social Enterprise Academy Scotland Sundry Donations	Unrestricted Restricted 2024 £ £ £ 460 3,620 4,080
	460 3,620 4,080
	Unrestricted Restricted 2022 £ £ £ - 25,000 25,000 - 6,000 6,000 2,498 5,205 7,703
	2,498 36,205 38,703

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

3. NET MOVEMENT IN FUNDS

The Net Movement in Funds is stated after charging:-

Auditors' Remuneration - current year (excluding VAT) Depreciation and Amortisation Operating Leases – rent	2024 £ 11,750 31,098 36,000 __	2023 £ 12,450 30,695 35,167 __

4. STAFF COSTS

Staff Costs: Wages and Salaries Social Security Costs Pensions	2024 £ 241,623 19,676 12,014 _ 273,313 _	2023 £ 265,954 23,010 15,301 _ 304,265 _

One employee received emoluments between £70,000-£75,000 and one employee received emoluments between £60,000-£70,000 (2023: One employee between £70,000-£75,000).

Administrative salaries have been directly allocated to projects on which time was spent.

The company has a group stakeholder defined contribution pension plan with autoenrollment for staff. During the year payments totalling £nil (2023: £nil) were accrued and are included within current liabilities at the year end.

Numbers of Employees at 31 March 2024: 6 (2023: 7).

The average number of employees during the year was: 6.92(2023: 8.17).

The analysis of employees (full time equivalents) in the year was as follows:

Champion cultural heritage Develop conservation careers Extend our reach Governance Maintain high standards Membership Services Strengthen our Institute	2024 2023 Number Number 1.5 1.3 0.3 0.3 0.1 0.3 0.3 - 3.0 1.6 1.7 1.6 - 1.5
	6.9 6.6

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

4. STAFF COSTS (continued)

Key management personnel are the Management Team (Chief Executive, Head of Membership and Head of Skills). The total employee benefits of the key management personnel for the year totalled £142,413 (2023: £190,799).

None of the Board of Trustees received remuneration for their services as Trustees during the year (prior year £nil).

4 members (2023: 7) of the Board of Trustees received reimbursed expenses during the year. These were for travelling and amounted to £2,221 (2023: £1,690).

Icon pays the premium on an insurance policy covering Trustees’ liabilities.

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

5. ANALYSIS OF EXPENDITURE

Current Year 2024 Champion cultural heritage £ Direct Costs Grants to beneficiaries - Staff costs (note 4) 54,993 Other staff / staff costs 684 Room hire 547 Subscriptions & publications - Website & IT direct 3,797 Assessors costs - Professional Fees - Event costs - Publication costs - Trustee Expenses - Other - _ 60,021 Support Costs Staff costs (note 4) 639 Staff related costs 2,838 Premises costs 8,463 Office running costs 6,408 Professional services 16,051 Governance Costs Staff costs (note 4) 3,669 Audit 2,550 Other 4,671 _ 45,289 _ Total Expenditure 105,310 _	Extend our reach Maintain high standards Develop conservation careers Membership Services Strengthen our Institute £ £ £ £ £ - 475 51,302 - 8,347 4,701 112,283 27,141 54,326 - 18,371 11,572 3,625 8,211 - - 6,748 - 13,336 64,496 145 - 687 - - - 4,291 17,007 - - 8,402 4,984 - - - - - 66 - 22,336 565 2,423 - - - - - - - 124 67 - - - 245 - 4,717 28,483 _ ___ _ _ __ 87,568 162,330 91,975 100,773 36,830 55 1,305 316 632 - 242 5,794 1,400 2,803 - 723 17,280 4,177 8,361 - 548 13,083 3,161 6,330 - 1,372 32,770 7,916 15,856 - 313 7,497 1,815 3,628 - 218 5,206 1,257 2,519 - 399 9,530 2,301 4,610 - _ _ _ _ _ 3,870 92,465 22,343 44,739 - _ _ _ _ _ 91,438 254,795 114,318 145,512 36,830 _ _ _ _ _____	2024 Total £ 60,124 253,444 42,463 20,631 65,328 25,095 13,386 66 25,324 - 191 33,445 _ 539,497 2,947 13,077 39,004 29,530 73,965 16,922 11,750 21,511 _ 208,706 _ 748,203 _

Costs which have been directly attributable to a particular activity have been fully allocated to that specific charitable activity.

Support costs have been allocated based on the percentage of staff time spent and calculating its direct staff cost. Support costs are then allocated in proportion to this direct cost.

The percentages used are: Champion cultural heritage 22%, Extend our reach 2%, Maintain high standards 44%, Develop conservation careers 11%, Membership Services 21%.

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

Prior Year 2023 Champion cultural heritage £ Direct Costs Grants to beneficiaries - Staff costs (note 4) 67,817 Other staff / staff costs 557 Room hire 73 Subscriptions & publications 250 Website & IT direct 5,215 Assessors costs - Professional Fees - Event costs - Publication costs 191 Other 3,839 _ 77,942 Support Costs Staff costs (note 4) 8,635 Staff related costs 2,920 Premises costs 10,294 Office running costs 7,027 Professional services 16,756 Governance Costs Staff costs (note 4) 5,616 Audit 3,364 Other 2,413 _ 57,025 _ Total Expenditure 134,967 _	Extend our reach Maintain high standards Develop conservation careers Membership Services Strengthen our Institute £ £ £ £ £ - 500 71,864 - 12,818 13,055 79,215 12,813 78,520 - 22,360 16,222 11,976 1,290 - 204 375 - 109 - 30,658 371 - 2,015 - 32 - - 29,812 - - 7,950 - - - - - - 624 - - 22,995 - 50 - - - - - - 2,070 76 34 5,663 28,440 _ _ _ _ ___ 68,379 127,704 96,687 118,083 41,258 1,664 10,086 1,632 9,999 - 562 3,411 551 3,380 - 1,982 12,025 1,945 11,920 - 1,352 8,212 1,328 8,137 - 3,225 19,571 3,166 19,400 - 1,081 6,564 1,062 6,506 - 648 3,929 636 3,894 - 464 2,815 454 2,789 - _ _ _ _ _ 10,978 66,613 10,774 66,025 - _ _ _ _ _ 79,357 194,317 107,461 184,108 41,258 _ _ _ _ _	2023 Total £ 85,182 251,420 52,405 761 33,294 35,059 7,950 624 23,045 191 40,122 _ 530,053 32,016 10,824 38,166 26,056 62,118 20,829 12,471 8,935 _ 211,415 _ 741,468 _

Costs which have been directly attributable to a particular activity have been fully allocated to that specific charitable activity.

Support costs have been allocated based on the percentage of staff time spent and calculating its direct staff cost. Support costs are then allocated in proportion to this direct cost.

The percentages used are: Champion cultural heritage 27%, Extend our reach 5%, Maintain high standards 32%, Develop conservation careers 5%, Membership Services 31%.

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

6. TANGIBLE FIXED ASSETS

Computers £ At 1 April 2023 30,314 Additions - _ At 31 March 2024 30,314 _ Depreciation At 1 April 2023 26,940 Charge for Year 2,616 _ At 31 March 2024 29,556 _ Net Book Value at 31 March 2024 758 _ Net Book Value at 31 March 2023 3,374 _	Total £ 30,314 - _ 30,314 _ 26,940 2,616 _ 29,556 _ 758 _ 3,374 _

All assets are used for charitable purposes.

7. INTANGIBLE FIXED ASSETS

Database £ At 1 April 2023 142,409 Additions - _ At 31 March 2024 142,409 _ Amortisation At 1 April 2023 61,855 Charge for Year 28,482 _ At 31 March 2024 90,337 _ Net Book Value at 31 March 2024 52,072 _ Net Book Value at 31 March 2023 80,554 _	Database £ At 1 April 2023 142,409 Additions - _ At 31 March 2024 142,409 _ Amortisation At 1 April 2023 61,855 Charge for Year 28,482 _ At 31 March 2024 90,337 _ Net Book Value at 31 March 2024 52,072 _ Net Book Value at 31 March 2023 80,554 _	Database £ At 1 April 2023 142,409 Additions - _ At 31 March 2024 142,409 _ Amortisation At 1 April 2023 61,855 Charge for Year 28,482 _ At 31 March 2024 90,337 _ Net Book Value at 31 March 2024 52,072 _ Net Book Value at 31 March 2023 80,554 _
		80,554 __

Icon invested in a new membership database and website which was launched in April 2021. Since these and the Conservation Register purchased the previous year would have an overall life of up to 10 years with an upgrade after about 5 years, they are now amortized over 5 years.

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

8. DEBTORS Amounts Falling Due Within One Year Trade & Other Debtors Prepayments Accrued Income Included within debtors were financial instruments (comprising Trade & Other Debtors and Accrued Income) measured at amortised cost of: 9. CREDITORS Amounts Falling Due Within One Year Trade & Other Creditors Accruals Taxation & Social Security Deferred Income (see below) Included within creditors were financial instruments (comprising Trade & Other Creditors, Accruals, Taxation & Social Security and VAT) measured at amortised cost of:			2024 £ 17,248 33,920 10,588 _ 61,756 _ 27,836 __ 2024 £ 24,492 20,710 8,218 218,759 _ 272,179 _ 53,420 _		2023 £ 39,560 28,536 34,634 __ 102,730
					__ 74,194
					__ 2023 £ 26,045 16,250 11,909 94,895 _ 149,099 _ 54,204 _

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

Deferred Income

Deferred income relates to membership contributions received for future periods and other fees received in advance.

Balance as at 1 April 2023 Amounts released to income Amounts deferred in period Balance as at 31 March 2024	£ 94,895 (94,895) 218,759 _ 218,759 _

10.ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current Year (2024)			Expendable
	Unrestricted	Restricted	Endowment	Total
	£	£	£	£
Tangible Fixed Assets	758	-	-	758
Intangible Fixed Assets	52,072	-	-	52,072
Debtors	61,756	-	-	61,756
Cash at Bank and in Hand	380,507	54,722	-	435,229
Current Liabilities	(272,179)	-	-	(272,179)
	____	____	____	____
	222,914	54,722	-	277,636
	__	__	_	_
Prior Year (2023)			Expendable
	Unrestricted	Restricted	Endowment	Total
	£	£	£	£
Tangible Fixed Assets	3,374	-	-	3,374
Intangible Fixed Assets	80,554	-	-	80,554
Debtors	102,730	-	-	102,730
Cash at Bank and in Hand	190,133	82,515	22,564	295,212
Current Liabilities	(149,099)	-	-	(149,099)
	____	___	___	____
	227,692	82,515	22,564	332,771
	__	_	_	_

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

11. FUNDS Current Period Restricted Funds: Nigel Williams 1 Frederick Bearman 3 Conservation Register Restricted Capital 4 Aurelius Charitable Trust 8 Heritage Innovation Fund 9 Icon Scotland Group - fund for accreditation grants 10 Total Restricted Funds Unrestricted Funds: General unrestricted funds Designated Funds: Database Capital 6 Expendable Endowment 2	At 1 April 2023 £ 36,143 3,742 16,147 1,500 23,483 1,500 __ 82,515 183,255 44,437 22,564 _ _______ 332,771	Income Expenditure Transfers At 31 March 2024 £ £ £ £ 3,600 (4,126) - 35,617 20 - - 3,762 - (3,804) - 12,343 - - - 1,500 - (23,483) - - - - - 1,500 ___ __ __ __ 3,620 (31,413) - 54,722 688,923 (669,025) - 203,153 - (24,676) - 19,761 526 (23,090) - - _______ ____ __ _______ 693,069 (748,204) - 277,636

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

11.FUNDS (CONTINUED) Prior Period Restricted Funds: Nigel Williams 1 Frederick Bearman 3 Conservation Register Restricted Capital 4 Care of Collections Stimulus Fund 5 Social Enterprise Academy Scotland 7 Aurelius Charitable Trust 8 Heritage Innovation Fund 9 Icon Scotland Group – fund for accreditation grants 10 Total Restricted Funds Unrestricted Funds: General unrestricted funds Designated Funds: Database Capital 6 Expendable Endowment 2	At 1 April 2022 Income Expenditure Transfers £ £ £ £ 32,577 3,600 (34) - 5,637 105 (2,000) - 19,951 - (3,804) - 2,433 - (2,433) - 4,000 6,000 (10,000) - - 1,500 - - - 25,000 (1,517) - - - - 1,500 ___ __ __ __ 64,598 36,205 (19,788) 1,500 209,468 659,471 (684,184) (1,500) 69,073 - (24,636) - 35,052 372 (12,860) - __ __ ____ __ 378,191 696,048 (741,468) - __ __ ____ __	At 31 March 2023 £ 36,143 3,742 16,147 - - 1,500 23,483 1,500 __ 82,515 183,255 44,437 22,564 ___ 332,771 ______

(1) Nigel Williams Fund: provides a prize awarded to an individual conservator by the Icon Ceramics and Glass Group.
(2) Expendable Endowment: The Clare Hampson Fund: bequest set up with the intention of supporting studies in paper conservation.
(3) The Frederick Bearman Fund has been set up to commemorate the late Frederick Bearman.
(4) The Conservation Register is an online searchable database to allow the public to find conservators they can trust. As it has an estimated life of 5-10 years, it is being amortised over 5 years.
(5) The Care of Collections Stimulus Fund has provided funds to museums etc to enable them to engage accelerated Icon members to advise on their collections.

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

11.FUNDS (CONTINUED)

(6) The Database Capital reflects the cost of purchasing and commissioning a new membership database and new main website. As it has an estimated life of 5-10 years, it is being amortised over 5 years. It was partly funded by the Government’s Culture Recovery Fund (CRF) and partly by donations.
(7) The Social Enterprise Academy Scotland grant was award to support the international marketing of Icon’s Pathway Membership and accreditation framework.
(8) Aurelius Charitable Trust funding supports reduced cost Icon membership for students and apprentices graduating but earning less than £15,000 / year.
(9) Heritage Innovation Fund funding from the National Lottery Heritage fund to undertake research related to workforce skills gaps relating to industrial heritage conservation skills.
(10) Icon Scotland Group - fund for accreditation grants provides a grant of 50% accreditation fees for members in Scotland. Members must apply, and selection is managed through the Scotland Group.

12.OPERATING LEASE COMMITMENTS

The total amounts payable in respect of operating leases are shown below:

Property leases payments due Within one year	2024 £ 9,000 _ 9,000 _	2023 £ 36,000 _ 36,000 _

13.RELATED PARTY TRANSACTIONS

Emma Chaplin was contracted by Icon to deliver two grant writing training sessions in November 2023 and March 2024 at a cost of £250.00 per session.

Claire Fry’s company, Spencer & Fry, sponsored the Care of Collections Group and refreshments for the Icon Members’ Meeting in May 2023 for £2,400.

INSTITUTE OF CONSERVATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31[st] March 2024

14.Prior Year Statement of Financial Activities

Unrestricted Funds Restricted Funds Expendable Endowment 2023 2023 2023 Income from £ £ £ *Donations, Legacies & Grants* Donations & Grants 2,498 36,205 - *Charitable Activities* Champion cultural heritage 23,823 - - Extend our reach 52,120 - - Maintain high standards 63,113 - - Develop conservation careers 93,971 - - Membership Services 376,447 - - *Other Trading Activities* Advertising Income 30,285 - - Sponsorship 13,985 - - *Investments* Bank Interest 3,229 __- 372 Total Income 659,471 36,205 372 __ _ _ Expenditure on *Charitable* *Activities* Champion cultural heritage 134,967 - - Extend our reach 79,357 - - Maintain high standards 182,800 11,517 - Develop conservation careers 90,134 4,467 12,860 Membership Services 184,108 - - Strengthen our Institute 37,454 3,804 - Total Expenditure 708,820 19,788 12,860 Net Income (expenditure) (49,349) 16,417 (12,488) Transfer of Funds (1,500) 1,500 - Net Movement in Funds (50,849) 17,917 (12,488) Brought Forward Funds at 1 April 2022 278,541 _ 64,598 _ 35,052 _ Carried Forward Funds at 31 March 2023 227,692 82,515 22,564 _ _ __	Total Funds 2023 £ 38,703 23,823 52,120 63,113 93,971 376,447 30,285 13,985 3,601
	__ 696,048
	______ 134,967 79,357 194,317 107,461 184,108 41,258 741,468
	(45,420) -
	(45,420) 378,191 _ 332,771 __

Private & Confidential

The Trustees of Institute of Conservation 106-109 Saffron Hill London EC1N 8QS

Our ref: PC/ST/C-10023113 7 October 2024

Dear Trustees

Institute of Conservation Audit findings for the year ended 31 March 2024

This Audit Findings Report highlights the significant findings arising from the audit for the benefit of those charged with governance. We appreciate that you may be aware of some of the matters contained in this report, however as required by International Standard on Auditing (UK) 260 we are communicating them to you formally.

As auditor we are responsible for performing the audit, in accordance with International Standards on Auditing (UK) (ISAs UK)), which is directed towards forming and expressing an opinion on the financial statements. The audit of the financial statements does not relieve management or those charged with governance of their responsibilities, including those in respect of the preparation of financial statements.

There is more detail in respect of the responsibilities of the auditor and those charged with governance within our engagement letter. Our standard terms and conditions can be found at https://www.azets.co.uk/terms-of-business. The contents of this report relate only to those matters which came to our attention during the conduct of our normal audit procedures which are designed primarily for the purpose of expressing our opinion on the financial statements.

We do not accept any responsibility for any loss occasioned to any third party acting or refraining from acting on the basis of the content of this report, as this report was not prepared for, nor intended for, any other purpose.

We would like to take this opportunity to record our appreciation for the kind assistance provided by your team during our audit. If we can be of any further assistance, please contact Phil Clark or Sophie Trayers.

Yours faithfully

Phil Clark Partner Azets Audit Services

1 Executive summary

Significant matters relevant to our audit

This table summarises the significant matters arising from the statutory audit of Institute of Conservation for the year ended 31 March 2024 for those charged with governance.

Audit opinion	We do not propose any modifications to our audit opinion which is unqualified.
	We have no matters to report regarding the adoption of the going concern basis or inadequate
	disclosures relating to material uncertainties.
	Our audit work is substantially complete and there are currently no matters which would
	require modification of our audit report.
Audit	There were no changes to our audit approach as set out to you in our audit planning letter.
approach
Significant	We have reported our significant audit findings on pages 2-3.
audit findings
	We are pleased to report that the audit progressed well from our perspective and in
	accordance with the agreed timetable.
Audit	We are required to communicate all potential adjustments, other than those considered to be
adjustments	clearly trivial, to management and to request that management corrects them.

Audit adjustments proposed can be seen in the reconciliation to accounts below.

The aggregate impact of unadjusted misstatements on the profit and loss account, were they to be processed, would have no effect on the net income for the year. Details of adjusted misstatements are included on page 6.

All unadjusted differences are collectively and individually under materiality.

Internal The purpose of the audit was for us to express an opinion on the financial statements. The controls audit included consideration of internal controls relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control.

Our audit is, therefore, not designed to identify all control weaknesses. However, where, as part of our testing, we identify deficiencies in internal control, we have reported these to you on page 7.

2 Significant audit findings

This section of our report includes a summary of significant audit findings relating to significant risk areas identified at planning and other risk areas that required special consideration or arose during the course of the audit.

Significant risk areas identified at planning

Significant risks are risks that require special audit consideration and include identified risks of material misstatement that:

our risk assessment procedures identified as being close to the upper range of the spectrum of inherent risk due to their nature and a combination of the likelihood and potential magnitude of misstatement; or
are required to be treated as significant risks due to requirements of ISAs (UK), for example in relation to management override of internal controls.

Significant risks at the financial statement level

The below table summarises conclusions in relation to significant risks of material misstatement identified at the financial statement level. These risks are considered to have a pervasive impact on the financial statements as a whole and potentially affect many assertions for classes of transaction, account balances and disclosures.

Identified risk of material misstatement Audit approach and conclusions ~~i SS~~ Management override of controls Management is in a unique position to perpetrate fraud Procedures performed to mitigate risks of material because of management's ability to manipulate misstatement in this area will include: accounting records and prepare fraudulent financial  Review of accounting estimates, judgements statements by overriding controls that otherwise appear and decisions made by management; to be operating effectively. Although the level of risk of  Testing of journal entries; and management override of controls will vary from entity to  Review of any unusual significant transactions. entity, the risk is nevertheless present in all entities. Due to the unpredictable way in which such override could Based on the testing performed and the results occur, it is a risk of material misstatement due to fraud obtained, we have not identified instances of and thus a significant risk management override of controls.

Based on the testing performed and the results obtained, we have not identified instances of management override of controls.

Risk of material misstatement: Medium

Significant risks at the assertion level for classes of transactions, account balances and disclosures

The below table summarises conclusions in relation to significant risks of material misstatement assertion level for classes of transaction, account balances and disclosures.

|Identified risk of material misstatement
Audit approach and conclusions
Fraud in revenue recognition
~~|~~|Identified risk of material misstatement
Audit approach and conclusions
Fraud in revenue recognition
~~|~~| |---|---| |Material misstatement due to fraudulent financial|Procedures performed to mitigate risks of material| |reporting relating to revenue recognition is a|misstatement in this area will include:| |presumed risk in ISA 240 (The Auditor's|
Review and testing of revenue recognition policies;| |Responsibilities Relating to Fraud in an Audit of|
Detailed substantive testing on material revenue| |Financial Statements).|streams; and| ||
Substantive analytical procedures.| |Inherent risk of material misstatement:|| |
Income (Accuracy, Cut-off and|Based on the testing performed and the results obtained, we| |Completeness):High|do not consider revenue to be materially misstated. A specific| ||representation has been raised for membership income, see| ||section 6 below.|

Other identified risks

The below table summarises conclusions in relation to other identified risks which although not considered to be significant required specific consideration during the audit or were risks otherwise identified during the course of the audit.

~~FY~~ Other risks Audit approach and conclusions Going concern  We concur with management’s assessment that it The trustees must undertake a formal is appropriate to continue to adopt the going assessment of the Charitable Company’s ability concern basis and there are no material to continue as a going concern for at least the 12 uncertainties relating to going concern which months following the signing of the financial should be disclosed in the financial statements. statements at both the planning stage of the  Further information in respect of our assessment audit and at the date the financial statements can be seen in section 3 below. are signed.

Allocation of support costs within funds

There is a risk that support costs are allocated Procedures performed to mitigate risks of material inappropriately between unrestricted and misstatement in this area will include: restricted funds, out of line with any restricted  Review of restricted expenditure compared with fund agreements. the prior year;

Review of restricted expenditure compared with the prior year;
Review of expenditure included within designated, restricted and endowed funds; and
Substantive testing of expenditure to consider the appropriate fund allocation.

Based on the testing performed and the results obtained, we do not believe support costs are materially misstated between funds.

Related parties Under ISA (UK) 550 there is a presumed risk that related party transactions may be inaccurate or understated within the financial statements.

Procedures performed to mitigate risks of material misstatement in this area will include:

Hold discussions with management identifying related parties;
Perform Charity Commission and Companies House searches;
Obtain register of interest forms for trustees;
Review the nominal ledger for any potential related party transactions; and
Obtain representations from trustees.

Based on the testing performed and the results obtained, we do not believe that related parties are inaccurate or understated within the financial statements.

3 Going concern

As auditors, we are required to “obtain sufficient appropriate audit evidence about the appropriateness of management's use of the going concern assumption in the preparation and presentation of the financial statements and to conclude whether there is a material uncertainty about the entity's ability to continue as a going concern” (ISA (UK) 570).

Management’s assessment of going concern

Institute of Conservation has prepared its financial statements on the going concern basis. Management believe that the financial statements should be prepared on the going concern basis on the grounds that existing cash reserves along with current and future sources of funding or support will be more than adequate for the charitable company’s needs.

Management’s assessment covers a period of at least 12 months from expected date of approval of the accounts.

Audit work performed

ISA 570 (revised) specifies mandatory procedures that we are required to carry out on going concern.

We have reviewed management’s assessment of going concern alongside supporting budgets, as well as a detailed review of current year and post year-end results.

Disclosures

We have reviewed the disclosures set out in note 1(a) and consider them to be adequate and appropriate.

Conclusion

We concur with management’s assessment that it is appropriate to continue to adopt the going concern basis and there are no material uncertainties relating to going concern which should be disclosed in the financial statements.

4 Audit communication

Materiality

Whilst our audit procedures are designed to identify misstatements which are material to our audit opinion, we also report to those charged with governance and management any uncorrected misstatements of lower value errors to the extent that our audit identifies these.

Under ISA (UK) 260 ‘Communication with those charged with governance’, we are obliged to report uncorrected omissions or misstatements other than those which are ‘clearly trivial’ to those charged with governance. ISA (UK) 260 defines ‘clearly trivial’ as matters that are clearly inconsequential, whether taken individually or in aggregate and whether judged by any quantitative or qualitative criteria.

An omission or misstatement is regarded as material if it would reasonably influence the users of the financial statements. The assessment of what is material is a matter of professional judgement and is affected by our assessment of the risk profile of the business and the needs of the users.

Accounting policies

The accounting policies used in preparing the financial statements are unchanged from the prior year. These have been deemed appropriate for the audited period.

Presentation and disclosures

Our work included a review of the adequacy of disclosures in the financial statements and consideration of the appropriateness of the accounting policies and estimation techniques adopted by the entity.

Overall, we found the disclosed accounting policies, significant accounting estimates and the overall disclosures and presentation to be appropriate.

Fraud and suspected fraud

We have previously discussed the risk of fraud with management. We have not been made aware of any incidents in the period nor have any incidents come to our attention as a result of our audit testing.

Our work as auditor is not intended to identify any instances of fraud of a non-material nature and should not be relied upon for this purpose. In the event that the directors wish to obtain enhanced assurance with regard to the effectiveness of internal control in preventing and detecting fraud we should be happy to provide additional services.

Written representations

We will present the final letter of representation to the Board to sign at the same time as the financial statements are approved.

Related parties

We are not aware of any related party transactions which have not been disclosed.

5 Unadjusted misstatements

Unadjusted audit differences

Our summary of unadjusted audit differences is presented below. We have discussed these with management and confirmed that all unadjusted differences are collectively and individually under materiality.

No Detail Assets Liabilities Equity Profit/(loss) Dr/(Cr) Dr/(Cr) Dr/(Cr) Dr/(Cr) ~~a~~	No Detail Assets Liabilities Equity Profit/(loss) Dr/(Cr) Dr/(Cr) Dr/(Cr) Dr/(Cr) ~~a~~	No Detail Assets Liabilities Equity Profit/(loss) Dr/(Cr) Dr/(Cr) Dr/(Cr) Dr/(Cr) ~~a~~	No Detail Assets Liabilities Equity Profit/(loss) Dr/(Cr) Dr/(Cr) Dr/(Cr) Dr/(Cr) ~~a~~	No Detail Assets Liabilities Equity Profit/(loss) Dr/(Cr) Dr/(Cr) Dr/(Cr) Dr/(Cr) ~~a~~	No Detail Assets Liabilities Equity Profit/(loss) Dr/(Cr) Dr/(Cr) Dr/(Cr) Dr/(Cr) ~~a~~
Details of unadjusted audit differences		£	£	£	£

1	4401 Events Income				3,060.00
	4100 Membership – Accredited				(3,060.00)
	Being: Allocation of ICON Conference credit notes

Total	Total	-	-	-	-

6 Internal controls

The purpose of the audit was for us to express an opinion on the financial statements. The audit included consideration of internal controls relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. Our audit is, therefore, not designed to identify all control weaknesses and the matters reported below are limited to those deficiencies that we have identified during the audit.

Control weaknesses and recommendations

Control weaknesses and recommendations identified from our current year work are summarised below. The control weaknesses are categorised into three risk ratings as shown in the key.

Key: Significant deficiency in internal control, Other deficiency in internal control, Other observations from the audit

Control weakness identified Ready Membership ~~a~~	Implication Income may be misstated.	Recommendation Ensure reconciliations are	Management response Icon will ensure regular
reports do not reconcile		performed on a regular	reconciliations take place
to Xero income		basis to ensure the	between RM and Xero
recognised for events and		income in the two	going forward.
accreditation income.		systems agree.
Credit notes in relation to	The income from the	Ensure credit notes are	Icon management is
the ICON Conference	conference is overstated	allocated against the	providing guidance to
were allocated to code	while income in code	nominal code in which the	nominal code in which the ensure correct coding
4100 rather than 4401	4100 is understated,	income is originally	used in future.
where the income was	though immaterially so an	though immaterially so an recorded.
originally recorded.	unadjusting journal has
	been raised – see section
	6 above.

7 Independence and ethics

In accordance with our profession’s ethical requirements and further to our audit planning letter issued confirming audit arrangements there are no further matters to bring to your attention in relation to our integrity, objectivity, and independence.

We confirm that Azets Audit Services and the engagement team complied with the FRC’s Ethical Standard. We confirm that all threats to our independence have been properly addressed through appropriate safeguards and that we are independent and able to express an objective opinion on the financial statements.

Audit and non-audit services

The following services were provided in the year to 31 March 2024.

Audit services Fees 2024 £ ~~a~~ Audit of charitable company 11,750 Total audit services 11,750 Non-audit service Fees 2024 Type of Safeguard £ threat ~~Se~~ No non-audit services provided