REGISTERED CHARITY NUMBER: 1165633
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
FOR
ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH
ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 8 |
| Detailed Statement of Financial Activities | 9 | to | 10 |
ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Association of Sound Designers are the advancement of education and the advancement of the arts, and in particular to promote and raise standards, and provide education, training, professional know-how and development to students, graduates, emerging and established professionals in the art, skills and technology of sound design and live performance.
Part of our activity is to represent the interests of sound designers and other sound professionals working and studying in the UK theatre sound industry. Our function is to connect the widely dispersed sound design community, to educate and promote high standards. Alongside this the Association of Sound Designers promotes the development of future professionals into the industry providing training, networking and access to resources allowing both career and skills development.
Public benefit
The Trustees affirm that the advancement of the Association's objectives through the actives it undertakes do provide a benefit to the public as defined in the Charities Act 2011.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trustees consider that the Association of Sound Designers is successfully pursuing its objects.
FINANCIAL REVIEW
Financial position
The Association remains in good financial health, having achieved a surplus of £2,207 during the year, with reserve funds of £53,176 at the year end.
Investment policy and objectives
The Trustees have the power to make financial investments, it does not however currently engage in financial investments of any kind.
Reserves policy
The trustees regularly review the levels of cash reserves that the Association holds and makes projections for the coming financial years, so that any necessary financial planning actions can be taken in a prudent, timely manner.They endeavour to maintain a sum of £15,000 to cover 6 months costs and commitments.
FUTURE PLANS
The Trustees will continue to ensure that the Association fulfils its objects faithfully.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Association of Sound Designers is a Charitable Incorporated Organisation (Registered Charity No. 1165633), governed by its Constitution, which was last approved prior to registration on 2nd February 2016.
Recruitment and appointment of new trustees
The Trustees are appointed each year at the Annual General Meeting. The trustees meet at regular intervals.
Risk management
The Trustees have a duty to identify risks that the Association may be exposed to and are satisfied that appropriate controls are in place, i.e. that any such risks are discussed at Trustee Meetings.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1165633
Page 1
ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
Principal address
18 Parliament Hill Mansions Lissenden Gardens London NW5 1NA
Trustees
L Gibson S R Vincent V Hill P Rice R Stroud E Wahlstrom (appointed 4.1.2023) C Hibberd (appointed 4.1.2023)
None of the Trustees have any financial interest in the Association. All of the trustees give their time voluntarily and receive no payments from the Association.
If the Charitable Incorporation Organisation is wound up, the members of the Association have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
Independent Examiner
David Myerson FCA KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH
CHANGE OF NAME
The charity passed a special resolution on 25 October 2023 changing its name from Association of Sound Designers to Association for Sound Design and Production.
Approved by order of the board of trustees on 15 May 2024 and signed on its behalf by:
L Gibson - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
Independent examiner's report to the trustees of Association for Sound Design and Production
I report to the charity trustees on my examination of the accounts of Association for Sound Design and Production (the Trust) for the year ended 31 August 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David Myerson FCA
KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH
15 May 2024
Page 3
ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
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2023 2022
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 75,962 67,484
Investment income 2 80 -
Total 76,042 67,484
EXPENDITURE ON
Raising funds - 621
Charitable activities
Magazine production costs 7,567 6,181
Training
14,140 18,256
Conference costs - Room hire 12,641 7,032
Other 39,487 36,561
Total 73,835 68,651
NET INCOME/(EXPENDITURE) 2,207 (1,167)
RECONCILIATION OF FUNDS
Total funds brought forward 50,968 52,135
TOTAL FUNDS CARRIED FORWARD 53,175 50,968
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The notes form part of these financial statements
Page 4
ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
BALANCE SHEET 31 AUGUST 2023
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2023 2022
Unrestricted Total
fund funds
Notes £ £
FIXED ASSETS
Tangible assets 6 2,929 3,430
CURRENT ASSETS
Debtors 7 2,872 214
Cash at bank 49,775 49,724
52,647 49,938
CREDITORS
Amounts falling due within one year 8 (2,401) (2,400)
NET CURRENT ASSETS 50,246 47,538
TOTAL ASSETS LESS CURRENT LIABILITIES 53,175 50,968
NET ASSETS 53,175 50,968
FUNDS
Unrestricted funds 53,175 50,968
TOTAL FUNDS 53,175 50,968
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The financial statements were approved by the Board of Trustees and authorised for issue on 15 May 2024 and were signed on its behalf by:
L Gibson - Trustee
The notes form part of these financial statements
Page 5
ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance Computer equipment - Straight line over 3 years
Taxation
The charity is exempt from tax on its charitable activities on income and gains to the extent that these are applied to its charitable objects.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Debtors
Donations receivable and other debtors are recognised at the settlement amount due after any reductions offered. Prepayments are valued at the amount prepaid net of any discounts due.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit of similar account.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
continued...
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ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
2. INVESTMENT INCOME
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||||
|---|---|---|
|2023|2022|
|£|£|
|Deposit account interest|80|-|
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3. TRUSTEES' REMUNERATION AND BENEFITS
There was no trustees' remuneration or other benefits for the year ended 31 August 2023 nor was there any for the period ended 31 August 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.
4. STAFF COSTS
There were no staff costs for the year ended 31 August 2023 nor were there any for the period ended 31 August 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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|||
|---|---|
|Unrestricted|
|fund|
|£|
|INCOME AND ENDOWMENTS FROM|
|Donations and legacies|67,484|
|EXPENDITURE ON|
|Raising funds|621|
|Charitable activities|
|Magazine production costs|6,181|
|Training|
|18,256|
|Conference costs - Room hire|7,032|
|Other|36,561|
|Total|68,651|
|NET INCOME/(EXPENDITURE)|(1,167)|
|RECONCILIATION OF FUNDS|
|Total funds brought forward|52,135|
|TOTAL FUNDS CARRIED FORWARD|50,968|
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continued...
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ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
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6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 September 2022 and 31 August 2023 3,939 5,626 9,565
DEPRECIATION
At 1 September 2022 537 5,598 6,135
Charge for year 473 28 501
At 31 August 2023 1,010 5,626 6,636
NET BOOK VALUE
-
At 31 August 2023 2,929 2,929
At 31 August 2022 3,402 28 3,430
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Prepayments and accrued income 2,872 214
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other creditors 2,401 2,400
9. RELATED PARTY DISCLOSURES
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There were no related party transactions for the year ended 31 August 2023.
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ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
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2023 2022
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 75,962 67,484
Investment income
Deposit account interest 80 -
Total incoming resources 76,042 67,484
EXPENDITURE
Raising donations and legacies
Subscriptions - 621
Charitable activities
Training costs 14,140 18,256
Conference costs 12,635 7,032
Magazine production costs 7,567 6,181
34,342 31,469
Support costs
Management
Travel 1,847 402
Finance
Bank charges 1,292 1,137
Information technology
Website hosting 3,234 3,445
Software costs 584 666
3,818 4,111
Human resources
Administration costs 19,584 19,344
Other
-
Storage costs 1,650
Insurance 8,395 8,592
Sundries 6 17
10,051 8,609
Depreciation
Fixtures and fittings 473 474
Computer equipment 28 84
501 558
Governance costs
Accountancy 2,400 2,400
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This page does not form part of the statutory financial statements
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ASSOCIATION FOR SOUND DESIGN AND PRODUCTION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
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2023 2022
£ £
Total resources expended 73,835 68,651
Net income/(expenditure) 2,207 (1,167)
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This page does not form part of the statutory financial statements
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