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2023-05-31-accounts

Charity registration number 1179558

Company registration number 02754293 (England and Wales)

THE INSTITUTION OF ANALYSTS & PROGRAMMERS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees M W Doe
G Fenton
E J Keen
P B Lynham
S Reed
A J C Revell
Secretary Graham Fenton FIAP
Honorary officers:
President Paul Lynham FIAP
Vice-president Martin Doe MIAP
Treasurer Graham Fenton FIAP
Registered office Boundary House
Boston Road
London
W7 2QE
Independent examiner R Morris FCA
DJH Mitten Clarke Nantwich Limited
17 Alvaston Business Park
Middlewich Road
Nantwich
CW5 6PF
Bankers Starling Bank Limited
London Fruit & Wool Exchange
1 Duval Square
London E1 6PW
Legal advisors WBW Solicitors LLP
Church House
Queen Street
Newton Abbot
Devon
TQ12 2QP

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

CONTENTS

Page
President's report 1 - 2
Director General's report 3 - 4
Trustees' report 5 - 11
Independent examiner's report 12
Statement of financial activities 13
Balance sheet 14
Notes to the financial statements 15 - 20

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

PRESIDENT'S REPORT

FOR THE YEAR ENDED 31 MAY 2023

Introduction

This year has seen many changes in software that are based upon AI technologies. In particular, ChatGPT and DALL-E2 have received an abundance of public attention. These systems appear to simulate human creativity in that a user can input a prompt in a human natural language and the system will produce some output, such as text or images, which are produced speedily and would seem to meet some of the requirements. However, my experience of these systems is that they rarely fulfil all the requirements and fail to understand some of the necessities, whether these appear plainly obvious or in cases where nuances are not picked up. These systems although already useful at this stage are likely to improve quickly. However, there are numerous problems and concerns.

Such matters include the misuse of these systems to deep fake material, the generation of fake news and the possibility of automating cyber-attacks. Thus, because they have used the web as a source repository, it can suffer from bias and unfairness, and its output could be harmful, offensive, or misleading. There is often a lack of transparency and this raises concerns about accountability and trust. Although a lot of effort is being expended to mitigate such issues, the complete elimination of these problems remains challenging.

Another problem concerns intellectual property rights. Many of the backend systems used by applications such as DALL-E2 have scraped the web to build a database of images, apparently with little or no regard for copyrights. Several court cases are pending regarding this issue and it will be interesting to see what the law makes of this.

Because of the extensive computation requirements, these systems have a massive carbon footprint, which is likely to expand at an increasing rate. This situation is not sustainable and so a more resource-efficient way of producing their output is needed.

Concerns of unemployment are often cited when any new technology arises, but such concerns are usually offset by the demand for people to create, maintain and utilise such technologies and the knock-on effects produced. However, ethics, accountability and the threat to humans are valid concerns and tens of thousands of people have signed a petition calling for an immediate pause to the development of more powerful AI systems, including many industry leaders. Trust is the key ingredient that is missing.

The IAP and Trustworthiness

Whether your work involves AI systems or software development in general, whatever is built must be trustworthy. The consequences of ignoring this are evident in the tragedy of the Post Office scandal, where people have been wrongly convicted, losing their freedom, savings, property, relationships as well as their lives.

The IAP has a different vision of developing software from that of the Post Office and the writers of the Horizon system. It is to improve software for society . This vision is to be realised by being the leading professional body for those aspiring to and engaged in creating, developing and maintaining software, with an international reputation for education, high standards and the calibre of its members. The IAP also administrates the Trustworthy Software Foundation (TSF), which has developed standards and frameworks with practical benefits and continues the drive for these standards to be widely adopted.

The British Standards Institute (BSI) BS 10754-1 define the overall principles for effective trustworthiness but does not specify the detailed processes or actions that an organisation needs to follow. The IAP’s John Ellis and Luc Poulin are working together within the TSF with other members of the BSI to expand BS10754 to be more usable by businesses.

The IAP also celebrated its 50-year anniversary in 2022 and over the past year has marked the occasion with several events. The one thing that I have discerned in all the events that I have attended or engaged in is our membership are certainly the cream of the crop in their profession, who firmly hold to our code of conduct.

I have previously reported that as a founding member of the Cyber Security Alliance (CSA), which formed the Cyber Security Council (CSC), the IAP has been presented with a certificate and a logo in recognition of its participation in this matter.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

PRESIDENT'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

It is more important than ever that security is designed and built into software from the start. Trustworthiness should never be sacrificed and our quest is to ensure it is offered the consideration it deserves. Together with the renown of the IAP, its 50-year history and its engagement with government, industry and academia, having the cream of the profession in our membership following a professional code of conduct, it can be assured that this undertaking is built on firm ground. Trust is at the core of the IAP.

Member Engagement

As our charitable goals include educating the public on software, we have continued our policy of offering webinars to both members and the public alike. The webinar scheduled for November entitled ‘Women in Technology’ has been postponed until early 2024 due to the illness of the presenter. However, our website has covered 10 different individual articles about women of note, who have made a significant contribution to computing, such as Grace Hopper, Hedy Lamarr and Barbara Liskov. The Liskov principle is the ‘L’ in the SOLID mnemonic acronym of the 5 design principles for making OO software more understandable, flexible and maintainable, something which is close to my heart and which I have written extensively about, especially on the subject of ‘Compealing Code’.

Two notable presentations this year have included ‘Issues in the Design of Autonomous Tractors’ and ‘The Rise of AI’, both of which were well attended and revealed many insights into fresh and innovative areas.

We have also launched DevCafé Rendezvous, set up to allow developers to get together on the first Thursday of every month to chew the cud on anything they like apart from religion and politics. Those who work from home may miss the social side of office work, so this allows them to meet up at the virtual water cooler. I recently attended the first meeting and was surprised to find around a dozen people there. The question of utilising AI for code generation was one of the discussion points and this led to the question of the trustworthiness and the quality of the code suggested by these systems.

Michael Bruty has been awarded the prestigious IAP Prize for the Best Software Project at the University of Plymouth. The honour was bestowed upon him by our Director General, Alastair Revell during a heart-warming graduation ceremony. This prize recognises Michael’s exceptional talent in software development but also grants him membership into the Institution.

The IAP is also well on its way to producing a new website – one that is more than just a facelift but a total redesign, with a modern look and feel and one which will be mobile friendly. When this new website comes online, it will allow us to engage with our membership, supporters and the public more efficiently and allow us to disseminate news, articles and webinars. Our YouTube channel has a range of recordings of webinars and interviews and can be found here https://www.youtube.com/channel/UCgkjXr9C7NMw77jhK3q2YLQ.

Conclusion

We continue to make improvements in the things we do and to bring interesting and relevant information to the forefront. At the heart of everything we do, we endeavour for trust. The IAP continues to influence software development, its members and society in general.

Paul Lynham FIAP President Dated : 21 February 2024

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

DIRECTOR GENERAL'S REPORT

FOR THE YEAR ENDED 31 MAY 2023

The Institution celebrated its 50th Anniversary in 2022, which was a significant milestone in its history. The Institution has entered its second half century with a significant head wind in terms of a cost of living crisis that is affectiung many people. The world economy is increasingly uncertain and this has had aneffect effect on both the Institution and its membership that largely fund its activities.

While our membership revenue dropped 10% on the previous year, we have kept our overheads steady despite significant upward pressure on costs, which reflects ongoing prudent management in difficult circumstances.

I am pleased that our webinar programme has settled into a regular pattern with solid attendances regularly being achieved on a wide variety of interesting and engaging topics that are open to members, non-members and the general public.

The Institution has been working on the redevelopment of its web site during the course of 2022/23, with a likely launch of the new site during 2023/24. This will be an important step in communicating our purpose to our stakeholders and in attracting more members committed to improving software for society.

Our ongoing work of encouraging high standards of professional and ethical conduct amongst those developing software is arguably more important than ever in light of recent high profile IT scandals. The public deserves high standards in software system development as so much of modern life now depends on them.

Finance

The Institution’s annual surplus dropped significantly on the previous year as the cost of living crisis impacted, but also reflects the Institution’s expenditure on redeveloping the web site, which articulates our mission and attracts new members.

The organisation remains committed to building its funds and managed to improve its available unrestricted funds for major projects during the year, with unrestricted funds increasing by a modest 6%. The Trustees are mindful of the important capital expenditure that still needs to be made in the coming year, particularly around the web site, to enable it to deliver on its charitable mission.

Influence

The Institution has continued to influence the development of the wider IT profession, most notably through its work as part of the Cyber Security Alliance.

The Institution has also been active in various standards committees during the year. This work is important in improving software for society. In particular, its work through its subsidiary, the Trustworthy Software Foundation, continues to influence developments around the BS10754 standard.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

DIRECTOR GENERAL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

Membership

Membership is an important focus for the Institution as ultimately it is through its members’ subscriptions and voluntary contributions that it delivers its societal impact.

The Institution continues to develop its 10Es programme to attract members:-

Outlook

The gloomy economic climate that has formed the backdrop for the current year is expected to continue into our next financial year, with increasing uncertainty becoming a theme.

However, the Trustees are optimistic that their investment in the new web site will better promote and encourage

best practice in software development.

The Institution will continue to offer enhanced opportunities for members to get involved in improving software for society. There are plans to launch new communities of practices and to grow our engagement with members through the webinar programme, inspiring them to get more involved in actively contributing their time and energy to our cause as well as their subscriptions to help deliver our charitable objects.

Alastair Revell FIAP Director General Dated: 21 February 2024

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MAY 2023

The trustees present their report and financial statements for the year ended 31 May 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Institution's memorandum and articles of association, the Companies Act 2006 and “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)".

Introduction

The Institution was established in 1972 as an unincorporated entity. It incorporated on 8 October 1992 as a company limited by guarantee, operating as a not-for-profit professional membership body. It was granted a Coat of Arms by Letters Patent issued by Garter Principal King at Arms under a warrant from the Earl Marshal on 13th March 1994. It formally registered as a charity with the Charity Commission on 15 August 2018.

The Institution’s objectives

The Institution is incorporated as a company limited by guarantee and registered in England and Wales (under number 02754293). It is registered as a charity (under number 1179558) with the Charity Commission in England and Wales.

The Institution’s Objects are:-

(a) to advance the science of the development of secure and carefully designed software and to promote public education therein; and (b) to advance the education of the public on the subject of software development and related disciplines as well as to promote greater understanding and appreciation of the impact of software on society for the public benefit.

The Institution serves those involved in the development of software and society at large.

Delivering Public Benefit

The Institution delivers the charitable objects set out in its Articles of Association to provide public benefit through a programme of activities under the direction of its Trustees, which the Institution and its members facilitate, largely through its volunteer community and their subscriptions and other contributions.

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charities Commission in deciding what activities the Institution should undertake as a charity.

The Institution has 235 fellows spread across the United Kingdom and further afield who contribute voluntarily to its work through attendance at Institution events as well as working with other groups engaging with government and academia to further its charitable objects.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

Activities

The Institution’s Articles of Association permit twelve types of activity in achieving its charitable objects, which the Trustees have used below to structure their report on its activities during the year.

The Institution's activities all aim at benefiting the public by improving software for society .

1. encourage and promote high standards of education, qualification, competence, leadership, management, knowledge and professionalism as well as high ethical standards amongst those involved in commissioning, developing, securing, installing, maintaining and testing software, adopting any lawful means conducive to maintaining the highest standards of professional skill and conduct amongst members of the Institution

The Institution has continued to operate as a professional body, grading its members according to their professional qualifications and experience and ensuring that they are maintaining their skills through continuing professional development in what is a rapidly evolving profession.

Members abide by a Code of Conduct, underpinned by disciplinary regulations, which emphasises their duties to

the public.

The Trustees believe that this benefits society by encouraging its members to develop software to the highest of standards at a time when the general public are increasingly aware of how much of their daily lives rely on wellwritten code.

The Institution continues to support the Trustworthy Software Foundation, which it controls. The Foundation signposts and promotes British Standard BS10754 on Trustworthy Systems and is the vehicle the Institution uses to engage on important work in evolving this standard into an international one and is actively engaged in developing verification schemes against the standard.

The Institution continues to work on its FURST guidance for software developers, which aims at enhancing their professional practice and so improving software for society.

The Institution has been developing a new web that it expects to launch in 2024/25. The Trustees believe this will more readily help them promote high standards of education, qualification, competence, leadership, management, knowledge and professionalism as well as high ethical standards within software development.

2. facilitate the professional development of those engaged in developing software to improve the quality, trustworthiness and security of software for the public benefit

The Institution has continued to facilitate the professional development of those engaged in developing software during the reporting period.

The Institution continues to signpost valuable material for the development of trustworthy systems by supporting the work of its subsidiary, the Trustworthy Software Foundation. The resources that it makes publicly available through this initiative include videos and guides on building trustworthy and secure systems. This material helps facilitate the professional development of both new entrants and experienced practitioners alike. It enables them to improve the quality, trustworthiness and security of the systems they produce to the benefit of the public.

The Institution did not run a symposium during the year, but did run a series of free webinars aimed at enhancing the skills and knowledge of practitioners during the reporting period, which were open to members and nonmembers alike.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

The Institution continues to signpost and develop its FURST programme, which aims to improve the technical practice of software developers. The Institution’s President, Paul Lynham FIAP, leads this important programme.

3. liaise with government departments and other bodies concerned with statutory or other qualifications, and with universities and other educational institutes and authorities in the furtherance of education and training in the development, trustworthiness, security, installation, maintenance and testing of software

The Institution continues to engage with government agencies such as DSIT and the National Cyber Security Centre though the Cyber Security Alliance. The Alliance is a collaborative body of 16 bodies with interests in the development of cyber security in the United Kingdom. These engagements have been around the education and development of professionals working in cyber security.

The Institution continues to liaise with several universities with the aim of encouraging the education and development of the next generation of practitioners.

4. facilitate the exchange and publication of information and ideas on the development, trustworthiness, security, installation, maintenance and testing of software, to encourage research therein and to publish the results thereof

The Institution’s webinar programme is designed to facilitate the exchange of information and ideas and is increasingly adopting an interactive and participative engagement model. The Institution invites speakers to its webinars who promote interesting and engaging themes in software development.

The IAP has also continued to publish articles supporting the FURST programme.

The Trustees hope that the work they have initiated on redeveloping the Institution’s web site will greatly enhance its ability to publish information and ideas on software development issues that will ultimately lead to more trustworthy and secure applications being written to the benefit of the public.

5. promote and raise awareness within society about the need for high quality, trustworthy and secure software

systems for the benefit of the public

The Institution continues to signpost articles through its social media channels to raise public awareness around the importance of high quality, trustworthy and secure software systems.

Its involvement in programmes such as the CyberOSPA Awards helps promote the important and raise awareness of the need for trustworthy and secure software.

The Institution also continues to publish articles aimed at promoting and raising public awareness in light of recent high profile concerns around the quality and fitness for purpose of some software.

The Trustees hope that the work on the new web site will serve as a better platform for these articles to promote and raise awareness within society about the need for high quality, trustworthy and secure software systems. They intend to build a section within the web site dedicated to this activity.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

6. promote and raise awareness of diversity and equality within the software development profession

The Trustees are very mindful about the poor gender diversity within software engineering and related disciplines. They remain committed to doing much more in this space.

The Trustees are acutely aware that the Trustee Board lacks diversity and is actively working to address this.

7. promote, establish and support standards and codes of conduct, ethics and practice for the development, installation, maintenance and testing of software

The Trustees keep the Institution’s own Code of Conduct under constant review as the profession continues to evolve.

The Institution encourages its membership, through its Code of Conduct and grading criteria, to actively work to the highest of professional standards.

The Institution has supported several Fellows in various ways in developing standards and other forms of guidance through their work with national standards and other similar bodies.

8. invite, receive, hear and publish communications relating to the science, teaching, application or use of software and to grant prizes or other awards in respect of them

The Institution continues to run its academic prize scheme, which encourages outstanding performance by university students working towards their degrees.

The scheme awards recipients with a certificate confirming their outstanding performance, several years’ membership aimed at encouraging them to make a commitment to working to high professional and ethical standards in the public interest and a sum of money to assist them in the early stages of their career.

However, several of the Institution’s webinars invited, received, heard and published material about software development practice and have attracted a good number of attendees, typically between 40 and 50.

9. hold or supervise examinations and award certificates, diplomas, prizes, bursaries or scholarships either alone or jointly with other educational or professional bodies in relation to the development or use of software

The Trustees were pleased to continue the Institution’s academic prize scheme during the year. The Trustees do not consider the development of examinations or other accreditations to be a priority for the Institution at present with other bodies offering suitable accreditation.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

10. prepare, print and publish criteria for the teaching of and training in software development and its related disciplines

The Trustees have prioritised the Institution’s resources on other areas during the year satisfied that other bodies are serving this area.

However, their ongoing support of the Institution’s subsidiary, the Trustworthy Software Foundation, continues to sign post through its web site material beneficial to academic staff designing and teaching on software development programmes.

11. confer, consult, communicate or collaborate with other scientific, professional, educational or technical bodies with a view to pursuing common objects in software development and related subjects as well as to represent the software development profession nationally and internationally

The Institution continued to collaborate with its peer bodies in the Cyber Security Alliance during the year. These include the Institution of Engineering and Technology (IET), BCS The Chartered Institute for IT and the Chartered Institute for Information Security (CIISec), along with other bodies such as the Worshipful Company of Information Technologists (WCIT), ISACA and the Security Institute and a number of certification bodies such as ISC(2) and CREST amongst others.

The Institution has been involved in supporting Fellows working in both national and international standards through its subsidiary body the Trustworthy Software Foundation, particularly in work around the BS10574 standard.

12. enable and encourage those engaged in or interested in software and its development to meet and correspond in order to exchange ideas and information on its science, practice, teaching, application and use

The Cyber Security Community of Practice (Cyber CoP) provides a mechanism for enabling and encouraging members interested in the cyber security aspects of software development to meet and correspond.

The Community of Practice comprises twelve Fellows (FIAP) and two Members (MIAP). The Trustees are pleased with the progress the group has made and are actively looking at other areas of practice where they could usefully establish other communities of practice.

The Trustees believe there are several areas where such groups could deliver public benefit by helping to advance thinking in these areas.

Financial review

Unrestricted funds at the end of the year totalled £65,279. It is the policy of the trustees to maintain unrestricted funds (which they have not designated for a specific use) at a level equivalent to six months' expenditure. The trustees have continued to ensure that reserves are adequate and, in the event of a significant drop in income, they will be able to continue the Institution's current activities.

The trustees have assessed the major risks to which the Institution is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

The trustees are satisfied that sufficient funding will be available for the Institution to continue operating for the foreseeable future. The trustees have budgeted for a surplus position for the year to 31 May 2024.

Structure, governance and management

The Institution is a charitable company limited by guarantee governed by its articles of association, which establishes that the Trustee Board is the ultimate governing body. Its constitution and powers are set out in its Articles of Association.

The Trustee Board comprises the following:-

The Trustees elect the Institution’s President and Vice-President from the Elected Trustees on the Trustee Board to serve from their first meeting after an AGM until the first meeting after the following AGM. The Trustees also appoint the Treasurer to serve for the same period.

The constitution provides for an Advisory Council, elected by the membership. This is currently dormant but the Trustees remain committed to establish it once viable.

The Trustees are also the directors for the purposes of company law.

The Trustees who served during the year and up to the date of signature of the financial statements are given below, including their attendance at Trustee Board meetings:-

Trustee
Attendance
Eligible
Present		 Trustee
Attendance
Eligible
Present		 Trustee
Attendance
Eligible
Present
MW Doe 4 2
G Fenton 4 4
EJ Keen 4 4
PB Lynham 4 3
DP Morgan (resigned 31.5.2023) 4 0 (due to illness)
S Reed 4 4
AJC Revell 4 4

The Trustee Board can co-opt individuals to be members of the Board if vacancies exist.

The Elected Trustees are members of the Institute, elected by the membership at the AGM to serve for a period of three years.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

New trustees/directors are given training on appointment regarding:

None of the Trustees have any beneficial interest in the Institution. All of the Trustees are currently members of the Institution and guarantee to contribute £1 in the event of a winding up.

The Trustee Board approves ordinances, rules, regulations or byelaws that are subordinate to the Articles of Association to regulate the affairs of the Institution, as needed, from time-to-time.

The Trustees delegate the management of the Institution to the Director General who is empowered to form an Executive Board to assist in its management, which may comprise of paid staff and volunteers.

Compliance with legislation

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The Trustees’ report was approved by the Institution’s Trustee Board.

Graham Fenton FIAP Trustee and Director Dated: 21 February 2024

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE INSTITUTION OF ANALYSTS & PROGRAMMERS

I report to the trustees on my examination of the financial statements of The Institution of Analysts & Programmers (the charitable company) for the year ended 31 May 2023.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

R Morris FCA DJH Mitten Clarke Nantwich Limited 17 Alvaston Business Park Middlewich Road Nantwich Cheshire CW5 6PF

Dated: .........................

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MAY 2023

Unrestricted
funds
2023
Notes
£
Income from:
Membership fees, etc.
4
45,314
Investments
3
491
Total income
45,805
Expenditure:
Total expenses
5
40,704
Net gains/(losses) on investments
8
(1,144)
Net movement in funds
3,957
Fund balances at 1 June 2022
61,322
Fund balances at 31 May 2023
65,279		 Total
2022
£
50,715
-
50,715
40,710
-
10,005
51,317
61,322

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

BALANCE SHEET

AS AT 31 MAY 2023

Notes
Fixed assets
Tangible assets
11
Investments
10
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
The funds of the charitable company
Unrestricted funds		 2023
£
862
47,240
48,102
2,124		 £
445
18,856
19,301
45,978
65,279
65,279
65,279		 2022
£
797
61,568
62,365
1,710		 £
667
-
667
60,655
61,322
61,322
61,322

The company is entitled to exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 21 February 2024

Trustee

Company registration number 02754293 (England and Wales)

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

1 Accounting policies

Charity information

The Institution of Analysts & Programmers is a private company limited by guarantee incorporated in England and Wales, no. 02754293. The registered office is Boundary House, Boston Road, London, W7 2QE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's memorandum and articles of association, the Charities Act 2011, the Companies Act 2006, FRS102 (the Financial Reporting Standard applicable in the UK and Republic of Ireland) and "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)". The charitable company is a Public Benefit Entity as defined by FRS 102.

The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention and include the results of the charity's operations which are described in the Trustees' Report and all of which are continuing. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees consider that there are no material uncertainties that may cast significant doubt on the charitable company's ability to continue as a going concern and they have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

The company does not currently have any restricted or endowment funds.

1.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Membership subscriptions are recognised on receipt.

1.5 Expenditure

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charitable company to pay out resources and the amount of the obligation can be measured with reasonable certainty.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment

33.33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees 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.

3 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 491 -
4 Membership fees, etc.
Total Total
2023 2022
£ £
Membership subscriptions 45,314 50,715

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

5 Total expenses

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Depreciation and impairment 222 333
Administration costs 24,110 24,750
Travelling expenses - 85
Office rent 1,802 1,916
Telecommunications 1,224 1,179
Postage, mailing and pocket diaries 2,226 2,045
Printing and stationery 1,080 1,367
Marketing 2,100 -
Subscriptions 117 972
Computer expenses and software maintenance 1,132 1,199
Legal and professional fees 1,347 1,231
Accountancy 1,950 2,010
Bank charges 2,040 2,190
Insurance 1,119 1,025
Sundry expenses 235 408
40,704 40,710

Included in Accountancy are fees to the Independent Examiner of £1,000 (2022 - £960) re the examination and £770 (2022 - £720) re other services.

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the charitable company during the year.

7 Employees

There were no employees during the year.

8 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2023 2022
Gains/(losses) arising on: £ £
Revaluation of investments (1,144) -

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2023

10 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 June 2022 -
Additions 20,000
Valuation changes (1,144)
At 31 May 2023 18,856
Carrying amount
At 31 May 2023 18,856
At 31 May 2022 -
2023 2022
Investments at fair value comprise: £ £
M & G Charifund units 18,856 -

The investment is included in the financial statements at fair value, which is based on the market value of the units. The original cost was £20,000.

11 Tangible fixed assets

Tangible fixed assets
Fixtures, fittings and
equipment
£
Cost
At 1 June 2022 10,181
At 31 May 2023 10,181
Depreciation and impairment
At 1 June 2022 9,514
Depreciation charged in the year 222
At 31 May 2023 9,736
Carrying amount
At 31 May 2023 445
At 31 May 2022 667

THE INSTITUTION OF ANALYSTS & PROGRAMMERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023

12 Debtors

Amounts falling due within one year:
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Other creditors		 2023
£
862
2023
£
2,124		 2022
£
797
2022
£
1,710

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
General funds
Previous year:
At
General funds		 1 June
2022
Incoming
resources
Resources
expended
Gains and
losses
At 31 May
2023
£
£
£
£
£
61,322
45,805
(40,704)
(1,144)
65,279
1 June
2021
Incoming
resources
Resources
expended
Gains and
losses
At 31 May
2022
£
£
£
£
£
51,317
50,715
(40,710)
-
61,322

15 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).