**Company Registration No: 01157249 (England and Wales)** **Charity No: 267026** **THE INSTITUTE OF ACOUSTICS LIMITED (A Company limited by guarantee and not having a Share Capital)** ## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31ST DECEMBER 2024** **Faulkner House Victoria Street St Albans Herts AL 1 3SE** **RAYNER ESSEX LLP CHARTERED ACCOUNTANTS** THE INSTITUTE OF ACOUSTICS LIMITED IA Company Ilmlted by guarantee and not havlng a Share Capital CONTENTS Page Legal and Admlnlstratlve Infomiatlon Trustees. Report (Includlng Dlre¢tors' report) 3to8 Audltors. Report 9t012 SLitement of Financlal Actlvltles 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 161024 **THE INSTITUTE OF ACOUSTICS LIMITED (A Company limited by guarantee and not having a Share Capital)** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **Constitution** The Institute of Acoustics is a company limited by guarantee and has no share capital. The liability of each member in the event of winding­ up is limited to £1. The company is a registered charity governed by its Memorandum and Articles of Association, last revised Nov 2012, which establishes the objects and powers of the charitable company. **Trustees Continuing trustees** C Barlow **Resigned trustees (12 September 2024)** H Notley J Hill FE Rogerson P A Lepper R M M Mirchandani S WTurner D Goodhand MR Lester P·J Rogers A Lamacraft A W M Somerville Y Liu **Appointed trustees (12 September 2024)** D Waddington D Saunders J McIntyre M Scaife R Perkins P Shields M Torjussen LWebb **President** Prof D Waddington **Secretary** A Chesney **Honorary Treasurer** MR Lester **Honorary Secretary** FE Rogerson **Company Number** 01157249 **Charity Number** 267026 **Registered and Principal Office:** Silbury Court 406 Silbury Boulevard Milton Keynes MK9 2AF **Auditors** Rayner Essex LLP Faulkner House Victoria Street St Albans Herts AL 1 3SE **Solicitors** Pictons Solicitors LLP 28 Dunstable Road Luton Bedfordshire LU 1 1 DY **Bankers** Lloyds TSB Pie Knightsbridge Branch 9-13 Brampton Road London SW3 1 DD Page:2 **THE INSTITUTE OF ACOUSTICS LIMITED (A Company limited by guarantee and not having a Share Capital)** ## **TRUSTEES' ANNUAL REPORT (INCLUDING DIRECTORS' REPORT)** ## **FOR THE YEAR ENDED 31ST DECEMBER 2024** The trustees present their report and the independently audited financial statements of the charity for the year ended 31 December 2024. The legal and administrative information set out on page 2 forms part of this report. 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 lnstitute's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "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** The objects of the charity are to promote those working in acoustics. The lnstitute's principal objectives are: ## **Education** The Institute administers its Diploma in Acoustics and Noise Control together with Certificates in Workplace Noise Assessment, Environmental Noise Measurement, the Measurement of Sound Transmission within Buildings and the Management of Occupational Exposure to Hand Arm Vibration. All courses are held at regular intervals at Centres throughout the country. In addition, the Diploma in Acoustics and Noise Control is also available by tutored distance learning. ## **• Conferences and Meetings** A substantial annual programme of technical conferences and meetings occurs, some of which have an international flavour. These are a mixture of face-to-face, hybrid and fully online events. - **Publications** 'Acoustics Bulletin' is published bi-monthly and carries articles of professional, academic and technical interest. Proceedings record the papers presented at the lnstitute's formal meetings held during the year. A well-stocked Library is available to members and the lnstitute's Web Site is a regularly updated source of information. - **Engineering Council** As a nominated body of the Engineering Council, the Institute can award Chartered Engineer and Incorporated Engineer status to suitably qualified members. - **International** The Institute is a member of the International Institute of Noise Control Engineering (I/INCE), the European Acoustics Association (EAA) and the International Congress of Sound and Vibration (ICSV). - **Future Development** Future development of the Institute will focus on promoting the profession and acoustics, providing policy advice related to acoustics, supporting the professional development needs of members, increasing membership, developing the education facilities and promoting acoustics in education and maintaining and extending present activities. The Institute is investing in its digital presence and has commissioned the development of a new personalised website and is recruiting a Director of Education to drive the digital delivery of our education offer. Page:3 **THE INSTITUTE OF ACOUSTICS LIMITED (A Company limited by guarantee and not having a Share Capital)** ## **TRUSTEES' ANNUAL REPORT (INCLUDING DIRECTORS' REPORT)** ## **FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **Achievements and Performance** The Institute has continued to serve the interests of its members through its established programmes in the areas of education, professional development, meetings and publications, and by providing representation in areas such as the Engineering Council, Standardisation and International affairs. Strategic development of the Institute continued to be a priority and various actions were implemented. The Trustees confirm that in the exercise of their powers as charity trustees, they have had due regard to the published guidance from the Charities Commission on the operation of the public benefit requirements and the aims of the charity are carried out for the public benefit. The Trustees also agreed a programme of investment in 2024, making use of the lnstitute's financial reserves to further the objectives of the Institute. During the year: - A new responsive website was commissioned which will go live in 2025. - One day and evening face-to-face meetings took place. In addition, shorter online workshops and webinars were held, which remain popular. The year saw the Institute run 3 face-to-face conferences: Acoustics 2024 in Manchester, ICU in Bath and Reproduced Sound in Bristol. Many of these events contained a celebratory element of the lnstitute's 50[th ] Anniversary. - Face-to-face teaching was offered at the IOA office but the majority of Diploma students chose to attend online. Online sessions remain popular as students avoid travel time and costs. Students are also able to watch the lessons again in their own time via the Moodie learning platform. In 2024, 57 students passed the diploma with 191 candidates passing other courses. - The Parliamentary Liaison Group has continued to make success at Parliamentary level in growing a network of influence. This has included communicating the report of the House of Lords Science and Technology committee on the effects of Artificial Light and Noise on Human Health to incoming MPs. Members of the Institute continued to attend meetings of various All Party Parliamentary Groups (APPG) including the Parliamentary and Scientific Committee and the APPG on Health Homes and Buildings. The initial groundwork was completed in pursuit of the ambition of establishing some form of APPG on Sound and Noise Management, with a keen eye on the efforts of those like the CIEH, who, having secured the backing and will include some areas of noise. - The Institute continued to support STEM activities, including: o Funding Edinburgh Science to work with schools in Scotland. - Funding and working with SpringPod to continue to deliver online workshops to school pupils. - In Our Lottie Doll social media campaign promoting women in acoustics continued on X, lnstagram, Facebook, TikTok or Linkedln. - We continued to run our Secondary and Primary Schools competitions; the winners of the Secondary Competition being presented with their award at the Noise Abatement Society's John Connell Awards at the Palace of Westminster. - The Institute continued its journey to becoming a digital organisation. IT systems in the Office were upgraded. The design of the new website was approved in the summer of 2024 and work commenced to build the site on Magnolia CMS. The new site will be built by Spring 2025. It will not be launched until sufficient content has been uploaded, anticipated to be late summer 2025. Page:4 **THE INSTITUTE OF ACOUSTICS LIMITED (A Company limited by guarantee and not having a Share Capital)** ## **TRUSTEES' ANNUAL REPORT (INCLUDING DIRECTORS' REPORT)** ## **FOR THE YEAR ENDED 31 ST DECEMBER 2024** ## **Achievements and performance (continued)** - The Diploma in Acoustics and Noise Control is now in its sixth year since extensive revision in 2008. During the year 91 students were awarded the Diploma with 250 students passing other courses offered by the Institute. - Seven candidates successfully presented themselves for CEng Professional Review Interview, of whom 3 were 'Individual route' candidates with diverse backgrounds. One Candidate successfully presented themselves for an IEng Professional Review Interview. - Membership again saw a small increase from 3092 in December 2023 to 3146 in December 2024 (excluding students). - The Institute is represented internationally through the following members: Paul Lepper (EAA Board), Jo Webb (ICA Board), Barry Gibbs (I-INCE Board and IIAV)), Adrian Brown (IIAV), Rupert Thornley-Taylor (IIAV). - The Institute remains a member of the Parliamentary and Scientific Committee. ## **Financial Review** Due to the decision made by the Trustees to invest in various areas of development to further the objectives of the Institute. The statement of financial activities shows that incoming resources were lower than resources expended by £146,217. (Similar investment occurred in 2023 resulting in resources expended exceeding income by £89,821 ). The balance sheet indicates that total funds of the charity were £1,356,530 (2023: £1,502,747) of which all funds were unrestricted funds bar £NIL (2023: All funds unrestricted bar £628). These were represented by tangible fixed assets of £250, 194 (2023: £304,875) and other net assets of £1,106,336 (2023: £1,197,872). ## Investment policy Other than retaining a level of funds to meet the reserve policy of the Institute, most of the funds are to be utilised in meeting the main objectives of the Institute. The trustees do not believe it to be prudent to utilise the funds in long term investments and instead have decided to invest the available funds in short­ term bank deposit accounts to ensure the liquidity of these funds. As available funds increase over and above the amount required by the reserve policy the trustees will review the investment policy to ensure that the returns the Institute receives is maximised whilst not detracting funds from its main objectives. ## Reserves policy The trustees have adopted a reserves policy that they consider appropriate to ensure the continued ability of the Institute to meet its objectives in the light of the predominant risks to the organisation. The target reserves are based on continuing operations for one year having had a 25% reduction in membership and having sufficient funds to ensure Diploma students' courses are maintained for two years. At 31 December 2024 the target was approximately £650,000, with a minimum reserve of £400,000, and the free reserves excluding fixed assets were £1,106,336 (2023: £1,197,872). Out of this £nil (2023: £nil) is restricted to use on bursaries. The trustees have agreed a business plan to ensure that the appropriate level of reserves will be maintained into the future. Page:5 THE INSTITUTE OF ACOUSTICS LIMrrED IA Company limited by guaranteg and not having a Share Capltall TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31ST DECEMBER 2024 Plans for Futuro Pgriods The Institute is investing in Ihe development of 115 provision of education and the diploma COL¢rses and is looking al developirTrg ils overseas market. At the same time the Inslf(ule is investing in its digital presence online to support this expansion. A sizable amount of the reserves will be used in the next 2 years to enable this development. Vote of thanks Thanks are due again to our Professional Advisors, Dennis Ba￿lS our Advertisement Manager. Blane Judd our Engineering Manager, Keith Attenborough our Education Manager. our dedicated staff al Head Office in Milton Keynes, and those members involved in the numerous Committees. Regional Branches and Specialist Groups who have done so much in a vduntary capacity behind the scenes. 11 is their continued support and effort that assures our firture success. Structure. governance and management Recruitment and A intment of Trustees The directors of the charitable company are its trustees for the purpose of charity law and throughout this report are collectively referred to as trustees. Tnjstees are elected al the Annual General Meeting and shall hold office for a period of two years. The trustees are eligible for re-election al the end of the tsvo-year period. up to an addilional four years lup to slx years rf up lo six years are in an Honorary posit￿n. Due to the nature of the Inslibjte's objectives the trustees seek lo ensure that the trustees either have a related qualrfic2tion or are working wthin the aL￿$11CS sector. The tnjslees believe that by appropriately reflecting their membets in the make- up of the board of trustees that this gives the Institute and ils staff an enhanced understanding ofthe members. requrements. Trustee induction and traini Most tnjslees are already familiar with the practical work of the Institute. Additionally new tnjslees are invited and encouraged lo meet wth SF￿r￿ trustees to discuss and familiarise themselves wrth the Institute and the context in which it operate5. This indudes thefuiure plans and objectives of the Instilule. Risk mana ernent The Iruslees regularly review an assessment of the risks to which the Institute is exposed, particulady business, operational and financial Tisks, and introduce prwedures and reporting regimes lo manage and reduce the identified risks. Or anisational structure The Institute of Acoustics is a registered charity and is constituted as a company, limited by guarantee. Ils objects and powers and other constitutional matters are set out in its Memorandum and Articles of Association. It is governed by a Board of Truslees who are responsible for setting the strategic direction of the organisalion and for establishing polry. A scheme of delegation is in place for the day to day running of the charity. The Institute is the professional t￿Y representing acoustics in the United Kingdom, and provides a range of services for members. The Trustees confirm that in the exercise of their powers as charity trustees, they have had due regard to the published guidance from the Charities Comfflission on the operation of the public benefit quiremenls and the aims of the charity are carried out for the public benefit. The Institute is currenlty in the prctess of Petitioning the Privy Council to become a Chartered Organisalion. Page: 6 THE INSTITUTE OF ACOUSTICS LIM￿ED IA Company Ilmlted by guarantee and not havlng a Share Capltal) TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31ST DECEMBER 2024 Trustees The Trustees during the year under revie•Y were: C Barfow D Saunder5 F E Roger50n M Scaife P Shields L Webb D Waddinglon J Mclntyre R Perkins M Toryussen R M M Mirchand8ni H Nouey D Goodhand P J Rogers A Lamacraft A W M some￿1118 YLIU Trustees. Responslbilitia5 The Iruslees are responsible for preparing the financial statements in a(xordanc£ with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires Trustees, as directors of the company, lo prepare financial statements for each financial year which gsve a true and fair view of the stste of the chartty's affairs and of the incoming resources and 8ppIic8tion of resources induding the income and expenditure of the charitable company for that year. In preparing these financial stat￿ents the Tnjstees are required to: Select suitable accwntiTrJ w11c￿ and then apply them consistenly., Observe the rnelh(Mls and principles in the CharFbes SORP." Make judgements and estimates that are reasonable and prudent" stste whether applicable UK Accounting Standards have been followed. subject to any material departures disdosed and explained in the financial statements.. and Prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the tharity wll continue in bL55iness. The Trustees are responsible for keeping propw accounting records which disdose. with reasonable accuracy 8t any lime, the financial posttion of the tharity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for safegLtarding Ihe assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees ar8 also responsible for the Maintenan￿ and int￿lty of the corporate and financial infomialion included on the charitable companys website. In addrtion, the trustees confim that: in the exercise of their powers as chartty trustees, they have had due regard lo the published guidance from the Charity Commission on the operat￿n of the public benefrt requirements.. and the aims of the charity &e carried out th8 public beneffit. Auditors In accordance with section the articles, a resolution proposing that Rayner Essex LLP bo reappointed as auditors of the company will be put lo the Annual General Meeting. PaG*: 7 ## **THE INSTITUTE OF ACOUSTICS LIMITED (A Company limited by guarantee and not having a Share Capital)** ## **TRUSTEES' ANNUAL REPORT (INCLUDING DIRECTORS' REPORT)** ## **FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **Statement of disclosure to auditor** - (a) so far as the trustees are aware, there is no relevant audit information of which the lnstitute's auditors are unaware, and - (b) they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the lnstitute's auditors are aware of that information. The report of the Trustees' was approved by the Board on 18 June 2025 and signed on its behalf. **A Chesney Secretary** Page:8 THE INSTITUTE OF ACOUSTICS LIMITED IA Company limited by guarantee and not havin9 a Share Capital) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE INSTITUTE OF ACOUSTICS LIMITED Oplnlon We have audNted the financial statements of The Instihjte of Acoustics Limrted {Ihe'ChariV) for the year ended 31 December 2024 which (x)mprise the statement of financial activities. the balance sheet, cash flow ststement and notes to the financial statements, induding a summary of signrficant accounting policies. The financial reFW)rting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. induding Financial Reporting Sland8rds 102.. Th8 Financi81 Reporting Standard applicable in the UK and RepublK of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stslements.. give a true and fair view of the state of the charitable companls affairs as at 31 December 2024 and of ils incoming resources and application of res¢JJrces, induding ils income and expenditure. for the year then ended,. have been properfy prepared in a￿rdants with United Kingdom Generally Accepted Accounting Practice", and have been prepared in acc(*dar￿e wilh the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs (UKII and applicable law. Our responsibilities under those starKlards are further described in the Auditovs 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, induding the FRC'S Ethbcal Staridard, and we have fulfilled our other ethical responsibilities in accordanc* with these requirements. We believe that the audit evidence we have obtained is sufFieient and appropriate to provide a basis for our ow'nion. Concluslons relating to goSng ￿nCern In audib'ng the financial statements, we have c>N￿Udel1 Ihal Ihe trustees, use of the going concem basis of actounting in the preparation of the finan¢ial statements is appropriate. Based on the work we have perfornied, we have not identified any material u￿rtaIn1]eS relating to events OT conditions that. indNldually or collectively. may cast signtfKant ¢Joubl on the company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responslbilib"e5 and the responsibilities of the trustees respect to golng concem are descrfbed in the relevant sedons of this report. Other inforniation The other infomiation comprtses the irrfomiation induded in the annual report other than the financial statements and our auditorfs ￿port thefeon. The Trustees are responsible for the other infomiation contained thin the annual reporL Our opinion on the financtal statements does not cover the other inforrnation and, except lo the exienl othe￿iSe explioly stated in our report, we do not express any fomi of assuran¢ conclusion thereon. Our responsibility Is lo read the other irrfomiabon and. in doing so. conslder whether the other information is materialty irtconsistenl ￿ the fina￿al stslemenls or our knovAedge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsislenties or apparent material misstatements, we are required lo delemine whether this gives rise to a material mis5talement in the financial stalemellts themselves or a material misstslement of the othor information. If, based on the work we have performed. we condude that there is a material misstalemenl of this other information. we are required to report that fact We hav8 nothing lo report in this regard. Page.. 9 THE INSTITUTE OF ACOUSTICS LIMITED IA Company limited by guarantee and not having a Share Capltall INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE INSTITUTE OF ACOUSTICS LIMrrED CONTINUED Oplnions on other mattors pr￿crIb6d by thg Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information gwen in the twslees, retx)rt {irKorporating the trustees. report) for the financial year for whieh the finanryal statements are prepared is consistent with the financial statements. and the trustees. report (incorporating the directors, rekK*t) has been prepared in accordance with applicable legal requiremenls. Matters on whkh we are roquired to report by exception In the light of the kno￿edge and understsnding of Ihe charttable LX)mpany and ils environment obtained in the course of the audit. we have not identffied material misstatements in the Trustees Annual Report. We have nothing to report in respect of the folF(Ming matters where the Companies Act 2006 requires us to report lo you rf, in our opinion= adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches rKJl visited by us". or the fin8nci21 statements are not in awmenl with the accounting records and retums. or certain disdosures of trustees. reMUneral￿n speCtr￿d by law are not made., or we have no* received all the infomiation and explanations we require for our audit, or the trustees were rKIt entitled to prepare the fina￿al stalemenls in accordance with the small companies regime and take advantage of the small ￿MPanies. exemptions in preparing the Iruslees, reFQrt and from the requirement lo wepare a strategic report. Responsibilitios of thg tru$to9s As explained more fully in the trustees, responsibiltknes statement {set on page 6 and 71, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a tnje and fair v¢ew. and for such internal (x)ntrol as they delerniine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable ompany's ability to continue as a going concern, disdosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the tnjstees either intend to liquidate th8 charitable company or to ￿ase operalK*ns. or have no realistic allemalive bul to do so. Auditorfs responsibilities for thg audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financAal statements as a whole are free from materi81 misstatement. whether due to fraud or eThor, and lo issue an audttorfs report that includes our opinion. Reasonable assuran￿ is a high levd of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material mi5slalemenl when il exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to Infjuen￿ the economic decisions of users tsken on the basis of these finan￿al stalemenls. Irregularities. induding fraud. are instances of non-c0mp1iar￿e with laws and regulations. We design procedures in line with our responsibilities, ouuined above, to detect material misstatements In respect of ilregularities. induding fraud. The extent to which our procedures are capable of detecting irregularities. including fraud. is (Jelailed bdow. The extent to whlch the audit was considered capable of detecting Irregularities including fraud. Our approach to idenbfying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance wtth laws and reguL4tions, was as fdlows.. Page= 10 THE INSTITUTE OF ACOUSTTCS LIMITED IA Company Ilrnited by guarantee and not havlng a Share Capltal) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE INSTITUTE OF ACOUSTICS LIMITED CONTINUED the engagemenl parlner ensured Ihat the engagement team collectively had the appropriate competen￿, capabllibes and skills to identify or recognise noTrcompliance with applicable laws and regulations,. we identified the laws and regulalions appli(zble to the cLYnpany through discussirffis with the Chief Executive and other management, and from our knovAedge and experien￿ of the charrty sector,. we focused on specific laws arKI regulatiLMs which we ¢on5idered may have a direct material effect on the financial stslements or the operations of Ihe company. induding the Companies Act 2006, the Charities Act 2011, the Charity SORP. taxation legislation and data proteclron. anti-bribery. employment, environmental and other relevant regulations.. we assessed the extent ofc(Mnpliance with the laws and regulatsons identrfied above through making enquiries of management and Ins￿lIng legal Cor￿sPOnden￿. and identified laws and regulations were communi(aled wthin the audit team regularty and the team remained alert lo instsnces of n0n-c0mpliar￿e throughout the audit. We assessed Ihe susceptibility of the compan￿$ finanoal statements to material mi5StatemenL includirvJ obtaining an ijnderslanding of how fraud might rKcur, by.. maklng enquiries of manage￿ent as to where consldered there was susceptibility lo fraud. their knowledge of actual. suspected and alleged fraud" and considering the internal controls in place to mitsgate risks of fraud arKI non-complian￿ with laws and regulations. To address the risk of fraud through management bias and override of ¢)Jntrols. we: performed analybcal procedures to identify any unusual ￿ unexpected relationships,. tested joumal entres to identify unusual transactiork8; assessed whetherjudgements and assumptions made in determining the accounting estimates were indicative of potelltial bias., and investigated the rationale behind signtfKant or unusu81 transacti¢J)s. In response to the risk of irregularities and non-complian￿ laws and regulatlons. we (Jesigned procedures which induded. bul were not limited to.. agreeing financial statement disclosures to underfying supporting documentslion reading the minutes of meetings of those charged with govemance". enquiring of management as to actual aThJ potential litigation and daims; arKt reviewing correspondence wrth the Chariiy Commisson. There are inherent Ilmit81ions in our audit prC￿ed￿re$ described above. The more removed Ihal laws and regulations are from ffinancial transactions. the less likdy it is thatwe would become awa￿ of nOn-￿Mpl1an￿. Auditing Standards also limil the audit procedures required to identify n0n-c0mpliar￿e laws and regulations to enquiry of the director5 and other management and the inspection of regulatory and legal correspondence. if any. Material misstatements thatarise due to fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or collusion. A further description of OLtr responsibilities for the audit of the finarrial statements is lo¢aled on the Financial Reporting Council's website aL httpJlwww.frc.org.uklauditOT5responsibilib"es. This descripb'on fornis part of our auditorfs report. P48: 11 THE INSTfwTE OF ACOUSTICS UPAITED (A Company limited by guarantee and not havlng a Share Capltsl INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE INSTITUTE OF ACOUSTICS LIMrrED CONTINUED Use of our roport This report is made 5dety to ts company's members. as a in octWdan￿ with Chapter 3 of Part 16 of Ihe Companies Act 2006. 1)Jr audit has been undertaken so that we might state to the mpany's members tFKise matter5 are required to state lo them in an audriorfs report and for no other purpose. To the fullest extent Fwmitted by I￿. do rrf)I ￿pt or assume responsibility to anyone other than the ￿rnPary and the c(mnp￿'S members as a tr*)dy. ts our audit W￿k, for this repcKt, ￿ for the opintons we have fc*med. Antony Fodorgr FCA FCCA CF (S￿l0r St•tutw Audit￿ for and on b•half of Rayn•r Ew LLP 14 July 2025 Chart•r•d Acccwnt•rts Statutory Audltor Faulkner H￿se torfa Stroel St Albans Herts AL13SE Pdw 12 THE INSTITUTE OF ACOUSTICS LIM￿ED (A Company Ilmited by guarantQg and not havlng a Share Capitall STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income & Expenditurg A￿unt} FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 Total Fund5 2Q23 Total Funds Funds Fund$ Donations &18garles: Donations Legades Charitab18 aclMI8S-. sUbs￿pu0nS Meelngs 536.321 181,802 207.462 207.462 Inl8rm18e eV￿t Publlr2lot Branth and grour6 EdueAUon Eroin*rtng [￿Vr￿n Invesknents: Inv*trnw* lThxme Other. sU￿ry Iwme 118.185 118.185 )0 386.352 16.399 133.578 386.352 16.399 365.459 18,544 &59) 12.757 4.132 Total IncomltrvJ rnsources 1.310.9)3 1.310.903 1,252.789 R68ourc8S w)Ènd¢d Costs ofgenerabng Iwd5 Charitable acwes 356.410 1.ItKI.710 352.808 1,100.710 345.179 997.411 Tot81 resourc¢$ *xw¥Jod 1.457.120 1,457.120 1,342.59J Net In¢omlng ￿$¢￿T¢¢5 b8fore other recognis¢d gain5 and108888 {146.217) 1146.2171 189.8211 Other re¢ognls¢d Gal￿ aTKI L08888 Net movement in fvnds 1146.21n 1146.21n 189.8211 R¢¢ondllatlon of funds Fund Balan￿ BrOl￿t Forward Transfer5 fuTrJ5 l.W2.747 1.502,747 1,592,568 Fund balanc85 carFSed fovward 1.356,530 1.356,530 1.502,747 All activities are dassified as continuing. There were no recognised gains or losses for 2024 or 2023 other than those recorded in the Statement of Financial Activities. Al incoming resources and resources expended in 2024were unrestricted bar net outgoing resources of £nll 12023- net ongoing resources.. £628). The notes on pages 16 to 24 fom7 part of these financial stslements. Pdge: 13 **THE INSTITUTE OF ACOUSTICS LIMITED (A Company limited by guarantee and not having a Share Capital)** ## **BALANCE SHEET** ## **AS AT 31 ST DECEMBER 2024** ||**Notes**|**2024**||**2023**|| |---|---|---|---|---|---| |||£|£|£|£| |**Fixed Assets**|||||| |Tangible assets|8||250,194||304,875| |**Current Assets**|||||| |Debtors|9|258,369||159,441|| |Cash at bank and in hand||1,102,100||1,271,661|| |**Total Current Assets**||1,360,469||1,431,102|| |**Creditors: Amounts Falling Due**|||||| |**within One Year**|10|(254,133)||(233,230)|| |**Net Current Assets**||1,106,336|||1,197,872| |**Total Assets Less Current**||1,356,530|||1,502,747| |**Liabilities**|||||| |**The Funds of the Charity**|||||| |Reserves - unrestricted|11|1,356,530|||1,502,747| |Reserves - restricted|11||||| |**Total Funds**||1,356,530|||1,502,747| These financial statements have been prepared in accordance with Companies Act 2006. The financial statements were approved by the trustees and authorised for issue on 18 June 2025 and are signed on its behalf by: ## **Prof D Waddington President** Company Registration No. 01157249 Charity Registration No. 267026 The notes on pages 16 to 24 form part of these financial statements. Page: 14 THE INSTITUTE OF ACOUSTICS LIM￿ED (A Company limitod by guarant88 and not having a Share Capital) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 Cash flows from operatlng aLtivities Nel income (expenditure) for the year Adjustments for: Depreciation Loss of disposal of f￿ed assets Investment income {lrtrease)Ireduclion in debtors Increasel{reductlon) in creditors (146.217) 189,821) 129,041 115,809 18,5501 (98,9281 20.903 (12.757) 155,708) 24,481 Nèt Gash providedl (used) in operatlng acb¥itios {103,751) {17.996) Cash flows from Investing actlvltles Purchase of tangible fixed assets Sale of tangible fixed assets Investment income {74.360) {67,160} 8.550 12.757 Ngt cash (used In) Invgsting actlvltleg (65,810) 154,403) Net increase I (decrease) in cash and cash equivalents Cash and cash equivdents al the beginning of the year (169,5611 {72.399) 1.271,661 1.344,060 Cash and cash equivalents at the eThJ of the year 1,102,100 1,271,681 Cash and cash equivalents is made up of the following.. Cash at bank and in hand 1.102.100 1,271,661 Total 1.102,100 1,271.661 The notes on pages 16 to 24 fomi part of these financNg1 statements. Page: 15 THE INSTITUTE OF ACOUSTICS LIMITED (A Company Ilmltod by guarantee and not having a Sharo Capltall NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUn￿ng Policlgs Charity info￿atIon The Institute of Acoustics Limited by guarantee incorporated in England and Wales. The registered office and principal pl&e of buS1r￿SS is Silbury Court, 406 Silbury Boulevard. Milton Keynes, MK9 2AF. Basis of prgparallon The Inslilule meets the definition of a public benefit entity as defined under FRS 102. The financial stslements have been prepared in accordance with the Institute's governing document, the Companies Act 2006. FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102") and the Charities SORP "Accounting and Reporting by Charitie5'. Statement of Recommended PractirE applicable to charities preparing their accounts in accordance with the Finanual Rep￿ing Standard applicable in the UK and Republic of Ireland {FRS 1021. (effective 1 January 2019). The financial statements are prepared in sterling which is the functional ojrrency of the company. Monetary amounts in the finar￿la1 statements are r(MJrMled lo the nearest £. Charitable funds Unreslricled funds are funds the tnjslees are free to use for any purpose in fvrtherance of the charity's objectNes. Reslricled funds are fvnds which are lo be used in ar￿￿dance wtth spectfic restrictions imposed by the donor or through the terms of an appeal. Incomlng resources All incoming resources are induded in the Statement of Financial Activities when the charity is enlilled tr) the income and the amount can be quant[r￿d with reasonable a(xuracy. The following specrfic policies are applied to particular categories of income: Membership income 1$ invoiced at the start of each financial year and fully recognised in the year. Meeting and (X)nferen￿ income is reL￿nIsed in the year that the meeting or conference is held. Publication incorne is re(x)gnised when the publications are sold. Education income is recognised in the year when the courses are run. Donations are recognised on re(￿lpt and are treated as unrestricted funds unloss they are specifically restricted by the donor Legacy entitlement is taken on a case by case basis as the eartier of the dale when the ¢harity is aware that probate has been granted, and etther.. Ihe estate has been finalised and estate accounts have been receNed by the charity notification has been made by the executorfs) lo the charity that a distribution will be made., or when a distribution is received from the estsle In estimating the value of legacies at the year end the trustees have exercised their judgement based on the available infomialion and the appropriate application of the Ch8rtties SORP Page: 16 THE INSTITUTE OF ACOUSTICS LIMITED {A Cornpany limitod by guarantfjo and not havlng a Share Capital) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 l. Accounting Pollcies (Continued) Rèsources expended l expenditure is a￿oUnted for on an accruds basis as a liability is incurred. Expenditure excludes VAT. Any VAT that cannot be reclaimed is reported separately. Costs of generating furKls comprise costs associated with the handling of the membership. Charitable expenditure comprises those costs incurred by the charity in achieving rts objectives including the holding or supporting of corrferences.11 indudes both costs that can be allocated directly to such actNities arKI those costs of an indir￿t nature necessary lo support them. Govemance costs include those costs associated with meeting the (x)nslitulional 2nd slalutory requirements of the charity and indude the audit fees and costs linked to the strategic management of the charity. All costs are all￿ted between the expendi￿re categories of the Statement of Flnancial Activities on a basis designed to refiecithe use of the resource. Costs relating lo a particular activity are allocated directly, other costs are apportioned on an appropriate basis. Where costs are apporttoned, these are either allocated directly as a result of the usage of the resource. such as floor space or staff time, or where this is not possible the allocation is based on a percentage basis as agreed by the tnjslees. Support costs The support costs of the charity are allocated be￿een charitable activities and costs of raising funds. Govemance costs have been allocated lo resources expended on charitable activities. Financial Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther FinanThal Instnjments Issues, of FRS 10210 all of its financial instruments. Financial instruments are re￿nISed in the Chari￿s balance sheet when the charity becomes paty to the contractual provisions of the Ir￿truMent. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legalty enforceable right to sel off the recognised amounts and the is an intention lo settle on a net basis or to realise the asset and settl6 the liability simultaneously. Basic financlal assets Short term debtors aTr measur&J at tranwtion price. less any impairrnent losses. Basic financial liabilitles Short term (xeditors are measured at the transaclKJn price. Cash and Cash equlvalents Cash and cash equivalents comprise cash at bank and in hand and demand deposits with banks. Page: 17 THE INSTITUTE OF ACOUSTICS LIMITED (A Company1Smlted by guaranteg and not havlng a Share Capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Dgprgciatlon Depreoalion is calcu121ed lo write down the cost or valuation less estimated residual value of all tangible fixed assets over their expected usefvl lives. The rates generally applicable are.. Computer equipment Audio Wisual system Office equipment Leasehold improvements 20Yo-330/D straight line 10% straight line 10% straight lirle 10% straight Line Leased Assets Assets under finance leases and hire purchase contracts are capitalised in the Balance Sheet and depreciated over their expected usefvl lives. The interest element of leasing payments represents a constant proportion of the ￿pital balan￿ outstanding and is charged lo the Profit and Loss Account over the period of the lease. Al other leases are regarded as operating leases and the payments mad8 under them are charged lo the Profit and Loss Accounts on a straight- line basis over the lease term. Taxation The Charity is a regislwed charity and i8 not liable lo United lQngdom income tax or capital gains tax on its wholly charitable activities. Going concern At the time of approving the financt81 statements, the Trustees have a reasonable expectation that the Charity has adequate reSoU￿S to (xintinue in operational exister￿ for the foreseeable future. In particular cash balances are (x)nsIde￿I suffiaent to mttigate uncertainties. The Trustees consider that there are no materral Un￿rtaInlieS about the Charity's abillty to continue as a going con(Ern. Thus the Charity continue to adopt the going concem basis of accounting in preparing the ffinancial statements. Judgments In applying accounting policies and key sources of estlmation uncertainty The preparation of the financial statements requires management to makejudgmenls, eslimales and assumptions thal affect the amoL¢nts reported for 2ssels and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of eslimalion means the actual outcomes could drfferfrom those estimates. Therewere no material estimations necessary other than the decision on depreciation rates. InGorning resources The income was derived from the chariws pri￿paI activities which were carried out mainly in the UK. The Institute's main sources of income centre around the subscriptions receivable from its members and income derwed from the meetings and educational activities that are provided to its members. Invèstmènt income 2024 2023 Interest r￿1vable 8,550 12,757 Page.. 18 THE INSTITUTE OF ACOUSTICS LIMrrED (A Company limlted by guarantee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Total resourcgs expended 2Q24Toial Fun 2023 Totst Funds C¢>sts dlrectly 8110¢th to actSvJUes Meeti￿S Intemoi$8 PthliLxtions Educalbjn 8rdnth and (knupAL*¥ibes Engl[￿an￿j DNts SLth0ipt￿ns STEM Lryal fees Audit A0)j￿tarry & taxation Marketing expernes Bad debts 175.824 175.284 172.516 104.114 104.114 133.2(I8 6,358 26.058 18.297 38.518 12.431 13.475 8,OfA) 715.507 102.5 108,383 1.973, 25.704 19.342 41.301 10.482 11.280 9.200 115.838 f33.206 26,058 18.291 38.518 12.431 13.475 115.9)7 219.W21 3T1203 26.058 31,968 649,848 61Q413 Staff ojsls RfnL rdt83 arN1 seNL* charge Light, heat aTh1 Ir￿￿d￿8 Hire of 4ulpmw Computer fe8S Prinlng, statiorw & Postage lind￿1￿j BuU81rnl T818phone Commlttee arKJ expens8s SuThJry 8Xp￿&S Bank 8Tr1 tr￿11 earf dwg8s Depreaation I￿8￿verable VAT Tr8V81 Repair5 and maintwwr 80.957 210 161.914 15.526 &076 10.234 16.191 1.552 17 64.765 7.763 2.031 323,827 31,051 10,153 10.234 120.633 4,524 8.632 180 2.916 63.687 12.062 453 8.185 108,764 12.(*2 3.618 819 7.361 8,735 31.991 1.(K)2 45,702 5,008 15,685 129,041 83,974 19)3 10.979 103233 30,980 4,919 13,537 115.809 49,164 1.796 9,471 12,gM 8,398 744 12. 8.974 4.198 1248 1.013 1.013 10,140 356.410 875.182 50.017 175.511 1.457,120 1,342.590 Included within Committee and management Ur￿er ￿nf&enceS and education is £nil 12023: £6281 bursary expenditure relating to reslrTrcted funds. Wrthin meeting experKliture is £16,328 of income {2023'. £16,239} in respect of restricted grant spending towards the costs of the Intemational ConferencE on Underwater Acoustics. The remaining expenditure is unrestricted. STEM relates to discretronary expendtiure promoting Science Technology Engineering and Mathematics in schools. P￿.. 19 THE INSTrruTE OF ACOUSTICS LIMITED (A Company Ilmtted by guarantee and not having a Share Caprtal) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 21Y24 Net Movement In Funds The movement of funds Is ststed after tharging or (crediting): 2024 2023 Dep￿atIOn of owned assets Auditors. remuneration Operatsng leases - premises Hire of equipment 129.041 13,475 26.700 10.234 115,809 11.280 53,610 8,165 Taxatlon No provision for UK corporation tax has been made since the Trustees are of the opinion that all of the charity's income is applied for charitable purposes. Truste8s and Employees The Trijstees received no remuneration during the year bul 14 {2023.. 13} Trustees have been reimbursed for travel and subsistence costs incurred by them on behalf of the Institute. lolalling £18,736 {2023: £9,722). During the year a company connected to a tnjstee was paid £38.190 {2023.' £26,g55} for the provision of centre based educalion. This was awarduj after a lender process undertaken by staff who are not trustees. standard trading rules applied. 2024 2023 Wages and salaries Employers, national insurance Employers. pension costs 282,580 24,668 16,579 255,734 21.162 15,020 323,827 292,916 The average monthly number of emp￿yees. excluding Trustees, during the year was as follows.. 2024 Number 2023 Number Direct charitable activities Management and administration One individual employee12023: one) re￿Ned employee benefts of £60.000 or higher, (£60,000- £70,000 band- 1) The cost lo the Institute regarding key management p8rsonnel was £92,853 (2023.. £84,063) Page.. 20 THE INSTITUTE OF ACOUSTICS LIMITED (A Company limit8d by guarantee and not having a Sharo Capitsl) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Tanglble Fixed Assgts L&tsehold Improvements Computer Office Equipment Equlpment Total Cost Al 1st January 2024 Additions Disposals 163.429 642.839 74.360 27.475 833,743 74,360 At 31 st December 2024 163.429 717.199 27.475 8,103 Depreciation Al 1st January 2024 Charge for the year Disposals 97.046 16.308 415.334 109.985 16.488 2,748 528,868 129,041 At 31st December 2024 97,046 525,319 19,236 657.9)9 Net Book Value At 31 st December 2024 50.075 191.880 8,239 250,194 At 31st December 2023 66.383 227.505 10,987 304,875 Debtors 2024 2023 Trade debtors Prepayments and accrued income VAT recoverable Other debtors 104,431 151,900 1.995 43 47,105 83,312 28,976 258,369 159,441 10. Creditors: Amounts Falllng Due Within One Year 2024 2023 Trade credttors Other taxes and social securty Accruals Deferred income 47,554 11.452 42.485 152,642 73.529 9,580 31,714 118,407 254.133 233.230 The deferred income Is education income which has not yel been recognised as the events lo which they relate are post year end. All deferred in￿rne from 2023 has been re(x)gnised in 2024. Page." 21 THE INSTITUTE OF ACOUSTICS LIMITED (A Company limlted by guarantee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 11. Funds Al 1 st January 2024 Nel incoming (outgoing resources) 1,502.747 (146.217) Al 31 st December 2024 1,356.530 The comparatNe note is as follows: At 1st January 2023 Net incoming (outgoing resources) 1,591,940 {89,1931 Al 31$1 December 2023 1.502,747 At 1st January 2024 Net incoming (outgoing resources) At 31st D￿ember 2024 The comparatNe note is as follows: Al 1st January 2023 Nel incoming (outgoing resources) 628 {628) Al 31st December 2023 £628 of the brought fotward Bursary fund was spent for the purpose gwen which was that of bursaries. Pag8'. 22 THE INSTITUTE OF ACOUSTICS LIMrrED IA Company limitod by guarantee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 12. Analysls of Assets between Funds Fund balances al 31 0￿mber 2024 are represented by: Bursary Restrictgd Fund Total General Fund Total Fixed Assets Debtors Cash al bank and in harvj Creditors 250.194 250,194 258,369 258,369 1,102,100 1.102,100 (254,133) {254,133) At 31st December 2024 1,356,530 1,356,530 13. An￿ysiS of Ghanges in net (debtyfunds The tharity had no debt during the year. 14. Operating Lease Commitments Al 31st December 2024 the charity had total commitsnenls under nOn￿ncelIable operating leases as set out below: Land & Buildings 2024 2023 Other 2024 2023 Operdting leases which expire: 1-2 years 2-5 years After five years 54.810 54,810 164.430 196,395 1,060 1,965 7,709 219.240 251,203 3,025 8.652 15. gmbgrs liability The liabilty of the members 1$ ￿triCted to £1 on the event of the Nmnding up of the Institute. Page.. 23 THE INSTITUTE OF ACOUSTICS LIMITED (A Company limited by guarantee and not havÈng a Share Capltal} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 16. Comparative Rosources Expended yèar gnded 31 D￿ember 2023 Total resources oxpgnded 2023Tryt Funds 2022Total FLtnd$ Costs t1lr¢¢UY￿IocatOd to xtl¥6V¢s Meetir Intemolse everrt PU￿le￿￿orts Edu￿t￿ n¢h &oup kbvi*8S Englrpeedng Divis￿n SubwptioT STEM Legal fees Audit AttouThtancy & taxatK Markeb'ng expen Bad debts 172.516 172.516 41,450 52,355 104,009 110,402 2,755 24,760 19,212 47.490 6,735 1(r2,596 102,5 108.383 1,973 25,704 19.342 41.301 10.4V2 11.280 9.200 115.636 108,3&3 1.973 25.704 1Y.342 41.301 10.482 11,280 9.200 9,629 116,988 115.fh36 218.232 343.515 25,704 618.413 544.785 Suppwl coBts 8llocat¢dtQ •¢114rf Staff thsts 73.230 12.738 146.458 31,844 14,645 3.1&3 377 292.916 63,687 263,686 63.9J3 15,W22 1.510 ght. heat and Ir￿ra Hwe of equipment 8,165 87.012 8,165 108,764 8.224 84.385 4.317 10.876 10,876 Printing. 5taknery & P05tsge 11Th￿Ud[r#J 8￿le￿nI Td8phone 814 8.135 7.955 8XP8n sU￿ry expenses Bank and ueditlxd ¢tharg85 Dew8daOon Irr8(x)verable VAT Trav Repalrs and mantaH￿e 7.746 21.685 1231 30,980 4,919 13,537 115,809 49,164 28.702 245 9.475 Y2.647 36.873 9,159 101,263 56,486 1.013 7,394 11,581 4,917 537 11￿1 4.916 179 179 9.471 345,179 79J.351 47,739 159,321 1.342,5W 1.178,729 Included within Committee and managemonl under conferences and education 1$ £628 (2022: £7,022) bursary expenditure relating to restricted fvnds. Wrthin meeting expenditure is £16,239 is respect of restrscled grant spending on the Inlemalional Conference on Underwater Acoustics. The remaining expendrture is unrestricted. STEM relates to discretionary expenditure promoting Sctenc* Tethnology Engineering and Mathematics in schools. Pag8." 24