Charity registration number 1016699
Company registration number 02776194 (England and Wales)
THE INSTITUTE OF PROFESSIONAL SOUND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE INSTITUTE OF PROFESSIONAL SOUND
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
M J Felton
E J Willett
R K Graham
S J Bishop
C M Macnab
S M H Clark
G Hewis
J P C Gough
P Banfield
(Appointed 28 June 2023)
P Bridges
(Appointed 28 June 2023)
D Carugo
(Appointed 28 June 2023)
M Cheffins
(Appointed 28 June 2023)
T Curry
(Appointed 28 June 2023)
Secretary
Mr M Johnson
Charity number
1016699
Company number
02776194
Registered office
24 Park Road South
Havant
Hampshire
United Kingdom
PO9 1HB
Independent examiner
Azets
24 Park Road South
Havant
Hampshire
United Kingdom
PO9 1HB
THE INSTITUTE OF PROFESSIONAL SOUND
CONTENTS
Page
Trustees' report
2 - 4
Statement of trustees' responsibilities
1
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 13
THE INSTITUTE OF PROFESSIONAL SOUND
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees, who are also the directors of The Institute of Professional Sound for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE INSTITUTE OF PROFESSIONAL SOUND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The trustees present their report and financial statements for the year ended 31 March 2024.

 

The trustees are also directors of the charity for the purposes of the Companies Act 2006. The trustees' report contains a directors' report as required by company law.

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 charity's governing document, 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).

Objectives and activities

The charity's objects are to promote the widest understanding of professional audio in all its contexts and to promote the cultural and educational benefits resulting from producing sound of high technical and artistic quality; in particular, by encouraging the maintenance of the highest professional standards among sound operations personnel, securing improvements in the art and technique of operational sound resulting in such cultural and educational benefits, promoting and publishing the relevant results of experiment and research designed to secure such improvements, and providing a forum for the exchange of information.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

 

In performing our activities we have considered the Charity Commission's general guidance on public benefit per our duty outlined in s17(5) of the Charities Act 2011.

Significant activities

General activities maintained. The focus this year has been on support for members and increased fund raising and support events.

Achievements and performance

Membership of the IPS:

 

The membership is drawn primarily from audio professionals working in operational posts within the UK audio industry and related professional audio fields. There are a number of members from Europe and the rest of the world who share the same aims and ideals as those members in the UK.

 

The IPS has three main categories of member - Full. Affiliate and Student. The category of Affiliate also caters for those in related industries, for example, manufacturing and further education establishments who have expressed an interest in the work of the IPS and wish to be associated with it. Student members are those who are still receiving formal education on a full-time course or other relevant studies.

 

From the foregoing it will be seen that membership of the IPS is open initially to a wide group of individuals with a common interest in audio. Much of what IPS produces is also available to the public through the website and publications.

Funding of the IPS:

The primary source of funding for the organisation is by annual subscription. There is an additional source of income provided by commercial companies who wish to be associated with the activities of the IPS and have become Sponsor Companies of the Institute.

THE INSTITUTE OF PROFESSIONAL SOUND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Financial review

Financial position

The trustees are pleased with the progress achieved in reviewing its financial position and implementing changes to its operational focus. Finances and activities are regularly monitored and sufficient reserves held to cover short term needs.

 

Throughout the year under review the IPS has been able to maintain a mostly positive financial position, with a healthy bank balance, that gives security for the continued activities of the Institute.

With the changing social climate this year it has become possible to mount face to face meetings for the membership and guests, returning to the past success of such meetings prior to the Covid pandemic.

A number of successful members' meetings were held throughout the year, in various locations, affording the members good networking opportunities as well as the benefit of hearing presentations at first hand.

Two particular events of note were the Pro Audio 23 one-day trade show and the very successful residential Training Weekend held at Warwick University.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to a minimum of twelve month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

 

The amount of funds the charity holds at 31 March 2024 is £65,245.

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

Structure, governance and management

The charity is a company limited by guarantee as defined by the Companies Act 2006. It is controlled by its governing document, a deed of trust.

 

The original deed was dated January 1993 and was updated in April 2018.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

M J Felton
E J Willett
R K Graham
S J Bishop
C M Macnab
S M H Clark
G Hewis
J P C Gough
P Banfield
(Appointed 28 June 2023)
P Bridges
(Appointed 28 June 2023)
D Carugo
(Appointed 28 June 2023)
M Cheffins
(Appointed 28 June 2023)
T Curry
(Appointed 28 June 2023)
THE INSTITUTE OF PROFESSIONAL SOUND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

Any person who is a Full Member of the Institute and is willing to act as an Executive Committee member, and is permitted by law to do so, may be appointed to the Executive Committee -

(a) by ordinary resolution passed at the Annual General Meeting of the Institute or

(b) by a decision (invitation) of the existing Executive Commitee.

 

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The Committee may from time to time, and at any time, co-opt any Full Member of the Institute as a member of the Executive Committee, either to fill a casual vacancy or by way of addition to the Executive Committee, provided that there shall not be more than 10 co-opted members of the Executive Committee at any one time. Any member so appointed shall retain their office only until the next Annual General Meeting, but they shall then be eligible for election.

 

No person who is not a Full Member of the Institute shall in any circumstances be eligible to hold office as a member of the Executive Committee.

 

The Executive Committee shall, from their number, appoint the officers of the Institute as they see fit.

The IPS is governed by its Memorandum and Articles of Association which sets out the agenda for the trustees. The trustees are all members of the Executive Committee of the IPS led by their Chairman. All the members of the Executive Committee (EC) are drawn from the membership of the organisation and are elected annually at the AGM by the membership, as laid down in the Memorandum and Articles of Association.

All EC members and their Chairman operate in a purely voluntary manner without financial reward, save for the reimbursement of reasonable expenses incurred in the performance of their duties for the Committee. The daily administration of the organisation in undertaken by the Secretariat, currently one individual working on a part-time basis, for which he is remunerated accordingly.

The trustees' report was approved by the Board of Trustees.

Mr M Johnson
Secretary
25 July 2024
THE INSTITUTE OF PROFESSIONAL SOUND
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE INSTITUTE OF PROFESSIONAL SOUND
- 5 -

I report to the trustees on my examination of the financial statements of The Institute of Professional Sound (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (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 charity 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 charity’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:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Richard Hutchinson - FCCA
Azets
24 Park Road South
Havant
Hampshire
PO9 1HB
United Kingdom
Dated: 8 August 2024
THE INSTITUTE OF PROFESSIONAL SOUND
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
2
47,534
46,863
Charitable activities
3
39,213
9,489
Investments
4
1,475
339
Total income
88,222
56,691
Expenditure on:
Raising funds
5
554
440
Charitable activities
6
95,733
37,673
Total expenditure
96,287
38,113
Net (expenditure)/income for the year/
Net movement in funds
(8,065)
18,578
Fund balances at 1 April 2023
73,310
54,732
Fund balances at 31 March 2024
65,245
73,310

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 INSTITUTE OF PROFESSIONAL SOUND
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
704
652
Current assets
Debtors
12
6,352
4,267
Cash at bank and in hand
83,801
71,308
90,153
75,575
Creditors: amounts falling due within one year
13
(25,612)
(2,917)
Net current assets
64,541
72,658
Total assets less current liabilities
65,245
73,310
Income funds
Unrestricted funds
65,245
73,310
65,245
73,310

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

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 28 July 2024
S J Bishop
S M H Clark
Trustee
Trustee
Company registration number 02776194
THE INSTITUTE OF PROFESSIONAL SOUND
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Charity information

The Institute of Professional Sound is a private company limited by guarantee incorporated in England and Wales. The registered office is 24 Park Road South, Havant, Hampshire, PO9 1HB, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, 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). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity 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 charity. Monetary amounts in these financial statements are rounded to the nearest £.

 

The financial statements contain information about The Institute of Professional Sound as an individual company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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.

 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

 

The charity does not have any restricted funds at the balance sheet date.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income

Income is recognised when the charity 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.

 

Income is the amounts derived from the provision of goods and services.

THE INSTITUTE OF PROFESSIONAL SOUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.5
Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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.

 

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate.

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 and fittings
20 - 33% on cost

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
Impairment of fixed assets

At each reporting end date, the charity 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).

1.8
Cash and cash equivalents

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

1.9
Financial instruments

The charity 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 charity's balance sheet when the charity 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 INSTITUTE OF PROFESSIONAL SOUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
Basic financial liabilities

Basic financial liabilities, including creditors 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.

1.10
Taxation

The charity is exempt from corporation tax on its charitable activities.

2
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Membership fees
47,534
46,863
3
Charitable activities

Event income

Total
2024

Event income

Total
2023
2024
2024
2023
2023
£
£
£
£
£
£
Sales within charitable activities
-
35,463
35,463
-
8,704
8,704
Sales of services by beneficiaries
-
-
-
35
-
35
Other income
3,750
-
3,750
750
-
750
3,750
35,463
39,213
785
8,704
9,489
4
Investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
1,475
339
THE INSTITUTE OF PROFESSIONAL SOUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
5
Raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Depreciation and impairment
271
163
Trading costs
Support costs
283
277
554
440
6
Charitable activities

Event costs

Event costs

2024
2023
£
£

Event costs

59,657
9,213
Share of support costs (see note 7)
33,274
25,320
Share of governance costs (see note 7)
2,802
3,140
95,733
37,673
THE INSTITUTE OF PROFESSIONAL SOUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
7
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£

Meetings

1,197
-
1,197
158
-
158

Executive committee

2,712
-
2,712
1,338
-
1,338

Business services

17,628
-
17,628
16,730
-
16,730

Telephone and postage

1,581
-
1,581
1,707
-
1,707

Website and email costs

2,851
-
2,851
2,736
-
2,736

Exhibitions and promotional

5,352
-
5,352
722
-
722

Bank charges

154
-
154
129
-
129

Insurance

283
-
283
277
-
277

Subscriptions

1,800
-
1,800
1,800
-
1,800

Accountancy fees

-
2,802
2,802
-
2,640
2,640

Bookkeeping

-
-
-
-
500
500
33,558
2,802
36,360
25,597
3,140
28,737
Analysed between
Trading
283
-
283
277
-
277
Charitable activities
33,275
2,802
36,077
25,320
3,140
28,460
33,558
2,802
36,360
25,597
3,140
28,737

Governance costs includes payments for Independent examination fees of £400 (2023- £200).

8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
13
-
0
There were no employees whose annual remuneration was more than £60,000.
10
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE INSTITUTE OF PROFESSIONAL SOUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
11
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023
815
Additions
323
At 31 March 2024
1,138
Depreciation and impairment
At 1 April 2023
163
Depreciation charged in the year
271
At 31 March 2024
434
At 31 March 2024
704
At 31 March 2023
652
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
6,352
4,267
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,521
-
Accruals and deferred income
5,091
2,917
25,612
2,917
14
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

2024-03-312023-04-01falseCCH SoftwareiXBRL Review & Tag 2022.2027761942023-04-012024-03-3102776194bus:Director12023-04-012024-03-3102776194bus:Director22023-04-012024-03-3102776194bus:Director32023-04-012024-03-3102776194bus:Director42023-04-012024-03-3102776194bus:Director52023-04-012024-03-3102776194bus:Director62023-04-012024-03-3102776194bus:Director72023-04-012024-03-3102776194bus:Director82023-04-012024-03-3102776194bus:Director92023-04-012024-03-3102776194bus:Director102023-04-012024-03-3102776194bus:Director112023-04-012024-03-3102776194bus:Director122023-04-012024-03-3102776194bus:Director132023-04-012024-03-3102776194bus:CompanySecretaryDirector12023-04-012024-03-31027761942024-03-31027761942023-03-31027761942022-04-012023-03-3102776194bus:FRS1022023-04-012024-03-3102776194bus:IndependentExaminationCharity2023-04-012024-03-3102776194bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP