| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| Page |
| Report of the Trustees | 1 | to | 6 |
| Report of the Independent Auditors | 7 | to | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Cash Flow Statement | 11 |
| Notes to the Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13 | to | 21 |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS (REGISTERED NUMBER: 00227499) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 December 2024 |
| Our mission |
| The institution's mission is to support and develop lighting professionals and their global contribution for the benefit of the environment and society. |
| Our vision |
| A world illuminated by sustainable lighting solutions that help us live, work, and play without negatively impacting the environment. |
| Our values |
| These are the values that will guide our actions and set the culture for the organisation as it moves into its second centenary. |
| Professionalism |
| Ethics |
| Honesty |
| Openness |
| Accountability |
| Innovation |
| Our objectives |
| The Institution was formed to promote, encourage, and improve the science and art of lighting for the benefit of the public and for this purpose to facilitate the exchange of information and ideas on the subject among members of the Institution and otherwise and furtherance thereof. |
| Structure, governance, and management |
| The Institution of Lighting Professionals has previously been known as: |
| The Institution of Lighting Engineers |
| The Institution of Public Lighting Engineers |
| The Association of Public Lighting Engineers Limited |
| The organisation was incorporated on January 21st 1928. It is registered as a charity 268547 with the Charities Commission and company 00227499 with Companies House in England and Wales.The Institution's present governing document is its Articles of Association 2010, as amended by Special Resolution on September 23rd, 2015. This document is available at www.theilp.org.uk and printed copies on are available on request. |
| The Trustees of the Charity are also Directors of the Company. They make up the Board of Trustees which oversees governance, finance, and strategic direction, with operational delivery led by our Chief Executive Officer. |
| During 2024, the Trustees had due regard to the Charity Commission's guidance on public benefit in all activities and decisions. The Board considers that the Institution's objectives and activities are for the public benefit. |
| At the start of 2024, the members of the Board of Trustees were: |
| President | Rebecca Hatch |
| Senior President Elect | Perry Hazell |
| Junior President Elect | James Duffin |
| Immediate Past President | Fiona Horgan |
| Honorary Treasurer | John Sutcliffe |
| Honorary Treasurer | Kieron Jarvis |
| Vice President - Technical | Emily Bolt |
| Vice President - Membership, Qualifications and Registrations |
Peter Raynham |
| Chief Executive Officer (non-voting) | Justin Blades |
| At the instigation of the Chief Executive Officer, a request for expressions of interest in serving on the Board of Trustees is sent to the serving Honorary Treasurers, Vice Presidents, Chairs of Lighting Delivery Centres and other member committees serving at the commencement of each calendar year. |
| Expressions of interest are considered at a joint meeting of the Board of Trustees and the previous five Past Presidents, as defined in the Articles of Association. |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS (REGISTERED NUMBER: 00227499) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 December 2024 |
| We held our Annual General Meeting on May 22nd, 2024. The Board of Trustees confirmed at the meeting comprised: |
| President | Perry Hazell |
| Senior President Elect | James Duffin |
| Junior President Elect | Michala Medcalf |
| Immediate Past President | Rebecca Hatch |
| Honorary Treasurer | John Sutcliffe |
| Honorary Treasurer | Kieron Jarvis |
| Vice President - Technical | Emily Bolt |
| Vice President - Membership, Qualifications and Registrations |
Peter Raynham |
| Chief Executive Officer (non-voting) | Justin Blades |
| Membership |
| The ILP has achieved the highest number of members upgrading their membership since our records began. During 2024, over 22 members upgraded their level of membership to reflect their lighting knowledge, skills and experience, which will inevitably benefit them during their lighting careers. |
| By the end of 2024, our Membership Bootcamp sessions were delivered to 150- plus members. 22 of those have submitted their applications to upgrade their membership, and over half have making an initial upgrade enquiry. |
| As members progress through the grades of membership as their careers progress, many are also interested in giving back to the ILP by becoming membership assessors and interviewers, dedicating a few hours a month assisting with the assessment of our new upgrade recruits. We offer regular training, and the additional volunteers have been extremely helpful. |
| Our annual CPD audit closed in September 2024 with a total of 49 Engineering Council-registered members having submitted their CPD for review. We will continue to audit our members annually, as CPD is a mandatory requirement for an ILP membership. |
| Volunteers and Community |
| Volunteers and community |
| The ILP Council, comprising the Chairs of our regional Lighting Delivery Centres(LDCs), Young Lighting Professionals (YLP) & Women's Lighting Professionals (WLP) member groups, Local Authority Lighting and Architectural Lighting Committees and the Board of Trustees, meets regularly to coordinate activities and monitor progress against our strategic aims. |
| An increased number of CPD events were delivered in 2024 across all LDCs and member communities, including topical webinars and innovative in-person sessions focused on key environmental and technological themes. |
| Young Lighting Professionals (YLP) continues to thrive, focusing on members aged 35 or under or new to the profession, supported by a dynamic volunteer committee. |
| In its inaugural year, the Women Lighting Professionals (WLP) delivered several events in collaboration with other member communities on topics ranging from mental health to how to stay safe at night. The aim of the new group is to provide a welcoming environment for female lighting professionals to engage and network within the ILP, improving access to CPD and support with their professional development. |
| How to be Brilliant |
| Four successful How to be Brilliant events were delivered, including major participation at Clerkenwell Design Week and Light24 offering CPD and guidance to those lighting professionals who work in the architectural lighting sector. |
| Lighting Live24: Local Authority |
| The premier Local Authority lighting event, took place on Thursday 1st February 2024, at the Mercure Daventry Court Hotel, bringing together just over 200 delegates, including exhibitors and sponsors. |
| The event featured a range of highly attended sessions, covering key industry topics such as the decarbonisation of street lighting and skills shortages facing the lighting profession. Attendees rated their experience highly, with many citing networking, CPD, and gaining technical knowledge as key reasons for attending. |
| Exhibitors and sponsors played a crucial role in showcasing the latest industry developments, while networking opportunities allowed professionals to engage with peers and share expertise. Lighting Live24's success reinforced its significance as a key event for public sector lighting professionals, providing valuable insights, professional development, and opportunities for collaboration. |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS (REGISTERED NUMBER: 00227499) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 December 2024 |
| Centenary Lighting Summit |
| The ILP celebrated its Centenary with the ILP Centenary Lighting Summit 2024, held on 18th-19th June at the Leonardo Royal Hotel, Tower Bridge, London. The event brought together approximately 300 attendees, including industry professionals, exhibitors, and sponsors, for two days of insightful discussions, technical presentations, workshops, and networking opportunities. |
| The exhibition area featured leading companies showcasing the latest innovations in lighting technology, while sponsors played a key role in supporting the event's success. A variety of workshops allowed attendees to engage in learning and in-depth discussions on key industry topics. |
| Specifically, the dedicated STEM workshop was a resounding success, and will hopefully inspire future talent in the field of lighting. Attendees provided detailed feedback, praising the high quality and relevance of the technical papers, the valuable networking opportunities, and the event's contribution to CPD. A key highlight of the celebration was the Centenary Dinner, held at the Dockside Vaults, which was well attended and provided a memorable evening of camaraderie and reflection on the ILP's 100-year journey. |
| The success of the Summit reinforced its importance as a platform for professional growth, industry collaboration, and knowledge exchange. |
| Lighting Journal |
| The Lighting Journal remains a vital professional resource, distributing essential information on lighting innovations, technical developments, and sector news. |
| The Lighting Column Technical Forum (LCTF) |
| The LCTF continues to support lighting column specification and safety initiatives, producing technical guidance and sector best practice updates. The Board of Trustees approved a request for the LCTF to become a fully incorporated member community of the ILP in 2025. Work is in progress to align the Forum's activities with the ILP Technical Committee. |
| Technical Knowledge and Assistance |
| We continue to develop and publish practical, peer-reviewed technical knowledge in the form of our Professional Lighting Guides (PLG), Guidance Notes (GN) and Technical Reports (TR) to provide members and society at large with dependable knowledge in lighting. |
| New and revised publications for 2024 include GN08-24 Bats and Artificial Lighting: Updated with latest conservation practices and PLG05 Illuminated Advertisements: Revised for evolving technology and urban design. |
| CPD Training and Education |
| The ILP delivered another successful year of CPD and technical training, including the leading exterior lighting training programme, our Exterior Lighting Diploma (ELD). |
| In addition to the ELD core training programme (including an additional Module A to cater to exceptional demand), we also delivered our Fundamentals of Lighting, Fundamental of Street Lighting, Obtrusive Light and the Environment for Planning and Environment staff and Bats & Artificial Lighting at Night course, based on the new GN08 guidance note. |
| We also delivered bespoke in-house training for Nulty Lighting Design Consultants in Electric Know How and for Abacus Lighting Limited in Fundamental Lighting. |
| Representing the Lighting Community |
| ILP has been active with the following bodies as part of our commitment to engage with relevant stakeholders for the benefit of the lighting profession: |
| - Lighting Liaison Group |
| - UK Lighting and Technology Board |
| - ADEPT (as secretariat) |
| - BSI |
| - CIE |
| - NHSS 6 & 8 |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS (REGISTERED NUMBER: 00227499) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 December 2024 |
| Statement by the Institution's Trustees |
| The financial information presented on the following pages is only a summary of information shown in the Institution's statutory financial statements. |
| The Institution's financial statements for the year end 31 December 2024 have been audited. The auditor issued an unqualified opinion on the annual accounts and reported that the information given in the Report of the Trustees was consistent with the financial statements. |
| The report did not contain any statements in respect of section 498 (2) (a) or (b) (accounting records or returns inadequate or accounts not agreeing with records or returns), or section 498 (3) (failure to obtain necessary information and explanations) of the Companies Act 2006 and was therefore also unqualified in these respects. The full financial statements have been filed at Companies House. |
| Financial Report |
| This report is presented in a summarised form to make the Institution's financial affairs more readily understood. For those who wish to have sight of the full financial statements, these are available upon request at the Annual General Meeting or from the Institution's Rugby office. The trustees, who are also directors of the ILP for the purposes of the Companies Act 2006, have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The accounts have been audited by Magma Audit LLP, Chartered Accountants, and approved and signed by the Institution's Board of Trustees. |
| As can be seen on the Statement of Financial Activities, turnover in 2024 is £1,065,768 being an increase of 24% on the previous year. The net movement in funds includes gains on investments is £54,717 (2023: £115,976). The total funds on the Balance Sheet at 31 December 2024 is £1,619,687 compared with £1,564,970 at 31 December 2023. |
| Investment policy and objectives |
| The day-to-day management of the charity's investments is carried out by the investments managers under instruction from the trustees. The managers are responsible for selecting appropriate investments to provide both income and capital growth. |
| The portfolio benefits from a globally diversified portfolio of equity funds with monies allocated to both UK and Global equity funds. The portfolio also has exposure to fixed interest/bond funds as well as a healthy cash reserve. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS (REGISTERED NUMBER: 00227499) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 December 2024 |
| Trustees |
| P Hazell | President |
| R Hatch | Immediate Past President |
| J Duffin | Senior President Elect |
| M Medcalf | Junior President Elect (appointed 22 May 2024) |
| J Sutcliffe | Honorary Treasurer |
| K Jarvis | Honorary Treasurer (appointed 22 May 2024) |
| E Bolt | Vice President- Technical (appointed 22 May 2024) |
| P Raynham | Vice President- Membership, Qualification and Registrations (appointed 22 May 2024) |
| The Board of Trustees are also the directors of the charitable company for the purposes of company law and its trustees for the purposes of charity law. |
| Company Secretary |
| Auditors |
| Chartered Accountants |
| Statutory Auditor |
| Magma House, 16 Davy Court |
| Castle Mound Way |
| Rugby |
| CV23 0UZ |
| Investment Managers |
| 121-Advice Limited |
| Exchange House |
| 12 - 14 The Crescent |
| Taunton |
| Somerset |
| TA1 4EB |
| Bankers |
| HSBC Bank plc |
| Coventry |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES |
| The trustees (who are also the directors of The Institution of Lighting Professionals for the purposes of company law) are responsible for preparing the Report of the Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
| - | select suitable accounting policies and then apply them consistently; |
| - | observe the methods and principles in the Charity SORP; |
| - | make judgements and estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
| The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| In so far as the trustees are aware: |
| - | there is no relevant audit information of which the charitable company's auditors are unaware; and |
| - | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS (REGISTERED NUMBER: 00227499) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 December 2024 |
| AUDITORS |
| The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| Approved by order of the board of trustees on |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| Opinion |
| We have audited the financial statements of The Institution of Lighting Professionals (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of trustees' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit; or |
| - | the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| Responsibilities of trustees |
| As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
| Our responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Based on our understanding of the company and charitable sector, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and Charities Act 2011. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included: |
| - | discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
| - | challenging assumptions made by management in their significant accounting estimates, in particular in relation to the values of the freehold property and investment portfolio and the judgements formed; and |
| - | identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting cash and journal entries with specific defined descriptions. |
| There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
| Use of our report |
| This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditor |
| Magma House, 16 Davy Court |
| Castle Mound Way |
| Rugby |
| CV23 0UZ |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Charitable activities | 5 |
| Other trading activities | 3 |
| Investment income | 4 |
| Total |
| EXPENDITURE ON |
| Raising funds | 6 |
| Charitable activities | 7 |
| Other |
| Total |
| Net gains on investments |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 1,564,970 |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS (REGISTERED NUMBER: 00227499) |
| BALANCE SHEET |
| 31 December 2024 |
| 2024 | 2023 |
| Total | Total |
| funds | funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 13 |
| Investments |
| Investments | 14 |
| Investment property | 15 |
| CURRENT ASSETS |
| Stocks | 16 |
| Debtors | 17 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 18 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 20 |
| Unrestricted funds | 1,564,970 |
| TOTAL FUNDS | 1,564,970 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| CASH FLOW STATEMENT |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 69,019 | 26,760 |
| Net cash provided by operating activities | 69,019 | 26,760 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (12,969 | ) | (3,377 | ) |
| Purchase of fixed asset investments | (200,000 | ) | - |
| Proceeds on sale of investment property | 260,000 | - |
| Interest received | 6,273 | 3,985 |
| Net cash provided by investing activities | 53,304 | 608 |
| Change in cash and cash equivalents in the reporting period |
122,323 |
27,368 |
| Cash and cash equivalents at the beginning of the reporting period |
192,487 |
165,119 |
| Cash and cash equivalents at the end of the reporting period |
314,810 |
192,487 |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| NOTES TO THE CASH FLOW STATEMENT |
| for the year ended 31 December 2024 |
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
| 2024 | 2023 |
| £ | £ |
| Net income for the reporting period (as per the Statement of Financial Activities) |
54,717 |
115,976 |
| Adjustments for: |
| Depreciation charges | 5,634 | 3,895 |
| Interest received | (6,273 | ) | (3,985 | ) |
| Gain on investment property | - | (7,000 | ) |
| Gain on investments | (51,845 | ) | (38,515 | ) |
| Loss on disposal of investment property | 7,000 | - |
| Increase in stocks | (270 | ) | (279 | ) |
| Increase in debtors | (54,502 | ) | (59,285 | ) |
| Increase in creditors | 114,558 | 15,953 |
| Net cash provided by operations | 69,019 | 26,760 |
| 2. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/1/24 | Cash flow | At 31/12/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 192,487 | 122,323 | 314,810 |
| 192,487 | 122,323 | 314,810 |
| Total | 192,487 | 122,323 | 314,810 |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| The Institution of Lighting Professionals is a charity, registered in England and Wales. Its registered office address is Regent House, Regent Place, Rugby, Warwickshire, CV21 2PN and the registered number is 00227499. |
| 2. | ACCOUNTING POLICIES |
| Summary of significant accounting policies |
| The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets being investments and freehold property. |
| The charity's functional and presentational currency is Sterling (£) and amounts are rounded to the nearest £1. |
| Critical accounting judgements and key sources of estimation uncertainty |
| The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| (i) Valuation of freehold property |
| The property held by the charity is sensitive to changes in fair value. A valuation is obtained from a qualified valuer for the property with sufficient regularity to ensure that the valuation is not materially different from the fair value, with interim annual valuations carried out by the trustees. |
| (ii) Carrying value of listed investments |
| The listed investments held by the charity are sensitive to changes in fair value. A valuation is obtained from a qualified valuer for each investment at the year end to ensure that the valuation is not materially different from the fair value. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| All 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. Support costs are those costs incurred directly in support of expenditure on the objects of the charitable company. Irrecoverable VAT is shown in the category of resources expended for which it was incurred. |
| Raising funds consists of regions' events costs. |
| Charitable activities include direct expenditure associated with providing the charitable services and support costs relating to those activities. |
| Other resources expended consists of governance costs which include those incurred in the governance of the charitable company and are primarily associated with constitutional and statutory requirements. |
| Tangible assets and depreciation |
| Tangible fixed assets are stated at cost or valuation less depreciation. |
| Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:- |
| Computer Equipment | -33% | straight line |
| Office Furniture | -20% | straight line |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible assets and depreciation |
| Officers Jewels | -25% | straight line |
| Tangible fixed assets which represent freehold land and property are subsequently carried at revalued amount, being the fair value at the date of revaluation. Revaluations are charged to other recognised gains/losses and are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of each reporting period. |
| Tangible fixed assets which represent freehold property is stated at valuation. No provision for depreciation is made on freehold land and buildings as the useful economic life of these assets are of such a length and the residual values are such that they are not materially different from the carrying value and any depreciation would not be material. Residual values are reviewed annually and any permanent diminution in value is provided in the statement of financial activities. |
| Investment Properties |
| Investment properties are shown at fair value. Any changes in fair value are recognised in the statement of financial activities transferred to the Investment Property Fair Value Reserve in the year. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. |
| At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of financial activities. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of financial activities. |
| Funds |
| Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Listed fixed asset investments |
| Investments are included in the financial statements at fair value. The Statement of Financial Activities includes net gains and losses arising on revaluation and disposals throughout the year. |
| Operating lease agreements |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
| Financial instruments |
| The charitable company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| (i) Financial assets |
| Basic financial assets, including fixed assets held at valuation, trade and other debtors, cash and bank balances and investments are initially recognised at transaction price, 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. |
| Such assets are subsequently carried at amortised cost using the effective interest method. |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other 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. |
| 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 business from suppliers. Creditors 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. |
| 3. | OTHER TRADING ACTIVITIES |
| 2024 | 2023 |
| £ | £ |
| Job vacancy service | 6,845 | 5,950 |
| Lighting Delivery Centres' events and meetings | 43,264 | 18,424 |
| Miscellaneous income | 5,087 | 11,701 |
| 4. | INVESTMENT INCOME |
| 2024 | 2023 |
| £ | £ |
| Investments income | 10,988 | 9,248 |
| Deposit account interest receivable |
| 5. | INCOME FROM CHARITABLE ACTIVITIES |
| 2024 | 2023 |
| Charitable | Total |
| activities | activities |
| £ | £ |
| Membership subscriptions | 389,791 | 364,575 |
| Courses | 265,654 | 213,830 |
| Lighting journal | 115,519 | 125,999 |
| Conferences and seminars | 216,806 | 99,868 |
| Professional lighting guides | 5,541 | 6,438 |
| 993,311 | 810,710 |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 6. | RAISING FUNDS |
| Raising donations and legacies |
| 2024 | 2023 |
| £ | £ |
| Lighting Delivery Centres' events | 57,708 | 25,541 |
| Investment management costs |
| 2024 | 2023 |
| £ | £ |
| Support costs | 10,987 | 9,176 |
| Aggregate amounts | 68,695 | 34,717 |
| 7. | CHARITABLE ACTIVITIES COSTS |
| All of the funds are unrestricted |
| Total Funds | Total Funds |
| 2024 | 2023 |
| £ | £ |
| Provision of charitable services: |
| Staff costs | 253,729 | 259,273 |
| Courses | 114,655 | 88,420 |
| Conferences and seminars | 189,922 | 46,872 |
| Lighting journal | 155,508 | 152,611 |
| Technical committee | 281 | 24 |
| Professional lighting guide production costs | 1,016 | 8,388 |
| Support services | 225,744 | 147,340 |
| 940,855 | 702,928 |
| Analysis of support services is as follows:- |
| Total Funds | Total Funds |
| 2024 | 2023 |
| £ | £ |
| Promotion and publications | 55,420 | 20,352 |
| Membership and education | 6,617 | 13,316 |
| Lighting delivery centres and general meetings | 27,204 | 28,014 |
| Bank and finance charges | 12,918 | 6,560 |
| Printing, postage and stationery | 3,242 | 2,523 |
| IT consultancy | 40,385 | 32,682 |
| Premises costs | 61,979 | 35,232 |
| Depreciation | 5,634 | 3,895 |
| Office costs | 1,647 | 790 |
| Other costs | 10,698 | 3,976 |
| 225,744 | 147,340 |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 8. | SUPPORT COSTS |
| Total Funds | Total Funds |
| 2024 | 2023 |
| £ | £ |
| Analysis of other resources expended: |
| Staff costs | 44,775 | 43,423 |
| Legal and professional costs | 8,571 | 8,416 |
| 53,346 | 51,839 |
| 9. | NET INCOME/(EXPENDITURE) |
| Net resources are stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Staff pension contributions | 13,278 | 13,438 |
| Depreciation | 5,634 | 3,895 |
| Auditors remuneration | 7,800 | 7,400 |
| Auditors remuneration - non audit services | - | 600 |
| Operating leases | 426 | 180 |
| 10. | TRUSTEES' REMUNERATION AND BENEFITS |
| The members of the council were not remunerated. |
| Trustees' expenses |
| Travel and subsistence expenses amounting to £9,237 were reimbursed to 7 members (2023: £9,357 reimbursed to 5 members). |
| 11. | STAFF COSTS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| 298,504 | 302,696 |
| The average monthly number of employees during the year was as follows: |
| 2024 | 2023 |
| Head office | 6 | 6 |
| Chief Executive Officer | 1 | 1 |
| Trustees | 7 | 6 |
| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
| 2024 | 2023 |
| £70,001 - £80,000 |
| £80,001 - £90,000 |
| 1 | 1 |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 11. | STAFF COSTS - continued |
| The key management of the charity comprises of the Chief Executive Officer. The total remuneration of key management personnel during the year was £98,329 (2023:£89,115). |
| 12. | LIGHTING DELIVERY CENTRES |
| The company operates seven 'Lighting Delivery Centres' (LDC) throughout the British Isles. These are:- |
| Birmingham |
| Bristol |
| Durham |
| Ireland |
| London |
| Manchester |
| Scotland |
| The LDC's are not separately registered under either the Companies or Charities Acts and operate under the name and control of the Institution of Lighting Professionals. |
| The combined results as shown in the accounts of the above LDC's for the years ended 31 December 2024 and 2023 are as follows:- |
| 2024 | 2023 |
| £ | £ |
| Income and expenditure |
| Income | 43,264 | 18,424 |
| Expenditure | (57,708 | ) | (25,541 | ) |
| Deficit | (14,444 | ) | (7,117 | ) |
| Brought forward at 1 January 2023 | 21,073 | 28,190 |
| 6,629 | 21,073 |
| 13. | TANGIBLE FIXED ASSETS |
| Equipment |
| Freehold | & Officers |
| property | Jewels | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Revaluation: |
| The freehold property was valued at £350,000 on 3 December 2024 by an estate agent, Life Investments Estate Agency. This valuation was carried out on a fair value basis. The trustees deem this to be market value at the year end. |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Historical cost of land and buildings: |
| If the properties had not been revalued the historical cost would be £452,869 (2023: £452,869). |
| 14. | FIXED ASSET INVESTMENTS |
| Listed |
| investments |
| £ |
| MARKET VALUE |
| At 1 January 2024 |
| Additions |
| Revaluations |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 | 1,053,305 |
| At 31 December 2023 | 801,460 |
| All investments relate to the unrestricted fund. |
| Cost or valuation at 31 December 2024 is represented by: |
| Listed |
| investments |
| £ |
| Valuation in 2024 | 1,053,305 |
| 15. | INVESTMENT PROPERTY |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| Disposals | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 16. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Goods For Resale | 3,745 | 3,475 |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| 18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| VAT | 6,706 | 7,901 |
| Accruals and deferred income |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 20. | MOVEMENT IN FUNDS |
| 2024 |
| Tangible Fixed Assets |
Investments |
Other Net Assets |
Total |
| £ | £ | £ | £ |
| Unrestricted Funds - General | 364,715 | 1,053,305 | 201,667 | 1,619,687 |
| Unrestricted Funds - Investment Property Fair Value Reserve |
- |
- |
- |
- |
| 364,715 | 1,053,305 | 201,667 | 1,619,687 |
| Comparatives for movement in funds |
| 2023 |
| Tangible Fixed Assets |
Investments |
Other Net Assets |
Total |
| £ | £ | £ | £ |
| Unrestricted Funds - General | 357,380 | 847,426 | 139,130 | 1,343,936 |
| Unrestricted Funds - Investment Property Fair Value Reserve |
- |
221,034 |
- |
221,034 |
| 357,380 | 1,068,460 | 139,190 | 1,564,970 |
| THE INSTITUTION OF |
| LIGHTING PROFESSIONALS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 21. | RELATED PARTY DISCLOSURES |
| During the year purchases of £4,550 (2023: £5,778) were made by a company controlled by a trustee in the year. |