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|INDEX||Page|
|---|---|---|
|Council, Staff and Professional
Contacts|||
|Report ofthe|Trustees||
|Independent|Auditor's
Report|12|
|Consolidated|Statement
of Financial Activities|16|
|Consolidated|and Society Balance Sheets|17|
|Consolidated|Cash Flow Statement|18|
|Notes to the|Financial Statements||
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||||||Total Funds|Total Funds|
|---|---|---|---|---|---|---|
||||||2022|2021|
|||||Notes|||
|Income and endowments|from:||||||
|Charitable
activities|||||1,855,171|1,843,681|
|Other trading
activities|||||||
|Commercial
trading
operations|||||390,500|354,760|
|Investments|||||75,352|62,578|
|Total income|||||2,321,023|2,261,019|
|Expenditure
on:|||||||
|Charitable
activities:|||||2,150,230|2,115,626|
|Other|||||||
|Commercial
trading
operations||(including|taxation)||317,103|287,559|
|Investment
management|fees||||18,048|18,961|
|Total expenditure|||||2,485,381|2,422,146|
|Net gains/(losses)
on revaluation||and disposal of investments||9|(225,682)|355,783|
|Net income/(expenditure)|||||(390,040)|194,656|
|Other recognised
gains/(losses):|||||||
|Net (loss)/income
from joint ventures|||||302,198|(135,558)|
|Net movement
in funds|||||(87,842)|59,098|
|Reconciliation
offunds:|||||||
|Total funds brought
forward|||||5,422,813|5,363,715|
|Total funds carried forward|||||5,334,971|5,422,813|
|The notes on pages 19to 30form||part ofthese accounts.|||||
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|||||||Group||Society||
|---|---|---|---|---|---|---|---|---|---|
||||||Notes|31.12.22|31.12.21|31.12.22|31.12.21|
||||||||6|f|8|
|Fixed assets||||||||||
|Tangible assets||||||1,532,172|1,623,174|1,532,172|1,623,174|
|Intangible
assets||||||90,364|180,728|90,364|180,728|
|Investments||||||2,964,910|3,091,643|2,965,010|3,091,743|
|Investment|in|joint||venture||||||
|Share of net|||assets|||100,000|100,000|||
|||||||4,687,446|4,995,545|4,587,546|4,895,645|
|Current assets||||||||||
|Debtors|||||10|243,627|129,145|445,464|266,674|
|Cash at bank||and||in hand|11|1,145,578|1,232,429|731,654|950,590|
|||||||1,389,205|1,361,574|1,177,118|1,217,264|
|Creditors: amounts|||falling due|||||||
|within one|year||||12|(741,679)|(934,306)|(719,924)|(911,803)|
|Net current assets||||||647,526|427,268|457,194|305,461|
|Net assets||||||5,334,972|5,422,813|5,044,740|5,201,106|
|Funds||||||||||
|Unrestricted||funds|||15|||||
|General||||||5,044,640|5,201,005|5,132,582|5,142,008|
|Subsidiary
trading||||||290,332|221,808|||
|Profit for the|year|||||||(87,842)|59,098|
|Total Funds||||||5,334,972|5,422,813|5,044,740|5,201,106|
##
|Statement ofCash Flows for the year|ended 31 December 2022|ended 31 December 2022|ended 31 December 2022|||
|---|---|---|---|---|---|
|||||Total Funds|Total Funds|
|||||2022|2021|
||||Notes|6|6|
|Cash flows from operating
activities:||||||
|Net cash provided by (used in) operating|activities|||(36,777)|288,264|
|Cash flows from investing
activities:||||||
|Dividends,
interest and rents from investments||||75,352|62,578|
|Purchase of property,
plant and equipment||||(8,430)|(8,607)|
|Proceeds from sale ofinvestments||||391,056|286,960|
|Purchase of investments||||(490,004)|(297,041)|
|Investment
managers
fees||||(18,048)|(18,961)|
|Net cash provided
by (used In) investing|activities|||(50,074)|24,929|
|Cash flows from financing
activities:||||||
|Changein
cash and cash equivalents
in|the reporting|period||(86,851)|313,193|
|Cash and cash equivalents
at the beginning ofthe reporting|||period|1,232,429|919,236|
|Cash and cash equivalents
at the end of|the reporting|period||1,145,578|1,232,429|
|Reconciliation
of net income/(expenditure|to net cash|flow|from operating|activities||
|Netincomel(expenditure)
for the accounting
statement offinancial activities|period as per the|||(87,842)|59,098|
|Adjustments
for:||||||
|Depreciation
charges||||189,796|193,170|
|(Gains)/Losses
on investments||||225,682|(355,783)|
|Dividends,
interest and rents from investments||||(75,352)|(62,578)|
|Investment
managers
fees||||18,048|18,961|
|Decrease/(Increase)
in debtors||||(114,482)|414,692|
|Increasel(decrease)
in creditors||||(192,627)|20,704|
|Net cash provided by (used in) operating|activities|||(36,777)|288,264|
|Analysis ofcash and cash equivalents||||||
|Cash in hand||||1,145,578|1,232,429|
|Total cash and cash equivalents||||1,145,578|1,232,429|
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|Income from charitable|activities|Society||
|---|---|---|---|
|||Year to|Yearto|
|Activities
in furtherance|ofthe charity's objects|31.12.22|31.12.21|
|||6||
|Membership||1,302,483|1.303,523|
|Education
and Events||225,709|212,026|
|Publications||146,001|170,959|
|Income from regional groups and centres||7,049|7,726|
|Room rental and sundry|income|173,929|149,447|
|||1,855,171|1,843,681|
##
|Commercial
trading operati|Commercial
trading operati|ons|ons|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|The Society has a subsidiary||that has||been trading|||since|11 October 1993||and pays|all its|profits to The||
|Society of Operations|Engineers||by gift|aid. The principal||||activity of the Company
is to|||raise|funds|in order|
|to promote the aims|ofthe Society.|||||||||||||
|The Society holding|in the issued||ordinary||share capital ofF100is as follows:|||||||||
|||Country||of||Registration||||Proportion||held||
|Name||Registration|||||Number||31.12.22|||31.12.21||
|IRTE Services Limited
England|||and|Wales|||2854868|||1QQ'/||100%||
|A summary
of IRTE|Services|Limited's||results||are shown||below and|audited|accounts|will be filed||with the|
|Registrar ofCompanies
at Companies||||House.||||||||||
|Profit and Loss Account for the|||year|ended||31 December 2022|||Year to|||Yearto||
||||||||||31.12.22|||31.12.21||
|||||||||||6|||f|
|Turnover||||||||||389,917|||354,725|
|Expenditure||||||||||||||
|Cost ofsales||||||||||(309,943)||(281,042)||
|Administrative
expenses||||||||||(7,160)|||(6,517)|
|||||||||||(317,103)||(287,559)||
|Operating
Profit/(Loss)||||||||||72,814|||67,166|
|Interest receivable||||||||||583|||36|
|Profit/(Loss)
on ordinary
activities||||||||||73,397|||67,202|
|Net (Loss)/Income
from Joint||Venture||||||||302,198||(135,558)||
|(Loss)/Profit
before|gift aid|and|taxation|||||||375,595|||(68,356)|
|Amount
gifted to the|society|||||||||(307,071)||||
|(Loss)/Profit before|taxation|||||||||68,524|||(68,356)|
|Taxation||||||||||0|||0|
|Retained
profit for the year||||||||||68 524|~68356|||
##
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|4.|Commercial|trading operations|(continued)|(continued)|||
|---|---|---|---|---|---|---|
||||||As at|As at|
||IRTE Services Limited||||31.12.22|31.12.21|
||The aggregate ofthe assets, liabilities|||and funds was:|||
||Assets||||638,117|401,532|
||Liabilities||||(347,785)|(179.724)|
||Funds||||290332|221 808|
##
|The costs ofthe Commercial|The costs ofthe Commercial|Vehicle Show|Vehicle Show|LLP management|LLP management|LLP management|team totalling f278,998(2021:|team totalling f278,998(2021:|team totalling f278,998(2021:|team totalling f278,998(2021:|team totalling f278,998(2021:|
|---|---|---|---|---|---|---|---|---|---|---|---|
|8259,599)are recharged|to IRTE Services Limited||||by the|SOE.||One ofthe tenants
occupying||||
|office space )n the SOE buiding
is a firm of solicitors which||||||includes amongst|||its partners,||a|
|director of IRTE Services|Limited. The contractual||||arrangements|||are at arms|length and||the tenant|
|pays rent at a commercial|rate. The directors|||of IRTE Services||||Limited agreed|to declare||a Gift|
|Aid donation
ofF307,071|(2021:||Nil).|||||||||
|||||||||At 31.12.22||At|31.12.21|
|6
t
l 0 by/(t
)p|t||p
y(l
l|d dl|lt
bllltl|) ~307,796|||~602|||
|Joint Venture||||||||||||
|IRTE Services Limited has a||33.33%interest||in the|Commercial|||Vehicle Show|Limited|Liability||
|Partnership.||||||||||||
|||||||||Year to|30June 2022|||
|Summary
financial
information|||ofthe|||||Partnership|||SOE|
|CV Show LLP||||||||total|||share|
|||||||||E|||8|
|Profit and Loss Account||||||||||||
|Turnover||||||||3,502,620||1,167,540||
|Operating
(Loss)/Profit||||||||906,594|||302,198|
|Interest receivable||||||||0|||0|
|Partners'
Asset||||||||300,000|||100,000|
|Balance Sheet||||||||As at 30June||2022||
|Current Assets||||||||1.008.645|||336,215|
|Current
Liabii)ties||||||||(208,726)|||(69,575)|
|Net Assets||||||||799,919|||266,640|
|Represented
by:||||||||||||
|Partners'
Capital Accounts||||||||300,000|||100,000|
|Partners'
Current Accounts||||||||499,919|||166,640|
|||||||||799,919|||266,640|
##
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##
|s to the financial st|s to the financial st|atements
for the year|ended 31 Dece|mber 2022|||
|---|---|---|---|---|---|---|
|Analysis ofcharitable||expenditure|||||
||||Staff|Support|Other Direct|Total|
||||Costs|Costs|Costs||
|Year to 31|December|2022||6|6||
|Services to engineers|||444,215|242,393|34,829|721,437|
|Regional groups
and centres|||29,066|15,861|102,479|147,406|
|Publications|||40,035|21,846|329,722|391.603|
|Education|||93,981|51,282|17,161|162.424|
|Marketing,|committees|and exhibitions|202,442|110,466|114,358|427,266|
|Governance|||147.262|80,356|72,476|300,094|
||||957,001|522,204|671,025|2,150,230|
|Year to 31|December|2021 (Prior Year)|||||
|Services to|engineers||430,807|239,440|28,055|698,302|
|Regional groups and centres|||33.852|18,814|87,316|139,982|
|Publications|||58.196|32,345|350,778|441,319|
|Education|||126,491|70,303|14,588|211,382|
|Marketing.|committees|and exhibitions|202,638|112,627|113.327|428,592|
|Governance|||105,022|58,371|32,656|196,049|
||||957,006|531,900|626,720|2,115,626|
##
|Analysis ofsupport|costs||||||
|---|---|---|---|---|---|---|
|||Communications|Postage|Financial|||
||Premises|and
IT|& Printing|Costs|Depreciation|Total|
|Engineers|48,377|67,583|2,525|35,811|88,098|242,394|
|Regions|3,165|4,422|165|2,343|5,765|15,860|
|Publications|4,360|6,091|228|3.228|7,940|21,847|
|Education|10,235|14,298|534|7,576|18,639|51,282|
|Marketing/Publicity|22,047|30,799|1,151|16,320|40,149|110.466|
|Governance|16,037|22,404|837|11,872|29,205|80,355|
|Total Support|104,221|145,597|5,440|77,150|189,796|522,204|
|Total Support costs|||||||
|2021|106,515|162,442|4,805|64,969|193,170|531,901|
##
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|No|tes to the financial stateme|nts
for the|year ended 31 D|ecember 2022||
|---|---|---|---|---|---|
|7.|Tangible fixed assets
Group and Society||Land and
buildings
freehold|Computer
and
other assets|Total|
||Cost|||f||
||Cost at 31 December 2021||2,257,845|141,224|2,399,069|
||Additions||0|8,430|8,430|
||Fully depreciated
and written|off|0|(40,495)|(40,495)|
||Cost at 31 December 2022||2,257,845|109,159|2,367,004|
||Depreciation|||||
||Balance at 31 December 2021||656,115|119,780|775,895|
||Charge for the year||87,983|11,449|99,432|
||Fully depreciated
and written|off|0|(40,495)|(40,495)|
||Balance at 31 December 2022||744,098|90,734|834,832|
||Net book value at 31 December 2022||1,513,747|18,425|1,532,172|
||Net book value at 31 December 2021||1,601,730|21,444|1,623,174|
|8.|Intangible
fixed assets|||Digital|
|---|---|---|---|---|
||Group and Society|||Infrastructure|
||Cost||||
||Cost at 31 December 2021|||449,485|
||Additions|||0|
||Fully depreciated
and written|off||0|
||Cost at 31 December 2022|||449,485|
||Depreciation||||
||Balance at 31 December 2021|||268,757|
||Charge for the year|||90,364|
||Asset Write downs from previous||years|0|
||Balance at 31 December 2022|||359,121|
||Net book value at 31 December||2022|90,364|
||Net book value at 31 December||2021|180,728|
##
##
|9.|Investments||||31.12.22||31.12.22|31.12.21||31.12.21|
|---|---|---|---|---|---|---|---|---|---|---|
||Group||||Cost|Market Value||Cost|Market Value||
||Listed stocks and shares||||f||8|8||8|
||UK Gilts and other fixed interest||||393,452||389,075|194,897||209,389|
||UK Equities||||668,387||1,023,787|736,424||1,190,148|
||Alternatives
& Hedge Funds||||530,696||561,614|434,807||466, 114|
||Overseas
investments||||786,865||990,434|769,149||1,225,992|
||Investments
total|||2379400|||2,964,910|2,135,277|3,091,643||
|||||||||Year to||Yearto|
||Movements
during the year|||||||31.12.22||31.12.21|
||Group|||||||f||8|
||Market value as at start of|year||||||3,091,643|2,725,778||
||Purchases
during the year|||||||490,004||297,041|
||Sales at market value
prior|to disposal||||||(392,504)||(268,901)|
||Unrealised
(loss)/gain
on revaluation|||||||(224,342)||337,369|
||Non market transactions|||||||109||356|
||Market value as at end ofyear|||||||2 964,910|3,091,643||
||Realised
gain on disposal of investments|||||||(1,450)||18,058|
||Unrealised
(loss)/gain
on revaluation|||||||(224,341)||337,369|
||Gain/(losses)
on non market transactions|||||||109||356|
||Net gains/(losses)
on revaluation||and disposal of||investments|||~225,682||355,783|
||Investments
over 5%||||||||||
||The following
investments|have a|market valuation||ofover 5%of the total investment
valuation:||||||
||JP Morgan Asset Mgrs (UK) US Equity Income Hedged 8148,596(5.7%)||||||||||
||Society||||||||||
||The Society's investments|include|a further|6100|investment|in|IRTE Services|Limited (see|note|4).|
|10.|Debtors||||Group|||Society|||
|||||31.12.22|||31.12.21|31.12.22|31.12.21||
||||||8||8|E'||6|
||Trade debtors (less bad debts)||||73,594||177,427|45,809||157,735|
||Owed by subsidiary
undertaking||||0||0|307,796||802|
||VAT||||0||0|18,234||18,325|
||Other debtors||||96,407||(138,094)|0||0|
||Prepayments
and accrued|income|||73,626||89,812|73,625||89,812|
||||||243,627||129,145|445,464||266,674|
##
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|15.|Reserves|||General|Regional|Total|
|---|---|---|---|---|---|---|
|||||Reserves|Reserves|Reserves|
||Year to 31 December 2022|||6|6|6|
||Group||||||
||Balance at 31 December 2021|||5,346,649|76,164|5,422,813|
||Surplus/(Defiicit)|for the year||(97,757)|9,916|(87,841)|
||Balance at 31 December 2022|||5,248,892|86,080|5,334,972|
||Represented
by||||||
||Fixed assets|||4,687,446|0|4,687,446|
||Cash at bank and||in hand|1,059,498|86,080|1,145,578|
||Other net current||assets|(498,052)|0|(498,052)|
|||||5,248,892|86,080|5,334,972|
||Society||||||
||Balance at 31 December 2021|||5,124,942|76,164|5,201,106|
||Surplus/(Deficit)|for the year||(166,282)|9,916|(156,366)|
||Balance at 31 December 2022|||4,958,660|86,080|5,044,740|
||Represented
by||||||
||Fixed assets|||4,587,546|0|4,587,546|
||Cash at bank and||in hand|645,574|86,080|731,654|
||Other net current||assets|(274,460)|0|(274,460)|
|||||4,958,660|86,080|5,044,740|
||Year to 31 December 2021||||||
||Group||||||
||Balance at 31 December 2020|||5,278,650|85,065|5,363,715|
||Surplus/(Deficit)|for the year||67,999|(8,901)|59,098|
||Balance at 31 December 2021|||5.346,649|76,164|5,422,813|
||Represented
by||||||
||Fixed assets|||4,995,545|0|4,995,545|
||Cash at bank and||in hand|1,156.265|76,164|1,232,429|
||Other net current||assets|(805,161)|0|(805,161)|
|||||5,346,649|76,164|5,422,813|
||Society||||||
||Balance at 31 December 2020|||4,988,586|85,065|5,073,651|
||Surplus/(Deficit)|for the year||136,356|(8,901)|127,455|
||Balance at 31 December 2021|||5,124,942|76,164|5,201,106|
||Represented
by||||||
||Fixed assets|||4,895,645|0|4,895,645|
||Cash at bank and||in hand|874,426|76,164|950,590|
||Other net current||assets|(645,129)|0|(645,129)|
|||||5,124,942|76,164|5,201,106|
##
##
|||||||||
|---|---|---|---|---|---|---|---|
|Staff||||||Year to|Year to|
|||||||31.12.22|31.12.21|
|||||||E|E|
|The total staff||emoluments|including|taxable benefits for the year:||||
|Gross salaries||permanent|and temporary||staff|793,279|804,285|
|Employer's|Nl|||||86,806|87,030|
|Employer's|pension|||||45,194|56,045|
|Life assurance||cover||||4,334|3,930|
|||||||929,613|951,290|
||||||||
|---|---|---|---|---|---|---|
|Redundancy
and|termination|payments|totalling E30,623 (2021;F1,614)were paid during||the year.||
|||||2022||2021|
|Key Management|(defined as the senior||management
team):||||
|Total emoluments|including|taxable benefits for the year||494,136||552,687|
|During the year, payments|During the year, payments|totalling E300|totalling E300|(2021 E1,800) were paid to a Trustee as fees in connection|(2021 E1,800) were paid to a Trustee as fees in connection|(2021 E1,800) were paid to a Trustee as fees in connection|(2021 E1,800) were paid to a Trustee as fees in connection|with|
|---|---|---|---|---|---|---|---|---|
|workshop|inspections
on behalf||IRTE Services Ltd||No other payments|were made except for out of||pocket|
|expenses|(see note 6c).||||||||
|||||||2022|2021||
|Average|number
ofemployees||analysed|by function|was.||||
|Charitable|expenditure|||||17||18|
|Management,
administration||and support||||2||2|
|CV Show|management
team|||||4||4|
|||||||23||24|
|Number
of staff whose emoluments|(excluding|pensions)|including|||
|---|---|---|---|---|---|
|taxable benefits from the Society exceeded E60,000:||||2022|2021|
|E60,001 - E70,000||||1||
|E70,001 - F80,000||||||
|E80,001 - E90,000||||||
|E90,001 - E100,000||||||
|E100,000 - E110,000||||||
|E110,000 - F120,000||||||
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