2024-12-31-accounts

Society of Operations Engineers

REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE Soc1Erv OF OPERATIONS ENGINEERS

Registered in England Private Company No 03667147 Registered Charity No 1081753

ANNUAL REPORT AND AccouNTS FOR THE YEAR ENDED 31 DECEMBER 2024 INDEX Page Council. Staff and Professional Contacts Report of the Trustees Independent Auditorfs Report 14 Consolidated Statement of Financial Activities 19 Consolidated and Society Balance Sheets 20 Consolidated Cash Flow Statement 21 Notes to the Financial Statements 22 Registered Office 22 Greencoat Place, London SW1 P 1 PR Tel: [phone] Website: www.soe.org.uk The Society is governed by its Articles of Association VAT Registration No 751813142 A private company limited by guarantee. A LI￿nsed Member of the Engineering Council and the Society for the Environment

THE SOCIETY OF OPERATIONS ENGINEERS Patron Sir John Parker GBE TRUSTEE BOARD President JE Eastman EngTech CEnv FSOE FIRTE {resigned Feb 2024) HM Seymour CEng CEnv FSOE FIPlantE FIRTE MP Sweetmore Eng Tech MSOE MIRTE GM Gilby IEng CEnv FSOE FIPlantE (resigned Dec 2024) Chair Ithen appointed President from Dec 2024) Honorary Treasurer Director Standards Director IRTE SS Cheema EngTech FSOE FIR TE (resigned Sept 20241 D Greer IEng REnvP MSOE MBES (resigned Dec 2024} SG Tweed CEng CEnv FSOE FIPlantE IM MacDonald IEng FSOE FIRTE FIPlantE CJ Harries MSOE MIRTE Director BES Chair of Environmental Chair of Membership & Professional Standards Director Co-opted (appointed as Honorary Secretary from Dec 20241 Chair of IRTE NP Elliott MSOE MIRTE (Joined Dec 20241 DM Dawson CEng MSOE MBES Ooined Dec 20241 Chair of BES Chair of IPlantE Director Director FS Lock CEng CEnv HonFSOE HonFIPlantE (Joined Dec 2024} DJ Carter IEng MSOE MIRTE (joined Dec 2024) G Haywood EngTech FSOE FIRTE (Joined Dec 20241 MANAGEMENT TEAM Executive Director & Company Secretary Chief Operating Officer CV Show Executive Lead Head of Finance Head of Finance and Services Marketing & Strategy Lead Member Relations Manager Membershipand Professional Standards Lead Technical Product Manager PA and Office Manager CRM Manager Business Development Manager Emma Thompson MSOE Daniel Moir BAIHons) (until April 2024) Susan Kitchener (until Sept 2024}) Pamela Mansley FCCA (until June 2024} Deva Wijeyesekera FCCA {from June 2024) Greeshma Suresh Oliver Teasell MSOE Robin Bates MSOE MBES Leo Hubbard MSOE MIRTE Chelsea Gilkes (from Mar 2024) Richard Pacy {from Mar 2024) Alex Clifton (from September 2024) PROFESSIONAL ADVISORS Statutory Auditor Crowe U.K. LLP R+ Building. 2 Blagrave Street, Reading RG11AZ Bankers HSBC Bank plc 333 Vauxhall Bridge Road. London SW1V 1 EJ Investment Manager Rathbone Investment Management Limited Port of Liverpool Building, Pier Head, Liverpool L3 1 NW

Society of O.,l¢lrTrc tiorls Engineers REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees. Report for the Year Ending 31 December 2024 The Trustees, who also serve as Directors of the Society of Operations Engineers (SOE), a registered charity (No. 1081753) and a company limited by guarantee (No. 03667147), are pleased to present their annual report together with the audited financial statements for the year ending 31 December 2024. This report has been prepared in accordan￿ with the Charities SORP (FRS 102), applicable UK financial reporting standards, and the Charities Act2011. The Society is governed by its Articles of Association. originally adopted on 12 November 1998 and most recently amended on 2 September 2024 in line with the Companies Act 2006. These amendments reflect the Society's ongoing commitment to maintaining a modern and effective governance structure. Legal Ststus SOE is a private company limited by guarantee, registered in England (Company No. 03667147), and a registered charity (Charity No. 1081753). Purpose The Society's charitable objects. as set out in its articles, are focused on promoting excellen￿, advancing knowledge, and upholding high standards within operations engineering and related disciplines. Membership SOE operates as a membership organisation, offering defined classes of membership and a structure that enables representation from across the professional sectors it serves. Governance Structure The Society is governed by a Trustee Board comprising OffI￿rS, elected Trustees, and representatives from key professional sectors. The powers and duties of the Board are defined in the Articles of Association. Powers and Responsibilities The Articles establish provisions for governan￿, including delegation of powers, conflict of interest management, and the application of the Society's income solely toward its charitable purposes. Dissolution In the event of dissolution, any remaining assets must be transferred to another charity with similar charitable objectives. Throughout 2024, the Society has made significant updates to its Articles of Association to ensure that its governance remains effective and relevant in a changing professional environment. These changes have strengthened the collaborative relationship between the management team and the Directors. Monthly Trustee Board meetings were held throughout the year to address key issues and enhan￿ the transparency and accountability of the Society's operations.

Society of O.,l¢lrTrc tiorls Engineers REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 About the Society of Operations Engineers (SOE) The SOE is a forward-thinking membership body representing engineers across various sectors, including IRTE (Institute of Road Transport Engineers). IPlantE (Institution of Plant Engineers), BES (Bureau of Engineering Surveyors). and Environmental & Operations Engineering. With a professional staff team of 19 and a diverse membership, the SOE focuses on advancing safe, efficient, and sustainable engineering praCtI￿S across multiple industries. Society Trustee Board Budget. Audit and Risk Management Committee Membershipand Professional Standards Committee Govemance and Nominations Committee IRTE Profession81 Sector Council lin¢l. IRTE SeM¢¢s Lid) BES and Plant Professionalsector Coun¢iL Environmental and Operations Professional Sector ¢wnGiI Decision-making Structure 1 . Strategic and Governance-Level Decisions (Trustee Board) The Trustee Board holds ultimate responsibility for the governan￿ and strategic oversight of the Society. The Board have authority to: Manage the business of the Society and exercise all its powers Approve policies, budgets, and strategic direction Appoint, co-opt, and remove directors and officers Form and regulate Professional Sector Councils and Committees Approve and amend Rules of the Society Make decisions on conflict-of-interest issues and director benefits Authorise delegations of authority to staff. officers. or committees 2. Delegated Operational Decisions (Staff and OffI￿rS) The Trustee Board delegates operational matters to staff and Offi￿rS to manage the day- to-day running of the organisation.. Officers are appointed by the Society in general meeting and have powers as set out in the Rules

Society of O.,l¢lrTrc tiorls Engineers REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The directors may delegate any of their powers or functions to staff or committees, provided such delegations are recorded in writing Staff, under the direction of the Chief Executive or designated managers, manage operational execution in line with Board-approved strategies and policies. 3. Committee and Council Input Professional Sector Councils and other committees may be delegated specific responsibilities. with all actions reported back to the Board. Our Mission The SOE aims to: Enhan￿ the technical expertise, ethical standards, and cornpeten￿ of engineers in operations engineering and related fields. Promote innovation, knowledge sharing, and adVan￿MentS in scien￿, technology, and engineering practices. Champion safety, efficiency, and environmental sustainability for the benefit of society. Strategic Highlights of 2024 This year, the SOE COn￿ntrated on: Strengthening partnerships with stakeholders and Corporate Partners. Extending licences with the Environmental and Engineering Councils. Boosting membership growth. registration numbers, and the uptake of initiatives such as the maintenan￿ Provision Rating Scheme (MPRS). Expanding digital engagement through webinars and online reSoUr￿S to provide accessible CPD opportunities for members.

Society of O.,l¢lrTrc tiorls Engineers REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 IMPACTING AND INFLUENCING engineers responsible for a safer and ethical tomorrow ¥Q4.

Society of O.,l¢lrTrc tiorls Engineers REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Guiding new rnen Fw#

Society of O.,l¢lrTrc tiorls Engineers REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Governance and Structure The SOE operates under the guidan￿ of a Trustee Board, consisting of up to 14 members responsible for governance and strategic oversight. Supporting the Board are the following committees.. Budget, Audit, and Risk Committee Membership and Professional Standards Committee Governance and Nominations Committee Sector Chairs Committee Professional Sector Councils Trustee Selection and Training The Trustee Board is primarily elected from the members of the Society. Ex￿ptionS include two Directors of IRTE servI￿s Limited, the Chair of the Membership and Professional Standards Committee. and the President of the Society, who are appointed by invitation based on their experien￿. The Professional Sectors are represented by a nominated member from each respective Council. with elections held for these Councils. Both the Trustee Board and the Professional Sector Councils regularly review the skills needed and recruitment opportunities. They also have the ability to co-opt key members with the appropriate skills and knowledge to join and contribute to their activities. Upon taking up their roles, newly elected Trustees re￿1ve comprehensive training covering corporate governance, charity law. GDPR. and the Society's policies and procedures. Trustees and members of the Professional Sector Councils adhere to the Society's Code of Conduct. The Trustees confirm that they have complied with the requirements of the Charities Act 2011 and have duly considered the Charity Commission's published general guidance on public benefit. Risk Management The Trustees prioritise early identification and mitigation of risks. Key risks monitored in 2024 included membership retention, income stability, and maintaining li￿nCed body status. Controls such as a risk register, strategic planning, and financial audits ensure the Society's resilien￿. Remuneration of Key Management Personnel The Society of Operations Engineers operates as a charitable company governed by its Articles of Association (adopted 2 September 2024). The Articles set out clear boundaries and provisions regarding the remuneration of those involved in the charity's governance and management.

Society of O.,l¢lrTrc tiorls Engineers REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 1 . Trustee Remuneration Directors {i.e. Trustees) are not permitted to receive any remuneration or other financial benefit for their role unless expressly permitted under the Articles. Permitted exceptions include: Reimbursement of reasonable out-of-pocket expenses Payment for professional services rendered in a non-directorial capacity, provided strict conflict of interest protocols are followed Indemnity insurance covei Key Management Personnel and Stsff Remuneration The Articles (specifically Article 5.1.9} empower the Society to: 'Employ and remunerate such staff as are ne￿SSary for carrying out the work of the Society." While the Articles permit payment of salaries to non-trustee staff. they do not detail specific procedures for setting remuneration levels. As such. remuneration for key management personnel (e.g. Executive Director) is typically determined by the Trustee Board or a delegated committee, with the following arrangements likely in place (in line with best practi￿). Benchmarks and Criteria: Market comparisons, sector salary surveys {e.g. ACEVO, NCVO), and internal pay scales are commonly used to ensure fairness and competitiveness. Parameters: Remuneration is set to attract and retain talent while reflecting the charity's size, scope, and financial position. Oversight: The Trustee Board remains accountable for approving or reviewing any significant changes to senior staff pay, to ensure alignment with charitable purpose and public trust. Transparency All remuneration arrangements must compty with charity law and reporting standards. Details of senior staff pay would typically be included in the Society's Annual Report and Accounts, in accordan￿ with the Charities SORP (Statement of Recommended Practice). Key Activities and Achievements in 2024 Supporting Professional Growth Awarded 44 Chartered Engineer registrations, 15 Incorporated Engineer registrations, and 42 Engineering Technician registrations.

Society of O.,l¢lrTrc tiorls Engineers REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Accredited over 4,000 irtec licenses and launched the pilot phase of the Maintenance Provision Rating Scheme (MPRS). Enhanced digital platforms and intrOdU￿d new webinars and podcasts to deliver CPD and technical guidan￿. Industry Collaboration The SOE actively engaged with stakeholders, including the Department for Transport (Dff), Driver Vehicle Standards Agency (DVSA). and vehicle manufacturers. These partnerships strengthened the Society's role in shaping engineering standards and supporting apprentI￿ships. Membership Development Steady membership growth with suc￿Ssful campaigns targeting apprentices and key employers. Streamlined routes to membership and improved support for Corporate Partners. Offered free apprenti￿ memberships to organisations like MAN, Scania, and Stagecoach. Regional and Volunteer Engagement Improved support for regional groups and volunteers through the National Regional Network Change programme, set to launch fully in 2025. Acknowledged the invaluable contributions of 250 volunteers who help drive the Society's mission. Financial Review The Statement of Financial Activities (SOFA) for the year is set out on page 19 of the financial statements. The loss for the year (including losses on investment) is £277,408 compared to the loss last year of £124,517. Charitable income of £1.839,955 in 2024 is £31.7k higher than in 2023. Advertising revenue continues its downward trend. Investment income totalled £85k (2023. £89k). The results for the year to December 2024 before realised and unrealised gains on investments and contributionlloss from the joint venture show an operating loss of £384,645 compared to an operating loss of £239,541 in 2023. The loss from the CV show of £67.203 (2023: profit £60,607) results in a deficit position before realised and unrealised gains on investments of £451 ,849 (2023: Ioss £178,934). The realised and unrealised gains on investments in 2024 of £174,440 (2023: £54.417) gives an overall net movement downwards for the year of £277,408 (2023: loss £124,517). 10

Society of O.,l¢lrTrc tiorls Engineers REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Investment powers and policy The Society's investments are managed by Rathbones Investment Management Limited in accordance with the discretionary management agreement and the agreed investment policy. Rathbones reports quarterly and annually to the Trustee Board. The Trustees recognise there is risk associated with investment in mainstream financial markets and accept this risk in return for the prospect of additional returns over longer periods of time. As such, the Trustees wish to remain largely invested at all times, subject to cash reserves being held as part of the investment management pro￿SS and to cover liabilities. The investments should be well diversified and include a range of assets including fixed interest stocks, UK shares and overseas shares. The investment portfolio as at 31 De￿mber 2024 was valued at £3,148,417 (2023: £2,936,655) comprising 17 % fixed interest funds, 24 % equities, 47 /0 overseas investments, and other investments 12 %. Absolute returns have been strong with the portfolio returning 8.1 % over the year. With such COn￿ntrated leadership from the large US technology firms in global Indi￿S, relative perf0rrnan￿ is challenging with the index weighted benchmark rising 10.4 % . The portfolio remains ahead of benchmark in the longer term with the portfolio ahead of both the index weighed benchmark and more significantly ahead of the ARC peer group benchmark. The Trustees have reviewed the performan￿ of the investments with the Investment Advisor and are happy to maintain the current investment strategy and will continue to closely monitor performan￿ of the investments in the future. Trading Company The Society's wholly owned trading subsidiary, IRTE servI￿s Limited, made a net profit before gift aid of £32,862 (2023: £157,618) from its activities. These activities include IRTE Workshop Accreditation and managing the Commercial Vehicle Show up until September 2024 which is organised in partnership with the Society of Motor Manufacturers and Traders Limited (SMMT) and the Road Haulage Association {RHA). Group reserves The reserves policy. which is reviewed annually by the Board is formulated with regard to: Forecasts of future income, taking into account the reliability of existing sources and prospects for new sources" Forecasts of future expenditure based on planned activities. An analysis of any future needs, opportunities, contingencies or risks the effects of which are unlikely to be met out of income if and when they arise" and An assessment of the likelihood that any of these future events will arise and the potential consequences of not being able to meet them. The Group's aim is to maintain sufficient free reserves to cover 18 months total expenditure, the target for 2024 being £4.Om (2023.. £3.84m).

Society of Operations Engineers

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

At the year end the free reserves which consist unrestricted funds less tangible and intangible fixed assets, totalled £3.58m (2023: £3.77m). The Group did not meet this target for free reserves at the end of 2024.

The current economic crises as evidenced by rising inflation and cost of living increases has reinforced the continual need for closer monitoring of the various income streams, reserves and cash-flow which may result in reserves being utilised in the short term to meet any shortfall in income. The Trustees remain committed to maintaining the current policy but accept that any departure, while necessary, will be temporary until such time as funds are available to rebuild back to the 18 months target level.

Tangible and Intangible fixed assets

The freehold land and building were professionally revalued in January 2006 at approximately £2.1 m. The value in use is therefore in excess of the carrying value of £1,337,781 in the financial statements. The movements in fixed assets during the year are set out in note 7 to the financial statements.

The Trustees are minded taking the long-term view that even though investment values have been impacted by current events, the Society has historically been and still is able to operate without the need to dispose of its investments. The Society has no immediate plans to dispose of any of its assets.

Going Concern

Having taken into consideration the risks and challenges facing the Society and weighing them against its assets, reserves and future income streams, the Trustees are confident that the Society can and will continue to operate as a going concern.

Looking Ahead: Priorities for 2025

The SOE will focus on:

• Increasing engagement with apprentices and student members.

• Encouraging diversity and inclusion within the engineering profession.

• Supporting members and volunteers through improved resources and communication.

• Expanding international membership and partnerships.

• Launching the full Maintenance Provision Rating Scheme (MPRS).

Trustee Responsibilities

The Trustees affirm their responsibility for ensuring the Society operates in accordance with its charitable objectives and complies with all legal and regulatory requirements. This includes maintaining accurate financial records and safeguarding the Society's assets.

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Society of Operations Engineers

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

Crowe U.K. LLP has expressed its willingness to continue as the Society's statutory auditor.

The Directors have taken advantage of the small companies' exemption (section 8.39, small entity exemptions) in the compilation of the financial statements.

Signed on behalf of the Trustees:

H M Seymour (President)

M Sweetmore (Honorary Treasurer)

27 June 2025

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Society of O.,l¢lrTrc tiorls Engineers INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SOCIETY OF OPERATIONS ENGINEERS Opinion We have audited the financial statements of Society of Operations Engineers for the year ended 31 December 2024 which comprise Consolidated Statement of Financial Activities, Consolidated and Company Balance Sheets. Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the groups and the charitable company's affairs as of 31 De￿mber 2024 and of the group's income and expenditure for the year then have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practi￿. and have been prepared in accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable group in accordan￿ 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 accordan￿ 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 trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the groups or the charitable company's ability to continue as a going con￿rn 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 con￿rn are described in the relevant sections of this report. 14

Society of O.,l¢lrTrc tiorls Engineers INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SOCIETY OF OPERATIONS ENGINEERS Other information The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, ex￿pt to the extent otherwise explicitly stated in our report, we do not express any fom of assuran￿ conclusion thereon. Our responsibility is to read the other infomiation 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 during our audit the information given in the trustees. report. which includes the directors. report prepared for the purposes of company law. for the financial year for which the financial statements are prepared is consistent with the financial statements. and The directors. report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception Considering the knowledge and understanding of the group and the charitable company and their environment obtained during the audit, we have not identified material misstatements in the directors. report included within the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept. 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 15

Society of O.,l¢lrTrc tiorls Engineers INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SOCIETY OF OPERATIONS ENGINEERS the trustees were not entitled to prepare the financial statements in accordance with the small companies. regime and take advantage of the small companies, exemption in preparing the trustees, directors. report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 6, 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 con￿rn and using the going con￿rn basis of accounting unless the trustees either intend to liquidate the charitable company or to ￿ase operations, or have no realistic alternative but to do so. Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran￿ but is not a guarantee that an audit conducted in accordan￿ 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. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-complian￿ with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: wvM.frc.or .uklauditorsres onsibilities. This description forms part of our auditorfs report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities. including fraud, are instances of non-complian￿ with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error. and discussed these between our audit team. We then designed and performed audit procedures responsive to those risks, including obtaining audit eviden￿ sufficient and appropriate to provide a basis for our opinion. 16

Society of O.,l¢lrTrc tiorls Engineers INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SOCIETY OF OPERATIONS ENGINEERS We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required Complian￿ with these laws and regulations as part of our audit prO￿dureS on the related financial statement items. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but Complian￿ with which might be fundamental to the groups and the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the group and the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were General Data protection Regulation (GDPR). taxation legislation and employment legislation. Auditing standards limit the required audit prO￿dureS to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal corresponden￿, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governan￿. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example. the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-complian￿ and cannot be expected to detect non-complian￿ with all laws and regulations. Use of our report This report is made solely to the charitable company's members, as a body, in accordan 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 auditor's 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 17

Society of Operations Engineers

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SOCIETY OF OPERATIONS ENGINEERS

company and the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jan (Jui 10, 202516:58 GMT+l)

Janette Joyce Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP Statutory Auditor Reading.

Date: 10-07-25

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE SOCIETY OF OPERATIONS ENGINEERS Consolidated Ststement of Financial Activilies ( incorporating an Income and Expenditure Account I for the yoar ended 31 December 2024 Dlscontlnulng Funds 2024 Contlnulng Funds 2024 Total Funds 2024 Dlscontlnulng Funds 2023 Contlnulng Total Funds Funds 2023 2023 Ineom• and •ndowm•nts from.. Charitable activrties Other trading activities Commeraal tradiro operations Investrnenls Total income 1.839,955 1,839,955 1,808,250 1,808,250 259.446 356.252 84.846 2.281.053 328.627 93.953 88.660 1.990.863 422,580 88.660 2.319,490 259.446 2.021.607 328.627 Expenditure on: Charitable actNvili8s." Other 2.390.423 2.390.423 2.215.481 2.215.481 Cornmeraal tradiro operations Iinduding taxation) Investment management fees 214,966 41,221 256,187 279,623 45,946 325,569 19.088 19,088 17,981 17,981 Totsl gxpgnditure 214.966 2.450.732 2.665.698 279.623 2.279.408 2.559.031 Net gains on revaluation and disposal of investments 174.440 174.440 54.417 54.417 N•t ineomèl1•X￿ndlIUreI 44,480 1254,685) 1210.2051 49,004 1234,1281 1185,1241 Othèr rècognisèd gainsl Ilossosl= Net Ilossllincome from joint ventures 167,203) {67.2031 60,607 60,607 Net movement In funds 122,723) 1254,685) 1277,4081 109,611 1234,1281 1124,5171 R•eonerliation of funds= Total funds brought forward 5,210,454 5,334,971 Total funds carrfed forward 4,933,046 5,210,454 The notes on pages 22 to 36 fomi part of these accounts. The Statement of Finanaal Activities has been prepared in accordan￿ wth Finanaal Reporting Stan(lard No 102. All gains and 105ses reGognised in the year are indudeil above. I funds are unrestricted. 19

SO Socjety of Operations Engineers

THE SOCIETY OF OPERATIONS ENGINEERS

Consolidated and Society Balance Sheets Company number: 03667147

Consolidated and Society Balance Sheets Company number: 03667147	Consolidated and Society Balance Sheets	Consolidated and Society Balance Sheets
		Group	Group	Society
	Notes	31.12.24	31.12.23	31.12.24	31.12.23
		£	£	£	£
Fixed assets
Tangible assets	7	1,365,047	1,443,890	1,365,047	1,443,890
Intangible assets	8	29,000	0	29,000	0
Investments	9	3,148,417	2,936,665	3,148,517	2,936,765
Investment in joint venture
Share of net assets	5	0	160,607	0	0
		4,542,464	4,541,162	4,542,564	4,380,655
Current assets
Debtors	10	190,128	292,015	190,791	350,378
Cash at bank and in hand	11	834,535	1,103,402	524,336	890,164
		1,024,663	1,395,417	715,127	1,240,542
Creditors: amounts falling due
within one year	12	(634,081)	(726,125)	(614,845)	(700,943)
Net current assets		390,582	669,292	100,282	539,599
Net assets		4,933,046	5,210,454	4,642,846	4,920,254
Funds
Unrestricted funds	15
General		4,933,046	5,210,454	4,920,254	5,044,771
Loss for the year				(277,408)	(124,517)
Total Funds		4,933,046	5,210,454	4,642,846	4,920,254

The notes on pages 22 to 36 form part of these accounts.

The financial statements were approved by the Trustees and authorised for issue on 27 June 2025 and signed on their behalf by:

— H ra our (Jui 9, 202515:16 GMT+l) . Michael Sweetmore Michael Sweet more {Jui 2, 2025 20:49 GMT+ 1) H Seymour M Sweetmore President

Michael Sweet more {Jui 2, 2025 20:49 GMT+ 1) Michael Sweetmore

M Sweetmore Honorary Treasurer

20

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations En9ineers Ststement of Cash Flows for the year ended 31 December 2024 Totsl Funds 2024 Total Funds 2023 Notes Cash flows from operating activities: Net cash pmvided by (used in) operating activities {247,861 } (184,635) Cash flows from investing activities: Dividends, interest and rents from investments Purchase of propety, plant and equipment and intsngible assets Proceeds from sale of investments Purchase of investments Investment managers fees Net cash provided by (used in) investing activities 84,846 149,453) 814,522 (851,833) 119,088) (21,006} 88,660 (10,881} 410,728 {328,0671 (17,9811 142,459 Cash flows from financing activities: Change in cash and cash equivalents in the reporting period (268,867) (42,176) Cash and cash equivalents at the beginning of the reporting period 1,103,402 1,145,578 Cash and cash equivalents at the end of the reporting period 834,535 1,103,402 Reconciliation of net expenditure to net cash flow from operating activities Net (expenditure) for the accounting period as per the statement of financial activities Adjustments for= Depreciation charges (Gains) on investments Dividends, interest and rents from investments Decrease in investment in joint venture Investment managers fees Decreasel(Increase) in debtors Decrease in creditors (277,408} (124,517) 99,296 (174,440} (84,846} 160,607 19,088 101,887 (92,045} 189,527 (54,417) (88,660) 43,848 17,981 (144,795) (23,602) Net cash used in operating activities (247,861 } (184,635) Analysis of cash and cash equivalents Cash in hand 834,535 1,103,402 Total cash and cash equivalents 834,535 1,103,402 21

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations Engineers Notes to the financial statements for the year ended 31 December 2024 Accounting policies Company Information and Objectives The Society of Operations Engineers is a registered charity (reg. no. 1081753) and Private Company (reg. no. 3667147) which is incorporated and domiciled in the United Kingdom. The address of the registered office is 22 Greencoat Pla￿, London SW1 P 1 PR. The company objectives are as follows: To improve and elevate technical and general understanding. knowledge, skill and competence of persons engaged or desiring to be engaged in operations engineering or any related employment, and the integrity and repute of the profession thereof. To promote and encourage the advan￿ment of scien￿, technology and practi￿, and inventions and improvements in the field of operations engineering and any other related branches of engineering, and the dissemination and exchange of ideas, information and knowledge thereof. By means of the above, but without prejudi￿ to the generality thereof, to promote the safety, efficiency and environmental sustainability of operations engineering to the benefit of the community at large. Basis of accounting These financial statements have been prepared in accordan￿ with the Charities SORP (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and UK Generally Accepted Practice. The entity has taken exemption from presenb.ng its unconsolidated profit and loss account under section 408 of Companies Act 2006. The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the Society, its subsidiary IRTE servI￿s Limited and dormant subsidiaries (note 21) and include the results of the Society's regional groups and ￿ntreS on a line by line basis. The Society's annual share of the profitsllosses from its joint venture are included in the Statement of Financial Activites and its share of the net assets are included in the balance sheet. The Society meets the definition of a public benefit entity under FRS 102. The charity has taken advantage of the exemptions in FRS 102 from the requirements to present a charity only Cash Flow Statement and ￿rtain disclosures about the charity's financial instruments. Having assessed the charity's financial position, its plans for the foreseeable future and the risks to which it is exposed, the Trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis. Functional & presentation currency The functional currency of the charity and its subsidiary is considered to be pounds sterling because this is the currency of the primary economic environment in which the charity operates. The Consolidated Financial Statements are also presented in pounds sterling. 22

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations Engineers Notes to the financial statements for the year ended 31 December 2024 Accounting policies (continued) iv. Critical accounting judgements and key sources of estimation uncertainty {policy) In the application of the charity's accounting policies, which are described in notes I, the Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on%oing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods. In the view of the Trustees. no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balan￿ sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. Incoming Resources All incoming resources from membership, education, events and publications for the year are included in the SOFA when the charity is legally ents'tled to the income and the amount can be quantified with reasonable accuracy. vi. Resources Expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to an expenditure group. Salaries are allocated in proportion to the Society's staff time spent on each expenditure group. Support costs are those costs incurred directly in support of the objects of the charity and also allocated to each expenditure group on the basis of staff time. Governance costs are those incurred in connection with the governance of the charity, including compliance with constitutional and statutory requirements. Irrecoverable VAT is written off as incurred. vii. Depreciation a. Land and buildings Depreciation has been charged at 2 % on half of the cost of land and buildings, this being the proportion relats'ng to the building only. b. Other fixed assets The following annual rates of depreciation on cost have been applied.. Furniture and fittings Property improvements Office equipment Computers 20° 10% 20% c. Intangible assets Digital infrastructure 20% 23

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations Engineers Notes to the financial statements for the year ended 31 December 2024 Accounting policies (continued) viii. Pension scheme The Society operates a Group Personal Pension Plan (Group PPP) which is a money purchase scheme. Pension costs are charged to the SOFA, representing a constant percentage of earnings payable by the Society to employee's plans. The Society has also made provision for employees not covered by the Group PPP to take out stakeholder pensions, in order to comply with current legislation. ix. Publications As in previous years the postage costs relating to the distribution of the SOE News are included under this heading. Foreign currencies Transactions expressed in foreign currencies are translated into sterling and recorded at rates of exchange approximating to those ruling at the date of the transaction. Monetary assets and liabilities are translated at rates ruling at the balance sheet date. All differences are taken to the SOFA. xi. Income and expenditure As permitted by Section 408 of the Companies Act 2006, the income and expenditure of the parent undertaking is not presented as part of these accounts. The deficit of the parent entity pre receipt of Gift Aid from IRTE Services for the period under review was £310,270(2023.' £282,135). xii. Financial instruments If the charity has any basic financial instruments, they are initially recognised at transaction value and subsequently measured at amortised costs using the effective interest method. Financial assets held at amortised cost comprise cash and bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise trade and other creditors. Investments, including bonds held as part of an investment portfolio are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiary undertakings are held at cost less impairment. xiii. Gift Aid Donations to the parent charity are recognised as an expense either when paid or at the date when the company has a legal liability to make the donats'on payment, if earlier. Taxation As a registered Charity, the Society is not liable to Corporation Tax on its income. 24

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations Engineers Notes to the financial statements for the year ended 31 December 2024 Income from charitable activities Society Year to 31.12.24 Year to 31.12.23 Activities in furtherance of the charity's objects Membership Education and Events Publications Income from regional groups and centres Room rental and sundry income 1,266,549 254,460 109,654 15,992 193,300 1,839,955 1,265,844 238,652 127,260 19,372 157,122 1,808,250 Commercial trading operations 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 of the Society. The Society holding in the issued ordinary share capital of £100 is as follovLS: Country of Registration Registration Number Proportion held 31.12.24 31.12.23 Name IRTE Seniices Limited England and Wales A summary of IRTE servI￿s Limited's results are shovm below and audited accounts will be filed with the Registrar of Companies at Companies House. 2854868 100°/ 100% Profit and Loss Account for the year ended 31 December 2024 Year to 31.12.24 Year to 31.12.23 Turnover 351,013 417,624 Expenditure Cost of sales Administrative expenses (248,946) (7,241) (256,187) 94,826 (317,990) (7,547) (325,537) 92,087 Operating Profitl{Loss) Interest receivable 5,239 4,956 Profitl(Loss) on ordinary activities 100,065 97,043 Net (Loss)Ilncome from Joint Venture (67,203) 60,607 (Loss}IProfit before gift aid and taxation 32,862 157,650 Amount gifted to the society (32,862) (157,650) (Loss}IProfit before taxation Taxation (32) Retained profit for the year 32 The company incurred corporation tax in the year of Nil {2023- £32). No further provision for corporation tax has been made on the company's profit for the year due to its policy of donating all its tax adjusted profits available for distribution under gift aid to its ultimate parent undertaking wtthin nine months of each year- end date and because the company early implemented FRS 102 para 29.14A. 25

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations Engineers Notes to the financial ststements for the year ended 31 December 2024 Commercial trading operations (continued) 2023 Corporation tax computation Corporation tax payable Taxable total profits Income Trading profits Non-trage loan relationships 152,407 4,956 157,363 Deductions and reliefs Qualifying charitable donations (157,363) Taxable total profits Asat 31.12.24 Asat 31.12.23 IRTE Services Limited The aggregate of the assets. liabilities and funds was: Assets Liabilities 347,218 {56,918) 496,577 (206,277) Funds 290,300 290,300 The costs of the Commercial Vehicle Show LLP management team totalling £212,251 (2023" £275,849) are recharged to IRTE Services Limited by the SOE. One of the tenants occupying office space in 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 of £32,862 (2023.. £157,650). At 31.12.24 At 31.12.23 Amount owing byl(to) parent company (included in liabilities) 206 161,424 26

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations Engineers Notes to the financial statements for the year ended 31 December 2024 Joint Venture IRTE Services Limited has a 33.33 % interest in the Commercial Vehicle Show Limited Liability Partnership. Yearto 30 June 2024 Partnership SOE total share Summary financial information of the CV Show LLP Profit and Loss Account Turnover 1,640,061 546,687 Operating (Loss)IProfit Partners, Asset (201,607) 300,000 (67,203) 100,000 Balance Sheet Current Assets Current Liabilities As at 30 June 2024 714,028 238,009 (414,028) (138,009) Net Assets 300,000 100,000 Represented by.. Partners, Capital Accounts 300,000 100,000 300,000 100,000 The Partnership prepares accounts to 30 June and the above extract is therefore from the most recently available accounts. The Directors gave notice to its other two partners in the Commercial Vehicle Show LLP joint venture, to withdraw from the partnership with effect from 30 September 2024. The effect of this withdrawl means that IRTE Services will no longer be entitled to a share of the profits from any future shows post September 2024 and will ￿ase to be responsible for the CV show staff for which it charges a management fee. In November 2024 the Commercial Vehicle Show returned IRTE Services, capital (£1 Ook) in the joint venture net of the combined 2023 profit (£60.6k) and 2024 ((£67.2k)) loss suffered. 27

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations Engineers Notes to the financial statements for the year ended 31 December 2024 6a. Analysis of charitsble expenditure Staff Costs Support Costs Other Direct Costs Total Year to 31 December 2024 Services to engineers Regional groups and centres Publications Education Marketing. committees and exhibitions Governance 482.211 47,871 41,400 147,812 214.649 152,747 217,657 21,607 18,686 66,719 96.886 68,947 22,159 121,011 386,299 24,538 113,006 146,218 722,027 190,489 446,385 239,069 424,541 367,912 1.086,690 490,502 813,231 2,390,423 Year to 31 December 2023 (Prior Year) Services to engineers Regional groups and centres Publications Education Marketing, committees and exhibitions Governance 437,756 24,453 40,008 109.191 168,209 170.652 252,401 14.099 23,068 62.957 96,986 98,394 27,720 113,035 334,534 22,510 100,692 118,816 717,877 151,587 397,610 194,658 365,887 387,862 950,269 547,905 717,307 2,215,481 6b. Analysis of support costs Communications and IT Postage & Printing Financial Costs Premises Depreciation Total Engineers Regions Publications Education MarketinglPublicity Governance 58.695 5,827 5.039 17,992 26.127 18.592 63.692 6,323 5.468 19,524 28.352 20.176 2.389 237 205 732 1.063 757 48.819 4,846 4,191 14,965 21,731 15,464 44,062 4,374 3,783 13,506 19,613 13,958 217,657 21,607 18,686 66,719 96,886 68,947 Total Support 132,272 143,535 5,383 110,016 99,296 490,502 Total Support costs 2023 135.441 125.494 5,342 92,101 189,527 547,905 Governance costs are made up of the following: Governance costs include audit fees of £26,200 (2023: £24.500), non audrt fees of £3,000 (2023.. £3,655). AII 16 Trustees (including the 7 Directors of IRTE Serrfices Ltd) claim out of pocket expenses in relation to travel and Subsisten￿ costs for attendan￿ at meetings and representation events amounting to £28,594 {2023: £44,306). Trustees, and Officers, liability insurance £2,234 (2023: £2,234). remainder is expenditure on legal and other administrative costs and an apportionment of staff time. 28

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations Engineers Notes to the financial statements for the year ended 31 December 2024 Tangible fixed assets Land and buildings freehold Computer and other assets Group and Society Cost Cost at 31 December 2023 Additions Fully depreciated and written off Cost at 31 December 2024 Total 2,257,845 120,040 20,453 2,377,885 20,453 2,257,845 140,493 2,398,338 Depreciation Balance at 31 December 2023 Charge for the year Fully depreciated and written off Balance at 31 December 2024 832.081 87,983 101,914 11,313 933,995 99,296 920,064 113,227 1,033,291 Net book value at 31 December 2024 1,337,781 27,266 1,365,047 Net book value at 31 December 2023 1,425,764 18,126 1,443,890 Intangible fixed assets Digitsl Infrastructure Group and Society Cost Cost at 31 December 2023 Additions Fully depreciated and written off Cost at 31 December 2024 449,485 29,000 478,485 Depreciation Balance at 31 December 2023 Charge for the year Asset Write downs from previous years Balance at 31 December 2024 449,485 449,485 Net book value at 31 December 2024 29,000 Net book value at 31 December 2023 29

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations Engineers Notes to the financial statements for the year ended 31 December 2024 Investments Group Listed stocks and shares UK Gilts and other fixed interest UK Equities Alternatives & Hedge Funds Overseas investments 31.12.24 Cost 31.12.24 Market Value 31.12.23 Cost 31.12.23 Market Value 535.777 529.639 355,586 1.191.122 537,352 766.377 347,405 1,497.283 512,815 640,974 452,783 740.919 532,925 979,578 450,075 974,087 Investments total 2,612.124 3,148,417 2,347,491 2,936,665 Year to 31.12.24 Year to 31.12.23 Movements during the year Group Market value as at start of year Purchases during the year Sales at market value prior to disposal Unrealised (loss)Igain on revaluation Non market transactions 2,936,665 851.833 (813,713) 172,352 1,280 2,964,910 328,067 (416,575) 58,264 1,999 Market value as at end of year 3,148,417 2,936,665 Realised gain on disposal of investments Unrealised (loss)Igain on revaluation Gainl(losses) on non markel Iransactions Net gainsl(losses) on revaluation and disposal of investments 808 172,352 1,280 174,440 {5,846) 58,264 1,999 54,417 Investments over 5°/0 There were no investments with a market valuation of over 5 % of the total investment valuation. Society The Society's investments include a further £100 investment in IRTE se￿ices Limited (see note 4). 10. Debtors Group 31.12.24 31.12.23 Society 31.12.24 31.12.23 Trade debtors (less bad debts) Owed by subsidiary undertaking VAT Other debtors Prepayments and accrued income 97.295 186.476 60,770 32,656 25,579 848 70.938 190,791 68,382 161,424 29,607 134 90,831 350,378 20.759 9.936 4,772 90.831 292,015 71.226 190,128 30

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operation5 Engineer5 Notes to the financial statements for the year ended 31 December 2024 11. Cash and bank balances Group Society 31.12.24 31.12.23 31.12.24 31.12.23 Deposit and current accounts Cash in hand 834,528 1,103,363 39 1,103,402 524,329 890,125 39 890,164 834,535 524,336 12. Creditors: amounts falling due within one year Group Society 31.12.24 31.12.23 31.12.24 31.12.23 Subscriptions in advance Trade and other creditors Social security and other taxes VAT Accruals and deferred income 391.172 122,217 30,974 384,296 225,486 29,466 391,172 116,456 30,974 384,296 218,229 29,466 89,718 634,081 86,877 726,125 76,243 614,845 68,952 700,943 Creditor accruals totalled £ Nil (2023: £Nil). The deferred income includes Offi￿ rental income from tenants. Group Society 31.12.24 31.12.23 Subscriptions in advance Reconciliation 31.12.24 31.12.23 Opening balance Received in year Released to the Statement of Financial Activities Total Deferred Income 384,296 1,647,758 424,456 1.569,707 384,296 1,647,758 424,456 1,569,707 (1,640,882) 391.172 (1,609,867) (1,640,882) 384 296 391 172 (1,609,867) 384 296 Group Society 31.12.24 31.12.23 Deferred Income Reconciliation 31.12.24 31.12.23 Opening balance Received in year Released to the Statement of Financial Activities Total Deferred Income 5,000 329,788 5,000 318,370 5,000 329,788 5,000 318,370 (329,788) 5,000 (318,370) 5,000 (329,788) 5,000 (318,370) 5,000 31

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operation5 Engineer5 Notes to the financial statements for the year ended 31 December 2024 13. Capital Commitments and Operating Leases In 2023, the Group entered into a three year operating lease agreement to hire two office photocopiers. The quarterly payment includes the rental and maintenance of these equipment. In 2024, the Group entered into a five year operating lease agreement to hire an 'lnventry' system and an one year operating lease for a coffee vending machine. Payments are made quarterly. The outstanding contractual rental payments are summarised below. 2024 2023 Not later than one year Later than one year and not later than five years 3,948 4,611 8,559 2,054 3,082 5,136 14. Lessor Accounting The Group has a number of lease agreements with tenants occupying office space on all floors of 22 Greencoat Place. These agreements are open ended with notice periods of either three or six months required for either paty to terminate the agr￿Ment. There are no contingent rent clauses in place. The income from these agreements, should no termination take place over the next five years are summarised below.. 2024 2023 Not later than one year Later than one year and not later than five years 193,715 853,772 1,047,487 155,721 821,641 977,362 32

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operation5 Engineer5 Notes to the financial statements for the year ended 31 December 2024 15. Reserves General Reserves Regional Reserves Totsl Reserves Year to 31 December 2024 Group Balance at 31 De￿mber 2023 Surplusl(Deficit) for the year Balance at 31 De￿mber 2024 5,122,035 (275,491) 4,846,544 88,419 (1,917} 86,502 5,210,454 {277,408) 4,933,046 Represented by Fixed assets Cash at bank and in hand Other net current assets 4,542,464 748,033 (443,953) 4,846,544 4,542,464 834,535 (443,953) 4,933,046 86,502 86,502 Society Balance at 31 December 2023 Surplusl(Deficit) for the year Balance at 31 December 2024 4.831.835 (275,491) 4,556,344 88,419 (1,917} 86,502 4,920,254 (277,4081 4,642,846 Represented by Fixed assets Cash at bank and in hand Other net current assets 4.542.564 437,834 (424,054) 4,556,344 4,542,564 524,336 (424,054) 4,642,846 86,502 86,502 Year to 31 December 2023 Group Balance at 31 December 2022 Surplusl(Deficit) for the year Balance at 31 December 2023 5,248,891 (126,856) 5,122,035 86,080 2,339 88,419 5,334,971 (124,517) 5,210,454 Represented by Fixed assets Cash at bank and in hand Other net current assets 4.541.162 1,014,983 (434,110) 5,122,035 4,541,162 1,103,402 (434,110) 5,210,454 88,419 88,419 Society Balance at 31 December 2022 Surplusl(Deficit) for the year Balance at 31 De￿mber 2023 4,958,660 (126,825) 4,831,835 86,080 2,339 88,419 5,044,740 (124,486) 4,920,254 Represented by Fixed assets Cash at bank and in hand Other net current assets 4,380,655 801,745 (350,565) 4,831,835 4,380,655 890,164 (350,5651 4,920,254 88,419 88,419 33

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations Engineers Notes to the financial statements for the year ended 31 December 2024 16. Staff Year to 31.12.24 Year to 31.12.23 The total staff emoluments including taxable benefits for the year: Gross salaries pemanent and temporary staff Employer's Nl Employer's pension Life assurance cover 892,906 92,420 46,503 3,360 1,035,189 782,738 79,746 43,655 3,964 910,103 Redundancy and termination payments totalling £43.882 (2023: £14,942) were paid during the year. 2024 2023 Key Management {defined as the senior management team & management team).. Total emoluments including taxable benefits for the year 578,673 427,494 During the year, payments totalling £600 (2023.. £6,000) were paid to Mr J E Eastman (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) 2024 2023 Average number of employees analysed by functs.on was.. Charitable expenditure Management, administration and support CV Show management team 17 17 23 24 A number of temporary staff were employed during the year to provide additional support in certain departments. Number of staff whose emoluments (excluding pensions) including taxable benefits from the Society ex￿eded £60,000: £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £100,000 - £110,000 £110,000 - £120,000 2024 2023 The Society's pension contribution for any member of staff whose emoluments ex￿ed £60,000 is paid at the same rate as applicable to all staff eligible tojoin the group personal pension scheme. 17. Society Pension Arrangements The Society's contributions made on behalf of eligible employees in the year amounted to £52,706 (2023.. £56,037}. {Also see note 1{vii) of the accounts.) 34

THE SOCIETY OF OPERATIONS ENGINEERS Society of Operations Engineers Notes to the financial statements for the year ended 31 December 2024 18. The Trustee Board The Trustee Board consists of 14 members including the chairs of the 5 Professional Sector Councils. No remuneration or other benefit in money or money's worth was given by the Society to any other member of the Board except out of pocket expenses (see note 6c). 19. Volunteers The Trustees are grateful for the invaluable time and support given by the 200 volunteers who who sit on the Trustee Board. IRTE Services Board. five Professional Sector Councils. the Membership & Professional Standards Committee and Regional Committees. 20. Liability of Members The Society is a company limited by guarantee and Clause 3.1 of its Articles of Association states that the maximum contribution for which a member can be liable in the event of the Society's liquidation is £10. 21. Dormant Companies The following companies are subsidiaries of SOE but did not trade during the year: Name: Country of Registration: Registration Number Reserves 31.12.24 Reserves 31.12.23 Institution of Plant Engineers Institute of Road Transport Engineers England & Wales England & Wales 419646 395541 1,000 1,000 1,000 1,000 Both of these companies are limited by guaranlee. 22. Financial Instruments At the balan￿ sheet date, the consolidated group held financial assets at amortised cost comprising investment in joint venture, trade debtors, other debtors and cash and cash deposits of £954,893 (2023.. £1,468,568} and financial liabilities at amortised cost comprising trade and other creditors and accruals of £242,909 (2023.. £341,829). Total interest income received in respect of financial assets held at amortised cost totalled £14,566 (2023: £13,073). The charity held financial assets at fair value through income or expenditure company investments of £3,148,417 (2023: £2,936,665). Movements in the year through the Statement of Financial Activities comprise dividend income of £70,280 (2023.. £75,587) and net gains of £174,440 {2023 £54,417) 35

THE SOCIETY OF OPERATIONS ENGINEERS Notes to the financial statements for the year ended 31 December 2024 23 Continuing and Discontinued Operations (IRTE Services Limited) STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2024 Year to Year to Year to Year to 31.12.24 31.12.23 31.12.24 31.12.23 Continuing Operations Discontinued Operations Turnover 93,532 91,475 257,481 326,149 Cost of sales (36,695) (42,141) (212,251) (275,849) Gross profit 56,837 49,334 45,230 50,300 Administrative expenses (4, 526) (3,774) (2,715) (3,773) Operating profiU(loss) 52.311 45,560 42,515 46,527 Interest receivable 3.275 2,478 1,964 2,478 Interest payable Profit on ordinary activities 55.586 48,038 44,479 49,005 Net income from Joint Venture (67,203) 60,607 (Loss)IProfit before taxation 55.586 48,038 (22,724) 109,612 Taxation (32) (Loss)IProfit after taxation 55.586 48,038 (22,724) 109,580 The above results are all in respect of continuing & discontinued operations. 36