## 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: 020 7630 1111 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
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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. 

12 



**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 

13 



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. 

18 



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**<br>**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