2022-02-28-accounts - Chartered Institution Of Civil Engineering Surveyors

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS (INCORPORATED UNDER ROYAL CHARTER)

REPORT AND CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2022

MURRAY SMITH LLP Chartered Accountants

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

Index	Page (s)
Company information	1-3
Report of the Trustees	4-10
Report of the Auditors	11-14
Accounting Policies	15
Consolidated Statement of Financial Activities	16
Consolidated Balance Sheet	17
Holding Company Balance Sheet	18
Notes to the Financial Statements	19-24
Detailed Notes to the Income and Expenditure Account	25

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS

COMPANY INFORMATION – Continued

Auditors Murray Smith LLP Chartered Accountants Statutory Auditors Darland House 44 Winnington Hill Northwich Cheshire CW8 1AU

Solicitors Baker and McKenzie, London Bates Wells and Braithwaite, London Mayer Brown, London Davis Blank Furniss, Manchester

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022

The trustees present their report with the financial statements of the charity for the year ended 28 February 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (the FRS102) (effective 1 January 2019).

HISTORY

The Institution was established in 1969 as the Association of Surveyors in Civil Engineering and was incorporated as a Company Limited by Guarantee (Number 1042664) on 16 February 1972. It changed its name to the Institution of Civil Engineering Surveyors (ICES) on 31 December 1980. The Institution of Civil Engineering Surveyors became a Registered Educational charity and entered on the central register of charities on 14 August 1992, registration number 1013672.

On 2 September 2009, the Institution of Civil Engineering Surveyors was granted a Royal Charter of Incorporation and became a new legal entity known as the Chartered Institution of Civil Engineering Surveyors. An Asset Transfer Agreement was signed on the 3 September 2009 transferring the assets to the Chartered Institution of Civil Engineering Surveyors (hereinafter referred to as the Institution).

The Charity Commission granted charitable status to the Chartered Institution of Civil Engineering Surveyors on 2 September 2009, registration number 1131469.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Object

As stated in Article 4 of the Charter:

“The object for which the Institution is established (hereinafter referred to as the “Object”) is to advance the science and art of civil engineering surveying in all aspects of the specialisations of geospatial engineering and commercial management within civil engineering for the benefit of the public, in particular but not exclusively by upholding and advancing the standards of education, competence, practice and conduct of members of the institution”.

Operational structure

The organogram on page 3 shows the organisational and decision-making structure of the Institution. The decisions or recommendations made by the various committees are submitted to Council of Management for endorsement or approval compliant with the Charter and Byelaws. Committees, Panels and Working Groups are comprised of members with specific knowledge and expertise in the relevant area for which they are established. The Institution has a detailed and enforceable Rules of Professional Conduct.

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022 - Continued

The Council of Management (CoM)

The governance and control of the Institution and its affairs is vested in the CoM in accordance with Article 10.1 of the Charter. CoM meets at least 3 times each year to consider and approve business generated by the Institution’s committees, panels and working groups.

The CoM comprises the President, a Senior Vice President, Vice President and Immediate Past President, nominated in accordance with Bye-laws 35 – 37, and fourteen members either elected by postal ballot of the Institution’s corporate membership, or appointed or co-opted by CoM in accordance with Bye-laws 41 and 45 - 47.

All members of CoM are directors and trustees of the Institution. Those who held office during 2021-2022 are shown on page 1.

Members of the Institution give their time to CoM and committees on a voluntary basis. The success of the Institution is dependent upon the efforts of its members supported by professional staff. The Chief Executive Officer (CEO) is responsible to the CoM for all aspects of the day-to-day business of the Institution.

Regions of the Institution

To provide for members’ requirements the United Kingdom is divided into 8 regions with regions also in Ireland and Northern Ireland, Hong Kong, United Arab Emirates and Macau. Each region appoints its own officers and region committee members and operates on subventions based on budgeted activities.

RELATIONSHIP WITH OTHER PROFESSIONAL ORGANISATIONS

The Institution operates principally with other UK-based construction orientated organisations, many of which also operate worldwide:

The Institution is an active member of the UK Construction Industry Council (CIC).
The Institution is a full member of the Federation Internationale de Geometres (FIG) an International Federation of Surveyors.
The Institution is active in jointly providing membership and expertise to the Geospatial Engineering Panel and the Management Panel with the Institution of Civil Engineers
The Institution has a wholly owned trading subsidiary SURCO Limited which operates in accordance with UK Charities legislation.
The Institution is a licensed member of the Engineering Council (EC)
The Institution is a member of the International Cost Engineering Council (ICEC)

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022 – Continued

In addition to the foregoing the Institution has close and regular liaison with, amongst others:

The Royal Institution of Chartered Surveyors (RICS)
The Chartered Institute of Building (CIOB)
The Chartered Institute of Arbitrators (CIArb)
The Survey Association of the United Kingdom (TSA)
Institution of Incorporated Engineers Sri Lanka (IIESL)
Hong Kong Institute of Surveyors (HKIS)
Royal Academy of Engineering (RAEng)

ACTIVITIES

The activities of the Institution are legally governed in accordance with:

its Royal Charter of Incorporation
the guidelines of the Charity Commission

Principal Activities

To maintain high standards of practice and professional conduct by all its members for the benefit of the public and for that purpose to implement schemes for enquiring into professional or business conduct and, where necessary, implementing appropriate disciplinary measures.
To promote or assist in promoting research into civil engineering surveying and to publish the useful results of such research.
To provide a means of testing the qualifications of candidates for admission for membership of the Institution by examination in the theory and practice of civil engineering surveying and to issue diplomas, certificates and other awards to successful candidates.
To organise or support the organisation of conferences, lectures, courses of instructions and other educational events.
To establish and support regional or local branches having as their objects the furtherance of the objects of the Institution.
To publish or distribute books, pamphlets, reports, leaflets, journals, films, videos, tapes and other instructional matter.
To provide library facilities for the use of members and others.
To make grants to universities or other educational establishments and to establish scholarships or exhibitions and give prizes in furtherance of the objects of the Institution.

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022– Continued

Significant Activities during the period 1 March 2021– 28 February 2022

The operation of the Institution was directly impacted by the COVID pandemic. The Institution adopted new ways of working and held all events virtually. The major activities were:

Dr Andrew Evans replaced Stephen Slessor as President in March 2022
A virtual AGM which allowed members from across the world
Engaged with over 500 members to create a new 30 Year Strategic Plan and a 5 Year Delivery Plan
Moved all membership advice online, including one to-one sessions, group workshops and membership webinars
Migrated to a new optimised online portal for our publications
Moved all membership reviews online and over 300 new members successfully went through the process
Successful review of the license by the Engineering Council to award Chartered Engineer and Incorporated Engineer and saw two more members become registered engineers under the CICES route, taking the total to 23 chartered engineers.
Introduced bimonthly regional chair meetings inviting the international chairs as well as the UK chairs.
Delivery of over 40 webinars

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022– Continued

NEW MEMBERS AND UPGRADES

A total of 478 new members were admitted during the period (including students).

A total of 1169 members successfully upgraded during the period.

Total membership at beginning of period: 4,770 (3,857 fee paying) Total membership at end of period: 4,630 (3,798 fee paying)

NEW APPROVED DEVELOPMENT SCHEMES AND OTHER EVENTS

between March 2021 and February 2022:

Barhale Canary Wharf Contractors Ltd CD Surveys Ltd China Harbour Engineering Co Dyer and Butler Galliford Try HS2 EKFB Eiffage Kier Ferrovial BAM JV Kier Infrastructure & Overseas Network Rail Omega Geomatics Scottish Water Siteline Survey Solutions Tarmac Warner Surveys

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022 – Continued

FINANCIAL REVIEW

Annual Budgeting Policy

A budget is prepared annually to forecast all items of income and expenditure. Each year it is the intention of the Institution to balance income with expenditure.

Reserves Policy

The Trustees aim to retain a level of liquid reserves that provide sufficient working capital to cover the Charity’s day to day activities together with an amount for contingencies.

For the period 1 March 2021 to 28 February 2022, income exceeded expenditure by £190,356
As can be seen from the accounts, the principal funding streams have been from members subscriptions and rental income which is budgeted against planned activities and administration requirements.
The policy for investments is for any surplus monies to be placed with the UK Treasury to earn maximum interest at no risk to the Charity. This is in accordance with UK Charities legislation guidelines.

TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for their annual report, and the preparation of financial statements for each financial year which give a true and fair view of the incoming resources and application of those resources to the charity during the year, and of the state of affairs at the end of the year. In preparing these financial statements, the trustees are required to:

ensure that suitable accounting policies are established and applied consistently;
make judgements and estimates that are reasonable and prudent;
state whether the applicable accounting standards and statement of recommended accounting practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees have overall responsibility for ensuring that the charity has appropriate systems and controls, financial and otherwise. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity and for their proper application as required by charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022 – Continued

the charity is operating efficiently and effectively;
all assets are safeguarded against unauthorised use or disposition and are properly applied;
proper records are maintained and financial information used within the charity, or for publication, is reliable; and
the charity complies with relevant laws and regulations.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant audit information of which the charity’s auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order that they are conversant with any relevant audit information and to establish that the charity’s auditors are aware of that information.

This report has been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities.

BY ORDER OF THE COUNCIL OF MANAGEMENT:

A Holmes Honorary Secretary

Date: 31 July 2022

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022

Opinion

We have audited the financial statements of the Chartered Institution of Civil Engineering Surveyors (“the Parent Charity”) and its subsidiary (“the Group”) for the year ended 28 February 2022 which comprise the consolidated statement of financial activities, the consolidated and parent charity balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 Group’s and of the Parent Charity’s affairs as at 28 February 2022 and of the Group’s incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022 - Continued

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you, if in our opinion:

the information contained in the financial statements is inconsistent in any material respect with the trustees Annual Report; or
proper accounting records have not been kept by the Parent Charity; or
the Parent Charity financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees 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 Group’s and the Parent Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees’ either intend to liquidate the Group or the parent Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with Acts and relevant regulations made or having effect thereunder.

This report is made solely to the Charity’s trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s trustees 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 Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022 - Continued

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 is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when its exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit procedures designed to identify irregularities included:

Enquiry of management and those charged with governance around actual and potential litigation and claims
Enquiry of company staff with responsibilities for compliance matters to identify any instances of non-compliance with laws and regulations
Reviewing any minutes available of meetings of those charged with governance
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022 - Continued

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s trustees 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 Charity and the Charity’s trustees’ as a body, for our audit work, for this report, or the opinions we have formed.

Michael Benson Murray Smith LLP Chartered Accountants Statutory Auditors Darland House 44 Winnington Hill Northwich Cheshire CW8 1AU

Date: 31 July 2022

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CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS

PRINCIPAL ACCOUNTING POLICIES

The financial statements of the charitable group, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)” and the Charities Act 2011. The financial statements have been prepared under the historical cost convention and the principal accounting policies are set out below.

Consolidated Financial Statements

The consolidated financial statements include the results of the Chartered Institution of Civil Engineering Surveyors, and its subsidiary undertaking SURCO Limited. A profit and loss account for the holding company has not been presented as permitted by the Charities Act 2011.

Incoming Resources

Incoming Resources represent the total amount receivable by the company for goods supplied and services provided during the particular accounting period, excluding VAT and trade discounts.

Resources Expended

All resources expended are recognised on an accruals basis.

Tangible Fixed Assets and Depreciation

Depreciation is calculated to write down the cost of tangible assets by equal annual instalments over their expected useful lives. The rates generally applicable are:

Freehold properties (excluding land) 2½% Fixtures and fittings 20 - 25% Website 20%

Contributions to Pension Funds

The pension costs charged in the year represent the amount of the contributions payable to defined contribution schemes in respect of the accounting period.

Leased Assets

Payments made under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Risk Exposure

The Trustees regularly review the risks to which the charity is exposed and systems have been established to mitigate these risks.

Reserves Policy

A general reserves fund is maintained as a minimum six months contingency cover against the possible threat of current rental income ceasing and poor cash flow emanating from late or unpaid subscriptions.

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account)

FOR THE YEAR ENDED 28 FEBRUARY 2022

Unrestricted Restricted Note funds funds £ £ INCOME AND ENDOWMENTS FROM Incoming resources from generated funds Investment income 1 1,630 - Rent and similar income 58,738 - Incoming resources from charitable activities 1,036,845 - Total incoming resources 1,097,213 - EXPENDITURE ON Costs of generating funds Bank loan interest payable - - Charitable activities 2 (880,917) - Governance costs 3 (25,940) - Total charitable expenditure (906,857) - Net incoming resources for the period and surplus of income over expenditure 190,356 - Other recognised gains and losses Regional and prize funds - - Net movement in funds 190,356 - Fund Balances at 1 March 2021 1,860,538 10,892 Fund balances at 28 February 2022 2,050,894 10,892	Total 2022 £ 1,630 58,738 1,036,845 1,097,213 - (880,917) (25,940) (906,857) 190,356 - 190,356 1,871,430 2,061,786	Total 2021 £ 1,364 3,715 999,617 1,004,696 - (843,859) (24,086) (867,945) 136,751 - 136,751 1,734,679 1,871,430

The notes on pages 19 to 24 form part of these accounts

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CONSOLIDATED BALANCE SHEET AT 28 FEBRUARY 2022

Note FIXED ASSETS Tangible assets 6 CURRENT ASSETS Stock 8 Debtors 9 Regional funds Cash at bank and in hand CREDITORS: Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year FUNDS General fund 12 Designated fund 12 Regional fund 11 Institution prize fund 11 Revaluation reserve 13 TOTAL FUNDS	2022 £ 1,041,172 700 57,494 3,828 1,276,480 1,338,502 (317,888) 1,020,614 2,061,786 (-) 2,061,786 1,787,479 42,000 3,828 7,064 221,415 2,061,786	2021 £ 1,048,044 700 39,817 3,828 1,096,058 1,140,403 (317,017) 823,386 1,871,430 (-) 1,871,430 1,597,123 42,000 3,828 7,064 221,415 1,871,430

The financial statements were approved by the Board of Directors on 31[st] July 2022 and were signed on its behalf by:

Dr Andrew Evans President

The notes on pages 19 to 24 form part of these accounts.

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HOLDING COMPANY BALANCE SHEET AT 28 FEBRUARY 2022

Note FIXED ASSETS Tangible assets 6 CURRENT ASSETS Stock 8 Debtors 9 Regional funds Cash at bank and in hand CREDITORS: Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year FUNDS General fund 12 Designated fund 12 Regional fund 11 Institution prize fund 11 Revaluation reserve 13 TOTAL FUNDS	2022 £ 1,038,676 200 106,891 3,828 1,220,876 1,331,795 (309,063) 1,022,732 2,061,408 (-) 2,061,408 1,787,101 42,000 3,828 7,064 221,415 2,061,408	2021 £ 1,047,648 200 74,177 3,828 1,032,576 1,110,781 (306,737) 804,044 1,851,692 (-) 1,851,692 1,577,385 42,000 3,828 7,064 221,415 1,851,692

The financial statements were approved by the Board of Directors on 31[st] July 2022 and were signed on its behalf by:

Dr Andrew Evans President

The notes on pages 19 to 24 form part of these accounts.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

1. INVESTMENT INCOME Investment income comprises income from: Bank deposits 2. CHARITABLE ACTIVITIES Expenditure on the advancement of the science and art of Civil Engineering Surveying Advertising and training Personnel (note 4) Administration Premises Miscellaneous Depreciation 3. GOVERNANCE COSTS Committee and officials’ expenses Legal and professional fees Legal and professional fees include: Auditors remuneration: Audit services Non-audit services	GROUP 2022 2021 £ £ 1,630 1,364 GROUP 117,318 79,615 50,909 49,424 540,656 532,185 73,715 74,739 57,013 58,158 20,328 17,240 20,978 32,498 880,917 843,859 GROUP 12,099 13,013 13,841 11,073 25,940 24,086 7,012 6,675 2,620 2,480	GROUP 2022 2021 £ £ 1,630 1,364 GROUP 117,318 79,615 50,909 49,424 540,656 532,185 73,715 74,739 57,013 58,158 20,328 17,240 20,978 32,498 880,917 843,859 GROUP 12,099 13,013 13,841 11,073 25,940 24,086 7,012 6,675 2,620 2,480

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NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 28 FEBRUARY 2022

4. DIRECTORS AND EMPLOYEES

DIRECTORS AND EMPLOYEES Staff costs during the period were as follows: Wages and salaries Social security costs Other pension costs	GROUP 2022 2021 £ £ 454,051 437,221 44,321 48,626 42,284 46,338 540,656 532,185

The average number of employees in the group, excluding trustees, during the period was 10 (2021: 10), all of whom were engaged in providing services to members and administration.

The emoluments of one member of staff, including benefits in kind, was within the range of £70,000 to £79,999 (2021: was £70,000 to £79,999) and another in the range £100,000 to £110,000 pro rata to full year equivalent (2021: £100,000 to £110,000). None of the trustees received any emoluments during the year.

5. TAX ON PROFIT ON ORDINARY ACTIVITIES

The holding company has been approved for charitable status and is therefore not subject to taxation. The subsidiary company has no tax liability for the year following the utilisation of brought forward losses and losses made within the year.

6. TANGIBLE FIXED ASSETS - GROUP

COST OR VALUATION At 01 March 2021 Additions in the year As at 28 February 2022 DEPRECIATION At 01 March 2021 Provided in the year As at 28 February 2022 NET BOOK VALUE 28 February 2022 28 February 2021	Freehold land and buildings £ 1,250,000 - 1,250,000 225,002 18,752 243,754 1,006,246 1,024,998	Fixtures and fittings Website £ £ 211,156 45,776 3,306 10,800 214,462 56,576 208,317 25,569 848 1,378 209,165 26,947 5,297 29,629 2,839 20,207	Total £ 1,506,932 14,106 1,521,038 458,888 20,978 479,866 1,014,172 1,048,044

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NOTES TO THE FINANCIAL STATEMENTS - Continued

FOR THE YEAR ENDED 28 FEBRUARY 2022

TANGIBLE FIXED ASSETS (continued) - INSTITUTION

COST OR VALUATION At 01 March 2021 Additions in the year As at 28 February 2022 DEPRECIATION At 01 March 2021 Provided in the year As at 28 February 2022 NET BOOK VALUE 28 February 2022 28 February 2021	Freehold land and buildings £ 1,250,000 - 1,250,000 225,002 18,752 243,754 1,006,246 1,024,998	Fixtures and fittings Website £ £ 183,437 45,776 809 10,800 184,246 56,576 180,994 25,569 451 1,378 181,445 26,947 2,801 29,629 2,443 20,207	Total £ 1,479,213 11,609 1,490,822 431,565 20,581 452,146 1,038,676 1,047,648

All tangible fixed assets were used for charitable purposes.

Freehold land and buildings were valued on an open market basis on 14 September 2009 by Stevens Scanlan LLP, Chartered Surveyors. The Trustees are of the opinion that the market value has not changed since this date.

If land and buildings had not been revalued, they would have been included at the following historical cost:

following historical cost:
Cost Aggregate depreciation	2022 £ 1,088,585 200,000	2021 £ 1,088,585
			190,000

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NOTES TO THE FINANCIAL STATEMENTS - Continued

FOR THE YEAR ENDED 28 FEBRUARY 2022

7. INVESTMENT IN SUBSIDIARY COMPANY

At 28 February 2022 the charity owned 100% of the Ordinary share capital of its subsidiary SURCO Limited. Details regarding the subsidiary are as follows:

Country of Registration	England and Wales
Nature of Business	Publications, advertising, training and
	conferences
Registered office	Same as parent company

The results of the subsidiary, which are included in the Consolidated Statement of Financial Activities and Consolidated Balance Sheet, are as follows:

			2022	2021
			£	£
	Capital and reserves		(214,624)	(195,264)
	Profit/(Loss) for the	financial year after tax	(19,360)	(34,351)
		GROUP	INSTITUTION
		2022 2021	2022	2021
8.	STOCKS	£ £	£	£
	Consumable stores	700 700	200	200
9.	DEBTORS
	Trade debtors	27,418 26,415	2,152	1,526
	Due from subsidiary	- -	76,332	60,892
	Other debtors	4,097 1,314	4,097	1,314
	Prepayments	25,979 12,088	24,310	10,445
		57,494 39,817	106,891	74,177

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NOTES TO THE FINANCIAL STATEMENTS - Continued

FOR THE YEAR ENDED 28 FEBRUARY 2022

CREDITORS: Amounts falling due within one year

Trade creditors Social security and other taxation Other creditors and accruals 11. RESTRICTED FUNDS Balance at 01 March 2021 Excess expenditure over income Balance at 28 February 2022	GROUP 2022 2021 £ £ 35,452 39,560 12,594 13,032 269,842 264,425 317,888 317,017 Regional fund £ 3,828 - 3,828	INSTITUTION 2022 2021 £ £ 34,650 38,452 8,403 8,353 266,010 259,932 309,063 306,737 Prize fund Total £ £ 7,064 10,892 - - 7,064 10,892

The Regional Fund was established in 1978. Funds are donated annually by the company to regional committees throughout the UK and overseas. The capital and income are used to provide lectures and co-ordinate local activities which further the company’s objectives. The Fund is invested in short-term deposits.

The Prize Fund was established in 1981 to award prizes to outstanding students studying on Institution accredited academic courses. The Fund is invested in short-term deposits.

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NOTES TO THE FINANCIAL STATEMENTS - Continued

FOR THE YEAR ENDED 28 FEBRUARY 2022

12.	UNRESTRICTED FUNDS
		GROUP	INSTITUTION
	General fund	£		£
	At 1 March 2021	1,597,123		1,577,385
	Surplus for the year	190,356		209,716
	At 28 February 2022	1,787,479		1,787,101
	Designated fund for repairs
	At 1 March 2021 and 28 February 2022	42,000		42,000
13.	REVALUATION RESERVE
	Land and buildings
	Reserve at 1 March 2021 and 28 February 2022	221,415		221,415
14.	ANALYSIS OF NET ASSETS
	BETWEEN FUNDS
		GROUP
		Unrestricted	Restricted
		funds	funds	Total
		£	£	£
	Tangible fixed assets	1,041,172	-	1,041,172
	Current assets	1,327,610	10,892	1,338,502
	Current liabilities	(317,888)	-	(317,888)
	Creditors due after more than one year	-	-	-
		2,050,894	10,892	2,061,786

15. CONTINGENT LIABILITIES

The group had no contingent liabilities as at 28 February 2022.

16. CAPITAL COMMITMENTS

The group had capital commitments amounting to £nil at 28 February 2022.

17. PENSIONS

The group operates a defined contribution pension scheme for the benefit of all employees. The assets of the scheme are administered by trustees in a fund independent from the company.

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DETAILED NOTES TO THE CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 28 FEBRUARY 2022

ADMINISTRATION Postage Printing, stationery and advertising Telephone and email costs Computer and photocopier costs PREMISES Rates and Water Insurance Electricity, gas and service charges Repairs and decoration Cleaning MISCELLANEOUS Bank and credit card charges Sundry COMMITTEE AND OFFICIALS’ EXPENSES Council of Management Officials’ expenses Education, Training and Membership Committee Finance and GP Committee Annual General Meeting PROFESSIONAL Accountancy and taxation Audit fees Legal fees and company requirements	2022 £ 10,291 929 12,025 50,470 73,715 13,794 8,826 11,552 12,193 10,648 57,013 19,676 652 20,328 4,559 3,814 - - 3,726 12,099 2,620 7,012 4,209 13,841	2021 £ 12,957 1,350 13,052 47,380 74,739 13,726 5,422 16,995 12,664 9,351 58,158 16,953 285 17,238 602 7,737 (258) 23 4,909 13,013 2,480 6,675 1,918 11,073

This page does not form part of the statutory financial statements