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← Institution Of Engineering Designers

2023-12-31-accounts

Incorporated by Royal Charter Charity Registration No. 1145678 Royal Charter No. RC000851

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ANNUAL REPORT AND ACCOUNTS

of the Council of the Institution of Engineering Designers 1 January 2023 to 31 December 2023

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Incorporated by Royal Charter Charity Registration No. 1145678 Royal Charter No. RC000851

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE INSTITUTION OF ENGINEERING DESIGNERS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees at as 31 December 2023 Professor Kay BondBEng PhD CEng MIMechE MIED1
D T H CastleIEng RCADMan FIED(PCh) MBCS CITP (Immediate Past
Chair2, 3
T N ChannellMEng CEng MIED
D FarrellBSc(Hons) MTech CEng CTPD FIED (Vice Chair)
J Harrison-FurseBA(Hons) EngTech MIED6
A T A KeeganCEng FIED(PCh)2
M LynchBSc(Hons) MSc CEng MIED5
Dr E PeiBA(Hons) MSc PhD CTPD CEng CEnv FIED
A PennBSc(Hons) MSc CTPD MIED3, 5
N PhelpsIEng MIED MIET2, 3
J RobertsMEng CEng MIED5
Professor P J SewellBEng(Hons) PGCert PhD MIMechE FHEA CEng
FIED1, 2
E TarrantBSc(Hons) STEM EngTech RCP MIED
Dr G A L TizzardBSc MPhil DIC PhD MIEEE CEng MIED FHEA1, 2
I TreacyBA MSc IEng MIED MIET
Eurlng S P VaitkeviciusBEng(Hons) MSc CEng FIED
Dr B WatsonMDes(Hons) PhD LCGI CEng CEnv CTPD FIED (Vice Chair)
R YuenMEng CEng FIED MICE MAPM (Chair)2
Trustee & Honorary Treasurer S J BenfieldCEng CEnv CTPD FIED(PCh) MAPM2, 3, 4, 5
1Education and Training Committee
2Membership Accreditation Board
3Membership Committee
4Editorial Committee
5Inclusion, Equity and Diversity Committee
6Communications Committee
Secretary Mrs E K MeyrickBSc(Hons) FRSA
Charity number 1145678
Principal address Courtleigh
Westbury Leigh
Westbury
Wiltshire
BA13 3TA
Independent Examiner Martin Gurney FCA
Haines Watts
Old Station House
Station Approach
Swindon
Wiltshire
SN1 3DU

THE INSTITUTION OF ENGINEERING DESIGNERS

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers Lloyds Bank
37 Market Place
Warminster
Wiltshire
BA12 9BD
Solicitors Thrings LLP
6 Drakes Meadow
Penny Lane
Swindon
Wiltshire
SN3 3LL
Accountants Haines Watts
Old Station House
Station Approach
Swindon
Wiltshire
SN1 3DU

THE INSTITUTION OF ENGINEERING DESIGNERS

CONTENTS

Page
Report 1 – 8
Statement of Responsibilities 9
Independent Examiner's report 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the accounts 13 - 24

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report and the financial statements for the year ended 31 December 2023.

The accounts comply with the Charities Act 2011, the charity's governing document and the 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).

Structure, governance and management

a. Constitution

The charity is controlled by its governing document, the Royal Charter, By-laws and Regulations.

The trustees who served during the year were:

S J BenfieldCEng CEnv CTPD FIED(PCh) (Elected as Honorary Treasurer 8 July 2023)
(Councillor/Honorary Treasurer)
Professor Kay BondBEng PhD CEng MIMechE MIED
(Councillor)
D T H CastleIEng RCADMan FIED(PCh) MBCS CITP (Resigned as Chair 8 July 2023)
(Chair/Immediate Past Chair)
T N ChannellMEng CEng MIED (Councillor)
D FarrellBSc(Hons) MTech CEng CTPD FIED (Vice
Chair)
J Harrison-FurseBA(Hons) EngTech MIED (Councillor)
A T A KeeganCEng FIED(PCh) (Honorary (Resigned as Honorary Treasurer 8 July 2023)
Treasurer/Councillor)
Eurlng C LedsomeBEng MEng CEng FBIS FIMechE FIED
(Deceased 3 February 2023)
MCMI MDS (Immediate Past Chair/Councillor)
M LynchBSc(Hons) MSc CEng MIED (Councillor)
Dr E PeiBA(Hons) MSc PhD CTPD CEng CEnv FIED
(Councillor)
A PennBSc(Hons) MSc CTPD MIED (Councillor)
N PhelpsIEng MIED MIET (Councillor)
J RobertsMEng CEng MIED (Councillor)
Professor P J SewellBEng(Hons) PGCert PhD MIMechE
FHEA CEng FIED (Councillor)
E TarrantBSc(Hons) STEM EngTech RCP MIED
(Councillor)
Dr G A L TizzardBSc MPhil DIC PhD MIEEE CEng MIED
FHEA (Councillor)
I TreacyBA MSc IEng MIED MIET (Councillor)
Eurlng S P VaitkeviciusBEng(Hons) MSc CEng FIED
(Councillor)
Dr B WatsonMDes(Hons) PhD LCGI CEng CEnv CTPD
FIED (Vice Chair)
R YuenMEng CEng FIED MICE MAPM (Elected as Chair 8 July 2023)
(Councillor/Chair)

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

b. Method of appointment or election of Trustees

The Officers of Council - Chair and Vice Chairs - are elected annually by the Council. An election to Council is held annually in which up to one third of Council are obliged to stand down. They may be re-nominated by Council. Any three Corporate Members may also nominate a qualifying Corporate Member. A postal ballot of all Corporate Members is held where the total number of nominations exceeds the number of vacancies.

The appointment of officers and election of Council is governed by By-laws 40 to 46 of the Institution's governing document. The Honorary Treasurer shall be elected to the post annually by Council.

c. Policies adopted for the induction and training of Trustees

New members of Council are inducted with the appropriate NCVO guidelines.

d. Organisational structure and decision making

Organisation and Structure

To ensure the efficient use of the elected Councillors a Board and Committee structure is in place which involves the commitment of as many of the elected Councillors as possible in the ongoing affairs of the Institution. A small permanent staff headed by the Secretary is employed by Council to deal with the day-to-day administration of the membership, Engineering Council registration matters, the publication of the Institution's journal Engineering Designer, financial matters and the administration and organisation of its course and conference activities.

Events since the end of the period

Information relating to events since the end of the period is given in the notes to the financial statements.

Staff

As the financial year closed the Institution employed three full-time and three part-time members of staff, including the Secretary. Mr David Osborne - Accounts Officer, Mrs Linda Parry – Membership Officer, Mrs Nadine Pearce - PA to the Secretary, Mrs Jo Winslow - Education and Training Officer and Mrs Denise Watson - Administrative Assistant, continue to give the Institution invaluable service.

The Secretary's remuneration is set at annual review by the Trustees.

Wider network

At present the Institution does not consider itself to be part of a wider network.

Engineering Council/EngineeringUK

The Institution's relationships with the Engineering Council and EngineeringUK remain the most important of all its relationships with other charities and organisations. The Institution continues to work closely with both bodies, Mr Neil Phelps represents the Group B college on the Engineering Council Board and other members of Council represented the IED as Liaison Officers and on the Engineering Council's Quality Assurance Committee (QAC).

The Design Society

The Design Society is an international body dedicated to promoting the best in design practice and education. The Institution has co-operated with the Society in the past and the two bodies again came together to collaborate during 2023 as partners in the very successful Engineering and Product Design Education Conference, hosted by Barcelona University.

The Royal Academy of Engineering

The IED continues to work to the Diversity Concordat, with a view to working towards encouraging membership from a wider range of backgrounds. The Secretary also sits on the ‘Professional Engineering Committee' administered by the Academy and the Academy’s National Engineering Policy Centre. In addition, members of the IED contributed to reports drawn up by the Academy during the year and the Secretary was invited to Chair the EECG (Engineering Ethics Coordination Group), an ongoing project overseeing the implementation of the recommendations of a report into ethics in engineering.

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

The Society for the Environment

The Institution has a licence to award Chartered Environmentalist (CEnv) and Registered Environmental Practitioner (REnvP) status to suitably qualified and experienced members. The Secretary and a volunteer member continue to serve on the Council and Registration Authority of the Society.

e. Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Key risks include: loss of licences from Engineering Council and Society for the Environment, loss of key members of staff, loss of tenants at Courtleigh, lack of income from sponsors, seminars or registrations, fire or flood. These and other risks are included on a risk register, with mitigation, actions, response and responsibilities allocated accordingly.

Objectives and activities

a. Policies and objectives

Mission Statement

We work to inspire, develop and promote professionals working in engineering and product design. Setting standards and competencies for our members who advance and progress society by providing technical products and solutions.

Objects

The main objects of the Institution are to:

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Notes:

  1. The remaining supporting objects are printed in the Royal Charter of the Institution, a copy of which is available on request from the Institution's Headquarters tel: +44 (0) 1373 822801, email ied@ied.org.uk and on the website www.ied.org.uk.

b. Strategies for achieving objectives

Strategy

The Institution's Strategy Document is updated on an annual basis following review by the Council. This document provides the basis from which the objectives in the Mission Statement are developed for the furtherance of the Institution. A new five year strategy was launched at the end of 2022.

Risk review

The Council has conducted its own review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Significant external risks to income have led to the development of a strategic plan.

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

The following projects were progressed:

d. Volunteers

Other than trustees, assessors and committee members the Institution does not rely on volunteers.

Achievements and performance

a. Review of activities General Progress

Objectives

The main objective for 2023 was to continue to provide membership and registration services and support to IED members. The development of the Communications Committee is aimed at addressing some of the challenges of attracting and retaining members.

Membership

The fluctuations in membership over the period covered by this report are as follows:

Dec 2023 Dec 2022
Fellows 151 162
Members 1,239 1,273
Students(includingOU) 2,864 2,401
Affiliates 13 16
Associate(newgrade in 2023) 50 -
Total 4,317 3,852

Efforts are being made to attract more Member grade professionals to replace those coming to the end of their careers but numbers remain fairly constant overall. The launch of the new Associate grade of membership, via a recommendation scheme to active members, has been very successful, with over 50 applicants so far – some of whom have already converted to Member grade. The aim of the scheme is to offer AIED free of charge for a limited period and to advise on upgrading to Member and registration within that period of time.

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Continuing Professional Development

The 'MyCareerPath' CPD scheme run by the Engineering Council has been available to IED Members since 2013 with all new members encouraged to enrol. The competencies for MIED, CEnv, CTPD and RProdDes have been uploaded to the system. The Engineering Council have introduced mandatory CPD monitoring for all PEIs. The IED developed a monitoring and feedback process to meet this requirement which was further refined in 2023. 10% of registrants were randomly sampled and asked to provide up-to-date CPD records for the previous 12 months, of these 10% were reviewed by the Membership Committee and feedback given to responders.

Publications

A further four issues of Engineering Designer were published during the period covered by the report. Once again the policy has been to publish as many articles written by members as possible covering a wide range of subjects. In addition to automatic circulation to its members the magazine remains available by subscription and is circulated free-of-charge to a number of educational establishments. The publication is available electronically to all members including those who live internationally and non-paying students. In addition to the four printed copies there were also 12 monthly digital publications, available online to members and the wider public.

Charitable activities

The following activities took place:

The IED works with a number of other bodies to further the promotion and development of Engineering and Design:

Other Activities

The Institution either ran or participated in the following events during the year:

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Awards and Prizes

The Institution continued to run the IED Prize aimed at accredited Degree and HNC/D graduates. Twenty-eight Individual Prizes were awarded during the year. In each case the nominated student/graduate had to show that he or she had attained outstanding results on their chosen course, with particular reference to the design related subjects within the course.

The Institution's annual awards were presented following the AGM at the Falkirk Wheel, Lime Road, Falkirk, Scotland, FK1 4RS.

The Institution's most prestigious design award, the Gerald Frewer Memorial Trophy was awarded to John Armitage for his work on Design for Manufacture and Assembly and Modern Methods of Construction in the bridge design field.

The Hornsby Cup, given for the best article published in the Institution's magazine during the previous year, was awarded to Geordie Torr for his article ‘Cutting Edge’ which appeared in the April 2022 issue.

The Chair's Award was presented to Tony Keegan in recognition of his services as Honorary Treasurer.

Ten medals of appreciation were awarded:

The Promotion of Design Award is presented to an individual or team for their work in promoting engineering design to a wider audience. The Award for 2023 was presented to Hornby, for the hugely successful TV series ‘Model World’ which helps to portray a variety of design challenges to the public and showcases the designers who solve them.

The Geoff Kirk Young Members Award is aimed at recognising promising new members starting on a career in engineering design. The 2023 winner was Robert O’Neill.

The Kathbert Trophy, awarded to the most promising new member, was awarded to Nicholas Morgan.

The Alex Moulton Award is awarded to recognise outstanding innovation. The 2023 award was presented to Steve Holyer for the design of RoomMate, a device designed to help the visually impaired access public toilets.

The Founders Award was presented to Dave Castle in recognition of his service as Chair of Council.

The Hills Millennium Award was awarded to Limor Fried.

Full details of the awards celebration appeared in the October issue of Engineering Designer .

Branches

The Institution supports thirteen branches across the UK plus one overseas branches in Malta.

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Volunteers

The Institution continues to rely heavily on member volunteers to assist in its activities, particularly in the following areas:

The volunteers have all adapted to remote working and continue to give excellence service.

The membership database contains details of those members who have agreed to undertake interviews of potential and existing members or who act as mentors in respect of the following requirements:

There are thirteen volunteers on the Membership Committee and twenty-one volunteers on the Education and Training Committee.

b. Investment policy and performance

The trustees are currently satisfied with the investment performance of the assets and at present do not have any plans to expand its portfolio or feel it necessary to dispose of those currently in use.

c. Factors relevant to achieve objectives

The trustees have made a full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.

Financial review

a. The Statement of Financial Activities (page 11) shows that for this year there was a deficit of £(36,224) (2022: surplus £12,922).

Total resources expended amounted to £334,687 (2022: £270,985).

b. Reserves

Total reserves amounts to £344,051 (2022: £380,275). General reserves (excluding restricted and endowment funds) stand at £334,597 (2022: £369,509).

It is the IED's policy that unrestricted funds not presently committed or invested in tangible fixed assets should not be designated for specific future expenditure.

Restricted reserves stand at £9,454 (2022: £10,766).

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted reserves stand at £334,597 (2022 -£369,509) of which £503,284 (2022 - £498,179) are held as fixed assets with the balance represented by net liabilities of £(168,687) (2022 - £(128,670)).

As can be seen from the above, free reserves (unrestricted reserves not tied up in fixed assets) are currently in deficit. The Trustees have a three-tiered plan to address this situation, with management of expenditure to help minimise the immediate gap, intermediate plans to realise some of the assets that are within Courtleigh and longer-term plans to raise capital for the development of the Institution in the not too distant future.

The financial statements have been prepared on a going concern basis. The timing of receipts of subscription income means that working capital requirements can fluctuate significantly during the year. The Institution has access to both short term (overdraft) and medium-term funding (loans) to address this. It also has longer term (realisation of asset) plans in place.

c. Principal funding

The Institution's principal source of funding is its subscriptions from its members.

Plans for the future

Future developments

The staff, Trustees and wider volunteers at the Institution are working hard on a number of initiatives to improve the services to the membership, to promote professional registration, attract new members and improve communications, as listed in this document previously. The expected fruition of Project Courtleigh will help towards funding these activities and volunteers are actively being recruited to help with the development and delivery of the projects.

Gift Aid

The Institution approached members asking them whether they would be prepared to sign a gift aid declaration so that income tax relief could be claimed on their subscriptions, Benevolent Fund contributions and Education Fund contributions

On behalf of the board of trustees

.............................. Mrs E K Meyrick BSc (Hons) FRSA Secretary

Dated: .........................

THE INSTITUTION OF ENGINEERING DESIGNERS

STATEMENT OF RESPONSIBILITIES

The trustees are responsible for preparing the Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE INSTITUTION OF ENGINEERING DESIGNERS

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE INSTITUTION OF ENGINEERING DESIGNERS

I report on the accounts of the charity for the year ended 31 December 2023, which are set out on pages 10 to 24.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of the ICAEW.

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

......................... Martin Gurney FCA Haines Watts Old Station House Station Approach Swindon Wiltshire SN1 3DU

Dated: .........................

THE INSTITUTION OF ENGINEERING DESIGNERS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
funds
funds
Notes
£
£
Incoming resources from generated funds
Donations and legacies
2
261,315
-
Activities for generating funds
3
32,375
-
Investment income
4
-
-
293,690
-
Incoming resources from charitable activities
5
4,773
-
Total incoming resources
298,463
-
Resources expended
6
Costs of generating funds
Costs of generating donations and legacies
180,961
-
Net incoming resources available
117,502
-
Charitable activities
Other costs
152,414
-
Benevolent Fund
-
1,312
Total charitable expenditure
152,414
1,312
Total resources expended
333,375
1,312
Net income/(expenditure) for the year
(34,912)
(1,312)
Transfer of funds
17
-
-
Net movement in funds
(34,912)
(1,312)
Fund balances at 1 January
369,509
10,766
Fund balances at 31 December
334,597
9,454		 Total
2023
£
261,315
32,375
-
293,690
4,773
298,463
180,961
117,502
152,414
-
153,726
334,687
(36,224)
-
(36,224)
380,275
344,051		 Total
2022
£
237,076
32,719
182
269,977
13,930
283,907
150,605
133,302
117,256
3,124
120,380
270,895
12,922
-
12,922
367,353
380,275

THE INSTITUTION OF ENGINEERING DESIGNERS

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
14
Current assets
Stocks
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current (liabilities)/assets
Total assets less current liabilities
Income funds
Restricted funds
17
Unrestricted funds
14		 2023
£
£
503,284
4,474
15,131
25,530
45,135
(204,368)
(159,233)
344,051
9,454
334,597
344,051		 2022
£
£
498,179
5,486
8,544
26,908
40,938
(158,842)
(117,904)
380,275
10,766
369,509
380,275		 2022
£
£
498,179
5,486
8,544
26,908
40,938
(158,842)
(117,904)
380,275
10,766
369,509
380,275
380,275
10,766
369,509
380,275

The accounts were approved by the Trustees on .........................

.............................. Mrs E K Meyrick BSc (Hons) FRSA Secretary

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

1.1 Basis of preparation

The Institution of Engineering Designers is a registered charity in England / Wales established under Royal Charter. The address of the registered office is given in the charity information at the start of these financial statements. The nature of the charity’s operations and principal activities are set out in the Trustees Report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 1A) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charites Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements have been prepared on a going concern basis. The timing of receipts of subscription income means that working capital requirements can fluctuate significantly during the year. The Institute has access to both short term (overdraft) and medium term funding (loans) to address this. It also has longer term (realisation of asset) plans in place. Accordingly the financial statements have been prepared on the going concern basis.

1.2 Incoming resources

Subscription income from members is accounted for in the period to which it relates. The institution also receives advertising income in respect of its journal and rental income in respect of its freehold property. These are accounted for on a receivable basis.

All incoming resources are included in the Statement of Financial Activities when the charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.3 Resources expended

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resource.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

1.4 Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold land is not depreciated

Freehold buildings nil Plant and machinery at varying rates on cost

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Tangible fixed assets and depreciation (continued)

The accounting policy for the depreciation of land and buildings has been changed during the prior year. No depreciation is provided on land and buildings with an estimated useful life in excess of 50 years as the entity has a policy of maintaining the property in good condition therefore prolonging its useful life and any depreciation involved would not be material. Due to this policy, the building maintains a residual disposal value at least equal to its book value.

1.5 Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6 Stock

Stock is valued at the lower of cost and selling price less net realisable value.

1.7 Pensions

The charity operates a defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.

1.8 Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

1.9 Debtors

Trade and other debtors are recognised at the settlement amounts due. Prepayments are valued at the amounts prepaid.

2.0 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

2 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Donations and gifts (including Gift Aid)
17,429
-
Subscriptions and membership income (see below)
243,886
-
261,315
-
Subscriptions and membership income receivable
Unrestricted funds:
Subscription and fee income from members
Members joining fees
Accreditation fees
3
Activities for generating funds
Activities for generating funds (rent, journal advertising etc)
Net Activities for generating funds
4
Investment income
Bank interest		 Total
2023
£
17,429
243,886
261,315
2023
£
214,919
12,001
226,920
16,966
243,886
2023
£
32,375
32,375
2023
£
-		 Total
2022
£
10,779
226,297
237,076
2022
£
204,960
10,577
215,537
10,760
226,297
2022
£
32,719
32,719
2022
£
182

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

6 Seminar and course income
Total resources expended
Costs of generating funds
Costs of generating donations and legacies (note 7)
Included in costs of generating funds are Project Courtleigh costs which have increased and a
Charitable activities
Other costs
Activities undertaken directly (note 8)
Grant funding of activities
Support costs (note 11 – investment, governance & education)
Total
Benevolent Funds
Costs		 2023
2022
£
£
4,773
13,930
2023
2022
£
£
180,961
150,605
re as shown in note 11.
2023
2022
£
£
75,289
52,248
-
-
77,125
65,008
152,414
117,256
1,312
3,124
153,726
120,380
334,687
270,985

Included in support costs are payments to the Independent Examiner of £3,835 (2022: £3,650).

Also Included in support costs are Project Courtleigh costs which have increased and are as shown in note 11.

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

7 Costs of generating donations and legacies (see note 6)

Other costs comprise:
Advertising
AGM/EGM expenses
Awards
Branch expenses reimbursed
Councillor expenses
Exhibitions costs
Marketing & promotions
New members expenses
Secretariat expenses
Support costs (note 11 – including Project Courtleigh)
Project Courtleigh costs have increased and are as shown in note 11
8
Activities undertaken directly (see note 6)
Other costs relating to IED comprise:
Journal publishing costs
Support costs
University accreditation costs
9
Grants payable
IED		 2023
£
663
8,411
1,404
-
594
1,886
-
1,541
1,579
164,883
180,961
2023
£
49,211
49,211
23,930
73,141
2,148
75,289
2023
£
-		 2022
£
1,677
6,544
1,124
-
127
1,386
-
166
600
138,981
150,605
2022
£
30,044
30,044
20,172
50,216
2,032
52,248
2022
£
-

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

10 Support costs (see note 11 for detail)

Support costs (see note 11 for detail)
Administration (including Project Courtleigh)
Staff costs (note 13)
Depreciation		 IED
Benevolent
Fund
£
£
110,557
-
155,381
-
2,553
-
268,491
-		 Total
2023
£
110,557
155,381
2,553
268,491		 Total
2022
£
81,821
142,340
-
224,161

11 Support Costs – allocation

Description
Costs of
Generating
Voluntary
Income
Investment
Management
Costs
Governance
Costs
Educational
Schemes
Percentage
62.00%
0.50%
1.50%
27.00%
£
£
£
£
Accountancy fees
2,263
18
55
986
Bank charges
3,368
27
81
1,467
Computer equipment depreciation
1,583
13
38
689
Computer expenses/IT support
5,417
44
131
2,359
Employer’s National Insurance
4,669
38
113
2,033
Employer’s pension contributions
1,885
15
46
821
Equipment maintenance
-
-
-
-
Fixtures & fitting depreciation
-
-
-
-
General expenses
1,799
15
44
783
Insurance
3,249
26
79
1,415
Interest payable
700
6
17
305
Irrecoverable VAT under Partial
5,127
41
124
2,233
Legal & professional fees
2,689
22
65
1,171
Light & heat
6,709
54
162
2,922
Office refreshments
174
1
4
76
Postage
2,132
17
52
929
Printing & stationery
1,166
9
28
508
Project Courtleigh
12,971
105
314
5,649
Property maintenance
15,099
122
365
6,575
Rates & water
1,067
9
26
465
Staff training
443
4
11
193
Subscriptions payable
1,479
12
36
644
Telephone
546
4
13
238
Wages & salaries
89,782
724
2,172
39,099
Total
164,883
1,330
3,989
71,806		 Journal
9.00%
£
328
489
230
786
677
274
-
-
260
472
101
744
390
974
26
309
169
1,882
2,192
154
63
215
79
13,033
23,930

Continued on next page

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

11 Support Costs – total

Description
Accountancy fees
Bank charges
Computer equipment depreciation
Computer expenses/IT support
Employer’s National Insurance
Employer’s pension contributions
Equipment hire
Fixtures & fitting depreciation
General expenses
Insurance
Interest payable
Irrecoverable VAT under Partial Exemption rules
Legal & professional fees
Light & heat
Office refreshments
Postage
Printing & stationery
Project Courtleigh
Property maintenance
Rates & water
Staff training
Subscriptions payable
Telephone
Wages & salaries
Total		 Total
2023
£
3,650
5,432
2,553
8,737
7,530
3,041
-
-
2,901
5,241
1,129
8,269
4,337
10,821
281
3,439
1,880
20,921
24,353
1,721
714
3,298
880
144,810
265,938		 Total
2022
£
2,180
5,476
-
8,984
6,580
2,810
-
-
200
4,340
1,930
(12,175)
6,506
18,525
218
3,814
1,894
17,894
16,953
1,952
863
2,201
66
132,950
224,161

12 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but were reimbursed a total of £1,851 for expenses (2022: £391). This included £18 (2022: £69) in relation to accreditation expenditure, £0 (2022: £322) for meetings and the remainder £1,833 (2022: £nil) was for other expenditure.

Trustees loaned a further £30,000 (2022: £30,000) to the charity during the year as short-term working capital. Loan interest at 5.00% (2022: 2.95%) per month was payable on the loans. The loans outstanding at the year end were £60,000 (2022: £30,000). No other related party transactions took place during the year.

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

13 Employees

Staff Costs
Wages and salaries
Employer’s National Insurance contributions
Pension costs
There were no employees whose annual remuneration was £60,000 or more.
The average monthly number of employees during the year was 7 (2022: 7).		 2023
£
144,810
7,530
3,041
155,381		 2022
£
132,950
6,580
2,810
142,340

14 Tangible fixed assets

Tangible fixed assets
Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Land and
buildings
Computer
Equipment
Fixtures and
Fittings
£
£
£
535,921
18,522
6,655
-
7,658
-
535,921
26,180
6,655
37,742
18,522
6,655
-
2,553
-
37,742
21,075
6,655
498,179
5,105
-
498,179
-
-		 Total
£
561,098
7,658
268,756
62,919
2,553
65,472
503,284
498,179

Included in land and buildings is freehold land of £165,000 (2022: £165,000).

15 Debtors

Debtors
Trade debtors
Other debtors
Prepayments
VAT		 2023
£
15,131
-
-
-
15,131		 2022
£
4,856
-
-
3,688
8,544

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

16
Creditors: amounts falling due within one year
Accruals
Bank overdraft
Deferred income
Engineering Council
Loans from Trustees
Other creditors
Other taxes and social security costs
Trade creditors
VAT		 2023
£
3,835
37,010
-
33,666
61,280
60,562
3,045
4,601
369
204,368		 2022
£
4,071
40,822
-
31,081
30,377
17,989
2,452
32,050
-
158,842

The bank overdraft is secured by a fixed charge over the freehold property.

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds
Balance at 1 Net movement Transfer Balance at 31
January 2023 December 2023
£ £ £ £
Benevolent Fund 10,766 (1,312) - 9,454
10,766 (1,312) - 9,454

Benevolent Fund – funded by donations from members and used to pay direct grants or, where specifically approved by Council, annual subscriptions on behalf of applicant members who otherwise cannot afford to retain their membership.

18 Analysis of net assets between funds

Unrestricted
Restricted
£
£
Fund balances at 31 December 2023 are represented by:
Tangible fixed assets
503,284
-
Current assets
35,681
9,454
Creditors: amounts falling due within one year
(204,368)
-
334,597
9,454		 Total
£
503,284
45,135
(204,368)
344,051

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Detailed Income and Expenditure account
Income
Incoming resources from generated funds
Donations and gifts
Gift Aid
Members joining fees
Sponsorship and commissions (accreditation)
Subscriptions & fee income from members
Activities for generating funds
Journal advertising and non-member subscriptions
Rental income, room hire charges & sundry income
Investment income
Bank and building society interest
Incoming resources from charitable activities
Seminar and course income
Total Income
Expenditure
Costs of generating funds
Advertising & marketing
AGM/EGM expenses
Awards
Branch expenses reimbursed
Councillor expenses
Exhibitions costs
(Increase)/decrease in stock
Marketing & promotions
New members expenses
Secretariat expenses		 2023
£
73
17,356
12,001
16,966
214,919
261,315
8,170
24,205
32,375
-
4,773
298,463
663
8,411
1,404
-
594
1,886
-
-
1,541
1,579
16,078		 2022
£
-
10,779
10,577
10,760
204,960
237,076
10,025
22,694
32,719
182
13,930
283,907
1,677
6,544
1,124
-
127
1,386
-
-
166
600
11,624

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Detailed Income and Expenditure account
Charitable activities
Journal publishing costs
University accreditation
Grants provided
Other resources expended (restricted)
Benevolent Fund
Support costs
Accountancy fees
Bank charges
Computer equipment depreciation
Computer expenses/IT support
Employer’s National Insurance
Employer’s pension contributions
Equipment maintenance
Fixtures & fitting depreciation
General expenses
Insurance
Interest payable
Irrecoverable VAT under Partial Exemption rules
Legal & professional fees
Light & heat
Office refreshments
Postage
Printing & stationery
Project Courtleigh
Property maintenance
Rates & water
Staff training
Subscriptions payable
Telephone
Wages & salaries		 49,211
2,148
51,359
-
51,359
1,312
1,312
3,650
5,432
2,553
8,737
7,530
3,041
-
-
2,901
5,241
1,129
8,269
4,337
10,821
281
3,439
1,880
20,921
24,353
1,721
714
3,298
880
144,810
265,938		 30,044
2,032
32,076
-
32,076
3,124
3,124
2,180
5,476
-
8,984
6,580
2,810
-
-
200
4,340
1,930
(12,175)
6,506
18,525
218
3,814
1,894
17,894
16,953
1,952
863
2,201
66
132,950
224,161

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Detailed Income and Expenditure account(continued)
Total expenditure
Total movement in Funds		 334,687
(36,224)		 270,985
12,922