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← Institution Of Engineering Designers

2024-12-31-accounts

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

ANNUAL REPORT AND ACCOUNTS

of the Council of the Institution of Engineering Designers 1 January 2024 to 31 December 2024

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 2024

THE INSTITUTION OF ENGINEERING DESIGNERS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees at as 31 December 2024 Professor Kay BondBEng PhD CEng MIMechE MIED1
D T H CastleIEng RCADMan FIED(PCh) MBCS CITP (Immediate Past
Chair)2, 3
T N ChannellMEng CEng MIED
D FarrellBSc(Hons) MTech CEng CTPD FIED
J Harrison-FurseBA(Hons) EngTech MIED6
A T A KeeganCEng FIED(PCh)2
M LynchBSc(Hons) MSc CEng MIED5
Dr Mazher MohammedEngD MPhys 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
R TimbrellCEng MIED2
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 (Vice-Chair)
Dr B WatsonMDes(Hons) PhD LCGI CEng CEnv CTPD FIED
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 Swindon Limited
Old Station House
Station Approach
Swindon
Wiltshire
SN1 3DU

THE INSTITUTION OF ENGINEERING DESIGNERS

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers Lloyds Bank
64 Fore Street
Trowbridge
Wiltshire
BA14 8EU
Solicitors Thrings LLP
6 Drakes Meadow
Penny Lane
Swindon
Wiltshire
SN3 3LL
Accountants Haines Watts Swindon Limited
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 2024

The trustees present their report and the financial statements for the year ended 31 December 2024.

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 Benfield CEng CEnv CTPD FIED(PCh) (Councillor and Honorary Treasurer) Professor Kay Bond BEng PhD CEng MIMechE MIED (Councillor) D T H Castle IEng RCADMan FIED(PCh) MBCS CITP (Immediate Past Chair) T N Channell MEng CEng MIED (Councillor) D Farrell BSc(Hons) MTech CEng CTPD FIED (Councillor) (Resigned as Vice Chair 13 July 2024) J Harrison-Furse BA(Hons) EngTech MIED (Councillor) A T A Keegan CEng FIED(PCh) (Councillor) M Lynch BSc(Hons) MSc CEng MIED (Councillor) Dr M Mohammed EngD MPhys MIED (Councillor) (Co-opted to Council 5 December 2024) Dr E Pei BA(Hons) MSc PhD CTPD CEng CEnv FIED (Councillor) A Penn BSc(Hons) MSc CTPD MIED (Councillor) N Phelps IEng MIED MIET (Councillor) J Roberts MEng CEng MIED (Councillor) Professor P J Sewell BEng(Hons) PGCert PhD MIMechE FHEA CEng FIED (Councillor) E Tarrant BSc(Hons) STEM EngTech RCP MIED (Councillor) R Timbrell CEng MIED (Councillor) (Co-opted to Council 5 December 2024) Dr G A L Tizzard BSc MPhil DIC PhD MIEEE CEng MIED FHEA (Councillor) I Treacy BA MSc IEng MIED MIET (Councillor) Eurlng S P Vaitkevicius BEng(Hons) MSc CEng FIED (Vice Chair) (Elected as Vice Chair 13 July 2024) Dr B Watson MDes(Hons) PhD LCGI CEng CEnv CTPD FIED (Councillor) (Resigned as Vice Chair 13 July 2024) R Yuen MEng CEng FIED MICE MAPM (Chair)

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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. Miss Molly Kerr and Mr Harrison Stocker joined the Institution as level 3 apprentices in September 2024.

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 2024 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 2024

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 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 2024

The following projects were progressed:

d. Volunteers

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

Achievements and performance

Objectives

The main objective for 2024 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 2024 Dec 2023
Fellows 141 151
Members 1,200 1,239
Students(includingOU) 1,868 2,864
Affiliates 11 13
Associate(newgrade in 2023) 61 50
Total 3,281 4,317

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 (excluding students). The new Associate grade of membership, via a recommendation scheme to active members, continues to be successful, with over 60 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. A new, more personalised, method of signing up students from accredited courses has been introduced. Whilst this has resulted in fewer initial new members, those who have signed up are more engaged and likely to retain their membership on completion of their courses. The new method is also more GDPR compliant.

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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, REnvP, 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, as well as weekly digital newsblasts.

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 2024

Awards and Prizes

The Institution continued to run the IED Prize aimed at accredited Degree and HNC/D graduates. 28 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 RNLI College, West Quay Road, Poole, Dorset, BH15 1HZ.

The Institution's most prestigious design award, the Gerald Frewer Memorial Trophy was awarded to Sarah Kelly for her contributions to engineering and design standards.

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 ‘Beyond CAD’ which appeared in the July 2023 issue.

The Chair's Award was presented to the IED[2] Committee in recognition of their services developing and promoting inclusion equity and diversity within the IED.

Four 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 2024 was presented to Westbury Whitehorse Soapbox Derby, for their work in promoting STEM to the people of Westbury.

The Geoff Kirk Young Members Award is aimed at recognising promising new members starting on a career in engineering design. The 2024 winner was Abigail Batley.

The Kathbert Trophy, awarded to the most promising new member, was awarded to Martin Cooper.

The Alex Moulton Award is awarded to recognise outstanding innovation. The 2024 award was presented to SURI for the design of their innovative toothbrush.

The Founders Award was presented to Professor Phil Sewell in recognition of his service as Chair of ETC.

The Hills Millennium Award was awarded to Wengqing Yang.

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 international branch in Malta.

Volunteers

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

THE INSTITUTION OF ENGINEERING DESIGNERS

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 11 volunteers on the Membership Committee and 20 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 £(40,285) (2023: deficit £(36,224)).

Total resources expended amounted to £337,246 (2023: £334,687).

b. Reserves (restricted and unrestricted)

Total reserves amount to £303,766 (2023: £344,051). General reserves (excluding restricted and endowment funds) stand at £287,952 (2023: £334,597).

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 £15,814 (2023: £9,454).

Unrestricted reserves stand at £287,952 (2023 £334,597) of which £500,731 (2023 £503,284), excluding the revaluation reserve (see below), are held as fixed assets with the balance represented by net liabilities of £(212,779) (2023 £(168,687)).

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 INSTITUTION OF ENGINEERING DESIGNERS

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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. Revaluation reserve

The revaluation reserve represents an unrealised gain on the revaluation of the freehold land and buildings. The reserve is £201,821 (2023 £nil). The freehold land and buildings of £700,000 comprises £535,921cost and £164,079 revaluation of cost.

Total fixed assets of £702,552 (2023 £503,294) comprises £500,731 of assets at cost net of depreciation (see above) (2023 £503,284) and £201,821 (2023 £nil) unrealised revaluation surplus.

d. 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 2024, which are set out on pages 11 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 Swindon Limited 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 2024

Unrestricted
Restricted
funds
funds
Notes
£
£
Incoming resources from generated funds
Donations and legacies
2
238,235
9,000
Activities for generating funds
3
34,652
-
Investment income
4
-
-
272,887
9,000
Incoming resources from charitable activities
5
15,074
-
Total incoming resources
287,961
9,000
Resources expended
6
Costs of generating funds
Costs of generating donations and legacies
176,426
-
Net incoming resources available
111,535
9,000
Charitable activities
Other costs
158,180
-
Benevolent Fund
-
2,640
The David Peacock Trust
-
-
Total charitable expenditure
158,180
2,640
Total resources expended
334,606
2,640
Net income/(expenditure) for the year
(46,645)
6,360
Transfer of funds
17
-
-
Net movement in funds
(46,645)
6,360
Fund balances at 1 January
334,597
9,454
Fund balances at 31 December
287,952
15,814		 Total
2024
£
247,235
34,652
-
281,887
15,074
296,961
176,426
120,535
158,180
2,640
-
160,820
337,246
(40,285)
-
(40,285)
344,051
303,766		 Total
2023
£
261,315
32,375
-
293,960
4,773
298,463
180,961
117,502
152,414
1,312
-
153,726
334,687
(36,224)
-
(36,224)
380,275
344,051

THE INSTITUTION OF ENGINEERING DESIGNERS

BALANCE SHEET

AS AT 31 DECEMBER 2024

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
Revaluation reserve
14		 2024
£
£
702,552
4,474
2,813
14,702
21,989
(218,954)
(196,965)
505,587
15,814
287,952
201,821
505,587		 2023
£
£
503,284
4,474
15,131
25,530
45,135
(204,368)
(159,223)
344,051
9,454
334,597
-
344,051		 2023
£
£
503,284
4,474
15,131
25,530
45,135
(204,368)
(159,223)
344,051
9,454
334,597
-
344,051
344,051
9,454
334,597
-
344,051

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 2024

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 and buildings, 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 2024

Tangible fixed assets and depreciation (continued)

Freehold land and buildings are stated at their revalued amount. No depreciation is provided on land and buildings with an estimated useful life in excess of 50 years as the charity 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 2024

2 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Donations and gifts (including Gift Aid)
20,424
9,000
Subscriptions and membership income (see below)
217,811
-
238,235
9,000
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
2024
£
29,424
217,811
247,235
2024
£
192,198
13,361
205,559
12,252
217,811
2024
£
34,652
34,652
2024
£
-		 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
£
-

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

5 Incoming resources from charitable activities

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 decreased 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		 2024
2023
£
£
15,074
4,773
2024
2023
£
£
176,426
180,961
re as shown in note 11.
2024
2023
£
£
80,657
75,289
-
-
77,523
77,125
158,180
152,414
2,640
1,312
160,820
153,726
337,246
334,687

Included in support costs are payments to the Independent Examiner of £4,027 (2023: £3,835).

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

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 decreased 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		 2024
£
175
3,967
1,339
-
940
2,586
-
494
1,187
165,738
176,426
2024
£
52,216
52,216
24,053
76,269
4,388
80,657
2024
£
-		 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
£
-

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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
£
£
89,563
-
177,751
-
2,553
-
269,867
-		 Total
2024
£
89,563
177,751
2,553
269,867		 Total
2023
£
110,557
155,381
2,553
268,491

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
2,497
20
60
1,087
Bank charges
4,121
33
100
1,795
Computer equipment depreciation
1,583
13
38
689
Computer expenses/IT support
7,623
61
184
3,320
Employer’s National Insurance
5,534
45
134
2,410
Employer’s pension contributions
2,633
21
64
1,147
Equipment maintenance
Fixtures & fitting depreciation
General expenses
968
8
23
421
Insurance
2,592
21
63
1,129
Interest payable
772
6
19
336
Irrecoverable VAT under Partial
538
4
13
234
Legal & professional fees
1,444
12
35
629
Light & heat
11,515
93
279
5,014
Office refreshments
136
1
3
59
Postage
2,305
19
56
1,004
Printing & stationery
1,319
11
32
575
Project Courtleigh
3,828
31
93
1,667
Property maintenance
11,302
91
273
4,922
Rates & water
1,233
10
30
537
Staff training
374
3
9
163
Subscriptions payable
1,322
11
32
576
Telephone
60
-
1
26
Wages & salaries
102,039
823
2,469
44,436
Total
165,738
1,337
4,010
72,176		 Journal
9.00%
£
363
598
230
1,107
802
382
141
375
112
78
209
1,671
20
333
191
555
1,641
178
55
191
9
14,812
24,053

Continued on next page

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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
2024
£
4,027
6,647
2,553
12,295
8,925
4,247
-
-
1,561
4,180
1,245
867
2,329
18,572
219
3,717
2,128
6,174
18,229
1,988
604
2,132
96
164,579
267,314		 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

12 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but were reimbursed a total of £1262 for expenses (2023: £1,851). This included £208 (2023: £18) in relation to accreditation expenditure, £0 (2023: £0) for assessments and the remainder £1,054 (2023: £1,833) was for other expenditure.

Trustees loaned a further £30,000 (2023: £30,000) to the charity during the year as short-term working capital. Loan interest at 5.00% (2023: 5.00%) per month was payable on the loans. The loans outstanding at the year end were £60,000 (2023: £60,000). 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 2024

13 Employees

Staff Costs
Wages and salaries
Employer’s National Insurance contributions
Pension costs		 2024
£
164,579
8,925
4,247
177,751		 2023
£
144,810
7,530
3,041
155,381

There were no employees whose annual remuneration was £60,000 or more.

The average monthly number of employees during the year was 7 (2023: 7).

14 Tangible fixed assets

Tangible fixed assets
Cost or valuation
At 1 January 2024
Revaluation
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
Revaluation
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Land and
buildings
Computer
Equipment
Fixtures and
Fittings
£
£
£
535,921
26,180
6,655
164,079
-
-
700,000
26,180
6,655
37,742
21,075
6,655
-
2,553
-
(37,742)
-
-
-
23,628
6,655
700,000
2,552
-
498,179
5,105
-		 Total
£
568,756
164,079
732,835
65,472
2,553
(37,742)
30,283
702,552
503,284

Included in land and buildings is freehold land of £165,000 (2023: £165,000). As part of Project Courtleigh, planning permission has been granted on part of the freehold property. In December 2024, the Trustees obtained a professional valuation of the land and property of £700,000 from Cooper & Tanner LLP, a member of the Royal Institution of Chartered Surveyors (RICS).

15 Debtors

Debtors
Trade debtors
Other debtors		 2024
£
2,813
-
2,813		 2023
£
15,131
-
15,131

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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		 2024
£
4,027
60,409
-
36,103
61,684
15,652
3,521
34,027
3,531
218,954		 2023
£
3,835
37,010
-
33,666
61,280
60,562
3,045
4,601
369
204,368

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 2024 December 2024
£ £ £ £
Benevolent Fund 9,454 (2,640) - 6,814
The David Peacock Trust - 9,000 - 9,000
9,454 6,360 - 15,814

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.

The David Peacock Trust – funded by the David Peacock Trust, and used to provide bursaries for students. It is anticipated that bursaries will commence in 2025.

18 Analysis of net assets between funds

Unrestricted
Restricted
£
£
Fund balances at 31 December 2024 are represented by:
Tangible fixed assets
500,731
-
Current assets
6,175
15,814
Creditors: amounts falling due within one year
(218,954)
-
287,952
15,814		 Total
£
500,731
21,989
(218,954)
303,766

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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		 2024
£
1,014
19,410
13,361
12,252
192,198
238,235
11,537
23,115
34,652
-
15,074
287,961
175
3,967
1,339
-
940
2,586
-
-
494
1,187
10,688		 2023
£
73
17,356
12,001
16,966
214,919
261,315
8,170
24,205
32,375
0
4,773
298,463
663
8,411
1,404
-
594
1,886
-
-
1,541
1,579
16,078

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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		 52,216
4,388
56,604
-
56,604
2,640
2,640
4,027
6,647
2,553
12,295
8,925
4,247
-
-
1,561
4,180
1,245
867
2,329
18,572
219
3,717
2,128
6,174
18,229
1,988
604
2,132
96
164,579
267,314		 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

THE INSTITUTION OF ENGINEERING DESIGNERS

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Detailed Income and Expenditure account(continued)
Total expenditure
Total movement in Funds		 337,246
(49,285)		 334,687
(36,224)