*IOR. org.uk REF8IGEAATION AIR CONDITIONING 4EAT p,5 The Institute of Refrigeration (Registered Charity No 1166869) Annual Report and Financial Statements For the year ended 31 March 2024
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Introduction Annual Review 2tog Independent Auditors, Report 10t012 Statement of Financial Activities 13 Balance Sheet 14 Cash Flow Statement 15 Notes to the Financial Statements 16to25
Introduction Thi5 report explains how the Institute of Refrigeration has fulfilled the purpose for which it is legally registered as a charitable incorporated organisation, the activities it has undertaken during the period covered and what it has achieved during that period. It also details plans and governance. together with the financial statements that explain how resources have been allocated. The IOR undertakes a wide range of educational and scientific activities which provide benefit to the public and its members by promoting the advancement of the science and practice of refrigeration, air conditioning and heat pump in all their applications for the good of society and the environment. During 202314 the IOR continued to manage its activities to provide maximum benefil to members and access to information. It reconfirmed its priority areas around supporting apprenticeships. promoting career opportunities in the sector and pursuing environmental and technical objectives. These priorities allowed the IOR to address the issues of most concern to individuals in the refrigeration, air conditioning and heat pump sector. John Skelton FlnstR Treasurer On behalf of the Board of Trustees 24th September 2024 The purpose of the IOR as set out in its Constitution is.. The general advancement of refrigeration in all its applications. in relation both to the perfection of its methods. and to the extension of its services to the community To promote means for communication between members and their interchange of views To encourage invention and research in all matlers relating to the science and practice of refrigeration To promote a sustsinable approach to all aspects of refrigeration system design and operation To co-operate with educational institutions for the furtherance of education in the science and practice of refrigeration To hold meetings of the Institute for reading and discussing papers dealing with refrigeration and allied subjects To publish and distribute the proceedings or reports of the Institute To do all other things, incidental or conducive to the attainment of the above objects or any of them Institute of Refrigeration Prlncipal offlce Kelvin House, 76 Mill Lane. Carshalton, SMS 2JR, UK
ANNUAL REVIEW20234 1.1 Objectives and activities The Trustees have reviewed their objectives and evaluated activities against them in line with the Charity Commission guidance and confirm that the IOR continues to provide public benefit through: Helping the sector to reduce its environmental impact by contributing to research projects, preparing guidance and events and making awards that address environment and safety issues. Encouraging skills and training by providing information for those involved in training, employers and students themselves. This also involves liaising on behalf of the industry wilh the Institute for Apprenticeships and Technical Education and City & Guilds. encouraging and promoting diversity within the sector and raising awareness of career opportunities with schools by supporting STEM (Science Technology Engineering and Maths) initiatives. Promoting professional standards of individuals by contributing to the development of technical standards through membership of the BSI (British Standards Institute), encouraging Engineering Council registration of members, offering educational Guidance on Skills Specifications for various roles, providing free CPD (Continued Professional Development) opportunities, promoting a Code of Professional Conduct as well as activities to promote inclusion. The Trustees review the impact and success in achieving these aims at quarterly Board meetings and with Members of Committees at an annual Open Board Meeting. Priorities confirmed for this period were.. 1. Leadership in education - supporting apprentiShIpS and their delivery. 2. Promoling our industry to young people working with STEMAZING and providing toolkits and web resour$ for their use. 3. Raising awareness of Heat Pump opportunities, skills and technologies. 4. Emphasising the importance of good service and maintenance to achieve efficiency. Trustee meetings also monitor membership take up and profile. Engineering Council professional registration levels, how the IOR works with extemal organisations and membership engagemenl levels. Financial projections, investments and resource management are presented quarterfy by the Treasurer. 1.2 Slgnlflcatlon actlvltles and results Technical publications The Guidance Note on Safe Working in Cold Store Ceilings was amended with an annex providing advice on inspection of cold store ceilings which was shared with Trade Associations. Technical papers published: benefits of integrating heating and cooling, challenges and options for refrigerant selection. heat pumps for domestic heating, heat networks in rural areas, refrigerated food road transport emissions, history of food preservation. FZACHP EngTech Section Good Practice Guides published covered brazing tips, water cooled condensers. prevention of leaks in air conditioning units, cooling towers, heal pump opportunities, expansion devices, insulation of DX pipework. refrigerant options. The Annual IOR Proceedings Volume 120 was published. Intemational profile UK Membership of the International Institute of Refrigeration (IIR) was maintained through the IOR'S International Refrigeration Committee. Members contributed to conferentss and publications. A UK international briefing on Extreme Heat was held in association with the IIR. IOR was represented at ASHRAE International Associations Alliance, I nternational Institute of Ammonia Refrigeration, International Network of Women in Cooling and Institute of Refrigeration Ireland meetings. Work continued with partners in Europe to promote REAL alternatives training and assessments and explore the potential expansion of e-learning to cover heat pump skills. Networking and exchange of infonnation Free technical webinars were held on efficiency calculation methods, heat pumps °myihbusting" maintenance to improve efficiency and refrigerants.
The Women in RACHP network continued lo promote diversity with a podcast and training days. Participation in local events organised by IOR Scotland. Hampshire Refrigeration Society and South West South Wales Refrigeration Society. SIRACH website and webinars on research into heating and cooling for the LOT NET Project. Events were promoted from the IIR, Cold Chain Federation. Cryogenics Society, Institute of Refrigeration Ireland, ASHRAE, Refcold India, South West South Wales Society, Hampshire Society, Institution of Mechanical Engineers, Centre for Sustainable Cooling. Regular webinars were held on the benefits of membership, becoming a STEM ambassador. Engineering Council registration. Regular participation in ACRIB (Air Conditioning and Refrigeration Industry Board) meetings allowed IOR to monitor industry skills initiatives such as ACRIB FGas Skillcard and RACHP UK Skills events. to share technical information and monitor legislation and policy in areas including FGas Regulation, EcoDesign, Building Safety Act and Building Regulations review. Campaigns to raise awareness of IOR services and technical information were carried out via Linkedin, Twitterlx. Facebook and with regular press releases to journals and trade associations. Membership matters webinars were held for new members, for those considering become Fellows of Ihe IOR, on Engineering Council registration and for non members wishing to join. Education and Training Funding was agreed for six members to take part in STEMAZING training so that they could deliver science activities fo school groups, making a total of 12 trained members. STEM Toolkits were distributed to 12 IOR STEM ambassadors to provide refrigeration science activities and promotional materials to share in schools. A new section on FantasticFridges.com website for schools was launched to provide content suitable to the 16+ age group and apprentices / trainees. Guidance notes were published on IOR STEM toolkits. TLevel qualtfications and benefits of Mentoring. students on apprenticeship schemes were supported with free access to IOR publications. Winners of all Student compelitions were invited to join the IOR Annual Dinner. A network of STEM Ambassadors continued to meet to share ideas and resources. Meetings were held with the Institute for Apprenticeships and Technical Education to review and update the national Apprenticeship standard. IOR Scotland branch invested in providing training for members and awards for achievement. Professlonal Registratlon The IOR is a professional affiliate of the Engineering Council and members can apply to join the Engineering Council register of professional engineers a linCing agreement with CIBSE. That arrangement was reviewed, updated and resigned for the next period this year. The Engineering Council provides valuable benchmark5 against which the Trustees evaluate IOR activity and standards in areas such as Codes of Conduct, CPD, Security and Risk, Diversity and provides marketing advice. Encouraging and promoting innovation The Ted Perry Student Research Award was presented to Elias Eid of London South Bank University for his work on reducing energy from the retail sector in Europe. The J&E Hall International Gold Medal for practical contribution to the development of RACHP technology was awarded to Yulong Ding of the University of Birmingham for his work on energy conversion and storage using liquid air energy storage technology. The Lightfoot medal for best paper in the year was awarded to Robert Unsworth for his paper on Energy Efficient Design. The inaugural Beyond Refrigeration award for environmental innovation was awarded to True Circular Economy for the Cooling Industry by Sustain and Highly Commended was awarded to Reaching Net Zero with Cooling Data by Tesco, Star Refrigeration and Star Data Analytics. The IOR benefits from significant contribution of volunteers through: Membership of Committees and Working groups that address priority topics for the sector. Speakers sharing their expertise by giving technical talks at webinars and other events. Judging panels for awards and medals. Reviewing and grading of membership applications.
Sponsoring and supporting Engineering Council applications. Giving talks to schools through the STEM ambassador and STEMAZING initiatives. Representing IOR at key industry and technical events and meetings. 1.3 Achievements and performance Signrficant activities generating income for the period included: Membership and RACHP EngTech Section fees and subscriptions. Conferences, Dinners and other networking events. Publications sales and commission. Project grants for work on SIRACH, TICR and secretarial support to ACRIB, IRC and Real Alternatives. Success indicators monitored at Trustee meetings include: Financial performance against budget. Membership levels and Engineering Council registrations. Attendance levels at events and publications downloads. PR, social media and website analytics. 1.4 Fundraising IOR does not engage in public fundraising or grant giving. There is some expenditure related to membership marketing and awards for innovation -some of which are funded by donation by external organisations. IOR'S main source of income is individual membership subscription. 1.5 Areas of planned future expenditure Key activities being undertaken in the next period requiring investment of additional resources are focused on strategic priority areas including: Education - marketing campaign to raise awareness of fantaticfridges.com website with schools. Environment activities related to promoting new TICR project (Transport Industrial and Commercial Refrigeration) co-ordinated by LSBU which will be fully funded by DESNZ. Publications - development of a plafform to deliver technical content via smart phones to make this more readily available to field-based technicians and students. GOVERNANCE & MANAGEMENT 2.1 Legal Status The IOR Constitution sets out the objects, powers, membership processes, decision making, AGM and voting arrangements, functions and duties of trustees including how trustees are appointed and inducted. The Rules set out the processes around grades of membership, membership fee collection and appointment of President, President Elect, Twstees, Hon Treasurer and Chief Executive. It also oullines the roles of Committees and Working Groups. Appointment of Trustees - The Board of Trustees of the IOR includes six elected trustees, a President, President-Elect, Past President and Hon Treasurer. One-third of the elected Trustees retire from office each year by rotation. Vacancies are advertised by newsletter and on the website. Nominations must be supported by two members. If the number of nominations exceed the number of vacancies an election is held. New Trustees are given infomation about their legal responsibilities, terms of reference for Trustees, past meeting minutes, strategy documents and organisational. policy and financial background. They take part in an induction briefing with the President and Chief Executive. The President-Elect is voted in by the Membership one year before the current President is due to stand down. Presidents serve a term of years. Organisational structure - The Board of Trustees appoints various Committees and Chairs to carry out the work of the Institute as shown below and approves their Terms of Reference which are reviewed every 2 years. Each Committee includes a representative of the Trustees and is supported by a member of the permanent IOR staff. The IOR employs a permanent secretariat of five stsff members led by a Chief Executive. Staff remuneration, including that of key staff, and the benefits packages for all staff, are reviewed annually by a Finance Committee comprised of Trustees in line with average cost of living increases and if appropriate exceptional staff performance.
Decision making policles Trustees meet quarterly with a quorum of five. They may also make decisions by email resolution. Decisions are confsrmed by agreement of a majority. Trustees delegate certain functions to Committees by determining their terms of reference. They may authorise the formation of Branches. The Finance Committee is made up of a minimum of the Hon Treasurer, President and Immediate Past President and CEO and has authority for financial policies, monitoring of investment performan and resourcing including remuneration of staff. Policies are in place covering the reimbursement of Trustee expenses. Declaration of conflicts of interest, Diversity, GDPR Data Management, Risk management, Volunteer management, Code of Conduct and Discipline procedure, appointments procedures amongst others. Policies are reviewed and audited on a regular rolling basis by agreement of Trustees. Key policies are published on the website. 2.2 Trustees & Elections The members who served as trustees on 1 st April 2023 and throughout the year to 31 st March 2024 are shown below. The current President will complete his term as President at the AGM in 2024. Graem8 Fox President Mike Creamer Past President Lisa-Jayne Cook President-Elact John Skellon Hon Treasurar Derrnot Cotter Elected Member lan Fisher Elected Member Catarina Marques Elected M8mbar Julie Murray Elected Member Paul Singh Damian Wiszniewski Elected Member Elected Membar At the AGM in November 2023 the term of office as elected members concluded for John Skelton and Lisa-Jayne Cook. Lisa-Jayne Cook remained on the Board as she was elected President Elect and John Skelton volunteered to remain on the Board as Treasurer. Two new members were elected.. Dermot Cotter and Julie Murray. 2.3 Committees Annual Dinner- Juliet Loiselle {Chair), P Arrowsmith, R Hurley, S Buckell, G Fox, J Murray, S Parris. Education and Training - J Skelton (Chair>, A Bowden, J Bonner, S Buckell, S Creech, I Dickinson. D Hudson, M Gittoes, R Mapperley, M Noon. P Singh. Finance- J Skelton (Chair}, LJ Cook. M Creamer, G Fox. International Refrigeration Committee - A Pearson (Chairman), J Burden, M Camacho, J Evans, D Gunn, R Lawton, R Low. D Quinn. The work of the Committee was supported by the following subscribing organisations: Aggreko, Cambridge Refrigeration Technology, GEA. Orbia, J&E Hall International, Star Refrigeration. Membership - D Wiszniewski (Chair), R Cawte. L-J Cook, S Creech, C Eaton Smith. C Girdlestone. A Reed, S Parris, M Wiecaszek. Papers and Publications - D Cotter (Chair), D Butler, D Colbourne, M Ferguson, N Franzen, P Holzer, C Marques, R Unsworth, C Vines, J Whitwell. RACHP Engineers, Section & ACHPI Management Panel - R Wright (Chair). G Adams. I Bowman, J Broughlon, M Carannante, l Fisher, G Fox. D Garcia, l Lemmon, N McGoldrick, M Nankivell, A Radford. D Sowden, P Stacey. Technical - D Paget (Chair), P Arrowsmith, S Benton, D Colbourne. N Cook, P Cowan. J Evans, C Green, P Holzer, N Roberts, N Rivers, S Padgett, A Pearson, D Scott. C Tomescu. Environment - G Maidment (Chair). B Churchyard. C Marques, C Green. LJ Cook, G Fox, T Mitchell. T Southall. R Lamb. Apprenticeship Steering Group- R Mapperley (Chair) and employers and trainers.
Women in RACHP Neork- L-J Cook (Chair), S Buckell. K Bullivant. G Dormer, C Fountain, G Fox, S Gill, J Loiselle, F Maddocks, C Marques. K Pery, A Prado, L Pogson, A Richardson, C Mcwhirter. 2.4 Branch & Society Contacts East Anglian Refrigeration Society - C Sealy Northern Branch - M Morton IOR Scotland- D Watson Hampshire Society (affiliated)- J Emm Birmingham Society (affiliated)- P Singh South West and South Wales Refrigeration Society (affiliated) - D Wiszniewski 2.5 External Representation & Co-operation Air Condilioning and Refrigeration Industry Board (IOR Directors L-J Cook, J Loiselle, l Fisher) ASHRAE Associate Alliance (G Fox, M Rodway) British Standards Institution and European and International Standards Review Committees (A Pearson. D Colbourne, S Benton. D Paget. J Evans, M Rodway and others) Intemational Institute of Refrigeration (UK delegate - J Evans) International Institute of Ammonia Refrigeration (A Pearson, G Fox, M Rodway) International Women in Cooling (L-J Cook. M Rodway) SIRACH (G Maidment, J Evans. L Walers) Women's Engineering Society (L-J Cook. K Perry. M Rodway) 2.6 Staff Members Miriam Rodway - Chief Executive Bawani Sarvendran - Accountant Clare Tooth - Membership Secretary Lisa Waters - Events Manager Edith Meyer- Communications and Publications 2.7 Professional advisors Auditor - Myrus Smith of Sutton Surrey HR advisors - Boddy Mathews of Reigate Surrey Legal advisor- Third Sector Law, 28-30 High SÉreeÉ, Guildford G U13EL Bankers- CAF Bank. 25 Kings Hill Ave. Kings Hill. West Malling. Kent ME19 4JQ FINANCE & INVESTMENT POLICIES The Trustees have prepared this report and results in the form of a Statement of Financial Activities in order to comply with Ihe Statement of Recommended Practice for Charities. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Institute's aims and objectives and in planning future activities. The range of publications, events and projects provide benefit to the public by improving the effectiveness and efficiency of the refrigeration, air conditioning and heat pump applications which underpin many aspects of public life. Activities and outputs are made widely available through a well visited website and promoted via trade press. newsletters. social media, and free webinars. 3.1 Financial performance The IOR maintains a diverse range of income sources including membership fees. events income, publication sales, and externally funded projects in order to mitigate risk of over-reliance on any single income source. The Charity Management Accounts and Budgets agreed by the Trustees initially planned for a small operating surplus based on maintaining membership subscriptions. continuing levels of support from members for IOR events and publications and income from projects such as TICR and SIRACH. During
the year the Trustees agreed to invest in several educational initiatives in order to employ additional funds surplus to immediate requirements in strategic objectives to further the charity's benefit to the public. These were: Support for STEMAZING training for 6 additional members to deliver sessions with schools. A new section of the fantasticfridges.com website with content for 16+ age group learners Providing STEM Toolkits for the STEM ambassadors to take into schools and careers fairs to engage young people with refrigeration science. This expenditure was allocated from the President's Fund which shows a total expenditure this year of £19,958 (note 16 in the accounts). In addition the IOR Scotland branch committee invested £17,232 of their funds in local training initiatives (£7,453 of which came from a donation from Refrigeration Aberdeen known as the Aberdeen Fund - see note 17 of the accounts). An extension to the work programme for the TICR environmental project meant that the IOR has deferred some of its planned work and income anticipated until next year. These items have led to an overall reduction in the funds to be carried forward this year. The audited accounts for the year therefore show an operating deficit of £31,787 before investment revaluation (2023: £26,056 gain)- Investment values have increased by £15,495 (2023: £19,802 loss). Therefore, there is an overall net decrease in funds of £16,292. However the IOR remains in a strong financial position with a total of funds to be carried forward of £791,554 (2023.. £807.846) of which £430.578 are held in restricted funds that can only be used for specrfic purposes (such as the Presidents Fund) and £360,976 in the general fund whose use is unrestricted. The planned reduction in funds reflects the Trustees plans to invest reserves surplus to immediate requirements to address key priorities for our members reflected in the strategic objectives that focus primarily on education and skills. The IOR continues to hold sufficient reserves to provide for the long term operation of the charity. to respond to opportunities that might arise to further its aims and to maintain sufficient contingency for unexpected events. The Trustees have considered factors that could affect future financial performance which include reduced membership levels. drops in investment values, and funded projects due to conclude in the near future. The Trustees have in place cautious financial forecasts to ensure financial stability when some of the current income generating projects that the IOR is involved in come to an end in the next 2-3 years. including new project applications. a major international conference, and initiatives to encourage membership growih (such as a planned smart phone app and marketing campaigns) as well as continuing to monitor closely investment portFolio performance and making changes when needed. 3.2 Management of funds Reserves Policy - The Trustees have considered and reapproved a prudent reserves policy to minimise the risk fo the Charity of unexpected economic events and allow for the development of new areas of activity. The level of reserves is reviewed annually against the policy and Trustees have confirmed that the reserves target should continue to be to hold six months operating expenditure as a reserves target. The six months operating expenditure shown in this years accounts is £225,768. The actual level of reserves available as at 31st March were £301,403 (unrestricted funds of £360,976 less tangible fixed assets of £59,573). The analysis of net assets between funds (Note 18) shows that £56,930 of the unrestricted fvnds however, have been designated for use by IOR Branches, the REAL Alternatives Consortium. SIRACH and IRC. The current reserves levels therefore remain only slightly in eXsS of the stated six months expenditure. even after this years. additional education initiative expenditure. The Trustees have judged that Ihe IOR has sufficient funds to continue in operation for at least the next 12 months from the date of confirmation of the accounts, due to the continued high level of activity and engagement by members, membership income levels, future contracted project income, planned events and availability of reserves upon which to draw should the need arise. The IOR budget forecasts are for a small surplus for 2025 and break even or small deficit results for the following two years. Cash management - Cash surplus to immediate needs is invested prudently in line with recognised good practice for Charities. in a low risk mix of bank deposit accounts CAF Bank (Charity Aid Foundation), CAF Instant Access Deposit. Aldemiore Bank as well as tax-free Charity investment bonds, which provide long term growth as well as substantial regular dividends. The IOR maintains a broad range of investments to minimise risk. Over the longer-term investment values have increased beyond that which would have been expected from simple bank-account based savings and these bonds continue to yield dividends. Trustees monitor the value of the investments through reports at Board meetings.
3.3 Risk management Trustees carry out a regular review of risks associated with the on-going management of the Charity and a risk register is held. Trustees are satisfied that processes and procedures are in pla to mitigate the impact of such risks on the operations of the charity. The principal risks identified have been: Staffing - the Board review annually staff welfare. staffing requirements and opportunities to invest in IT to ensure adequate resources are available and that these are deployed efficiently with a business continuity plan to mitigate staffing related risks. Office working arrangements - efficient use is made of cloud computing to allow flexible working patterns, remote working. team working with volunteers in different locations, and integration of paperless financial prosses. Cybersecurity and data protection IOR as a data owner keeps an up to date GDPR risk assessment, has processes in place to train staff, manage data sharing with processors, manage any potential breaches. It uses external consultants to ensure cybersecurity, updating of firewalls, prevention of security breaches etc. Membership profile - the need to attract more members to ensure a continued membership base in the long-term future is being addressed by encouraging diversity, supporting students and providing resources for technicians new to the sector. Profile-raising opportunities for younger people and students include inviting student award winners to attend the IOR Dinner with funding for their travel costs. Activities are also targ8ting a broader range of refrigeration applications including air conditioning, heat pumps and heating to ensure a balanced representation of those working in the sector and contributors to technical output, Over-reliance on a small number of volunteers and balance of member input the increasing technical and educational output needs an increased volunteer input with a more diverse range of experience. An annual recruitment drive to attract new member volunteers, specifying air conditioning or training experience, has been implemented. The IOR equality and diversity policy encourages equal opportunities and a balance of representation. Guidance on responsibilities of Committee members and social media policy have been updated and circulated. Unpredictability of investment income and market revaluation of investments remains a risk which the IOR addresses by ensuring a varied porttolio of charity investments, monitoring throughout the year their growth and returns and having a split of surplus funds between investments and banklbuilding society deposit accounts. Compliance wilh legal and professional registration requirements is monitored through subscription to Charity Commission newsletter guidance. Charily Management online resources and magazines. involvement in Engineering Council meetings and advice from professional advisers. 3.4 Deslgnated and Restrlcted funds Expenditure is made directly for the purposes for which these funds were established as shown in the notes to the accounts. Planned expenditure for the next period is as follows: Distribution of student prize monies from the Ted Perry Fund. Presidents, fund income is available to support education initiatives as agreed by the Board. Mike Tinsley fund is available to support studies by a disabled engineer or technician. REAL Altematives funds raised by the project to cover costs of maintaining the project website that hosts free elearning materials. International Refrigeration Committee (IRC) fund allows IOR to maintain international institute membership for the UK. SIRACH project designated fund will allow continued SIFIAC events when external funding is no longer available. IOR Branches hold designated funds for local activity and education programmes. The financial statements that follow show the current values of the restricted, unrestricted and cash fvnds of the Institute in notes 16 - 18.
STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing this Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Irustees to prepare financial statements 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 period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRS 102),. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charily and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. John Skelton FlnstR Treasurer On behalf of the Board of Trustees 24th September 2024
INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) Opinion We have audited the financial statements of The Institute of Refrigeration for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet. Cash Flow Statement 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 Stand8rd gppIiGable 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 charity's affairs as at 31 March 2024, and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements thal are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have fuFfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provid8 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 significant doubt on the charitable 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 other information comprises the information included in the trustees. report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwlse 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 missiatement 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. W8 have nothing to report in this regard. 10
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) 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 (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees, report" or sufficient accounting records have not been kept. or the financial ststements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsiblllties of trustees As explained more fully in the trustees. responsibilities statement set out on page g the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the twstees 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 charity's ability to continue as a going concern, disclosing, as applicable. matters related to going conrn and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilltles for the audit of the financial sL2taments We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non-complian 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: Enquiry of management and those charged with governance about actual and potential litigation or claims and the identification of non-compliance with laws and regulations. Reviewing minutes 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 testing journal entries and other adjustments for appropriateness,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias,- and evalualing the business rationale of any signrficant transactions that are unusual or outside the normal course of business. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Professional scepticism in course of the audit and with audit sampling in material audit areas.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) Auditor's responsibilities for the audit of the financial statements . .ICont'd Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to beoorne aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. 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. Norman House. 8 Burnell Road. Sutton Surrey SM14BW MYRUS SMITH Chartered Accountants and Statuto Auditor 30-9- - 2024 Myrus Smith is eligible to act as an audilor in terms of section 1212 of the Companies Act 2006. 12
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Funds Funds Total 2024 Total 2023 Notes Income from: Donations and membership Charitable activities Other trading activities Investments Other 202,249 183,049 1,300 11,055 4,093 1,431 203.680 183,049 1,300 27,627 4,093 203,440 222,269 1,025 22,448 4,517 16,572 Total 401,746 18.003 419.749 453,699 Expenditure on: Raising funds and membership Charitable activities 40,645 389,409 40.645 410.891 38,271 389,372 21.482 Total 430.054 21,482 451.536 427,643 Net incomel(expenditure) before gainsl(losses) on investments Gainl(loss) on investment assets 10 (28,308) 7,180 (3,479) 8,315 (31,787) 15,495 26,056 {19,802) Net incomel(expenditure) (21,128) 4,836 (16.292) 6,254 Transfers between funds 16&17 7,453 (7.453) Net movement in funds (13,675} (2.617) (16,292) 6,254 Reconclllation of funds Total funds brought forward 16&17 374,651 433.195 807,846 801,592 Total funds carrled fOard 16&17 £360,976 £430.578 £791,554 £807,846 The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes form part of these Financial Statements
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 Fixed Assets Tangible assets Investments 12 13 59,573 549,424 62.034 490,897 608,997 552,931 Current Assets Debtors Cash at bank and in hand 14 49.407 188,730 34,211 276,898 238.137 311,109 Credltors Amounts falling due within one year 15 55.580 56,194 Net Current Assets 182.557 254.915 Net Assets 18 £791,554 £807,846 Funds Restricted Unrestricted 16 17 430,578 360,976 433.195 374.651 £791,554 £807,846 Approved by the Board of Trustees on 2nd September 2024 and signed on its behalf by John Skelton FlnstR Treasurer The notes form part of these Financial Statements 14
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating actlvltlas Net movement in funds per statement of financial activities Adjustments for: Depreciation charges Dividends and interest receivable (Gains) I losses on revaluation of investments (Increase) I decrease in debtors (Decrease) in creditors (16,292) 6,254 2,461 {27,627) {15,495} (15,196) {614) 3.524 (22.448) 19.802 (7.347} {45.033) Net cash provided by/ (used in) operating activities {72,763) {45,248) Cash flows from investing activities Dividends and interest received Purchase of listed investments Proceeds from sale of listed investments 27,627 {150,000) 106,968 22,448 Net cash provided by / (used in) investing actlvlties (15,405) 22,448 Change in cash and cash equivalents in the year (88.168) (22,800) Cash and cash equivalents brought forward 276,898 299.698 Cash and cash equivalents carried forward £188,730 £276.898 2024 2023 Analysis of Cash and cash equivalents Cash at bank and in hand £188,730 £276.898 15
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1. ACCOUNTING POLICIES a) Basls of preparatlon The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on a going concern basis under the historical cost convention in accordan 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102). the Charities Act 2011 and UK Generally ACpIed Accounting Practice. The signrficant 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. b) Income recognition Items of income are recognised in the financial statements when all of the following criteria are met: The charity has entitlement to the funds. any performance conditions have been met or are fully within the control of the charity. there is sufficient certainty that receipt of the income is considered probably. and the amount can be measured reliably. c) Expenditure recognition Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party. it is probable that settlement will be required and the amount can be measured reliably. Expenditure is classrfied under the following activity headings.. Costs of raising funds comprise those costs associated with maintaining the membership database Expenditure on charitable activities includes the cost of running the institute's educational programmes. conferences, annual dinner and other networking events and the dissemination of technical publications Expenditure includes those costs which relate directly to each activity and also indirect costs, including governance costs that are necessary lo support those activities. Support costs are allocated to activities on the basis of staff time. d) Fund accounting Unrestricted general funds are those funds which are freely available for use in furtherance of the objects of the charity and which have not been designated for a particular purpose. Designated fijnds are unrestricted funds set aside by the trustees for particular purposes. Restricted funds are funds which can only be used in accordance with the wishes of the donor or which have been raised for a particular purpose. e) Fixed assets and depreclatlon Tangible assets costing more than £500 are capitalised. Depreciation is provided so as to write off the cost of each asset over its estimated useful lrfe at the following rates: Freehold property 2 /0 Straight line Office Equipment 25,/0 Straight line fj Debtors and creditors Debtors and creditors with no stated interest rate and receivable or payab16 Wlthin one year are recorded at transaction price. Any losses arising from impairment are recognised in Uie Statement of Financial Activities. 16
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd... g) Investments Investments are initially recognised at cost and are subsequently restated at market value at the end of each accounting period with the gain or loss reported in the Statement of Financial Activities. h) Leases Operating lease rentals are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. i) Pensions The Institute operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities in the year to which they relate. 2. DONATIONS AND MEMBERSHIP Unrestrlcted Funds Restrfcted Funds Total 2024 Total 2023 Membership subscriptions General SES and ACHPI Donations Other donations and sponsorship 186,095 10,254 186,095 10,254 181.532 10.563 5,900 1.431 7,331 11.345 £202,249 £1,431 £203,680 £203.440 Of the £203.440 recognised in 2023, £198.895 was unrestricted funds and £4,545 was restricted funds. 3. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds Restricted Funds Total 2024 Total 2023 Project grants Annual dinner and neOrkIng events Conferences and exhibitions ACRIB management fee Sales of publications 30,959 121,523 30,959 121,523 36,219 140,683 15,537 29,070 760 29.651 916 29,651 916 £183,049 £Nil £183,049 £222,269 Of the £222,269 income recognised in 2023, £222,269 was unrestricted funds and £Nil was restricted funds. 4. OTHER TRADING ACTIVITIES Unrestricted Funds Restricted Funds Total 2024 Total 2023 Advertising and merchandise £1,300 £Nil £1,300 £1.025 All of the income recognised in 2023 was unrestricted funds. Unrestricted Restrfcted Funds Funds 5. INVESTMENT INCOME Total 2024 Total 2023 Bank interest and dividends £11,055 £16,572 £27,627 £22,448 Of the £22,448 recognised in 2023, £7.621 was unrestricted funds and £14.827 was restricted funds. 17
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd. 6. OTHER INCOME Unrestricted R8stdct8d Total Total Funds Funds 2024 2023 Royalties £4,093 £Nil £4,093 £4,157 All of the £4,157 income recognised in 2023 was unrestricted funds. 7. COST OF RAISING FUNDS Direct costs Support costs Totsl 2024 Total 2023 Membership scheme General IOR SES and ACHPI 23,931 1,528 14,275 911 38.206 2,439 35,975 2,296 £25,459 £15,186 £40,645 £38,271 All of the £38.271 expenditure recognised in 2023 was charged to unrestricted funds. 8. EXPENDITURE ON CHARITABLE ACTIVITIES Direct osts Support osts Totsl 2024 Total 2023 Analysis by activity: Education and technical Member services Projects - TICR SIRACH Real ALT Annual dinner and networking events Conferences and exhibitions 90,879 72.402 18.413 27,431 109,292 99,833 94,649 81,853 7.541 2.483 3.598 115.522 38.738 3,417 1,328 1,044 8,732 19,363 10,958 3,811 4,642 124,254 58,101 13,730 12,424 126,719 59,997 £331.163 £79,728 £410,891 £389,372 Of the £398,372 expenditure recognised in 2023. £375.259 was charged to unrestricted funds and £14,113 was charged to restricted funds. 9. SUPPORT COSTS Raising funds Charitable activities Total 2024 Totsl 2023 Staff costs Office costs Premises costs Legal, professional and marketing Governance costs Subscriptions 5,446 5,252 1,140 28,591 27,574 5,988 29 8,338 9,208 34,037 32,826 7.128 35 9,926 10,962 28.242 31,950 8.561 35 9,655 10,025 1,588 1,754 £15,186 £79,728 £94,914 £88,468 18
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd... 10. NET INCOMEI(EXPENDITURE) FOR THE YEAR 2024 2023 This is stated after charging: Operating lease rentals Depreciation Auditors, remuneration - audit services non-audit services £1,745 £2,461 £4.500 £Nil £2,013 £3,524 £4,500 £Nil 11. STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension costs Health insuran 185,389 15,600 13,361 5,217 172,577 14,874 11,505 4,742 £219,567 £203.698 The number of employees who received total employee benefits (excluding employer pension costs) of more than £60.000 is as follows: 2024 No. 2023 No. £70,000 - £80.000 The average monthly number of employees was 5 (2023: 5). The full time equivalent number of employees analysed by activity is as follows= 2024 2023 No. Membership scheme and member services Education and technical Projects Dinner. conferences and other networking events Support Key Management The total employee benefits of key management amounted to £76,579 (2023 . £74,679). Employee benefits under FRS 102 includes gross salaries, employers national insurance, employers pension contributions and benefits in kind. 19
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd... 12. TANGIBLE FIXED ASSETS Freehold Offic8 Property Equipm8nt Total Cost At 1 April 2023 Disposals 123,086 14,428 137,514 At 31 March 2024 123,086 14,428 137,514 Depreciation At 1 April 2023 Charge for the year Disposals 61,052 2,461 14,428 75,480 2.461 At 31 March 2024 63,513 14,428 77,941 Net Book Value At 31 March 2024 £59,573 £Nil £59,573 At 31 March 2023 £62,034 £Nil £62,034 13. FIXED ASSET INVESTMENTS Unrestrlcted Restrlcted Funds Funds Total Funds Listed UK Investments Market value 1 April 2023 Additions Disposals at opening market value Nel unrealised investment gainsl(losses) 161,354 329,543 490.897 57.000 93,000 150.000 (40,652) (66,316) (106,968) 7,180 8,315 15,495 Market value 31 March 2024 184,882 364,542 549,424 Historical cost as at 31 March 2024 £112,732 £245,637 £358.369 Historical cost as at 31 March 2023 £91,835 £211,533 £303,368 14. DEBTORS 2024 2023 Trade debtors Prepayments and accrued income Other debtors 29,288 11,019 9,100 17,680 10,057 6,474 £49.407 £34,211 20
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd... 15. CREDITORS 2024 2023 Amounts falling due within one year: Trade creditors Other creditors Accruals Deferred income (see below) Social security and other taxes 101 1,448 18,779 30,407 4,845 6,747 11,943 32,944 4,560 £55.580 £56,194 The movement in deferred income is shown below: Balance 1 April 2023 Received Released Balance in year in year 31 March 2024 Deferred Income 32.944 30,407 (32.944) 30,407 Deferred income relates to subscriptions received in advance for 2024125. 16. RESTRICTED FUNDS Balance 1 April 2023 Investment Transfers galnsl between (losses) funds Balance 31 March 2024 Income Expenditure President's Fund Mike Tinsley Fund Refrigeration Aberdeen Fund Ted Perry Award 315,171 45,431 13.901 1.431 19,958 8.354 (13) 317.468 46,849 49,064 23,529 1,622 1,049 (16) (10) (7,453) 43,217 23,044 1,524 £433,195 £18,003 £21,482 £8.315 £(7.453) £430,578 The President's Fund was established to enhance the stsnding of the Institute. In addition to the SP8cial donations below, it has been supported by J Sainsbury plc. Star Refrigeration Ltd, Dean & Wood Ltd, Copeland Corp, WR Refrigeration and C-Dig. "Mike Tinsley Fund. is Linde Refrigeration Ltd's memorial to Mike Tinsley for the benefit of the industry and, as opportunity arises, to encourage young refrigeration engineers. especially the physically handicapped. "Refrigeration Aberdeen Fund" was a gift to the Scottish Branch. 'Ted Perry Award" fvnds the purchase of a set of ASHRAE manuals as a prize to the wnner of the Ted Perry Memorial Award. 21
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd... 16. RESTRICTED FUNDS I cont.... Comparative information for the previous accounts'ng year is as follows: Balance 1 Aprll 2022 Investment Transfers gainsl between (losses) funds Balance 31 March 2023 Income Expenditure President's Fund Mike Tinsley Fund Refrigeration Aberdeen 322,752 45,227 15,653 1,301 11,384 (11,850) (1,097) 315,171 45,431 48,867 26.136 1,488 930 {1,291) (808) 49,064 23,529 Ted Perry Award 2,729 £442,982 £19,372 £14,113 £(15,046) £Nil £433,195 17. UNRESTRICTED FUNDS Balance 1 April 2023 Transfers between funds Balance 31 March 2024 Income Expenditure (ind. losses) General Fund Designated Funds: REAL Alternatives Consortium - SIRACH project International Refrigeration Committee IOR Branches 296,589 395,746 412.974 24,685 304,046 815 4,316 815 4.316 5,628 67,303 6,000 9,900 1,728 50,071 (17,232) £374,651 £401,746 £422,874 £7,453 £360,976 The REAL Alternatives Consortium fund represents monies received to continue to expand existing educational material related to low GWP refrigerant use in collalx)ration with international partn8rs. The Sl RACH project represents funding reserved for future sustainable innovation research network activity. The Intérnational Refrigeration Committee represents funds raised by industry for the payment of the UK National Subscription to the International Institute of Refrigeration. IOR Branches represents monies held by IOR Branches designated for local activities. 22
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd... 17. UNRESTRICTED FUNDS I cont Comparative information for the previous accounting year is as follows- Balance 1 April 2022 Transfers between funds Balance 31 March 2023 Income Expenditure (ind. losses) General FLind Designated Funds: REAL Alternatives Consortium - SIRACH project International Refrigeration Committee IOR Branches 355,688 423,378 415,174 (67,303) 296,589 2,922 1.005 4,316 3,112 815 4,316 5,628 5,628 67,303 67,303 £358.610 £434.327 £418,286 £Nil £374,651 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible fixed assets Net current assets Total 2024 Investments Restricted Funds President's Fund Mike Tinsley Fund Refrigeration Aberdeen Fund Ted Perry Award 291,548 25,065 29,473 18.456 25,920 21,784 13,744 4,588 317,468 46,849 43,217 23,044 364,542 66,036 430,578 Unrestrlcted Funds General Fund REAL Alternatives Consortium SIRACH Project International Refrigeration Committee IOR Branches 59,573 184.882 59,591 815 4,316 1,728 50,071 304,046 815 4,316 1,728 50,071 59,573 184,882 116,521 360,976 Total Funds at 31 March 2024 £59, 573 £549.424 £182,557 £791,554 23
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd... 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS I cont Comparative information for the previous accounting year is as follows Tangible fixed assets Net ¢urrent assets Total 2023 Investments Restricted Funds President's Fund Mike Tinsley Fund Refrigeration Aberdeen Fund Ted Perry Award 256,510 25,078 29,489 18,466 58,661 20,353 19,575 5,063 315,171 45,431 49.064 23.529 329,543 103,652 433.195 Unrestricted Funds General Fund REAL Alternatives Consortium SIRACH Project International Refrigeration Committee IOR Branches 62.034 161,354 73,201 815 4,316 5,628 67,303 296,589 815 4,316 5,628 67,303 62,034 161,354 151,263 374,651 Total Funds at 31 March 2023 £62,034 £490,897 £254,915 £807.846 19. COMMITMENTS The total future minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 Due within: One year One to five years 1.941 809 £809 £2.750 20. RELATED PARTY DISCLOSURES Air Conditioning and Refrigeratlon Industry Board (ACRIB} The Institute charged ACRIB £36,523 (2023: £36,895) for shared facilities, management and expenses during the year. £6.872 of this remained outstanding at the year end. The Institute paid ACRIB a membership subscription of £5,606 (2023: £5,606). The Institute has a number of trustees who are also directors of ACRIB. Trustees remuneration of expenses The trustees received no remuneration in 2024 or 2023. Travel expenses of £5,426 (2023: £5,105) were reimbursed or paid on behalf of 2 (2023 . 3) trustees. 24
THE INSTITUTE OF REFRIGERATION (Registered Charity No. 1166869) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Iconld... 21. CHARITY STATUS AND TAXATION The Institute of Refrigeration is a charitable incorporated organisation (CIO) registered with the Charity Commission in England and Wales (No. 1166869). As a registered charity, the Institute is exempt from Corporation Tax on its charitable activities. 22. CONTINGENT ASSETS The total funding awarded to the charity in respect of multi-year projects but not recognised as income amounts to £29,926. These funds will be recognised in accordance with agreed budgets and specified or implied timeframes. 25