*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 apprenti￿ShIpS 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 li￿nCing 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 Ne￿ork- 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 eX￿sS 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 pro￿sses.
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 con￿rn 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 InStan￿S 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 fO￿ard
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
AC￿pIed 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 ne￿OrkIng 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.
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THE INSTITUTE OF REFRIGERATION
(Registered Charity No. 1166869)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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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.
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