CHARITY REGISTRATION NUMBER: 1176114
Institute of Patentees & Inventors Unaudited Financial Statements For the year ended 31 December 2024
HICKS AND COMPANY
Chartered Accountants Vaughan Chambers Vaughan Road Harpenden AL5 4EE
Institute of Patentees & Inventors
Financial Statements
Year ended 31 December 2024
| Page | |
|---|---|
| Trustee's annual report | 1 |
| Independent examiner’s report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
Institute of Patentees & Inventors
Trustee's Annual Report
Year ended 31 December 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.
Reference and administrative details
Registered charity name Institute of Patentees & Inventors Charity registration number 1176114 Principal office 77 Beaconsfield Road Blackheath London SE3 7LG The trustees Ms J Pickford Mr K G Pickford Mr M Sheahan Dr B Blake-Coleman (resigned since last annual report) Mr J O Lippold Dr S Sik Fan Wong Dr N Tucker Ms H Goldthorpe (resigned since last annual report) Dr R F Browne Dr J E Steele Dr S A Eccles Accountants Hicks and Company Chartered Accountants Vaughan Chambers Vaughan Road Harpenden AL5 4EE
Structure, governance and management
The Institute of Patentees & Inventors was registered as a Charitable Incorporated Organisation ('CIO') with the Charities Commission on 6 December 2017. The charity is governed by trustees.
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Institute of Patentees & Inventors
Trustee's Annual Report (continued)
Year ended 31 December 2024
Objectives and activities
The charity aims to promote the advancement of education for the public benefit in the practical skills required to support design and innovation including the understanding of and ethics relating to the protection of intellectual property.
The trustees confirm that they have sought to comply with the Charities Act 2011, the charity's own governing constitution and have had regard to the guidance issued by the Charity Commission on public benefit.
The main activities of the charity are to run events, seminars and conferences for the advancement of education for the public benefit in the practical skills required to support design and innovation including the understanding of and ethics relating to the protection of intellectual property.
Achievements and performance
The charity produces a magazine called "Future" for distribution to its subscribers.
Financial review
The income and expenditure for the year is detailed in the Statement of Financial Activities.
The Statement of Financial Position shows total charity funds of £106,705 as at 31 December 2024 (2023: £111,268).
The trustee's annual report was approved on 30 October 2025 and signed on behalf of the board of trustees by:
Mr M Sheahan Trustee
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Institute of Patentees & Inventors
Independent Examiner's Report to the Trustees of Institute of Patentees & Inventors
Year ended 31 December 2024
Independent examiner's report to the trustees of Institute of Patentees & Inventors (‘the charity’)
I report to the trustees on my examination of the financial statements of Institute of Patentees & Inventors for the year ended 31 December 2024, which are set out on Pages 4 to 10.
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Philip Dean FCA Hicks and Company Chartered Accountants Vaughan Chambers Vaughan Road Harpenden AL5 4EE
30 October 2025
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Institute of Patentees & Inventors
Statement of Financial Activities
Year ended 31 December 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | - | - | 114,021 |
| Charitable activities | 5 | 1,030 | 1,030 | 680 |
| ────────── | ────────── | ─────── | ||
| Total income | 1,030 | 1,030 | 114,701 | |
| ══════════ | ══════════ | ═══════ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6, 7 | 5,593 | 5,593 | 7,202 |
| ────────── | ────────── | ─────── | ||
| Total expenditure | 5,593 | 5,593 | 7,202 | |
| ══════════ | ══════════ | ═══════ | ||
| ────────── | ────────── | ─────── | ||
| Net income and net movement in funds | (4,563) | (4,563) | 107,499 | |
| ══════════ | ══════════ | ═══════ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 111,268 | 111,268 | 3.769 | |
| ────────── | ────────── | ─────── | ||
| Total funds carried forward | 106,705 ══════════ |
106,705 ══════════ |
111,268 ═══════ |
The notes on pages 6 to 10 form part of these financial statements.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 5 to 9 form part of these financial statements.
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Institute of Patentees & Inventors
Statement of Financial Position
31 December 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 9 | 200 | 200 | |
| Current assets | ||||
| Cash at bank and in hand | 107,742 | 119,487 | ||
| Creditors: amounts falling due within one year | 10 | (1,237) | (8,419) | |
| ────────── | ─────── | |||
| Net current assets | 106,505 | 111,068 | ||
| ────────── | ─────── | |||
| Total assets less current liabilities | 106,705 | 111,268 | ||
| ────────── | ─────── | |||
| Net assets | 106,705 | 111,268 | ||
| ══════════ | ═══════ | |||
| Funds of the charity | ||||
| Unrestricted funds | 106,705 | 111,268 | ||
| ────────── | ─────── | |||
| Total charity funds | 11, 12 | 106,705 ══════════ |
111,268 ═══════ |
These financial statements were approved by the board of trustees and authorised for issue on 30 October 2025 and are signed on behalf of the board by:
Mr M Sheahan Trustee
The notes on pages 6 to 10 form part of these financial statements.
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Institute of Patentees & Inventors
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The charity is a public benefit entity and a Charitable Incorporated Organisation registered in England.
2. Statement of compliance
These statements have been prepared in compliance with the 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 (Charities SORP (FRS 102)).
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Institute of Patentees & Inventors
Notes to the Financial Statements (continued)
Year ended 31 December 2024
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on a cash basis. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Institute of Patentees & Inventors
Notes to the Financial Statements (continued)
Year ended 31 December 2024
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 25% reducing balance
Loan Wolf Trophy - No depreciation is provided as the Directors consider the residual value to equal the cost.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Legacies | - ══════════ |
- ══════════ |
114,021 ═══════ |
114,021 ═══════ |
5. Income from charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Subscriptions receivable | 1,030 ═══════ |
1,030 ═══════ |
680 ═══════ |
680 ═══════ |
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Institute of Patentees & Inventors
Notes to the Financial Statements (continued)
Year ended 31 December 2024
6. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds |
Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Support costs | 5,593 | 5,593 | 7,202 | 7,202 |
| Refund of bank charges and interest | - | - | - | - |
| ──────── | ──────── | ──────── | ──────── | |
| 5,593 | 5,593 | 7,202 | 7,202 | |
| ════════ | ════════ | ════════ | ════════ | |
| Expenditure on charitable activities | by activity type | |||
| Activities | ||||
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Administrative expenses | – | 4,356 | 4,356 | 331 |
| Governance costs | – | 1,237 | 1,237 | 1,020 |
| Service relating to previous years paid | ||||
| by former trustee | – | - | - | 5,851 |
| ──────── | ─────── | ──────── | ──────── | |
| – ════════ |
5,593 ═══════ |
5,593 ════════ |
7,202 ════════ |
7. Expenditure on charitable activities by activity type
8. Trustee remuneration and expenses
There was no trustees’ remuneration or other benefits for the year ended 31 December 2024 nor the year ended 31 December 2023.
9. Tangible fixed assets
| Fixtures and | Lone Wolf | ||
|---|---|---|---|
| fittings | Trophy | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 January 2024 and 31 December 2024 | 12,811 | 200 | 13,011 |
| ════════ | ══════ | ════════ | |
| Depreciation | |||
| At 1 January 2024 and 31 December 2024 | 12,811 | – | 12,811 |
| ════════ | ══════ | ════════ | |
| Carrying amount | |||
| At 31 December 2024 | – | 200 | 200 |
| ════════ | ══════ | ════════ | |
| At 31 December 2023 | – | 200 | 200 |
| ════════ | ══════ | ════════ |
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Institute of Patentees & Inventors
Notes to the Financial Statements (continued)
Year ended 31 December 2024
10. Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Amount due to a former trustee | - | 6,252 |
| Trade creditors | - | 1,147 |
| Accruals | 1,237 | 1,020 |
| ─────── | ─────── | |
| 1,237 | 8,419 | |
| ═══════ | ═══════ |
11. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | ||||
| At | 31 December | |||
| 1 January 2024 | Income | Expenditure | 2024 | |
| £ | £ | £ | £ | |
| General funds | 111,268 | 1,030 | (5,593) | 106,705 |
| ════════ | ══════════ | ═══════ | ══════════ | |
| At | ||||
| At | 31 December | |||
| 1 January 2023 | Income | Expenditure | 2023 | |
| £ | £ | £ | £ | |
| General funds | 3,769 | 114,701 | (7,202) | 111,268 |
| ════════ | ══════════ | ═══════ | ══════════ | |
| Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | |||
| Funds | 2024 | |||
| £ | £ | |||
| Tangible fixed assets | 200 | 200 | ||
| Net current assets | 106,505 | 106,505 | ||
| ────────── | ────────── | |||
| Net assets | 106,705 | 106,705 | ||
| ══════════ | ══════════ | |||
| Unrestricted | Total Funds |
|||
| Funds | 2023 | |||
| £ | £ | |||
| Tangible fixed assets | 200 | 200 | ||
| Net current assets | 111,068 | 111,068 | ||
| ────────── | ────────── | |||
| Net assets | 111,268 | 111,268 | ||
| ══════════ | ══════════ |
12. Analysis of net assets between funds
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