The Benevolent Fund of the Institution of Mechanical Engineers Annual Report and Accounts For the year to 31 Oecember 2023 Annual Report and Accounts For the year to 31 December 2023 Company Registered in England No. 130981 Registered Charity No.. 209465 Page l of 33
port ol the Trustees Independ•nt Audltor'$ R¢port to the Members ol the 8enevolent Fund of the In$titutlon of Mechanlcal Englneers statement of Flnandal Actlvltles 8•l•nee Sheet 2-18 19-22 23 24 statement of C•sh Plo Ac¢ountlng Polkles Notes to the accounts 25 26-28 29-33 Pffj• 2of31
IMTROOUMON The Trustees are pl•a5ed to 5ubrnlt th•lr annu•l report whlth InrpOrateS the Dlfectorfs Report •nd •ccounts l(¥r the yr ended 31 December 2023. In prepartng thls report th• TnJ$t•es ha¥e Corn[¢d wlth the Ch•fltl•s Act 2011. the Companles Art 2006. Accountln9 and R•porn4 by Chadtle•: Statement of Recomm•nd¢d PrartlcE jppllcable to ch•tS prèparfn9 thelr In accordanu wlth th• Rnanclal A¢portln9 Standard •ppllulAe In UK and Ropubllc of If•land (FRS102). •nd th• comp•nVs Artldls of ACIatIon gov•rnlng documont. REFIA£Nce AND ADMINiSTRAnve DAlL$ The Benevolent Fund of The Instltutlon of M•th)nlul Ertglneers (•1 known •1. •nd now operatlng under, the workJn9 titl¢ of 'SLfppcrt Network'> was found•d In 1913 •nd Is re9lstered wllh the Ch•rlty Cornmlsslon ft>r En9land and Wal•¥ th•rfty number 209465. Support 14etworlt Is also a Company Llmlt•d by GuJr•ntee' •nd Is re9lst•r•d vdth Companl•s House ag mp•ny number 130981. The Trujteu, Offlc•f• •nd profeMl•n•l •d1 of the th•rfty •fe Ilrt•d on gago 17 01 th1¥ r•p•rt. Supwrt Netw¢rk oporates throu9hout the Unlted Klngdom 4ftd Intern•ttonally, wher•¥er there •r• m•mb•rs lor lorrner mernbers) ol the In•tltutlon ol Me<h•nlc•l englneers {IMethE). Allhouph d05• tl•s •xl$t between Support N•twork 4nd th• IM¢¢he, It ihould be ntsted th•t rhey are separate and dlstlnrt reglrternd th•rltle• •nd comp4nl•%. wlth dlfternt ¢bj¢¢tb¥, funds •nd rnanagement stnJcture SYUCTUAt, GOV2RIIANCE Af40 14A14AGeMtNT OF THe CMARITY Support Network Is a eh•rftabl• ¢omyny Ilmlt•d by gu•f•Dt•, ••t•bllih•d und•r M•morandum of A8Cl•tIon, now r•¥ls•d •s Artldes of Al¢11t1•n (nary 2020) wllch s out the obJeLt •nd pow•Y% of th• ch•rlt•bl• eomp•ny •rKt •119OVtrn•nce prov10 rElan0 to the um•. A copy of the vjrrent vernlon ol th• Artld•s ol Assocl•tlon •rn fll•d wlth both th• Ch•dty Commlmlon l¢r Engl•nd •nd W•lM Ind •t Comp•nles House. The Dlrertor4 of th• comp•ny •re also Crtty TNst¢os for purpose •1 ch•rlty thw. The •o¥ernlng body gf Support Netww% Is the Trurtee ao•rd, •tKI the Truitvi we Jolntly reipon•lbl¢ for It •ov•rnanc•. Support Network's Chatble obJ•rtbves are the reikf Ind prnv¢ntlon of po¥erty. In DK•fflb•r 20191 P•rmI10n was glv•n to exp•nd the e¥l•tlng th•rlt•bl¢ obJ•ctlv•s to Indyd• •s%lst•nc• to both Indl¥ldu•ls •nd •ry•nl••tlons, th•M beln9:
M•mb•rn (or forni•r m•mb•rn) ol th• Instltutlon ol He¢nICal Engln•ern (IMechE). The p•rtnern, 1 partners, wlilows, wldowers, ehlldr•n (Sncludlng adult chlldf•n). r¢latl¥•s and other d•p•nd•nts ol such rnornb•r• or fi)rni•r mernbrs {whtther suth members or lornier members a all¥e or déad •1 th• tlme such provlslon Is sought>. To Yelle. or ass&t In the r¢ll•f of. POthf or fin•ndal hoydshlp throw91t the wortd, In p•rttwl•r but wlthuut Ilmlt•Uon to the provl•lon of fvndln9 lor devdopment projects. rtioJl•rty pmJ•rt• or p•rts of proJ•¢ts 1h • strong eroJln••rtThJ w t•thnlcal component. To n( 4¢Iu<iM. In partlcular, thrngh PdIng fvndkng In support ol prnJe¢ls whith de¥•lop <ap•blllty kn Klenee. t•chnolooyi •nglneerfng and nMthematl¢s. Support Network has four fv114lffle •qul¥alent •ff, who are b•J•d In the LondM Offi though lar9ely work from home. It relbes on • large network ol volsjnteers. who themselves are mostly mernbers ol the IMe¢hE and thu5 also lorm part of the 11glble 'eornmunlty of uters of th• rganlsatlon's serykes. Volunteers •sslst wlth c4sewDrk through m•klng ho•n¢ vlslts armllor t•l•phon• or onllnl ulls for ftnand41 vetlflutlon or antl-lonellnoss purpos•s. our lfiternatlonal vonteerS act as In-country representatlves to pro¥lde • wkler context to member •ppllcatEons. V•lunteer are therèby In¥ol¥ed wlth the majodty ot the wettare Interventlons 4n ¢aework undertaken by the or9anls•tlon. They arn aecordlngly a rn)Irthtsy 01 Support
Network's actiyltles •nd 4 prtrKlpal polnt of contstt wRh new appllc4nts and •xlstlng benefldarles. kn presently constituted, Support Network could not operate wlthout them. Purely In terrns of houf5 01 casework. Support Network requlre •t le•st two extra fultIMe st•ff If thern n¢ volunte¢r8. Trurtees arn responslt¥le lor setting t ory•nlsaii¢>n str•togy and lor th•t thls Is Impl•m•nted by the Chkf Exe¢utl¥e. To asslst wlth thls work th¢r¢ •re three svb-e4mmltte¢s whlch arn acawnt•bte to the m41n Trustee Board. There •r• •ls• •ddltlonal rnfflrt¢ grnnt declslon m4Wng panels, and memb•rs of ¢•mrnitt¢e and panel are Ilsted on w9• 17. A dl•gr•m of th• structure of the orgafflls•llon •t May 2024 Is shown bek+w." eEO& th REPIOTIDEaSIIJN141XIMOPAMELS &DEtEI3AYEDUMIIS PERSON14ELCQMXITTEE The Trust• 0$. when cornpl•te, conslsts of at le•st dght •nd nrt more than thlrteen lndfv1dus. The current Board comswlse5 11 elert•d •nd pted fflembets. None of the Supp•rt Network Truste•s •Ye •lw IMethE TNsteu. The Trustees serye for • Ilx•d p•rlod of three years, •fter whlth tlm• they are ellplble to stsnd to seThe for • further thrne years, •fter whlth ttry must retlre for at least one ye•r. before beirt9 ellglble to ser¥e on the brd 49aln. Th15 15 unless they trK•ld the t)fflce of Chalr or Deputy Chalr at the Yme that thelr retlrement would lall to be ellectlye. at whlth Wnt they m•y seThe for an addlttonal corFse¢vtJve 1-2 year5 before belng time barred. Thls Is In order to fadlltate successlon pl•nnlTrg. Cndld•tes to be coftsldèred for electlon to the Board are Invlted to submlt sratements of appllcatlon 49•lnst the Person Spedfl¢•tlon requlrtd that year. and to attend •n Intervlew elther wlth the Chalr aThl è Deputy Chalr, or othen¥lse the fvll Appdntments Pan¢1 (usually cOMprfn9 the Chalr, Deputy Chalr and one or two other Trvstees, whu are UallY also members of the Personnel Commlttee). New tnjstees are derted by the full TNstee 8oard. and usually take offlce w effert irom the d•te of the July Trustee 8oard meetlng. whlch is also v5ually the flr5t Trustee 8oard meetlrffj t thy attend unless they have been ¢o*pted at another Stsge of the calend•r year. Pry•4fjfJJ
The eletted Trustees are often alrtady famlllar wlth efther.. l) the purpose and wactkal work of Support Nthork. (os they have 1or9ely b¢en r¢crult¢d from those ¥Yho hove demonstr•ted • commltment to th alms •hd eth05 of the charlty by volunt8erlng to att •$ 'Vlsi¢ors')- or 2) the work vf th IMe¢hE. •$ c•ndldtes ire usu•lly IMethE members.. und¢rtak• ¥oluntur rtlvltl•s for th• IMechE; or arn employed In • r¢1¢ whlch brfngs addluonal expertlse to the Support Network bo•rd e.g, communlc•tloM •xp•rl•nc•. All Trustees •re rnCTulted In •c¢ord•nce wlth addl the fequlrnd skllls •nd exPeIn£ to th• board. on the basls of • skllls •udlt of •ll Trnstees, and ssocloted ccess1on plannln9 exerclR. Requlr•m¢nts In reipect ol the Code Of Governance. espedally those In rdpert of DIverty and indusknn am eonsldered when pl•nnlng for •nd und•rtaklng the recrultment Of n•w TNrtMs. [10 th•lr IndLKilon process. oKh n•w Trust•e 18 provld•d wlth access to •ll the necessary reference documents. pdlde$ 4rtd proceilures for thern to pl•y Jn •ff•rtlve role on tht TNitee Bo•rtl. Inclvdlng coles ol the go¥emln9 tlocumenr, Ch•rtry Cornmlsjlon publlcatlonl. t•rrn• of rnfqrenct for commltt••$. rlsk reg13ter, l•t•$t lull $t•tutory •ccount8. and th• prevlous year of Truste• rd rnlnutes and fln•nclal st•t•mentL Pollri do4xment$ 4r• rvlewod •nd r•vl¥ffI •• •pproprlate. wlth the lateit edltlons ported on On Intern•1 Extr•n•¢ vla • p•ssword proteeted 4re• ¢1 the governance settlon wSthln the Support Netvlwk websltq P•g•s. New Trust¢•s •r• Invlt•d to m••t wlth th Chlef Ex¢cutlve lelther onllne or at tho comp•ny' r•glsternd offlc• In London). In order to f•mlll•rf5• th•ms•l¥•s wlth th• ch4rlty. to und•rt•k• to m¢¢t the oth•r mernb•rs of t Atsff t••m, •nd t¥ t•lk through the rol •fvd r•4ulr•ments In mor• depth. They are •lio rnqulred to •tt•nd •xt•rnal tralnln9 •silonS provld¢d by specl•llst$ In 9overn•nce, t¢ Includ• th• rol•, dutles and responbIlItIeS of • Trnrt••: flnanc• and Inv•stm•nt skllls lor Trustees; •ntl othr goverMnc• r•lat•d tralnlng as •ppllcJble. Th• IM•che Presldent and IMechE CNel Ex•cutlv• •r• Pbtrons ol th• ch•rfty. At the d•t• ¢1 th1• rEPOrt. Ihe pomlble thange In Royal P•tron 19 bell detemlned. fjp•nt Commltttt.. The Gr•nt Commltt•• m•ets al requlred. u%u•lly twlce • ye•r, wlth the purpo5 Of.. d•ddln9 4w4rdsllo•ns In premnted <•ses wlthln th #rant maklng Ir•m•work of polldes and guldellnes 49feed by the Trustee 8o•rd; mwltorlng complex cases.. oversedn9 c•ses deterrnln4d by th• •taff and dlscusjlno amendrn•nts to 9rènt maklng polld•s and $trat•9y. It also c¢nsld4rs the wanls 91 vla xher dedslon maklng routes. Ind t11scuss•s n•w pro¥lder opportunltl•s, wlth vlew to maklng recornmend•tk4ns to tht Trustee Board re9•rdln9 emergln9 patterns of need •nd apprOpte re6pons¢s to th• s•m•. On ocuslons. potenfl•l lound•tlon gr•nt redpl•nts ml9ht alio be consld•r•d In prlncSple. b•lorn b•ln9 conslderyd In full by the TNit•e Bo•rd. Th• Grant Commlttee Is usu•lly chalrtd by one of the Deputy Chalrs. •nd Indudes up to lour oth•r Tw5t4es. ¢0g•th•r wlth memr$ of staff. N•W volunt••rs •r• In¥ltd to •ttend •s p•rt of thelr Inductlon trDlnlng. Other ¥olunte•r ¥lsltors rn•y Jlio be asked to attend 11 one or more of thelr uses •rt b¢lng ronsldefed and e5peclally If those are thvusht to be qulte complex, reoulrln9 •ddltlon•l dlscusslon In per59n to •sslst wlth the declslon-makln9 pro¢¢ss. All new Tfustees are •sk•d to attend J Gr•nt Cummlttw m••tlng durlng thelr flrst ye•r Ol appolntmtnt as part ol th•lr lThlurtlon or as soon as posjlble ther•after. Trust••i who do not undertake Jppllc•tlon reloted ¥Its •re especlally encouraged to 4liend Grnnt Commlttee meetlngs In order to understand part ol the corn ser¥lce proVIon and the related 11(5 and lor Jtrntegle element$ ol the same. Pw5a153
Fln•n¢• C•rnmltt••.' The Fln•rKe C¢mmbttee meets as fequlred to corbslder spednc Jreas ol flnante. On •n annual b•s15. 541Y In Febru•ry, It reeelves Investment rn•nag•r presnt•tlon3 In r•sp•tt •1 th• perforrn•nce of lunds durlny th• precedln9 year. The oryanlsatlon undertakes a full revlew ol the Inve•tmtnt portlolto on a Ilv• y•orfy basls. The Fln•nce Commlttee 15 CQrnPrised of up to Ilve Trustees, Indudlng the Tre•surur. Chalr, a Dopjty Chalr and twm other Trustees. All matters Str•ieglc fIn•¢, Investment portfolto. fundr•lsln9 targets and fin•ncl•l procedures b• conjldered by thls ¢ommitt•e, whlch then rnports to the TnJstee 80•ryS. Whllst the commltte h•s a stated mmbrnhlp for on9oln9 development work, •n Qpon Invlt•tlon Is extend•d to •ll Trust••S In respect of •ttendlng the bnnu•l Inv•gtrn•nt rn•na9•r prtsentatlons. Thls lull Invlt•tlon Is J150 extended to Jny Fln)ne• Commltte• meetln9 whlch Is •ttentled by the audltor •.g. to present th• annual audlt findln9$ and to recelv• puestlons lrnrn Tru$te•$ •$ p•rt of th• St•tutory accounts •greEment Jnd s1gnln9 proctss. An opportunlty Ss provlded at that meeting fgr th• •udltor •nd Trustees to meet wlthout staff belng present. All n•w Trustee• •r• •k•d to 4ttend the flr# Fln•nco Commltt¢e •ft•r th•lr ippolntmlnt p•rt of tholr Indvrtlon, P•rsonn•l C•mmlttM.' Th• Personnet Committ•e m••ts as r•qulred to cOnder speclllc pernOnTh rel•ted l¥iu•s, and •t least annuolly {usu•lly In O¢eember) wh•n It conslders the •ppralsols and pertorrn•nce of the st4ff te•m dvrln9 the past ye•r. thdr obJectlv• for the comlng ye•r. •nd sets thebr Indlvldu•l remuner•tlon. Th• Trustee Board delegates m•rters of staff •dmlnlstrJtlon. pay Iwards, b•n•fits and or9•nlMtlon to th¢ P•r¥onn•l Commbtt•e. Issue, pollcl•s andlor prv¢edurei rel•tlng to volunt••rs •r• also ¢onsldered here In the first Inst•nce. Th5s commltte• Is comprlmd of lour Trust••s. where passlble Includln9 th• Ch•lr ond • O¢puly Ch•lr of th• TNstee 8o•rd. C•re Is taken to •nsur th•t m•mb•rn ol th• P•rsonnel Commlttee do not eornpl•t•ly th•n9• betw••n meetlngs to ensur• ntInUIty ol d•clslon m•kln9. Th• work of the ¢ommltte• Is often progr•swd by em411. on a subject spedfk b•sls. In btween rnt•tln9S. Polld•s •nd procedures In relatlon to sof•guardlng1 and compll•n¢e wlth th• G•nrnl D•t• Proteaion Regulatl¢n 20161679 IGDPR) Is wlthln the rtmbt ol the Pewsonn•l Committee. The Appolntm•nts Panel. ¥vhlch Intervlews potentl•l ndIdateS to bt eonild•r¢tl for electlon to the TN•tee 8o•rd ll • sub-set of the Personnel Committee. Slmll•rly. memb•rs ol the P•r8onn•l Cprnmltt•e vw•lly cofflpr1 th• panel for •ny mpk+ye• rwultrn•nt. A•moe• •r•nt D•d8l•n M•lft• P•Ml• •n41 dlr•rt •rvle• r•lwr•l4.' ReIerrS ¢0 the employm¢nt ¢o•thlng Mrvl¢e. the New A?l¢tIOn P•nel, Studeni & Apprentk• Pat. Offlc• D•dstons process Ind declsloni made by th• Chalr. Chl•f Executlv• or Op•r•tlon• Manaoer, •r• •ll addbtlon•l declslons m•klrvJ rout•$ whlch •nall¢ grant aw•nl dedslons to be t•ken wlth¢wt •ppllc•nts ¢xperlencln9 undu• d•l•y. All dedslons art m•t1e wlthln Ilmlti of type and flnand•l •mount that h•v• b•n prevlously •greetl •nd lelvgJted by th• Trustee aoèrd. All wards determlned by the remot• 9rnnt d•e151on rniklng panels ire reported to rhe followlng Grant Commlttee m•¢l+ng tor rI11(atIOn. Durln9 wr Inltr•l Implement•tlon ol th• found•tlon fvndln9 progr•mme, moit declslonA r¢l•tlng to whlch orp4nlsatknns to èe •warded lound•tlon fundln9. at what l¥eVduratlon etL, have elther been m•de by the full Tru>tee Board aftdlor fdlowln9 • presentatlon by the Jppllcant Qryanlsatlon to whlch all Trustees have been Invlted. In •d(ritlon, dgnIted Trust••$ andlor worn9 groups h•¥e been used to Ilnk to speclflc projects to belp wlth pro9ressk¥n and man•gem•nt. A strateglc r•¥l•w Of thls are• occurred In 2023 and 1% dlscussed fvrth•r l•ter In thls report. AZSK MANAGeMEt4T The Tru$i•$ have Id•ntlfi•d the m•Jor slrJt•9lc rlsks to whlth Support Networ Is exposed,
nd have consldered controls and actlons to mltlgate them. The TNstee5 also take opproprlate step5 to moderate and manage the oper•tlonal rl$ks to whlth volunt¢ery antl staff of Support 14etwork Jre exposed. The rlsk reg15ter 1$ te¥l¢d In full on an annual basls, usually at the October Trv5tee Board me¢tlnp. competCe based tralnln9 for Trustees & volunteer5, •mploy•rfs Ind¢mnlty Insurnnce and monltoflnq of new le914atlve requlrem¢nts are all empleS of steps that •re muunely undert•ken. Authorlty for the day to day m•n•gement of rlsk Is dele9ated by the Trustee Board to the Chb¢i eX•wt. In atJdlt>n, the Chlef Executl¥e, who Is also the Cornpany Secretary, vndertakes requl•r revle4Ys of 9owernanee rekittd rtsks, to complement those revl•wed by the SUbmmIttee5. Wort oft the f•rn •nd pr•¥EntOfi of the rtsk reglster wrnmenced durlrw 2022 wlth •greement to fflake the most slgnfficaTrt more prtyTrlnent. es5entl•lly 'llftlng' them bwav from other l•r9ely ml9•t¢d rlsks. and to also shov¥ the Illfference between pre p•st mftfgatlon rfsk vafves. It has been agreed to Ivrther develop the forrn•t of the rtsk re9lster durlng 2024 to make thls even more Irtrmatlve. In the Intertm, the Truste•s h•¥e Identlfied •pedftc l¢ey rlskl to the th•rlty •1 the aLtual steps raken ro mStSgate tse rlsks. The rfsk value Is calculated ay: Imp¥t x Probabllbty. where low •nd S - Ngh. Save for rlsk shown below, Ill (ther rtsks have a ¥•lue of 3 Dr Itss: AIPI RISK: rfsk value 4 (2x2). Trustees feel that wh115t the PansIon of our Kllvllles Into prnvhllrvj thjndlng to or9anl%attOTrS thrnugh our fwndbOn fundlno wrtleome to Incrt•se our ImpaLt and publc bwwnt, It alw th¢ ?x9anlsa¥on Into new ar$ ot operatitYJ. with assod•ted uncertalTrlles. There Is muth to ltrJm IA thSs •rea - provk11ng grnrts tts pvojects Is very dlfferent to •w•rdlng 9rnnts to 1nd1vldIs. Issues suth •$ mum-year •greements: he•lth and fety ol projects; thlrd party engagement; pace of project progrtss have •1 been pects that have been ¢onsthred by TnJ#ees durin9 2023. We •Ildp•te addlonal demand¥ and posslbly rlsks too. •s we Incre the number of fwrnl•bon 9rnnts thot we h•¥e In parkl to eath Other. AIthou9h we uThlertook J str•tegk re¥kw of thb fvnction th the xouThl durlng 2023, It fNA$ lelt that the Inherent rlsks stbl remalned. CMARITV ACTivrriES AND PU8LZC Bf14£FfT Support Network Is a th•rtty whlcb was establlshed In 1913 for he preventlon •nd felltf of P0rty.. In 9uldance concernlng publlc beneflt ('Publl¢ b¢nefit.' the publlc benefit requiremèrtt (PBI).; 'Publlc beneflt: runnln9 0 thorlty IP82>'; 'Publlc benefit.. repon9 {P83) and 'Publlc benefit: rules for tharltles, February 201dl the Charlty Commlssion recognlsed th•t for Charltles whSch have these ch•rltaWe obJeciive$, the rules relatlng to 'publle beneflt ère dlfferert In that: In qenernl, purpose to be ¢h•rft•ble It must satlsfy both the publt'•ftd'benefit'•spects ol publlc benefit. However, if the purpose Is to prevent or relieve poverty. the posltlort Is diiferenL In the ¢4se ¢Y ¢h•rftle5 lor the relief (and In some cases the prevenrion) of JKJverty the courts ¢onslder the publk benent requlrement can be met by tIsfyIng the beneflt, aspert only, In these cases th Is no separate conslder•tton olthe public. aspect. Leqalrequlrnen£.. only ¢harltles wlth • wrpgse to relle¥e (and In some case$ to ornvent) poverty can define who can beftellt ty refence to.. thwr lamlly reladonshlp (that means thék dexent Imm one Indivldualj,. thvr employment by an employer• fhw"r mefflbershlp of •n unincorporated f'Publk benellt,. the publlc beneflt requlr•menY Chwty Commlsslon. Septembtr 2013) At 31 Ottember 2023, there were ovtr Il5,000 current Members of the IMechE In over 140 ¢ountrtes •round the wortd. Taken tog¢th¢r wlth partners, wldows. wldow¢rs, thlldr•n. rnlatO¥es Prytr70133
and other deperKlants of 51Jch member5 andlor lormer members Tmho Jre also ellglbl•, the
number of people ellglble lor 4s$1stance frnm Supp¢rt Network L esiimated to be In tbe order
olat least 250,OIX) across the worltl. In Its. guld•nce concernlnq charltable purposes (fh•rltabl•
Purpose¢. Issts•d In September 2013 and upO•ted In September Z014) the Chèrlty Commlsslon
recogn15ed that 9enernMy. the rellef of ptyverty IfYe9 Itg preventlon •nd the preventlon of
pov•rty Indudes Its r¢ll•l:
TherE can be •&gMlute dellnl¢lon •f wb•t pD¥erty' ffll9ht fflun fiCe problems
nq rtse to pgverty are multi-¢mensOnal WK¢ cumulatlve. It Can oifett IndId&ts and
whole eommunlties. It might be expertenced on • kn?9 orshortthtern? è•sls. Poverty can both
cre•te. and be
- On•-•ff p•ym¢nts ft>r purpose spedfic exp¢nditure, e.9. dl•blllty •qulpm•nt. • Tlm Ilmlt¢d, 'bruthlnq sp•ce' grants to oddr•ss t•mporary or trnnSl0n•l dlfflrJJW. . Interest-free se0Jd lo•ni to homeowners e.g. to •sslst wlth o55•rt141 work5 or dls•blllty. . Debt and money advlce.
- Th•m•d p•yment to wtth p•rtlvJl•r •Jtp•ndltur• •.9. Wlnt•r W•rmth. . Advlc¢ jnd wpport frvm •ndlor membersh5 of spoclallst ory•nli•tl•ns In respect of •utlsm, d•mentl•, c4rt •nd the •ssocl•t•d d•fft•nds gf m••tlng th•se n¢¢Os. • Provlslon of resplte breaks •nd oullngs lor ur•rs and tho for. lther tog•thw or p•t•t¢fy, • A tolephon• b•lrl•ndlng •nd odal ¥lJlts servlce to reduce d¥1 Isol•tlon and lon•lln•M. . Educ•uon•l. •ndlor Iffe enh•ndrw exg¢rl•ncei lor dli•bled eNldren. or at tlrnes of parnntsl seporntlonl reduced Iltwnd•l drcumst•n¢e$. Contrfbutlons towards meetln9 bulkllngs •nd unt•nts Insur•n¢• ¢orts. . Gr•rt8 for lumRure. ddIng• d•thlng. food. h•JtlTrJ ippll•nc•s. w•sNnp rn•thIn. frldgeB Fuel grnnts •nd •neryy elhcl•rrty •dvke to emure that homel •re uf• •fid w•mi. . T•lvphon, tro•db•nd ond onllne access gr•nts to promote ¢1•1 Induslon. • Nom• •merg8n¢y •lort systems and other adapt•Uons to en•bl• Indep•rtdent Il¥lThJ. • Soff-•ccess onlln• Inl•rm•tlon quld•s. Genw•l •nd legil •d¥lce In of everyday. •ndlor court rel•ted problem$. ensurfng that IrthnTtIOll n••ds •r• r••dlly m•t •ndlor pot•ntl•l optlonl lor •Ltlon are Identfft•d In tlm•ly m•nn•r. . Contrbbutlons ta n•ceM•ry •ped•ll•t h••lth c•v• not wblldy •v•ll•bl•. • The prnvl$lon ol equlpm•nt for dls•bl•d y¢pl•. . New b•by 9r•nts for egsentl•l Items . P•r•nVng •nd gr•n¢parnntln9 SllPPOrt h•lplln• •nd r•wur¢•s GRANT DISTIZBUTION IM 2023 In deddlnq what Is5t)nCe lo offer. Support Netwgrk the needs of ••¢h •pplS¢•nt •galnst thelr Indlvldu•l elrcumsr•nces, Indudlng thelr sod•l and •conomlc condltlons. W• ¢ognlx that poverty li • rnl•tlv• conupt. •nd wh•t wnstitutqs poverty In •n affluent soclety Is very dlffvrent In •bMlute terms Irom po¥erty In • de¥eloplng Country. In thls r•g•rd. •nd •sp•d•lly •• muth mort be und•rstood from • fac•-tt•-fKe coftversotlon at the appllcanvs home, the org•nls•tlon pl•¢es conslder•ble wel9ht on the report Ind r¢comm•n¢Yatlon$ rnad¢ by th• Vliltor. recogn19 thal partlcularty Int•rnitlonolly. tho94 b•Md l¢c•lly •re better •bl• to Jud9e wh•t Is on approprljte •nd re•sonabl• st•nd•rd ftlr th• baslc n•cvsltl•s of Ilf¢. M¢ntal he•lth dlfficultl¢$ •re •lw taken Into account. and v•ry often. a s•rles Ol vlilts wlll be requlred to fully support appllcants lor whom mentsl health dlfficultle• •re an ongolng Issu•. Wher• posslbl• all servlces are equally a¥•ll•bl•. Irrn$prttyw of 9•09raphlcal loc•tlon, •.9. Support Network us•s •n employment spKl•ll¥t p•rtnr th•t cn pmlde thelr s•r¥I% on • wortdwld• ts•% throu9h the use ol dlgltal rnAources. •m•ll •ndlor onlln• rnotlngs •nd contsd, In s••klng to oxpJnO the tharIta* obJ•rtl¥•s, th• Trust••s had due r¢g•r¢ ro ihe Charftv Commli$lon 9uldance on puOll¢ benefit •nd •cc¢rytlngly declded to comrnence fvr+dln9 proJert# whlch would Increoge the r•a¢h of tho$¢ •sslsted to be beyond the deflned ell9lble gfOUP of IMechE members and thelr rol•tlv•s. As such. the chorlty can now re•ch further In undertaklng work to meet Its ¢>bJe¢tl¥es. and hos contlnued to moke such gr•nts slnce the flrst was made In December 2020. Pry•gof&l
Total grants {£) 2023 Includlng loans 210390.00 t70A15.52 E420.Crf> PB F**• •GThM:&Jf•tyr E303.00 .&53.43 £IOJ24.57 Total international grants (£) 2023 £400 E3.972 ÉSQO E40D Éa.QLV .1 • PIINI £3 • LLIB•J E5110 • eGYprw • GH&CE • P4GLI4GJwJ0 • IAeLANDfS04 El1511 MGEFYA W71X• • PAXryTAXf4163 . PEm1É1.SOO • SOUTr1 AFAICA fS94 .7 . TiMEYÉ400 10olJ>
ACHXEVEMEKf AIID P2APOAMAN¢É
AGtlvltlu pl•nn•d for 2013 w•
•IAxiffAzii A FOCUS OPI MEIITAL HEALTH IAITIATiVeS: Ourlng the year we wanted to cortlnue
t4 pmmote prttl •ndlor prn¥efitstl¥e meaJres to malntaln 9o¢xI mert•l health and welM¥elTrJ.
We wartho to notlo and be respor¥lve to any ise$ of stloma IrekKtwce to ch t)ut for help and
to rethope our offeMng5 to In dellv•dn wpp(¥t to those In n•od icyoss a wlder r•nge of
areas. All ol these wern a¢hle¥ed. For example. we provlded 74 eounselMn9 9rnnts. ano expanded
the range al weblnars to 4ddress wellbelng ènd Ilnènd81 self-help measures, some of these belng
tary•thd to speclfic sertlons of the mernber5hlp e.g. mlgrnlnes. rnenopause. men'5 ment•1 health.
We promoted the IIW (NUrIng Empowerlng Supportlng Tralnlng) helplne and refenal s¢r¥ke to
help wrErts and c4rnr5 f••1 awlsted vAth prnctlcal and emot101 knrer¥enlloft$ to mle thelr
comUng dEm•rxls at home 47nd at walk
VUATheA Assisr wmi IN¢lINtEAIIIG CAAttA FUTUReS: We eontlNJed to lo$ on our
Sdent. Appret)ttce. and Newly lned grnnt pro9rnmrnes. both ITr the UK and Internatknnaly. We
were able to help many morn Intern•Yonal SbJdert5. the maJ¢rtty of trm IA t41gerfa. due to the
asslstarKe of our IAtrm•tion•l based Trustee. Th15 Ser will be lurther rellned in 2024. We
coniirwed to deltrrtr our eryloyment tralnlA91 bre•k return and mentortng suppor¢ and
noiicd that ¥thllst the numbe of Indl¥klu•ls •s¥st•d kn th•v •ve•s was fawty mIlIt to thot of
2022, the c(mplexlty of the appll¢ant's hfe was Ngh. requlikng addlu01 ongoln9
EXPA14D OUR FOUNDATZOM GAAPIT-MAKING: Our Intsrttion for the ye•r w•s to bulkl on our
Z022 wffjrk aAd experlence In thLs area, by maWrvJ more grnnts, Idealty xruss all of our taryet èrnas
af eduatIO englneerfng Innov4tk)n Ind Internatlonal development •rnl to see more prDled5
through to completlon. All of these were Khlewed. In flnanclal ternis twe made awa deelslons
amountlng to £197K, ai•ln almost dbIkn9 the EIOIK dlknbut•d In 2022. Our wort( wlth Tamos
Sthool In Kenya saw the constru¢tlM of a SCIen dassn)orn and the subsequent dedskn to
Cornmen solarlzatk•ft of th s¢hool to work towanl$ eneryy selfvsufflclenvi. We mlded help to
support oryanlc fanYTrSng and •A Irrl9atlon system to evtniwaly sPpfy Scho meals, redudn9 the
need to annually fundralse lor the s•me. We bullt • trldge In Rw•nda confrt eommunltles •nd
•n•ble economk regeneratlon.
ADOPT ESG PRINCIPLES TO QUR INVESTME•IT POrnUO (•nvlronmM4 •0¢1•1,
gov•rn•nc•): DUA0 2023 we 5t•rte4J to undertak• our latest S-year rewfew ol our INve#m
Ix¥ldlrw5. We used same ts st•rt to Imlefflent our sed Investment strateqy to Incory>orate
qreat¢r fo5 on In¥estlng wlthln our dedded ESG prtndples. Thls 11 fvrther aHgn our Investynents
wlth oyr rnlssknn of m•kltw a dIfferen thPh pre¥entln9 rtllevlng p¢¥erty, e.9. swltchln9
fvnds to sustalmble produrts QuOnIAlInfluefiCij Investment tNna9ers rt thelr #eps to
Inuw¢ thelr ESG prafile.
PLACE DiveuiTY & INCLUSIOII AT TM£ MEART OF ALL ThAT Wt DO Durfng year we
exp•nded vJr neurn dl¥ernlty olyering and hlped hmllles wlth thm, ADHD and 0stslexi• rdated
Issues. We created a co.le•d on Dfverslty and Induslon and expwtted our webslte offerlngs to
Indude nutrltlon. stress, 4nxlety. mlgr•kn•, M•Pa and m•n's mentsl he•lth topt£s. These have
proved to be very popular, both ID those who J04n the Il¥e event •nd thosè who later a¢¢w tr
r•cofdln9. We Obser4 htyw 50rne f4JbJe¢ts Were vwed In much oie•ter numbers after the Inlual
e¥enL {e.9. A 9ulde to dLs•bllty benefits) sugoestkng that m•ny prefrred to enga9e In a prhite
w•y. or at a tlme ol Ilay that was better 5ulted to thelr need5. We rE<TUted a new Tnotee ond
rnalntalned the proflle of havlng Boaro fflembe who ar• engaged In bl stages ol tl*tr carEer.
r•ngln9 from underyrnduate SY. to Inf
thelr hmlly. eMe$ re¢•lv•d durlng 2023 Indud•d: Thts gr•rt cauldftt h•trr ffle•t • bettertlnrt It WHI hdp m•ul%ely wlth my aiergy &Ws they are hlgh and seem to be InCW ayln. espedalfy the cold we•thtr. Ab¥ln. th•nk you ror•ll ywr help. betn bend J m very¢r•tefvl to ywrsemand J want4d to thank yw for refènty to the famlfy eoaollty •n wpport sernke (IlfST). '.JJust wnted to exprem my grnutude to Infonnlnq me olthe Stithit HardP Grnnt wlth sui•&an1 • so pmmpty. Th15 wlll slpnlftcantly Imprn my CnttUatIoTr fwbl¢r •mb•d my d•rn to #•y connart•GI wlth JOlechE In my fvtyr• wv•r..."{UK a&yq stud•nt) I wovld Ilkn to •nd the team fw suth help whlth h$ Ilfteda tvnne olwelqht oifmy smuldws. 140 words can express my qrnUt¥d¢ •n6 would Il• ro •xtwid • sp•d•l th•nlr trvu to Pl•urnen lor yourqukk rfjponse and etr• JsJl¥t•K• In slqnpostlnp me to •1 to D•vk o ¢t every t1 J wk¢ to hlm •nd to •ll the Truws forprntty muth not ltyry•t th15 asslst•nu •nd God ffti •n..." (UX m•tiinp 145tWS St&tht wlth chlldr•n) VINA14CfAL AIVIIIW Support N•torf¢ has thr•• ffl•lN Murt•s ol Ineome: {•) don•tlons r•c•l¥•d from IM•chE m•mbers durln9 tho year, wAth •ssocl•ted Glft Ald recdpt$ 4¥here •ppllcable: Ib) legacy and I memorlam gift don•tlon$,' Ind {c) In¥•8tnMnt portfol10 g•lns. r•c•lv•d as dl¥ld•ntl Incom•. ICaplt•l g•lns are •lso obtalned Irorn the Itrnent portfollo. •nd whore fvnd$ are helll 'accurnul•tbDn unlt$' •ny r•c•lpts •r automatlcally reInlted Into th• Inltmfit ld1ft4. r•ther th•n dr•wn •% Incom• per se, In onl¢r for th• s•me to hDI¢ long-tqrm value •g•ln chan9•s In Infl•tl•n o¥•r tlrnel. Swpport Netrwork hai •n unr•strlcted Investment fvnd whlch Is Invested to pn>¥ld¢ • r¢gulJr •nd rellable iource ol Income lor Support Netwo. Th• Trnst••s •r• legally bound to promot• th• b••t lon9-t•mi Interests of Support N•twork and to mak• •dequ•te provlslon for tsoth present and fv¢ur• b•nQfldar1. The over•ll Investm¢nt polly 1$ to obt•ln the bert finindal return from Support Network'$ •ssets, con>lstent wlth •ccept•ble sk. To achle¥e thls. the 9lwn powen of In¥•stm•nt wlll be ex•r¢lMd lo that the $15 yl•ld the best IoFhg4erm r•turn by w•y of both lrt¢om• •nd uplt•l apprnd•tbon. Jud9ed In rditlon to the rlsks gf In¥estrnent. The portlollg 1$ dlv•r51ff•d In r¢spert ol •H¢t ¢l•ss. qwgr•phlc41 •xposur• and Inv•#tm•nt m•na9•rs. X) AAay Th net 9aln for the year ended 31 O•cernb•r 2023 11,114,276. exp•ndl¢ure w•• £1,012.847. Volurt•ry Income. comprlslnq don•tlons be9$1$, wer• r•c•lv•d •t 4 value •f £Z61,835 (2022.. £274,694). In 2023. dlvldends and Int•rest from th• In¥ostm•nt portfollo •mount•d to É1,011,672 12022: £1.031.983). The Trustees contlrwe to have ) preferred strnteoy of l•rylv holdlng Support Network's equlty-based Inve5trnerts In •ccumulatlon unlts, (rather th*n dr•wlno an Income stream frnm th• Game), In order to ollset •ny loss•s In c•plt41 ¥•lu•, •nd hen to help to preser¥e funds for the fvture, s•v¢ tor the COIF Ch•rlfvnd holdlng where •t tlmes the dl¥ldtnd w•$ dr•wn In Qrder ¢0 prwlde gre•ter oper•tl•n•l Income durlng the flnandal
ve•r. Th• Trustees ag•ln declded the rat¢9y of meetln9 any f¢MI ¢)perntlon•l delldt •t the ve•r-end through drwlng from the reser¥e& rnther than lItIng grnnt •r $ervlce pro¥l$lon expendlture In year. From the tOUl expèndlture 99% was spent on charltable actl¥Stles 199% In 2021). Thls Induded charftsble grnnts ol £582,431 (2022: £409,755). J) Inv•stm•nt P•rtl•ll• The allocètK)n of Support Nets¥ob's Invertment portlolk4 •t the dole of 2023 BEKMMAAX 29.4q6 e4uIts M&G Charffund 41.8% Equltl¥ II&G Glow Dmdend Fund FTSE Sh•rt Index 12.1% Equltles Fldellty IrltUrj¢nll Funds FfsE AU s Ir4lex 8.8h M4tltl AM¢t Charlty Mulll Ast FTSE All Sle Index Fund 5.6% Prwrty Ch•rlUes Property Fund HSBC piir lfidex EquRles COIF Invertrnnt Fur41 FfsE AN sre Index COIF Deposk Fnd L••n tfiterbank 1 COIF Flxed Inteyest Fund WM Co. LIK 6onds We do not h•¥• •ny control g¥er how the JP Oudln Trust Is In¥e5ted. though we recofv• dlvldends from IL so It b Not Shown lfi thè Ihve5tment portl•llo al)ove. Glven the low lrterut rntes now offered on cash depaslts, the amount held In the COIF Depostt Fund has been malntsined at a low level. 4) •rtvlv•nm•nknl •r othl¢•l r•n•tr•lnts In the annu•l revlew of Inyostment pollcy for the tharfty. the TfUSte¢s cvnsklued whether there shwkl be •ny 50clal. envlronrnental or ethkèl conslderatlons to Imgose constr•lnts on how Support Netwo sVId in¥est and ¢tmmen¢¢d %York to create a screemd esG (envlrnnment•l, sust•ln•blet governance) Issed •pproa¢h. Wlth many of the Instutkn% mernber5 worklng In Industrfes <offlmoAIy •ttrfbuted to low ESG sct)rln41 the Trustee Board has taken 9rn•t conslderatlon •$ to whether any Industrles should be TAholly exduded Irom the Invesbmert portfullo. Foljgwlng • poll undertaken In lkn¥ombtr 2022, the Trustee 8o•rd cofflmltted to undentand Its ewgJr• to •nd commeno extlmlon of In¥esbYnts Irom t pgrtfollo Irb the followhig •rtos: gambllng I)peOn$ pornogrnphy & Olert m•terfal tobBCCO produttlDn oppresslve reglmes •nlrnJl te$Tr9 hlgh Interest lendlng •knIMIl productstsn P4• 130133
e$ wEihtyJt an lI1•¥e liur pollcy Reall9nrnent across these &reas commen¢ed In Febw•ry 2023 as Part of the 5wr cycllul revlew of the or9anlsatlon's Investments, workln9 towards compkn retrthal èy the end of 2024. 5) Ru•rvq• Pollcy and )$19n•t•d Fund Support Netw Is a 'dosed' ch•rlty In th•t It does not acllvoly seek fuT¥llng from outslde the mernber5hlp of the Inthtlon of Mechanlcal Englnoets, E¥¢h year. a slgninunt prop•rtlon ol the tharlty's Inc¢m• 1$ derlved trom annual •nd Irre9ular donatlofi$, and beque5t5, Legacy Income, hgw¢v¢r. Is v•ry uncertaln, as ar th leve15 01 dOtIonS per se. ond It unn•t be guaranteed that ¥olunt•ry Oonotlon levels wlll be r¢w•ted (or Irmased) year on year. In order to 5afegU•fd the •ngolng provlslon of frants to CUTrert benefidartes. and to cover no dls¢Jetlonary expendltur•, {su(h as 5alafle& pensk¥n c0ntrtbull0F. rent). the Trustees hold reser¥es at a mlnlmum level of one yearf$ avernge expendlture. In •ntldpatlon of Invea$¢d 9rant glvlrvj •ndlor sod•l Ih¥estrnent lfittlatlves. It h•$ been agreed to In£rea5e the level of reserve5 from £1,000,000 to £2.000,000. Addltlon•lty, durlng 2020, Trustees agreed to ¢rvte a d•slgrwted fund to meet operatlonal expendlture 'ln perpetulty. and set th15 fvnd at £8.000.000. As at 31 Decernber 2023, t¢)tsi lunds exceeded thls comblned ÉIO,QOO.000 arnount. A¢eordlngly the fvnds are held to ensur• luture needs can be met. especlally If there Is an unexperted l•r9escale evert fequlrln9 addltlonal re50ur¢es to be praded e.g. a 51gnffiunt downturn In a sector of the rnechantc•l eftgineerfAg Industry •t * date. Accordlngly. the Trusteu are cordld•nt that th• Introducod fouThl•tlon glvlng approath be fvrther Implemtnttd and establlshed. Js the level ol Immedkite and long-terni reser¥ts has been more th&n achle¥ed, •rtt1 that thls Is •n •rtlve strategy In order to best use some of these resources. Th• f•Mrves pollcy Is revl•wed annv•llyi tsklng Into account the latest tsrecasts of Incorne. expendliurÈ and th•nges In 9rart rnan9 pollcy. 6) Gr•nt M•king Poli¢v All 9r•nts m•de In 2023 wert for the benefit of Indlvlduals. 5J¥e for the foundatlon fuftdlng grants that detalled below. In 2023. 386 members contKted us ft+r the flrst tlme (2022: 228). thelr re¢uests irKludlng tlp wlth flnonces. employment co¥¢hln91 dyslexla support. sodal vlts or legèl advlce. Durfng th¢ yar 917 grant payrnents were mad• (2022.. 825). Tho rnajodty of grants and support declslons were elther determinedlconflrmed by the Grants Commlttee. (whlth met twlce durlng the yearl. through the remote decIOft maklng panels. or were lfiltl•lly made by the $taff team, and subsequently jhOr$Se by J deslgnated Trustee through the Office Declslons process. All proposed Office D¢clslons were made availalAe on J password re$rcle0 basls to Trustees vla the Extranet, to allow Tn&stees to see whether they ayr•èd wit the dtclslons made by the OL) Trustee. Where the ChHlr, CEO ¢r th¢ Operations Mana9er made grant fvnding dedslons. these v•erÈ made wlthln the agreed éeleg•ted Ilmlts ol both value aF type of èward. and were reported to the subsequent Grnnt Committee meetln9. Conslder•ble care Is taken to ensure that appllcants •re able to apply for •ll welfare beneffts. state support Jndlor tsther thlrd patty asslstantè thot they mlght be entitled to. beft¥re charltable grants art rnadè. Support Netwark alms to make a poJltl¥e Impact and dlfferefice on the Ilves ol people who are asslsted, and accordlngly •t the outset ol provlding SllPPOrt. th• avoldance of creatlng long-term dependency Is paramount. 50 that wherever posslble. people are ttelped to help themselves. Examples of grants awarded Induded.. lowances towards fuel •nO utility costs: travellln9
expenses lor vlsltln9 people In hospjtal or nurslng care; t•l•¥llon I1¢•n f¢¢s; telephon¢ ull5; eompLrter eqvlprnent. braadband and wlfi access,. crlsls payments to re1be sudd•n unarttldpated finan¢l•l needs; repl•¢em¢nt Items such as washlng mathlnes, cookers. frfdge5. heaUng appllan¢es.' h¢al¢h and m¢dl¢al ¢4ulpment powered moblllty ¥ehldes: e55entlal 1kn1se repalrs and Insulatlon; adaptatlons t• the homes of d15•bled ptople,. gJrdenlng costs lor older people: care help at home; personal emeryency alams; arran9ernÈnts for respfte ure •nd the ¢05t5 Qf resplte bre•k5: •nd •551stJnce towards re¥deniial and care home care costs. A separate programrne of grants Is a¥èllable for dts•bl•O or dTrudv•n¢agEtt Apprentlce$, undergraduaS. and other studenls who •re IMechE members, Irrespertlve of where In the world they Ilve or study. A Newty Qu•llfied Fund Is •¥Jll•ble lor IMechE members who have completed thelr studles or tralnln9 In the lrnmedlate past 3 years. whlth seeks to e&sE the trnnsltlon inro the world of work. The f¢und•tlon fvndlr4 elemeot of our work Is dl¥ldod Into the •re•s Of Intern4tlon•l development: educatlon: and englneerlng Innovatlon. We w•nt our work In thue areas to Ideally ¥ • STEM {sdence, tn9lnetrfng. technology. math•m•tks) l•¢us 4r to •150 all9n wlth the work of the IMechE. W• •donI1Y fr•me these areas 1 th• UN Sust•lnabl¢ De¥el4pment Goal$. Wthllst we have • prefernnce for M•Tr9 •ward to or through UK based charftable t)ryanls•tlon5 {05 we feel that In the Inltlal stsges of our enterffftg thls work thlj Is dose ' for undertaklng our due dlllgen¢e process} thls Is not a fixed qU1Ment, esped•lly where we feel th•t the ultlmate outtomes and Imp•rt of the funded work wlll help us to meet ovr expanded tharftable objertlvos In rosyd of uslng englneerin9 to relieve poverty. 7 J P¢n¥lon Fund• All current Support P4etwork st•ff are enrolled In the IMechE's cantr1ttI0n bJ5ed pen¥lon scheme whlch Is oper•ted by Scottlsh Wldow5 plc. t)UA9 2023. the employer r•te w45 10% (2022: 10%). The (grnpany used to operate a defined benefft scheme whl¢h 15 now d¢yJed. As prescrlbed by FAS 102. the fundlng level of the dellned benefit p•nsipn fvrvj must be dlsdtssed. After an èrtuaflal report carrled out fvr the lMechE consolldited accounts to 31st December 1023, the penslon fund ¥Yas 100% fvnded. St•t•m¢nt •f Tru¥t•e•' rq•p•n•lblllllw lfi i••p•¢t Qf th• Tru•tMB' •nftu•l v•port •nd the flnand•l st•t•m•nts Th• Trttstees •re rejponslble for preparfng the Trustees, Afinl Repart and tm fln•n¢lal st•tements In •ctord4ince wlth appllcable law 4nd r¢gulatk)ns. Compally l•w rqulrns the Tnjstees to prtparr ftn)Trdal st•tements for each nnand•l yr•r. Under th•t law they have •r requlred to prepare the flnandil stJtements In 4Kconlanv wlth UK Accr4Jntirt9 St4fjdanls and Ipptk•bl• llw {UK Generally Accepted Acctyjntlng Pr•ctlce). Under company law t Trus5 rnust not •ppro¥e the fln•ndal statem•nts unl•ss th•y av ¥•tlsfted that they glve a true and l•lr ¥lew of the stste of affalrs ol the ch•rtt•ble company and of the ex5 of Incorne over expenditure for that pwlod. In preparlng these finandal ststements, the Tristees are requlred to select sult•ble OntIng pollcles ar then apply them nltentty. make Judgements and estlrnates that are F•son•ble •nd prudent: st•t• 4vhether •ppllcoble LIK kcountlng 5tsndords have been followed. $ybJe¢t to any matertal departures dlsdosed •nd explalned In the flnanclal st•tement$' ano prepare the financlal ststemffits on the golng concern ba$1$ unless It 15 Inapproprlate to presume that the charttable ¢omp•ny wlll grtlnue actlvltles. The Trustees •re responble for ke•pln9 adequ•te •ccouniift9 rttords th)t arn suftklert to show and explaln the charlt•ble comp•nVs transactbons antl disdose ¥41th reasonable •t •Thy Ume the flnondal posltlon of the tharltable COmnY •nd eble them to ensurn th* the P4• 15alJJ
fln•nd•l #at•ments PIY wfth the Comginles Act 2006. Th•y h•v• g•n•r•l Trspon$lblllty for taklng such steps •rn r•asonably open to thern ts safrgu•rd the •Mets of th¢ tharlt•ble cornpjny •nd tg prnvont and detert frwd •nd other Irregvl•rttyes. e•ch ol the per who Is a TnJ•tse •t the d•t• of •pprov•l of t16 r•port cMfinTrs th•t: So l•r % eath Tnwtet L •v4•re. tre Is no rnl•¥•nt •udlt Inttym•tygn ol whlth th• comp•hy's •udttor Is unaware; 4nd E•ch Trust•¢ has tsken •ll stsps th•t they •ught to have taken as • Trustee to m•k• th•msdvos •ware of any rnlo¥•nt audlt Inforniatlon 4nd tv ert•bllsh th•t the ¢ot)M)any' •udltor l• •w•ro of th•t InfDrm•tlon. Th• tn4t•H hJv• l•k•n •dvantsgt ¢1 the •m•ll wnwnl•s •xempUon In preparfryJ th• tnMt•¢rf •Mual rnport •nd th• rtat•moAt& PLANS FimiRI PERXOOS Jrtw 2024 Suppw¢ P4•iWO pl•n• to eortlnve wr work Nlsi mpwdln9 to •ddltJon•l n¢•d• Ind tholhThJ•s faced by rnembers and thelr f4mlllM. As wo WIN wotr to.. AZNTAIM A FOCUS 011 MeMYAL MEALTN rpirriATIVI•: Cofttknu¢ to prnmrt• and provlde POtIve Mdlor PVentatIve mea5urs to m•lnt•ln #ood meht•l heilth •nd wellJelrvJ. e•ped•lly In rn•p•rt a¢ th• ty4#-01-Il¥lng ql•l•. •nd be r•¥onslv• to the p•re•ltI Itl9m• frlt by me •ppMr4nts and r4•h•p• aur off•rlngo ty ••slit In d•llverlho pport to thom In need. Further expand rrInt off•rlng to •ddrets ts•ues rnl•tlr4 to l¢n•lln•M; poor nulrtloh. counRIKI M•ds; r•l•tk)n•hlp èr••kdown; pw•nUn9 IllPPOrt: g•mbllng: sub•t•nc• •bU. •nd •nxty. ASSIST V4rn1 E14GZNeiRThfj VVTURISI Contlnu• to foa4$ 1)n Studert Apprnntlc•, •i•d Newty Qua¥lled gr•nt Prngr•mmes. both In the UK and Int¢m•tlon•llyi plys •mployffl•nt tr•lnlTrJi urn•r brnak T•rn and mentorlng supporL wlth • core ruponse to m•mbers •t rlik oflexpertEIng redund•ny to en•bh them to enter. rtnter ¢x rem•ln kn •nglrthdnq or related p•lh•. W¢fk In wrtnershlp wlth th• lfvl•thElath•rs to support prngr•rnmu tt en•b sfEM lopJsttd work experl•n¢ pro9r•mffte• andlor rEmo¥e barrlers to enterkn9 the me¢honlc•l lr4lfietrtn• prof•Mlon •$ p•rt of gur dlwrnlty •nd Inclv•n work. Exp•nd t)ur affrln9S to Arnd Forcu •n41 SYB41 return¢rn. AXINDATXOII GAAIIT4IAKll•O1 Bulld on ovr 2023 TNOrt and furthw le•mlng kn thlj •r•• thrtyJ9h our strnteglc ftvlew. to m•ke 9rnnts durfn9 2024. and ensure th•t e•th oi #rnnd$ or educoiion. ehibrtertnv Inno¥•tn Intem•Uon•l d4eltspmert Is SUPPe4rted. Furtlr rewew t)ur eohtrtbutlon thvou9h the Sw9r•1n•b D•¥•lopment Goals (s1) undert4ke to meet the dlm•te crllls. IMPLEMENT ISG PMXMCIPLU TO OUR IiivimieNT PORTIOUQ (•mrtvMm•n( •ov•rn•nA) •nd UNDERTAKE FZPIANCXAL AEYAEWI Durlng 2024 we wlll Implem•nt th• hanges rtqulrtd 10 reytnirture our Iiwesbll•nt portfollo wlth our revlsed In¥estrnent str4tegy and ESG pollths a+S)pt•d 2023, In orO•r to furth•r allgn our InstMents tth our mlmlon. Lthd•rt•kn • re¥lew vl fi¢•. dotn$ •nd fr•ud prottttlon prncemes and polkles. PLACI DIVE & ZMCUISXOM AT TME HEAAT OF ALL ThAT WE IK>: taIn our global re1 tt¥ Ind1¥1dl IMechE MIM15 In rnsport of 9rnnts, ¥duntrerlng and Truste• opportunltks thrtyjgh •d•Wng our pnbc•sMs to r•rnov• b•rrltf5 to engJgemellt wlth ys •.g. est•bllshln9 dlgft41 workkn9 as our elFethfe norm. CoAVrwe to urtdert•ke an howstlc aPpTh to c•Mwork •nsuth9 thot addliknid Isxles wch as dlsatylllty, carer ruponslbllluu. thy11 or mwtal h•alth15sU•S: pos51¢ Olscrlmln•tlDn •t work are Idertlfied- e¥en when thele not the pvesentlng prnbkn - •nd IrKrease eifert gfmts •nd setyke r¢spow tD the same. Undert•ke member P*•11rf
sumy and fo(ts group resear¢tt to sh•p¢ off¢rlngS to whlesi member need and to complemert the IM¢thE strntegy. IN APPRECIATION The TnJ$tees would Ilke to con¥ey thelr slneere thanks to the many ¥olunt¢•rs who ha¥e $0 gefterouY glven thelr tlme In assistin9 Supptsrt Network. •nd especlally for thelr contlnu•d adaptsbillty jnd commltment durlng the ext•nded perlods of ID¢kd?wn ond enforced onllne 'visltlng'. They would •150 Ilke to express thelr thanks to tht staff, who have ¢ontlnued to worle effectlvety throu9hout the year. adaptlng to worklng from home and belng •w•y frorn coll¢agu¢$, The comblned team of staff and ¥olunte¢rs rnake It posslble to contlnue the tharfty's essentlal v•ork of rellevlng poverty whllst mlnlrnlyng admlnistr)tlve overheads. Gratitude Is also expressed to IMechE collea9ues lor thelr 5UPPOrt and a5s1stsnce throu9hout thè year. Wlth the ntlnued contrlbutlon ol th1$ romblned team. Support Network looks forw•rd wlth ¢onlldence to •nhandng the Ilves of IMechE m¢mbers and thelr dependents who llnd themselves In nee(1 of asslstan¢e. •ftd addltlonaly to extendlng •nd expandlrvJ wr fvundauon fvndln9 work and •5S(KlJted ifflyct. Bruce ¢h•ir wland, Trn••urnr P4• 170133
A•lv•n¢• •nd Admlnl•tr•tlv• ZnI•rrnatTr Nam•.' The 8¢nevolent Fund ol the Instltutlon of Medwnlc•l Englne•rs (Support Il•twork) Cttarlty R¢•. No.209465 Comg•ny R¢9. 149.1309ei Reglstered Office.. 3 Blrdcwe W•lk. London SWIH 9JJ ROLÉ NAM 2D23 TB rTE Yr•asurvr MI0•1 T M•mb•r Tntsthe Andrw Aowl• c1u HDrthlth• M• Yo To P•slp Elbath W J¢knn Conlorth bob Ch Tnnt•e rru5t•• Trwf•• K•y i• C•mmllt••• Member ol the Grants Cornmlttee Member of the P•rsoNnel Commlit Memb•r al th• Flnance Commltt Co-le•d On Communlcatlons Jnd IM•thE r•latlonshlp Co-fepresentatlve on IMe¢hE ver$Ity & Indywon Qoord M•mber of the New Apgll¢•tkn PaMI Member of the Stud•nt & Appr¢ntlushlp P4nel Member ol th• Offlce Oeclslon Panel L••d on G•n•r•l Data Prgtectlon Rgulitlon• L••d on Found•tl•n Fundlng Imeche Redu¢ed Sybxrlpiions panel repreMntatlv• L•ad on marnborshlp survey & rel•tlons io li 12 Kay M•n•••m•nt P•v•onn•l The Trustees h•ve delegOte¢J $19nlflc•nt Juthortty and rejponslblllty In th• d•y-io.d•y nJnnlng ol the chorfty to the Chlei ex•cutl¥•. Annl Broadhead. Inv•tm•nt M•n•ger•: Cazenove Schroder & Co. Llmlt•d. 31 Grsh•m Strn•t, London ec2V 7QA CCLA Inv5tmont M•n•gem*nt Umlted. 80 Che•pslde, London EC2V 6DZ Cordea Sèvllls LLP. 33 M•rg•ret street. London WIG OJD Fldeiiry Int•m•tlonal, 130 Tonbrldge Ro•d, Tonbrfdge, Kent, TNI 1 9DZ M&G Ltd. Laurence Pountney Hlll. London EC4R OHH ••nk•r•: Natwest Bank plc. 38 Strand, Lo19 WC2N 5J8 Audlt•rn: Moore KinpAon Smlth LLP. 6th Floor, 9 Appold St, London EC2A 2AP S•llclt•r•: Blrcham Dyson Bell, 50 Broadway. London SWIH OEJL P4•11$)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BENEVOLENT FUND OF THE INSTITUTION OF MECHANICAL ENGINEERS Oplnlon We have audited the finanaal 5taternents of The Benevolent Fund of the Institutlon of Mechanical Engineers I'the company'l for the year ended 31 December 2023 which cotnpn5e the Statement of Financial Activitie5. the Summary Income a[ ExnditUre Account. the 8alantr Sheet, the Cash Flow Ststementl ènd notes io the financial statements. Including significant accounting 1cleS. The financial rep)rting framework that has been applied In their preparation is atv4icable law an¢J United Kingdom Accounbng Standards. Including FRS 102 'The Finanoal Reporting Stsndar¢J App11¢able In the UK and RepU1C of Irelond. {Uniteil Kingth)m Generally Accepted Accountsng Pracbcel. In our opinw)n the financol statements.. give a trve and fatr view of the thte of the charitable tompany's affairs as at 31 December 2023 and of its incoming resources and application of resources. Including its income and expenditure. for the year then erMJed- have been propedy prepared in accordan with Unrted KiTrgdorn Generally Accepted Accounting Prartice." and have been prepared in o¢ts)rfance with the reqtsireffts of the CompaTh Att 2006. Ba515 for oplnlon We conducted our audrf( in accordance with Intemabonal Standards on Audibn9 IVKI IISs IUKII and apF4icable low. Our resFx)n%bilities under those stsndards are fvrther de5cniEd In the Auditor's Responsibilities for the audit of the financjal statements section of 04Jr reFort. We a Indepen¢Jent of the Charntae company In accordance with the ethir31 reouirements that ao le¥afil to our audit of the ftnancial st6ternents In the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical resnsIbIlitieS in attordafice with these reqU1Ments. We believe thot the autlit evidence ¥Ye have obtained Is suffKient and appropnate to provide a basis for our op¥nion. Conclusions relating to golng concern In auditing the financial sratements. we have conduded Ihat the tnJ5tees' use of the going concern basis of accounting In the ppatrOn of the financkil ststements Is apprDPnate. &3sed on the work we have perforn. Y4e have not identifi&Y any matenal UnrtaIntieS relating to events or conditions that, Individuèlly or cOlVy1 rnay cast signifKant doubt on the chantable cornpany's 6bility to continue as a going concem for a penod of at least twelve months from when the finanoal statervnts are authorised for issue. Our P)nsI11t*S and the resp)nsibilitses of the trustees resFert to going COnM are descnbed in the relevant sethons of this reF4)rt. Other InfornwtloTh The other inf0rrnatn comprise5 the Infomiatll indudeLI IrTr the annual rep)rt, other than the financial statements and our auditorfs rÈrKJrt thereon. The trustees are re5F¢)nsible For the other Inforrnabon contained within the annual rewrt. Our opnion on the finantial statements does not cover the other Inforrnabon and, except to the extent othwwise eXplV 5tsted In our IK)rt. we do not express any forni of assurance cOndUn thereon. Our responsibility is to read the other information and, In doing so. congder whether the other infom)ation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appear5 to materially misstated. If we Identify such material inconsistencie5 or apparent matenal misstatements. we a required to determine ¥Yhether the Is a material rnisstaternent In the financial statements thern5elves. If. base<J on the work vle have perfrjmied. we conclude that there Is a matenèl mtssratert of th15 Other Infom)ation. vie are Page 19 of 33
required to report that faci. We have nothin9 to report in this gard. Oplnlon on other m•tttr¥ prescrlbed by the Companles Art 2006 In our oplnlon, based on the work undertaken in the course of the audlt.. the Information given in the trustees, annual report for the financial year For which the financial statements a prepad 15 consistent with the financial staternent5' and the trustees. annual report have been prepa4 in accordance wlth applicable legal requlrements. Matt•r¥ on whlch we are requlr•d to r•port by exceptlon In the light of the knowledge and understsnding of the company and its environment obtained In the course of the audit. we hove not identified material misstatement5 in the trustees, annual pOrt. We have nothlng to report In respect of rhe followlng matters Whe the Companies Act 2006 requires us to rèport to you If. In our oplnion.. dequate èccounting records have not been kept, or returns adequate for cur audlt have not been recelved from branches not visited by us,. or the financial statements are nor In agreement with the accountin9 records and tUMS,. or certain disclosu$ of trustee5' remuneratlon specifled by law are noi made., or we have not recelved all the Informatlon and explanatlons vle require for our au¢lt,' or rhe trustee5 were not enritled to prepare the flnancial statements In accordance with the small companies gIMe and take advantage of the small companles exemptlon in preparlng the rrustee5' annual report and from preparlng a strategic report. R•spon•lbllltl•• of trustees AS explained more fully in th• tru5tees' responslbilltles statemenr set out on page 12. rhe trustees (who are also rhe directors of the cttaritae company for the purposes of company lav41 are responsible for the preparatlon OF the financial statements and for being satisfied that they give a true and fair view. and for such Intsmal control as the trustees deterlnlne Is necessary to enable the preparatlon of financial statements that are free from matenal misstatement, whether due to fraud or error. In prepanng the financial statements, the trustees are responsible for assessing the charitable company's ability to contlnue as a golng concern, disclosing, as applicable, matters related to 9oin concern and using the goin9 concern basls of accounting unless the trustees either Intenoj to liquldate the chantable company or to cease operations, or have no realistic alternatlve but to do so. Audlttsr'• Respon•lbllltl•• for th• au¢lt of th• flnandal t•tements Ourobjectives are to obtain reasonable assurance about whether the financial statements as 8 whole are free from marerial m15Statement, ¥vhether due to fraud or error, and to Issue an auditor's report that Includes our opinion. Reasonable assurance Is a high level of assurance. but is not a guarantee that an audit conducted In aecordance with ISAS IUKI will always detect a material missratement when It exists. Mi55tètements can arise froffl fraud or error and are conSided material If, Indlvidually or in aggregate. they could reasonably be expeeted to infiuence the econornic decisions of users taken on the basis of these financial sratements. As part of an audit In accordance with ISAS IUKI we exercise professional Judgement Jnd maintain professional stepticlsm throughout the audit. We also.. Identify and assess the risks of material misstaternent of the flnancial statements, whether due to fraud or error, design and perform audit pdureS reswnsive to those risks, and obtain audit evidence that is sufficient and appropnate to provide a bas15 for our opinion. The risk of not detecting a rnaterial rrisstatement resulting frorr fraud Is hlgher than for one resulting from error, as fraud May involve collusion, For9ery. Intentional omission5, m15repsentatl0n5, or the overrlde of Intemal control. Page 20 of 33
Obtain an understaftding of intern& rontrol relevant to the audit in order to design audit pr(xedures that a appropnate in the circurnstan. but not for the purposes of eXp$s1Thg an opinion on the effettsveness of the chantable ctsmpany's internal LDntrol. Evaluate the appropriateness of accounting rKJlioes used and the reasonableness of accounting estsmates and rdat&J disdosures made by the trustees. C(&nclude on the approwateness of the tnJstees' useof the going cOnM bags ofaccounting and, based on the audit evidence obtained. wttethÈr a material uncertainty exists related to events or conditions that may catt significant doltbt on the chantsble cornpany's ability to contsnue as a going concem. If we conclu(le that a matenal UnrtaInty exist5, we are requi to draw attention In our auditorfs rewrt to the relate(I dl5d0su in the financial statements or. if such d+I0$ureS are inadequate. to modify our opinion. Our conclusions are on the audit eviden obtained up to the date of our auditor's report. However. futu events or condrtJon5 may cause the charitsUe company to se to continue as a going concern. Evaluate the overall E¥tatsOn. Stnlctu anLI content of the finanaal statsments. including the disclosures. and whether the financial ststements represent the undedying trdnsaLtions and events in a manner that achieve5 fair presentation. We communicate with those tharged governan wardirbgi among other matters. the planned scope and timing of the audit and significaftt finding5, induding any nifiCant deficiencies in internal control that we identify dnfig our audit. Explanation as to what extert the audit was (45•dered capabl¢ of deterting irre9ularltle includlng fraud IrregUlarleS, induding fraud. are Instan of non-coMlan laws and wulabons. We deggn proureS in line with our responsibilrties. oudined atK>ve, to detect matenal misstatÈment5 in respett of irregulanties, Indudin9 fraud. The extent to which our prccedures are capèble of tjetecting IrUl3r1tIeS, including fraud Is detailed lw. The objettives of our audit in respert of fraud. are.. to identify and assess the risks of material rni55taternent of the financial statÈrTnts due to fraud.. to obtain sufficiwt apprDpriate audit evidence regarding the assessed n5ks of matenal misstatement due to fraud. through de51gnin9 and Implementing appropnate responses to those o55e5sed nsks." and to ptsnd appropriately to Instance5 Of fraud or susmed fvad ithtified durin9 the audit. HowevÈr. the prirnary responsibility for the prevention and detecbon of fraud rests with )th tTWla9ement and those thargetl with govemance of the tharitsble company. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and congdered that the most Significant are the Compan5 Act 2006, the the Charity SORP. and UK financial rtIng standarts as Issued by the Financol Rep)rtng Counal. We obt6ineiJ an understanding of how the charitable company complies with these requirements by discussions with rnanagert and those charyed with governan. We assessed the nsk of matenal m155taterrent of the financièl 5taternents. Including the risk of matenal misstatement due to fraud and how It mKJht occur. by holding di5CUSgons wth ana9ement and those charged w&th w¥eman. We Inquired of management and those charged with governance as to any kntswn 1nStsnS of non-compliance or 5USkErted DOnmplian with laws and regulations. Based on this understanding. we <Jesigned specific oppropriate audi( procedure5 to identify instsnce5 of non-compliance with laws and regulation5. This Inclu¢Jed mèking enquines of Pa9e21of33
management and those charged with governance and obtaining additional coobOrative evidence as required. There are Inherent limitations in the audffc procedures descrlbed above. We are less likely to become aware of Instances of non-complianc& wlth laws and gUlatIonS that are not ¢losely related to events and transattions flerted in the financial 5tatetnents. Also, the risk of not detecting a material tnisstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealrnent byi for exafflple. for9ery or Intentional misrepresentatsons, or through collusion. Use of our report This report is Made 501ely tts the charitable company's mernbers. as a bcdy. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work hès been undÈrtakÈn so that we might state to the company's rnembers those matters we are quired to state to them in an auditor's )rt and for no other purpose. To the fullest extent permitt by law, we do not acpt or assurne sponsibility to any party other than the charitable company and charitable corrpany's members as body, for our audit work, for this rep)rt. or for the opinions we have fomied. Jonathan Aikens (Partner) for and on behalf of MO0 Kingston Smith LLP. sratutory Auditor Sixth Floor 9 Appold Street London EC2A 2AP Date.. 19 August 2024 Page 22 of 33
Tqt•l 1.IM4 14 14 14 P412)
Th• 8anavol•nt Fund of th• In8tltutlpn of Mechankal Englne•rs Baline• She•t For the y1 31 D•c•ml)er 2023 Tolal FundB Tolal Fund• Slod( Mwk•i Inw•kn•b• 33.7TO.586 32.78¢521 T0fiXed ats 12 11 io 51893 168.848 C••h al WKI fft harnl Low (d aft•r morn thAn on• swr) 141.749 U•bllIII¢• 13 117.039 121. 121 1.348.770 1238,559 35119356 Th• fvnd8 of th• ch•th: 27.119.356 26.1)5.080 and on hs belwl br." . Tro•wr•r. The nrth nvmb•red 1 to 20 forni port ofttr• •cwM•. Cry#ny mIr 13M1 Pap149>
Benevol•nt Fund of th• In8tltullon of Mochanlcal Englne8rs Statement of Ca8h Flo For lh• ear ended 31 Dec•mb•r 2023 2022 C••h trlow• from op•rntlry •cll¥W•&' C••h Ilow• from In¥••llw •cdvS11M: Oa8.873 478.013 181 (150.C(M 100,000 140.802 PrvrA•d• from Ml• af inw•trM ,000 (78,489) Ptsl y4y4ld•d by lTh¥••tlng acllvli 59.931 1.818 141.749 141.749 188, N•t l•xp•ndknylnMrn• lor th• 9•r Il•t In¢¢m• fovth• rnportlng u•lm•nt• fvr.. Orld•nd•. irt•r•t frtyn 1.114276 (181,596) (1,011,6n) (1,031.9#3) D1•• I {UKf•M•) kn d•btorn IncrnM• l (d•crnaw) In crndlor4 (G•1) I k)••fv on In¥utm•nts Ihl C••h •¢dvW (n.281) 100.9281 51,134 1515.725 1834,1231 1515,6481 Al 01thriJ Ca•hllo*• Non N•t D•bl 1401• Cmh 141,749 168.048 49 P•pasd33
Th• 8•n•volwrt Fund of the Instltutlon of Mechanlcal Englnoern Accouniing Policles For th• y•ar •nd•d 311)K•mb•r 2023 AcwJp4nNG POUCIE8 The CthArty * a prW• fjm•d compjny Iclwity R•J. No 211948S Compwy Rty. No 130981). ¥thWch li Incwpty•d drynicihd in th• UK ThJ • publk benofrt •ntity. The aJruo d th• rn0tytd olkn ii: 3 8ird¢•g0 Wdk. SW1H 9JJ. •1 VA818 OF ACCOUIITINQ Th• accounts (finwKi•l •i•t•m•nts) be•n y•pwwl In •eetyl•nc• tl4• Chwts• SORP IFRS1021 to w•11 their K%ount• kn •ccord•r#>J with FRS102 th• R•wtsng St&1, indudry Upd41• 8ulb•Yn l •ppl¢•bl• In thè UK RtyLlic of Ir•l•nd, t Ctynp•th AQ X<. •nd th• UK G•fi•y Acupled PrKtlc• 11 from 1 JNY 2015. Th• ac¢ounl• 1P[¢•to •NI company law In En •nd WIM. Th• •ltsn•nts w• prwrnd i• the ftmclloml tho oofflpmy. Dry •moufits In Ihe•• fln•ncW l•nwrts •rn round•d to th• nwo•l p(xThl. Th• ffin•nc bl aoiNO CONCEAN Th lkn•ncld •t•mnt• h• b••n pr•p•rwl on • g(4Tra ¢oncwn b••lB. Th• fin•nd•l •thtwn•nts do t In •ny I4trnIn18 th•IfAd from Gomp•ny rKI b•lnll •bkn to cLrtlnu• ftx n•xl 12 monthi. Thff• •r• rK> m•twi•l urt•thnl• •ts)ut tho ¢ontlM? 80 • )InB eorK•m. Tho tru•ts•# hav• ••wMd wlwlh•r th• cO•M l)Ml• {• •ppnJprknt• •nd h• conid•r•d pomibkn •wls or coThllk>M that rn1gN •ni•TrI dwbl tl abmy ol ltr• •ntty 10 ¢inUe M • golnq conc4m. Th• lJu•t••i hav• mad• Ihrn A••u8m•rt lor • p•rxl cl •t I•• on• s•w from the dats ol•pwty•l Lrf th• Iln•rYJ•l ot•mants. Th• INsl•• conLxl• th•r• r4 4 •xpxl•Jpn Ilt th• FWKI h•• •dw4U41• •nd unrn•trlcd th•1•1• ¢antinu•• to th• bow in Pr•nl it• flr•n¢l tht•n•rt•. cl FUNO AccwimNG Th• finvKi•l •t•l•ffl•rt• mik• nl•r•nco ts T(tsl Furth. ThM• funth w• wr••lthl •NI th•rnforn C b• drvn rnquk•d. dl FIIIANCIAL A88Ers Th• Chwty hal •d •ppty I1 pr¢¥w of S•ctkM 11 flMnck•l FRS102 to •1 of h• kn•trumont•. FlnwKAd #sets w• rwrthd In wxp•nrf• ert of fmnGl#l ¥thén Ct• brf¢M poityto th• eontraclu•l ofth FInVK •Met• •J• knp•lY•d ther• th•r• li ¢tii¢4XbM •vldBnco rewjli oltyKJ or mor• th•nts th•t ard after lThlknl r•cognkn olth•1kngnclAI aB¥rt th• ultrnaed lthui• f
Tho B•novolent Fund of tho Inltitutlon ol Paech•nl¢•l Enqineern Accounllng Poll¢los For th• year •nd•d 31 I>Kember 2023 Impalrm•nt ol Ilnanthl •M•ts the thrtur• dMrAXmt•J at a mth rnt• of ¥rtw••l. Other IWllth• ¢Itrd •• fak ¥uB Ihiough prrfl ry lots are at th. fj INVESTMENTS nal g•in$ afftd on arrty dlBpas of fynd6 thrywlF¢Xrt thg g) TANalOLE FIXED ASSEf8 Tv¥l• Ilxed aBsats are Itthd at eo•t (4 caplalimbon limtt L• sn place of £1.CW depr1#{ rAcukted at rate8 InteThl•d Io tyts dl eost 18$8 ¢81irfiAted resWud lue ilwr the ped cl •81kn• at th• rnknj: Fuffllur• 33% pw •nnum OTr c4JAt ) RESOiIICE8 EXPEIIDEO Exwdrtu ac¢ourted foron an wuall balis r¢luthe al any VATthkth c0¢ be er>I•0. Exp&)dtturn Is recogn15ed onc• th•r• i• 1 or conltnth oblgallon to beMlIt to a th¥d party. a 15 prnbabl• thal a tAnsffjf 014coIMxrMc b•nth b• requtr•J in sfjthwnent C bo mwur•d r•lAbty. Grants p•yable ar• chwged th the is lo ti ieclpinnt •xc•pt In tha ca5 the rller h Cond1K•t such orants Iw recoani5 ai not bmn at th• year end •re nttsd a• a cornmkrn•Trl, txrt rK>t r• # expwndlurn. Supwl ¢cts arn all8d b•iwn tho ¢8tswies afeypondilure dependiThJ on trrfir Nurn. P¥•27rf
T Benwolent Fund of the In•tltutlon of Mochanlcal Englnwrn Accountlng Pollcles For the year ended 31 Decembèr 2023 IMC4XE ckn bè moMureLI •nd lik•llw(%l of re¢•ipt o InlereBt kn nied for in the L•gara•s rwn16ed al the crtsri• httwj been mrt •nltlenwnt pmbo1• l)••n J) PosTETIREM BENeNT5 The ¢P•rt8ble CPanY hBs a8K¢Ith mombor •tfjiuJ In trrt pemlon by lh• Imtlutbn of lnICal Erylneern provhjes benefilB b•1 on ffftal pw•ion•blg pay. Tr• cunpwry Is unthi lo tt8 shorn 01 undwl>ing AM•ts &abilitxg ol Khwn• fm a Lent and rwnable b8B arxl thereftye, aj rnqulrnd tr4 FRS102, acctyrts for th8 Fin•nci•l A¢tr¥kns rtprnserts th• c4ytsJutK>n• the In rn¥wct d thp etIng Iwjd. Ail otsff orn •nroW kn Ihe t1frfin ben•fit xtrmo t*h thary•J tr) th• k) CRMCAL ACCOiTrITIIIG ÉSTIW4TES AND JUIXIEMENTS that hm a signfftart df¢ct on Ihe amouth (ecognlsed t+ the flnon¢ial 8t•iem•rts, do any ar. P•p21&S3
Th• O•nwol•nl Fund ol th• In•t1tIon af IJ•¢hanl¢•l Engln••v• A¢MuntSno Polcl•• Forth• yw •nd•d 31 D•e•mb•r 2023 1.010MJ4 164 2012• J14.J11 1•7,120 200,nO .6Si 101.101 1e432J I>•Ai•fgrth•r•hl•lpo¥•ty 394.811 06,101 131,109 97,43 IAn 9. Il•m•p T1 105, 12.1 1.•70 1,523 1,492 16.054 g65 3.174 1IIXh knni¥•rn*ry 513 q026 P4•2•d3Y
Th• B•n•vohnt Fund of th• In•lbJllon of Mechaniul EngSn••r• Accountlng Polici Foi tho y•ar •nd•d 31 D•wnb•r 2023 2022 AlIfee (ent yew VAT) 17.388 12242 10.915 cOnce costs & inL4ur¥rK• L•9•1 F 2.141 y••r. Staff c08ts coThFrfv•:. S01•rtw •NI othLY SodAI lIty 249.4V 23.524 24206 6,170 1,588 854 212.644 aThl payrol supyort TrlrJro Tax on IAMabl• beftell• 305 Th v4•r £60,(x¢fJ >wr ¢ £70.(WM ts £80.otyJ £ao.W)1 to £90,000 Th• tot•1 Ifflounts p4d ol kvrf Thn•gorrnnt in 2023: £102,497 (2tr22: £87,050) 4nd 0intrl>uN ofthem p•M employe•J was In 2Q23 £9280 C2022 £8.838 I. 7 TnAt•• Bmvd 8 Flx•d AB••ts. Furthw• •fid oirrt• Ewlpm•rt 2W42 At 1 J•nwi Aililons 131 D•¢•mlJw 43.052 43.052 Al 1 Janwry Amwnl pnYld•d At31 De 43,052 43.052 Not Book Wu• •131 O•c•mb•r 2023 ¥NI J1 Doc•ffthw 2022 PwJ•*rfJJ
Tho 8•rxvol•nt Fund of th• Instltutlon of Mechanlul Engineern A¢tIng Pollcio• For th• y•ar ended 31 lknmber 2023 2025 J P Dudin inc4ft •cnI M&G Ctwl FLY#J Awnuknti?Th U M&G Dl¥4dend Fund Unlts FbY•lty Fund Sh•r•• C•z•nM Ch•rty Muni AM•t Incom• Untt• Ch•rtty PrEperty Fr1 Incom• Unl• CCIA COIF Ch•ril•s In¥••lmrt Fund Irrtom• Urdl• CCLA COIF Ftx•d IrthAMt Fund Ur• Tty•l 9,883. 14.071.70# 4.152.q42 3.006,506 1.86e.453 681.083 9.8rn774 12.982.120 3.956242 2.97D.$31 I.7.553 964.347 All In¥•thtI •rn lknl•d UK Mcwll&w. 202J c•11 C•WtsI M•M ¥du• * 1 J•nu•ry 32,737,M 421.9eo 1350.r 853 618 33,863,345 07 705,207 (100.{X} N•t pr(•> 32,n7.Ml C•th inb••lnnt m•n•J•r •t 31 D#•mb•r 33.770,588 32.788.521 at 31 Dtt•mb•r Unmlwl lTrwstm•nl 31 O•c•mb•r 20 431151 10 Lo•n• 1•1 J•nu•ry 1,178,331 148.420 leO,883) 1.110.S4B 92,973 (27,1W) Wflthn C•ni•d 31at O•c•mbw ThM• w• lrt•r••ifr•• •nd • to th• Fund fml fv ••l•l• of ¢h• b•n•ftdwkn In fflor• Ihn on• >•r. Th• nourt dpro¥ld•d ww•cur•d In 2023 £147.714 (20. £90.036). 11 An•ly•kn ol Chany• In C••h C••h Ilty* C••h at b•nk ar 166.848 27,099 78,489 141,749 28,751 ••• ngl• 9 107.241 12 Olh•r D•lrto du? fnyn the Imtilukn cl M•th•nlul Er4knwrn 4.270 9,879
Th• Bon•vol•nt Fund of th• Instltutlon d M•ch•nk•l Engln••r• eounung Polkl•8 For th• y•ar •nd¢d 31 D•e•mb•r 2tr23 13 Crndll)rn 102J08 12.000 11000 117 31 3• X121 41X¥J,(O) 26,CK41)W I.V3.9)7 (1.012, 853.•18 27.119.3 15 Flmnthl C•bMilbm•nl• by lh• •1 114¢Pwtsl Ery"r rd ro ¢Jowd rr4mb•rn. Tr• t•# hJH •th•rknl v•lJ•tyM raniod •1 l Offbar?07$•Tr) vpJ•W kn 31 Lkkwfer2019 by • InWJUpn. PrgI•j by FRS102. th• lurnllng thp Mth0 •ftw th• EnB(n•tyfBBnd and It itssl47rn01tt• aM•ts •rvJ S•bilt• • ra%111 r•awnalA• bKrd and Ihlrnlm. •% rnq by Sedon 26 of FRS 102 b•r•fi6'. for ItN A d•fjMd tilth> s¢h•rM. • the •mwftt loth •rl •c£•unt r•p¢•Mnts p•y•bl•kn th• in •ttOJA¥ry wknl. Tl• 8w•vof•nt Fund wi•rnd into an •gFemfit*therRtytr• Fd 10th Pw32rf35
Th• 8•n•vol•nt Fund of th• In•iitullon ol M•¢hanlcal Englnmrn Arxounllng Pollcie• For the year ended 31 Decembor 2023 Th• 0¥0rt l¥ c¢xwldw•d lopa88 th• t• Pryrnph 1 Sddule 6 FInan 2010 d t•fU•ll Mts the d•frfaOon ol• dwrtlalJl• tru•t for UK l•M pwpojw. knrdIn¥Y. th• eO¥ornd by P•t 10 In¢tyM Tu £t 21W or Sectton 256 Ofthe TaX¥i of Crgl0 Gth8 19V2, 10 th• •xt•rt Ih•t kncl¥b or yin• are apoied •xduiroty to purywe 18 Ullkn•t• p•Trnl In the irf th? InAtee• Ihere Ol no eoninllbig kwty. 19 R•lthl P•rty Tr•n••Gtton• The Ber¥olert Fwxl ol lThIlj1kn ol Medwl¢•l Er¥lne•rn Nthw)rfE) b •n hd•p•nd•rf iepw•te thortty and company lrnn IMI of th• IrAlttull¢n ol M•th•nl¢ IIVathEI lVhllst Iheje •Y9••tlorrf hwe (htinct purpovs •nd op•r•lkm•, trw• 1$ • dog• T•lthIW. Ths 19 1•1gety due both Support and ts IPlechE fielpkq the wm• pwpl¢. Ih•y n> both th¢d to Ihe memiwrnhlp base of the needB ol tli8 pOrtK part of th• 9vrIng COFrmunlty. NeIrt( Is gr•W tr th• dty)8bon lIac0n ¥n(l•rt•k•n by th IIAach¢ ond lor rnlatsd rnrk•tlThJ Ind prorrv)kn that 1$ provklod ty them. Qlti Thl Yrn at lent w of th• &Jpwt N•1¥ Twitees h•• be•n 8ourr•d troffl the IMethE wknyee tyty41. (ther to und¥t the algn the of th• t•) In 2f23 41onaiioM rtcelved th• IM•thE thl•d £205.610. and r•¢Mryed •xp•ndllw• from l¥é¢hE tatslknd £333,2TI. lea¥ing • net bolw ol (£127Me). 2ro2 w• £218.707. f•¢h•ry £288.?. •rnl net boLgnce1£70.ZQOI. reported Nate 7. Th•toW ¢omMtt ft¥ rwl•l uJ•t• TA•r• £IO,m. •¥1 dher ¥w• £11.933 It 31 D•2(123 {2022: rnnt•l M•ts £10.779. 0thgrMr¥ke• £11.933) 21 Comp•ry Umlt•d Tr rjwlty kn • thirted ty W•rnrt•e and tha• no caplw. Th• ol Trwnb•r tn I e¥enl ol ¥41• liff¥ted to £1. •cuxate prfJr 0f•thbli undertk•n. £183.323 oftho 2022 tot•1 ilYc08ts of£28S,424 hMI len r&glocated to eo#ts frnm ¢lwiibl• ¥tr411iu in lh• prfor Jwr. Py33rf33