OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

IET Trustees, Annual Report and Accounts

able 1:Reserves coverage
2020 Lower 2020 Upper 2019 Lower 2019 Upper
range range range range
Charity only Em Em Sm Sm
Operations
contingency		 28.2 28.2 30.5 30.5
Revaluation
contingency		 12.4 12.4 11.8 11.8
Pensions
(surplus)/deficit
(technical
basis)		 1.3 2.7
Pensions deficit
(giits-funding
basis)		 21.5 24.1
Target range for reserves 39.3 62.1 45.0 66.4
Actual reserves 98.4 98.4 98.3 98.3
Reserves coverage 250% 158% 2181o' 148%

Asset class Performance benchmark Strategic Allocation
Private Markets Not applicable up to15/

Asset class Asset class Performance
benchmark		 Strategic Allocation
Developed Equities Composite
Benchmark
comprising
of regional
provided
by FTSEand MSCI		 indices 36%
Emerging Market Equities MSCI Emerging
Markets
index		 4%
Diversified Growth 3 Month Sterling LIBOR+3%per annum 12.5%
Multi-Asset
Credit (MAC)		 50% ICE BofAML Global ~igh Yield Constrained
50%S&P US Leveraged
Loans Index		 Index 125%
Emerging Market Debt (EMD) J P Morgan
GBI-EM Global Diversified		 Index 75%
Absolute Return Bonds 3 Month
LISD LIBQR+4-6% per annum		 125%
TOTAL 85%
Unrestricted Expendable Permanent
Funds Endowment Endowment
Developed Market Equities 36% 47% 75%
Emerging Market Equities 4%
Diversified Growth Fund 125% 15%
Private Markets (up to) 15%
Multi-Asset
Credit		 125% 15% 16%
Emerging Market Debt 75% 8% 9%
Absolute Return Bonds 125% 15%
TOTAL 100/ 100/ 100/

ortfolio with BlackRock for 2020 wa s as follows:
Actual 2020 Benchmark 2020 Over/(Under)
Performance
Developed
Market Equities		 16.0% 15.9% 0.1%
UK Equities (96)% (96)%
North America
Equities		 20.0% 199% 0.1%
Europe Equities 21% 18% 03%
Japan Equities 145% 145%
Pacific (exJapan) Equities 6.6% 6.6%
Emerging
Market Equities		 18.0% 183% (03)%
Actual 2018-20 Benchmark 2018-20 Over/(Under)
Annual
ised		 Annual
ised		 Performance
Developed
Market Equities		 107% 105% 02%
UK Equities (07)% (07)%
North America Equities 140% 139% 01%
Europe Equities 54% 49% 05%
Japan Equities 61% 61%
Pacific (exJapan) Equities 42% 42%
Emerging
Market Equities		 60% 62% (02)%

Key pe rformance
in		 rformance
in		 dicators
Strategic Theme Key Performance
Indicator		 2021 Target
Engineenng excellence Annual
number of IET members		 achieving Engineering Council 2,650
registered
status
in-year
Skills, learning and networks Non-apprentice
student
and apprentice		 members below the age 34,092
of40 (excluding
those in India and China)
Research solutions Average Journal
Impact Factor		 2000
Innovation and policy Government
Engagement
Score		 7,593
Education Engagement
with
IET Education		 Activity / Resources 41,200
Enabling metrics Achievement
of annual
budgets		 503m
Extent to which volunteers
recognise the		 ways in which 705%
their contributions
align to the beneficial		 impacts the IET
seeks to deliver

ecision-making
Appointed Retired Attendance
(from 1 (from 30 (actual/
Trustee roles October) September) potential) Other governance
roles
Ms Y M Akinola 2018 8/9 ~ominations and Succession Committee (from 1 Oct)
Dr C M Arthur 2018 9/9 Audit and
Risk Process Committee
(Honorary
Treasurer)		 Finance and Investment
Committee
Knowledge Services and Solutions
Board
Membership and Professional
Development		 Board
Volunteer
Engagement
Board
Dr
I S Belger		 2018 7/9 ~ominations and Succession Committee
Dr 8 S Bhangu (Vice 2020 2/2 Knowledge Services and Solutions
Board		 (from 1 Oct)
President) ~ominations and Succession Committee (from 1 Oct)
Professor
P T Blythe		 2019 9/9 Membership and Professional
Development		 Board
(Vice President) ~ominations and Succession Committee
Dr PW Bonfield 2013 9/9 ~ominations and Succession Committee
(President) Remuneration Committee
MsJ K Bryant (Vice 2017 2020 6/7 Audit and
Risk Process Committee
(until 30 Sep)
President) Finance and Investment
Committee
(until		 30Sep)
Mr M D Carr 2016 2020 7/7 ~ominations and Succession Committee (until 30Sep)
Remuneration Committee
Professor
R A Cryan		 2020 2/2 Audit and
Risk Process Committee
(from		 1 Oct)
Finance and Investment
Committee
(from		 1 Oct)
~ominations and Succession Committee (from 1 Oct)
Remuneration Committee
(from
1 Oct)
MrJ Dunn 2018 9/9
Appointed Appointed Retired Attendance
(from 1 (from 30 (actual/
Trustee roles October) September) potential) Other governance
roles
Professor D A George 2017 9/9 Audit and
Risk Process		 Committee (until 30 Sep)
(Deputy President) Finance and investment Committee (until 30 Sep)
~ominations and Succession Committee
Remuneration Committee
Dr SC A Harrison (Vice 2017 2020 7/7 Knowledge Services and Solutions Board (until 30Sep)
President) ~ominations and Succession Committee (until 30Sep)
Dr A C Harter (Vice 2019 9/9
President)
Miss S E Hubbard 2017 2020 7/7 Audit and
Risk Process		 Committee (until 30 Sep)
Finance and investment Committee (until 30Sep)
~ominations and Succession Committee (until 30Sep)
Ms R Hurst (Vice 2020 2/2
President)
Dr G Katragadda (Vice 2019 9/9
President)
Professor P M Needham 2020 2/2 Audit and
Risk Process		 Committee (from 1 Oct)
Finance and investment Committee (from 1 Oct)
Ms D E Ohlson (Vice 2019 8/9 ~ominations and Succession Committee
President) Volunteer
Engagement		 Board
Ms A A Randaii 2017 2020 4/7
Professor K Sugden 2020 2/2
Air Marshal Sir Julian 2016 8/9 Audit and
Risk Process		 Committee
Young(Deputy Finance and investment Committee
President) ~ominations and Succession Committee
Remuneration Committee

Strategic risk Principal
mitigations
Maintaining systems integnty and Appropnate
information
polixaes and procedures
have been put in place and
information security these are subject to both internal
review and external testing
Risk assessments,
inadent
management
and business
continuity
procedures
are also in place
Specialist role within the staff team
Ability to meet defined benefit pension The scheme has previously
been closed to accrual
Risk reduction
and funding
liabilities approaches,
including
liability-driven
investments
and partial
buy-in of liabilities
have been agreed with scheme trustees
Long-term
nsks are supported
by IET's
own Reserve policy
Ensuring
compliance		 with data Policies and procedures
in place and training
provided
Specialist role within the
protection guidelines staff team
Threats to the level of publishing The IET's financial
model depends
on contnbutions
generated
from mature
revenues publishing
products
Mitigations
include close management
ofstrategic
partnerships
and vendors,
product development
and new product
initiatives
Protecting the intangible value of Scanning
for market trends and threats to business
value together with
business assets appropnate
development
of existing products to maintain
relevance
Ensunng
I ET's activities		 remain The IET has adopted
a finanaal
framework to structure
budgeting
Mitigations
financially sustainable include forecasting, strategic
planning,
portfolio management
and sound
procurement
practices
Business continuity and disaster recovery With the support ofexternal
expertise, the IET maintains
a Business Continuity
Plan and tests it regularly
based on simulated
scenarios
In response to the
COVID-19 cnsis the Executive-level
(GOLD) and Management-level
(SILVER)
business
continuity
teams continue to meet, monitor and respond
with a focus
on both welfare and operational
adaptations
Adequate project management Standard
project methodologies
(including
Agile) supported
by structured
capabilities for effective development Project Office procedures
and Executive monitonng
Qualified
and dedicated
project managers
are used for key projects
Liabilities and reputational nsk resulting Lise ofsuitably
qualified
staff together
with robust editing
and checking
from publications, opinions and advice procedures
Lip to date quality control systems
in place.
Ability to maintain
status		 and influence in Building
key relationships,
engaging
on topics of relevance to government
and
Public Policy ensunng
a high quality ofexpertise
within
IET
Adverse trends
in member		 Recruitment
focus on student
and early career members
Development
of
demographics engagement
through
IETOn Campus
and other Young Professional
onented
activities
Increased engagement
with engineering
employers
Proactive
marketing
Safeguarding
children		 and vulnerable Ensunng
suitable
policy, procedures
and checks are in place as well as
adults mandatory
training
for all staff and volunteers
Ability to recruit members and Virtual engagement
significantly
increased,
maintaining
contact and support for
encourage professional development engineering
employers
Subscription
freeze and hardship
discounts
in place
Profess iona
I registrations
fully virtual

Restncted a Restncted L
Unrestncted Endowment Total Unrestncted Endowment Total
Funds Funds Funds Funds Funds Funds
2020 2020 2020 2019 2019 2019
Notes 9.000 9.000 t000 E'000 E'000 E'000
INCOME AND ENDOWMENTS FROM:
Donations
and legacies		 1 449 450 137 397 534
Trading activities 2 3,737 3,737 11,437 11,437
Investment
and other incomes		 3 2,442 294 2,736 2,114 319 2,433
Charitable
Activities
Education,
policy &awareness		 189 1,410 1,599 343 92 435
Knowledge
services and		 solutions 24,898 24,898 28,684 28,684
Membership
&professional		 development 19,100 19,100 19,142 19,142
Share of profit
in joint ventures		 2 13 13 2,969 2,969
Total 50,380 2,153 52,533 64,826 808 65,634
EXPENDITURE ON:
Raising
Funds
Fundraising
costs		 327 327 364 364
Trading activities 1,290 1,290 5,137 5,137
Investment
management		 fees 562 48 610 552 43 595
Charitable
Activities
Education,
policy &awareness		 7,110 2,696 9,806 6,509 1,324 7,833
Knowledge
services and		 solutions 31,779 31,779 34,878 34,878
Membership
&professional		 development 18,055 18,055 18,457 18,457
Total 5 59,123 2,744 61,867 65,897 1,367 67,264
Net (losses)/gains
on investment		 9 8,472 1,353 9,825 15,250 2,175 17425
Net income/(expenditure) (271) 762 491 14,179 1,616 15,795
Other recognised
(losses)/gains:
Remeasurements
of net defined		 benefit
pension schemes 17a 877 877 1,240 1,240
Foreign exchange (losses) arising on retranslation
offoreign subsidiaries (52) (52) (56) (56)
Net movement
in funds		 554 762 1,316 15,363 1,616 16,979
Reconciliation offunds:
Total funds brought
forward		 169,490 15,492 184,982 154,127 13,876 168,003
Total funds carried forward 16 170,044 16,254 186,298 169,490 15,492 184,982

Restricted a Restncted
lk
Unrestricted Endowment Total Unrestncted Endowment Total
Funds Funds Funds Funds Funds Funds
2020 2020 2020 2019 2019 2019
Notes EOOO EOOO EOOO EOOO EOOO EOOO
INCOME AND ENDOWMENTS FROM:
Donations
and legacies
Qualifymg
chantable
donations		 due to the IET 2 54 54 4,752 4,752
Other donations
and legacies		 1 449 450 137 397 534
Investment
and other income		 3 4,850 294 5,144 7010 319 7329
Charitable
Activities
Education,
policy 8rawareness		 189 1,410 1,599 343 92 435
Knowledge
services and solutions		 24,757 24,757 28,490 28,490
Membership
lk professional		 development 18,764 18,764 18,597 18,597
Total 48,615 2,153 50,768 59329 808 60,137
EXPENDITURE ON;
Raising
Funds
Fundraising
costs		 327 327 364 364
Investment
management
fees		 562 48 610 552 43 595
Charitable
Activities
Education,
policy &awareness		 7,110 2,696 9,806 6,509 1,324 7,833
Knowledge
services and solutions		 31,870 31,870 34,925 34,925
Membership
lk professional		 development 17,936 17936 18,071 18,071
Total 5 57,805 2,744 60,549 60,421 1,367 61,788
Net gains on investment 9 8,472 1,353 9,825 15,250 2,175 17425
Net (expenditure)/income (718) 762 44 14,158 1,616 15,774
Other recognised
(losses)/gains:
Remeasurements
of net defined		 benefit
pension schemes 17a 877 877 1,240 1,240
Net movement
in funds		 159 762 921 15,398 1,616 17014
Reconciliation offunds:
Total funds brought
forward		 168,681 15,492 184,173 153,283 13,876 167,159
Total funds carried forward 16 168,840 16,254 185,094 168,681 15,492 184,173

as at 31 D e ce mb er 2020
Group Cheoty
2020 2019 2020 2019
Notes 2000 2000 2000 2000
Fixed assets
Intangible
assets		 81
Tangible assets 28,584 29,549 28,578 29,540
Investments 9c 160,715 143,050 161,651 142,477
Total fixed assets 189,299 172,599 190,229 172,098
Current assets
Stock and work in progress 10 270 239 265 239
Debtors 10,052 11,908 9,385 12,977
Investments 9c 5,286 19,582 5,286 19,582
Cash at bank and in hand 5,815 8,074 3,251 4,550
Total current assets 21,423 39,803 18,187 37,348
Liabilities
Creditors: Amounts falling due within one year 12 (19,725) (20,652) (18,623) (18,505)
Net current assets/(liabilities) 1,698 19,151 (436) 18,843
Total assets less current liabilities 190,997 191,750 189,793 190,941
Creditors: Amounts falling due after more than one year 13 (4,535) (4,585) (4,535) (4,585)
Net assets excluding pension liability 186,462 187,165 185,258 186,356
Defined benefit pension scheme liability 17 (164) (2,183) (164) (2,183)
Total net assets 186,298 184,982 185,094 184,173
FUNDS
Endowment
funds		 15,278 14,726 15,278 14,726
Restricted
income		 funds 849 753 849 753
Other restricted
items		 127 13 127 13
Restricted funds 16 16,254 15,492 16,254 15,492
Unrestricted
funds		 16 170,208 171,673 169,004 170,864
Unrestricted
funds		 170,208 171,673 169,004 170,864
Pension reserve 17 (164) (2,183) (164) (2,183)
Total funds 16 186,298 184,982 185,094 184,173

for the year ended 31 D ecemb er 20 2 0
2020 8000 20198000
Cash flows from operating
activities:
Net cash used in o cretin
activities		 (8,337) (4,299)
Cash flows from investing
activities:
Interest received 102 168
Rent receivable 1,155 1,222
Share of profit
in joint ventures		 12 2,969
Income from non-property
investments		 957 718
Investment
management
fees		 (610) (595)
Purchase oftangible fixed assets (859) (783)
Proceeds from sale oftangible fixed assets 1,098
Purchase of investments (28,239) (4,594)
Cash withdrawn
from/(placed
on) short		 term deposit 2,000 (2,000)
Sale of mvestments 19,396 21,832
Net cash (used in)/provided
b
investin		 activities (6,086l 20,035
Cash flows from financing
activities:
Finance lease re a ments (132) (132)
Net cash (used in) financin
activities		 (132) (132)
Change
in cash and cash equivalents		 in the year: (14,555) 15,604
Cash and cash e uivalents
at I Janua		 25,656 10,052
Cash and cash
viva(ants at 31 December		 11,101 25,656
Reconciliation ofnet income to net cash flow from operating activities 2020 SOOO 2019 KOOO
Net income 491 15,795
Depreciation
and amounts
wntten off		 in connection
with assets no longer		 in use 1,824 2,113
Profit on disposal oftangible
fixed assets		 (203)
Net gains on mvestments (9,825) (17,425)
Adjustment
to carrying
value ofjoint venture		 1,003 (36)
Unwinding
ofdiscount
on finance lease		 130 132
Foreign exchange (losses) arising on retranslation of foreign subsidiaries (52) (56)
(Increase)/decrease
in stocks		 (31) 109
Decrease
in debtors		 1,856 205
(Decrease)/increase
in creditors		 (975) 622
Add back of non-cash
FRS102charge		 in respect of defined benefit schemes 46 139
Contnbutions
paid to defined
benefit schemes		 (1,188) (1,212)
Interest received (102) (168)
Share of profit in joint ventures (12) (2,969)
Rent receivable (1,155) (1,222)
Income from non-property
investments		 (957) (718)
Investment
mana
ament fees		 610 595
Net cash used in o
ratin
activities		 (8,337) (4,299)
Analysis of cash and cash equivalents 2020 8000 2019f000
Short term cash investments 5,286 17,582
Cash at bank and in hand 5,815 8,074
11,101 25,656
Unwinding of
discount on finance
At 31December 2019 Cashf laws lease obligation At 31December 2020
Analysis of changes to nat debt KOOO f000 8000 f.000
Cash at bank and in hand 8,074 (2,259) 5,815
Cash held as part ofthe fixed asset mvestment portfolio 17,582 (12,296) 5,286
Finance lease obli ations (3,248) 132 (130) (3,246)
22,408 (14,423) (130) 7,855

2.Trading activities 2.Trading activities 2.Trading activities and subs and subs and subs id iaries iaries iaries iaries iaries
The Group's financial statements incorporate all the IET's wholly owned subsidiary
companies.		 Throughout 2020
the IET had two active wholly owned non-charitable trading subsidiary undertakings registered in England and
Wales, IETServices Limited (IETSL),company registration
number 909719,and IEE Conventions		 Limited
(IEECL),
company
registration
number 3566585, both		 of which are consolidated. The profit and loss accounts ofthese
subsidiaries
are shown		 below, and net profits are donated to the IET under a Deed of Covenant.
IETSL provides
magazine		 publishing, conference, advertising and recruitment
services,		 and rent of surplus
IETaccommodation
and		 related services such as catering. The principal activity of IEECL is the provision of
conference
and exhibition		 services. IEECL accounts for its respective 34%shares
in International		 Broadcasting
Convention
Limited
(IBC Limited)		 and the International Broadcasting Convention
Partnership		 (IBC Partnership)
under the cost model
in		 its individual financial statements, measuring its investments at cost and distributions
received from the investments as income. IEECL is jointly and severally liable together with the other partners
for the IBC's obligations: the Trustees consider that the possibility
of		 a transfer of economic benefits is remote
and therefore
have not		 disclosed a contingent liability in connection
with the joint venture.
IETSL IETSL IEECL IEECL
2020 2019 2020 2019
9000 EOOO EOOO 9.000
Turnover —external 3,737 11,437
Turnover —intercompany 4,446 4,325
Turnover - total 8,183 15,762
Share ofJoint Venture profits 13 2,978
Cost of Sales (7,076) (12,822)
Gross Profit 1,107 2,940 13 2,978
Distribution
Costs		 (1,058) (1,087)
Administration
Expenses		 10 (30) (3)
Operating
Profit		 59 1,823 13 2,975
Net Interest Payable and Similar Charges (18) (40)
Profit on Ordinary
Activities before		 Tax 41 1,783 13 2,975
Tax on ordinary
activities		 (6)
Profit for the Financial Year 41 1,783 13 2,969
Statement ofChanges
in Equity;
Balance at 1January 116 116
Profit for the Financial Year 41 1,783 13 2,969
Qualifying
charitable
donations		 due to the IET (41) (1,783) (13) (2,969)
Balance at 31December 116 116
Comprising:
-assets 2,547 4,593 131 1,127
—liabihties (2,547) (4,593) 15 (1,011)

IET
IET USA IET Services IET Total Total
Inc. (India) (India) (Bailing) 2020 2019
EOOO 9000 9000 9000 EOOO EOOO
Externalincome 469 5 137 225 836 1,259
Intragroup income 790 89 425 656 1,960 2,290
External expenditure (811) (90) (469) (719) (2,089) (2,731)
Iotragroup expenditure (328) (56) (384) (525)
Dividend payable to the IET (372)
Funds (used by)/retained by the subsidiary 120 4 37 162 323 (79)
Net assets 489 173 432 718 1,812 1,539

3.Inve stment
and o		 ther income
Group Group Chaoty Chaoty
2020 2019 2020 2019
9000 EOOO EOOO EOOO
Income from equities 540 562 540 562
Income from bonds 417 156 417 156
Interest received
on cash		 102 168 94 152
Rent receivable 1,155 1,222 1,155 1,222
Profit on disposal oftangible fixed assets 203 203
Dividend
receivable		 386
Other income received from subsidiary undertakings 2,416 4,526
Other income —external 522 122 522 122
2,736 2,433 5,144 7,329

Group Group Chanty Chanty
2020 2019 2020 2019
f000 f000 5000 k000
Depreciation 1,802 2,113 1,799 2,111
Foreign exchange gains arising on transactions (152) (170) (136) (193)
Payments under operating leases:
—Land and buildings rents 527 627 364 456
-Other 22 29 18 25
Auditor's remuneration:
—Statutory Audit 54 57 49
-Taxation 46 39 41

Support
Direct Grant funding Costs Total Total
costs ofactivities (Note 5a) 2020 2019
f.000 f000 5000 f000 f000
Charitable activities
Education, policy 5awareness 6,049 1,027 2,730 9,806 7,833
Knowledge services and solutions 19,471 12,308 31,779 34,878
Membership
8r professional		 development 9,633 8,422 18,055 18,457
Total chaditable
activities expenditure		 35,153 1,027 23,460 59,640 61,168
Fundraising costs 135 192 327 364
Trading activities 1,290 1,290 5,137
Investment management fees 610 610 595
Total group expenditure 37,188 1,027 23,652 61,867 67,264
Support
Direct Grant funding COStS Total Total
Costs ofactivities (Note 5a) 2020 2019
5000 f000 5000 f.000 5000
Charitable activities
Education, policy 8rawareness 6,051 1,025 2,730 9,806 7,833
Knowledge services and solutions 19,562 12,308 31,870 34,925
Membership 5 professional development 9,514 8,422 17,936 18,071
Total charitable
activities expenditure		 35,127 1,025 23,460 59,612 60,829
Fundraising costs 135 192 327 364
Investment management fees 610 610 595
Total charitable
expenditure		 35,872 1,025 23,652 60,549 61,788

Finance
Ik		 Human Property Total Total
corporate
f000		 IT
f000		 resources
f000		 6offices
f000		 Governance
f000		 2020
f000		 2019
f000
Fundraising costs 61 62 13 53 3 192 223
Charitable activities
Education, policy &awareness 875 876 182 759 38 2,730 2,518
Knowledge services and solutions 3,943 3,949 822 3,423 171 12,308 12,499
Membership
&professional		 development 2,698 2,702 563 2,342 117 8,422 8,647
Total charitable
expenditure		 7,577 7,589 1,580 6,577 329 23,652 23,887

Grant to Grants to Support Grant to Grants to Support
aistitution individuals costs Total institution individuals costs Total
2020 2020 2020 2020 2019 2019 2019 2019
9000 f000 f000 FOOO f000 f000 f000 f000
Education, policy &awareness
Research 344 1 345 314 14 328
Scholarships, awards and pnzes 606 56 662 474 17 491
Hardship and financial assistance 20 20 34 34
Total 344 626 57 1,027 314 508 31 853
Grant to Grants to Support Grant to Grants to Support
institution individuals costs Total institution individuals costs Total
2020 2020 2020 2020 2019 2019 2019 2019
Number Number Number Number Number Number Number Number
Education, policy &awareness
Research
Scholarships, awards and prizes 187 187 142 142
Hardship and financial assistance 21 21 33 33
Total 1 208 209 1 175 176

Grant to Grants to Support Grant to Grants to Support
iiistitutioii individuals costs Total institution individuals costs Total
2020 2020 2020 2020 2019 2019 2019 2019
9000 SOOO 9000 SOOO SOOO SOOO sooo rooo
Education, policy &awareness
Research 344 1 345 314 14 328
Scholarships, awards and pnzes 604 56 660 479 17 496
Hardship and financial assistance 20 20 34 34
Total 344 624 57 1,025 314 513 31 858
Grant to Grants to Support Grant to Grants to Support
institution individuals costs total institution individuals Costs Total
2020 2020 2020 2020 2019 2019 2019 2019
Number Number Number Number Number Number Number Number
Education, policy 5awareness
Research
Scholarships, awards and prizes 186 186 148 148
Hardship and financial assistance 21 21 33 33
Total 1 207 208 1 181 182

Group Group Chanty Chanty
2020 2019 2020 2019
9000 SOOO SOOO 9.000
Payrol
I costs:
Salaries and overtime 23,828 22,680 21,233 20,182
Social Security 2,531 2,441 2,272 2,142
Pension
and		 other benefits
- defined benefit pension schemes 46 139 46 139
- defined contribution pension scheme 2,511 2,312 2,330 2,147
- other payments 502 561 399 454
Operating
costs ofdefined benefit schemes		 430 655 430 655
Termination payments 381 76 381 76
30,229 28,864 27,091 25,795
Group Group Charity Charity
2020 2019 2020 2019
Number Number Number Number
Charitable activities 631 609 601 578
Trading activities 36 34
Governance
670 646 604 581
Group Group Chanty Chanty
2020 2019 2020 2019
Number Number Number Number
860,000 - 869,999 21 17 16 13
570,000 - %79,999 17 14 15 12
580,000 - 889,999
f90,000 —899,999
5100,000 —5109,999
5110,000 - 5119,999
8120,000 —8129,999
8130,000 —8139,999
5150,000 - 8159,999
8160,000 —8169,999
5170,000 —8179,999
5180,000 - %189,999
5200,000 - 5209,999
8360,000 —8369,999
5370,000 —5379,999

7. Intangible
fixed assets —Charity
Goodwill
4000
Cost:
At 1Jenuery 2020 407
At 31December 2020 407
Amortisation:
At1Januery
2020		 326
Charge for the year 81
At 31December 2020 407
Net book value:
At 31December 2020
At 31 December 2019 81

Freehold
building
Long - Michael Mechanical Furniture, Computers
Leasehold Faraday and Electrical fittings and and Electronic
buildings House Installations equipment Equipment Total
F.OOO f000 f000 E'000 E'000 f000
Cost
At1January 2020 16,902 6,474 12,538 3,446 3,477 42,837
Additions 461 120 278 859
Disposals (62) — (62)
At 31 December 2020 16,902 6,935 12,538 3,504 3,755 43,634
Accumulated Depreciation:
At 1 January 2020 1,994 3,355 3,170 1,541 3,228 13,288
Depreciation for the year 352 109 871 282 188 1,802
Disposals (40) — (40)
At 31 December 2020 2,346 3,464 4,041 1,783 3,416 15,050
Net book value:
At 31December 2020 14,556 3,471 8,497 1,721 339 28,584
At 31 December 2019 14,908 3,119 9,368 1,905 249 29,549

Freehold
building
Long - Michael Mechanical Furniture, Computers
Leasehold Faraday and Electrical fittings and and Electronic
buildings House Installations equipment Equipment Total
LOOO f000 f000 f000 f000 f000
Cost:
At 1January 2020 16,902 6,474 12,538 3,384 3,477 42,775
Additions 461 120 278 859
Disposals (62) - (62)
At 31 December 2020 16,902 6,935 12,538 3,442 3,755 43,572
Accumulated Depreciation:
At 1 January 2020 1,994 3,355 3,170 1,488 3,228 13,235
Depreciation for the year 352 109 871 279 188 1,799
Disposals (40) - (40)
At 31 December 2020 2,346 3,464 4,041 1,727 3,416 14,994
Net book value:
At 31December 2020 14,556 3,471 8,497 1,715 339 28,578
At 31 December 2019 14,908 3,119 9,368 1,896 249 29,540

Non-property investment
investments property Total
f000 r000 r.000
At 1January 2020 137734 24,898 162,632
Acquisitions
at Cost		 28,239 28,239
Proceeds from Sale of Investments (19,396) (19,396)
Decrease
in Current Asset Investments		 (14,296) (14,296)
Net Investment
Gains/(Losses)		 11,402 (1,577) 9,825
Adjustment
to carrying		 value ofjoint venture (1,003) (1,003)
At 31December 2020 142,680 23,321 166,001
Finance lease relating to investment property (Notes 12and 13) (3,246) (3,246)
Total net investments 142,680 20,075 162,755
Historical Cost at 31 December 2020 132,157 7,227 139,384
Unrealised
Gains		 10,523 12,848 23,371
Realised Gains based on historic cost 8,732 8,732

Non-property investment investments
mvestments property held at cost Total
sooo soon soon soon
At 1January 2020 136,606 24,898 555 162,059
Acquisitions
at Cost		 28,239 506 28,745
Proceeds from Sale of Investments (19,396) (19,396)
Decrease
in Current Asset Investments		 (14,296) (14,296)
Net Investment
Gains/(Losses)		 11,402 (1,577) 9,825
At 31 December 2020 142,555 23,321 1,061 166,937
Finance lease relating to investment property (Notes 12and 13) (3,246) (3,246)
Tote I net investments 142,555 20,075 1,061 163,691
Historical Cost at 31 December 2020 132,055 7,227 1,061 140,343
Unrealised
Gains		 10,500 12,848 23,348
Realised Gains based on histonc cost 8,732 8,732

Group Group Charity Charity
2020 2019 2020 2019
f000 2000 f000 f000
Fixed asset investments
Investment property 23,321 24,898 23,321 24,898
Investments in subsidiary undertakings 1,061 555
Investments in joint ventures 125 1,128
Listed investments:
—Equities 60,384 68,328 60,384 68,328
—Bonds 40,368 16,079 40,368 16,079
- Mixed Fund 32,445 32,617 32,445 32,617
Cash 4,072 4,072
Total fixed asset investments 160,715 143,050 161,651 142,477
Current asset investments
Cash held as part ofthe fixed asset investment portfolio 5,286 17,582 5,286 17,582
Cash on deposit 2,000 2,000
Total current asset investments 5,286 19,582 5,286 19,582
Total investments 166,001 162,632 166,937 162,059
Group Group Chanty Chaoty
2020 2019 2020 2019
9000 9000 9000 9.000
UK 66,531 68,648 67,212 67,820
Non-UK 99,470 93,984 99,725 94,239
166,001 162,632 166,937 162,059

Group Group Chaoty Chaoty
2020 2019 2020 2019
f000 9000 f000 9.000
270 239 265 239

Group Group Charity Charity
2020 2019 2020 2019
f000 9000 f000 f000
Trade debtors 2,896 3,315 2,461 1,730
Other debtors 712 535 548 377
Accrued income 4,451 5,299 4,425 5,131
Payments in advance 1,993 2,759 1,624 2,330
Amounts due from subsidianes 327 3,409
10,052 11,908 9,385 12,977

12.C redito rs: Amounts
falling		 due within one year
Group Group Charity Charity
2020 2019 2020 2019
2000 9000 f000 f000
Accruals for grants payable 1,181 860 1,181 860
Trade creditors 1,341 1,389 1,218 1,224
Obligations
under		 finance leases 132 132 132 132
Taxation and
Nl costs		 796 748 684 601
Other creditors 948 995 933 978
Accruals 5,309 5,754 4,578 4,750
Amounts received in advance 10,018 10,774 9,167 9,841
Amounts due to subsidiaries 730 119
19,725 20,652 18,623 18,505
Group and Chanty Group and Chanty
2020 2019
2000 f.000
Funds held as at 1 January 572 381
Funds received in year 2,363 2,270
Funds transferred to third parties (2,387) (2,079)
Funds held at 31 December 548 572

Group Group Charity Charity
2020 2019 2020 2019
f000 f000 9000 2000
Accruala for grants payable 1,421 1,467 1,421 1,467
Obligations under finance leases:
- later than one year and not later than five years 477 477
later than five years 2,637 2,639 2,637 2,639
Other creditors
4,535 4,585 4,535 4,585

Group Group Chanty Chaoty
2020 2019 2020 2019
9000 f000 f000 8000
Land and buildings, expiry date:
within one year 170 38 170
between two and five years 621 517 529 119
after five years 19,474 18,221 19,474 18,221
20,206 18,908 20,041 18,510
Vehicles and equipment, expiry date:
-within one year
- between two and five years 37 31
17 37 14 31

Debtor/ Debtor/
Expenditure (creditor) at Expenditure (creditor) at
Income 2020 2020 31Dec 2020 Income 2019 2019 31Dec 2019
Relationship ownership 9.000 EOOD 9.000 EOOD EOOD EOOD
IETServices Limited Subsidiary 100% 6,852 (4,446) (249) 6,549 (4,325) 2,425
IEE Conventions Limited Subsidiary 100% 13 (6) 2,969 984
IET USA, Inc. Subsidiary 100% 328 (791) (112) 810 (861) (35)
IET(India) Subsidiary 100% (89) 21 (183) (29)
IETServices (India) Subsidiary 100% 56 (425) (64) 87 (561) (55)
IET(8eijing) Subsidiary 100%
IET(Canada) Subsidiary 100% (10) (37)
Institution
of Engineering
and Technology,
USA		 Subsidiary 100% (31)

Wilde Benevolent
Trust Fund		 211014-1
The Institution
Prize for Women		 211014-3
William Beedie Esson Scholarship 211014-6
Will Geipel Scholarship 211014-7
Goldup Prize Fund 211014-8
Percy Hudswell
Fund		 211014-9
David Hughes
Scholarship		 211014-10
I M E A Scholarship
Fund		 211014-12
J D Knight and E D Knight 211014-13
Sir Edward
Manville
Scholarship		 Fund 211014-15
O'Gorman
Memorial
Fund		 211014-18
The Page Prize 211014-19
Sir Charles A Parsons
Memorial		 Scholarship 211014-20
Paul Scholarship 211014-21
John S Robinson
Memodial
Fund		 211014-22
Salomons
Scholarship		 211014-23
Swan Memorial
Scholarship		 Fund 211014-24
Thorrowgood
Scholarship		 211014-25
War Thanksgiving
Education		 and Research Fund No 1 211014-26
Lord Hirst Fund 211014-31
The Joseph William
Beauchamp		 Scholarships 211014-32
The Caroline Haslett
Memorial		 Trust 211014-34

IET Benefactors Trust Fund 211014-14
The Institution of Electrical Engineers Manufacturing Education Trust 211014-30

J R Beard Travelling
Fund		 211014-4
Blumlein-Browne-Willans
Premium		 Fund 211014-5
Hunter
Memorial
Lecture Fund		 211014-11
Henry
Nimmo
Premium
Fund		 211014-16
Leslie H Paddle Scholarship
Fund		 211014-27

Group —Year ended 31 D ecemb er 2020
Balance at Other Balance at
1January Net Income/ recognised 31 December
2020 (Expenditure) (losses)/geins Transfers 2020
f000 f000 f000 f000 f000
Total General
Funds		 97,978 6,086 (5,853) 98,211
Fixed Assets Reserve 29,549 (1,824) 859 28,584
Invested
Building
Redemption		 Reserve 27,477 (254) 27,223
Development
and New Initiatives		 Reserve 15,500 (4,760) 4,060 14,800
IEECLAccumulated
Fund		 116 116
IET India Accumulated
Fund		 109 (8) 101
IET Services (India) Accumulated Fund 419 8 427
IET USA, Inc. Accumulated Fund 207 100 307
IET (Beijing) Accumulated Fund 347 173 520
Total Designated
Funds		 73,724 (6,311) 4,ees 72,078
Total Unrestricted
Funds		 Before Pension Liability 171,702 (225) (1,188) 170,289
Pension Scheme Funding Reserve (2,183) (46) 1,188 (164)
Foreign exchange
(losses)/gains		 arising on
retranslation
offoreign subsidiaries		 (29) (52) (81)
Total Unrestricted
Funds		 After Pension Liability 169,490 (271) 825 170,044
Permanent
Endowment
Funds
Other Trust Funds 2,032 99 2,131
Expendable
Endowment		 Funds
IETBenefactors Trust Fund 6,481 79 6,560
Dr A F Harvey
Fund		 5,765 6,109
Other Trust Funds 40 (10) 478
Total Expendable
Endowment		 12,694 463 (10) 13,147
Total Endowment
Funds		 14,726 562 (10) 15,278
Restricted
Income Funds
Impact Engineering
Funds		 396 81 10 487
Other Trust Funds 357 362
Total Restricted
Income		 Funds 753 86 10 849
Other Restricted
Funds		 13 114 127
Restricted
Funds		 15,492 7e2 te,2s4
Total Group Funds 184,982 491 825 186,298

Balance at Balance at
1 January Net Income/ Pension Scheme 31 December
2019 (Expenditure) Actuanal Gain Transfers 2019
EOOD f.000 f.000 f.000 f.000
Total General
Funds		 89,261 20,484 (11,767) 97,978
Fixed Assets Reserve 31,774 (1,910) (315) 29,549
Invested
Building
Redemption		 Reserve 25,215 2,262 27,477
Development
and New Initiatives		 Reserve 11,000 (4,108) 8,608 15,500
IEECLAccumulated
Fund		 116 116
IET India Accumulated
Fund		 102 109
IET Services (India) Accumulated Fund 402 17 419
IET USA, Inc. Accumulated Fund 450 (243) 207
IET (Beijing) Accumulated Fund 276 71 347
Total Designated
Funds		 69,335 (6,166) 10,555 73,724
Total Unrestricted
Funds		 Before Pension Liability 158,596 14,318 (1,212) 171,702
Pension Scheme Funding Reserve (4,496) (139) 1,240 1,212 (2,183)
Foreign exchange (losses)/gains arising on retranslation
offoreign subsidiaries 27 (56) (29)
Total Unrestricted
Funds		 After Pension Liability 154,127 14,179 1,184 169,490
Permanent
Endowment
Funds
Other Trust Funds 1,809 223 2,032
Expendable
Endowment		 Funds
IETBenefactors Trust Fund 5,938 552 (9) 6,481
Dr A F Harvey
Fund		 5,047 718 5,765
Other Trust Funds 396 52 448
Total Expendable
Endowment		 11,381 1,322 (9) 12,694
Total Endowment
Funds		 13,190 1,545 (9) 14,726
Restricted
Income Funds
Impact Engineering
Funds		 357 39 396
Other Trust Funds 329 19 9 357
Total Restricted
Income		 Funds 686 58 9 753
Other Restricted
Funds		 13 13
Restricted
Funds		 13,876 1,616 15,492
Total Group Funds 168,003 15,795 1,184 184,982

Balance at Other Balance at
1 January Net Income/ recognised 31 December
2020
f000		 (Expenditure)
EOOD		 galas
EOOD		 Transfers
EOOD		 2020
f000
Total General
Funds		 98,347 5,909 (5,853) 98,403
Fixed Assets Reserve 29,540 (1,821) 859 28,578
Invested
Building
Redemption		 Reserve 27,477 (254) 27,223
Development
and New Initiatives		 Reserve 15,500 (4,760) 4,060 14,800
Total Designated
Funds		 72,517 (6,581) 4,665 70,601
Total Unrestricted
Funds		 Before Pension Liability 170,864 (672) (1,188) 169,004
Pension Scheme Funding Reserve (2,183) (46) 877 1,188 (164)
Total Unrestricted
Funds		 After Pension Liability 168,681 (718) 168,840
Permanent
Endowment		 Funds
Other Trust Funds 2,032 99 2,131
Expendable
Endowment		 Funds
IET Benefactors Trust Fund 6,481 79 6,560
Dr A F Harvey
Fund		 5,765 6,109
Other Trust Funds 40 (10) 478
Total Expendable
Endowment		 12,694 (10) 13,147
Total Endowment
Funds		 14,726 562 (10) 15,278
Restricted
Income Funds
Impact Engineering
Funds		 396 81 10 487
Other Trust Funds 357 362
Total Restricted
Income		 Funds 753 86 10 849
Other Restricted
Funds		 13 114 127
Restricted
Funds		 15,492 762 16,254
Total Charity
Funds		 184,173 185,094

Charity —Year end ed 31 Dece mber 2019
Other
Balance at recognised Balance at
I January Net Income/ (losses)/ 31 December
2019 (Expenditure) gains Transfers 2019
EOOD 9000 EOOD EOOD 9.000
Total General
Funds		 89,795 20,311 (11,759) 98,347
Fixed Assets Reserve 31,769 (1,906) (323) 29,540
Invested
Building
Redemption		 Reserve 25,215 2,262 27,477
Development
and
New Initiatives		 Reserve 11,000 (4,108) 8,608 15,500
Total Designated
Funds		 67,984 (6,014) 10,547 72,517
Total Unrestricted
Funds		 Before Pension Liability 157,779 14,297 (1,212) 170,864
Pension Scheme Funding Reserve (4,496) (139) 1,240 1,212 (2,183)
Total Unrestricted
Funds		 After Pension Liability 153,283 14,158 1,240 168,681
Permanent
Endowment		 Funds
Other Trust Funds 1,809 223 2,032
Expendable
Endowment		 Funds
IET Benefactors Trust Fund 5,938 552 (9) 6,481
Dr A F Ifarvey Fund 5,047 718 5,765
Other Trust Funds 396 52
Total Expendable
Endowment		 11,381 1,322 (9) 12,694
Total Endowment
Funds		 13,190 1,545 (9) 14,726
Restricted
Income Funds
Impact Engineering
Funds		 357 39 396
Other Trust Funds 329 19 9 357
Total Restricted
Income		 Funds 686 58 9 753
Other Restricted
Funds		 13 13
Restdicted
Funds		 13,876 1,616 15,492
Total Charity
Funds		 167,159 15,774 1,240 184,173

Group and C h arity
Balance at Balance at
1January Investment 31December
2020 Income Expenditure Gains Transfers 2020
9000 EOOD EOOD E.OOO 9000 EOOD
Permanent
Endowment		 Funds
Other Trust Funds 2,032 (32) 131 2,131
Expendable
Endowment		 Funds
IETBenefactors Trust Fund 6,481 124 (621) 576 6,560
Dr A F Harvey
Fund		 5,765 125 (367) 586 6,109
Other Trust Funds 448 (6) 38 (10) 478
Total Expendable Endowment 12,694 257 (994) 1,200 (10) 13,147
Total Endowment Funds 14,726 225 (994) 1,331 (10) 15,278
Restricted
Income		 Funds
Impact Engineering Funds 396 490 (409) 10 487
Other Trust Funds 357 27 (44) 22 362
Total Restricted Income Funds 753 517 (453) 22 10 849
Other Restricted Funds 13 1,410 (1,296) 127
Restricted
Funds		 15,492 2,152 (2,743) 1,353 16,254
Group and Charity
Balance at Balance at
1January Investment 31December
2019 Income Expenditure Gains Transfers 2019
9000 EOOD EOOD 9.000 f000 EOOD
Permanent
Endowment		 Funds
Other Trust Funds 1,809 223 2,032
Expendable
Endowment		 Funds
IETBenefactors Trust Fund 5,938 138 (494) 908 (9) 6,481
Dr A F Harvey
Fund		 5,047 140 (348) 926 5,765
Other Trust Funds 396 46 (55) 61 448
Total Expendable Endowment 11,381 324 (897) 1,895 (9) 15694
Total Endowment Funds 13,190 324 (897) 2,118 (9) 14,726
Restricted
Income		 Funds
Impact Engineering Funds 357 360 (321) 396
Other Trust Funds 329 31 (69) 57 9 357
Total Restricted Income Funds 686 391 (390) 57 9 753
Other Restricted Funds 92 (79) 13
Restricted
Funds		 13,876 807 (1,366) 2,175 15,492

2020 2019
2000 9.000
Balance at 1 January 2020 13
Income 1,410 92
Expenditure (1,297) (79)
Balance at 31 December 2020 126 13

Description %000
Balance Ce 1January 2020
Cash received
Deferral of revenue until 2021 (144)
income'
Expenditure
Balance
Ce 31 December 2020

16e.Analysis of Group Net A ssets Between Funds
31 December 2020 Restncted
and
Unrestncted
funds		 endowment funds Totalfunds
2020 2020 2020
f000 f000 4000
Tangible fixed assets 28,584 28,584
Fixed asset investments 142,159 18,556 160,715
Current assets 21,064 359 21,423
Current
liabilities		 (18,469) (1,256) (19,725)
Long term creditors (3,130) (1,405) (4,535)
Pension scheme liability (164) (164)
170,044 16,254 186,298
31 December 2019 Restricted
and
Unrestncted
funds		 endowment funds Totalfunds
2019 2019 2019
f000 9000 f000
Tangible fixed assets 29,549 29,549
Fixed asset investments 126,184 16,866 143,050
Current assets 38,772 1,031 39,803
Current
liabilities		 (19,663) (989) (20,652)
Long term creditors (3,169) (1,416) (4,585)
Pension scheme hability (2,183) (2,183)
169,490 15,492 184,982

16e.Analysis of IET Net Asse 16e.Analysis of IET Net Asse ts Between Funds
31 December 2020 Restricted
and
Unrestricted
funds		 endowment funds Totalfunds
2020 2020 2020
f000 9000 f000
Tangible fixed assets 28,578 28,578
Fixed asset investments 143,095 18,556 161,651
Current assets 17,828 359 18,187
Current habilities (17,367) (1,256) (18,623)
Long term creditors (3,130) (1,405) (4,535)
Pension scheme hability (164) (164)
168,840 16,254 185,094
31 December 2019 Restricted
and
Unrestncted
funds		 endowment funds Totalfunds
2019 2019 2019
f000 9000 f000
Intangible
fixed assets		 81 81
Tangible fixed assets 29,540 29,540
Fixed asset investments 125,611 16,866 142,477
Current assets 36,317 1,031 37,348
Current liabilities (17,516) (989) (18,505)
Long term creditors (3,169) (1,416) (4,585)
Pension scheme liability (2,183) (2,183)
168,681 15,492 184,173

IETSAS IET SAS IIE PLAS IIE PEAS
2020 2019 2020 2019
%%d pa %%d pa x pa % pa
Price inflation (RPI) 3.00 3.20 n/s 3.20
Price inflation (CPI) 2.10 2.30 n/s 2.30
Pension increase rate LP15 2.95 3.10 n/a 3.10
Pension increase rate CP15 n/a n/a n/s 2.30
Pension increase rate CP12.5 n/a n/a n/a 1.80
Discount rate 1.25 2.00 n/s 2.00
IETSAS IET SAS IIE PLAS IIE PLAS
2020 2019 2020 2019
Member age 60 —male (current life expectancy) 280 27.7 n/a 27.7
Member age 60 —female (current life expectancy) 29.8 29.4 n/s 29.4
Member age 40 —male (future pensioner) 29.1 29.1 n/a 29.1
Member age 40 —female (future pensioner) 30.9 30.9 n/a 309

2020 2019
2000 8000
Current service cost 28
Past service cost 15
Administration costs
Net interest charge on net defined benefit liability 31 110
Net amount charged to Statement of Financial Activities 46 139
2020 2019
2000 k000
Actual return on assets excluding amounts
included		 in net interest 9,782 (13,905)
Actuarial
(losses) arising on scheme		 liabilities (9,237) 8,966
Decrease
in irrecoverable		 surplus from membership fall and other factors 695 (676)
Actuarial
gains charged		 to the Statement of Financial Activities 1,240 (5,615)

Analysis o fthe amounts recogn ised
in the Balance Sheet
2020 2019
2000 2000
Opening
fair		 value ofscheme assets 156,217 145,696
Interest income 3,092 4,034
Contributions by plan participants
Contnbutions by employer 1,188 1,212
Benefits paid (4,668) (4,509)
Return on Scheme assets excluding interest income 17,204 9,782
Closing fair value of scheme assets 173,033 156,217
2020 2019
2000 8000
Opening
present value of benefit		 obligations 158,400 149,516
Current service cost 28
Past service cost 15
Interest costs 3,123 4,125
Contributions by plan participants
Benefits paid (4,668) (4,509)
Expenses
Actuarial
losses/(gains)		 16,327 9,237
Closing present value of benefit obligations 173,197 158,400
2020 2019
9000 8000
Fair value of scheme assets 173,033 156,217
Present value of benefit obligations (173,197) (158,400)
Net deficit (164) (2,183)

The majo r categories of plan assets as a p ercentage of total plan assets a re as follows:
2020 2020 2019 2019
SOOO 2000 %%d
UK Equities 356 0.2 448 0.3
Overseas Equities 15,129 8.7 15,285 9.8
Debt Securities - Government 59,910 34.6 48,257 30.9
Debt —Multi Asset Credit 17,415 10.1 14,954 9.6
Insurance contracts 76,138 44.0 73,276 46.9
Aviva DAF Fund 3,941 2.3 3,541 2.2
Cash and cash equivalents 144 0.1 456 0.3
173,033 100.0 156,217 100.0