IET Trustees, Annual Report and Accounts
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|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%|
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|Asset|class|Performance|benchmark|Strategic Allocation|
|---|---|---|---|---|
|Private|Markets|Not applicable||up to15/|
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|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)%|
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|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||||||||
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|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||||
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|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|
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||||||||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|
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##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|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|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##