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2020-12-31-accounts

2020 ANNUAL REPORT

Year ended 31 December 2020

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• OBJECTIVE

“…to promote for the public benefit by all available means the general advancement of the science and practice of measurement and control technology and its application.”

Bearing in mind the Charity Commission’s guidance on public benefit, the Institute pursues its commitment to public benefit through a 5-year Strategic Plan formulated in 2015 and maintained in the 2020 re-write. The plan defines .…

Our Vision

“to be a globally recognised body for promoting the advancement of the science and application of measurement and control.”

Our Mission

“…to maintain the Institute as the eminent professional UK body for advancing the science and application of measurement and control technology.”

Our Strategic Goals

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Serving the Public

Measurement underpins the welfare of a modern society by providing a structure in which individuals and organisations can interact and operate confidently, consistently, competently, safely, and innovatively. Measurement therefore touches almost every facet of daily life and in some areas, particularly those that affect or involve the public, such as health, transport, and safety, the need for accurate measurement is critical. It is more important than ever that engineers, scientists and technologists engaged in measurement and the related control activities and systems are properly qualified and able to meet the expectations of an increasingly technically aware and expectant society.

The Institute has pursued its seven strategic goals during 2020 through a series of initiatives which have the general objective of presenting a modern professional engineering body responsive to technical and societal changes. We have been seeking to meet the needs of members and the general public by a number of proactive ventures and by engagement with a range of external bodies, whilst reacting to the ongoing international pandemic which had a significant impact during 2020.

raise the profile and public perception of the Institute, nationally and abroad

We continued to produce Precision, our member magazine throughout the year. Intended as a coffee-table style magazine, Precision carries articles that are designed to stimulate and inspire our current membership and serve as a shop window into the Institute for other readers. Many articles are written by existing members both individual and corporate. During 2020 the number and quality of articles and features continued to grow, thanks to both the internal team and our contributors. We added a new feature called “Spotlight on Staff” to give members the chance to get to know the Head office team a little better and get an idea of what they are working on and what inspires them. Two peer review Journals, Transactions of the Institute and Measurement and Control, have retained links with the Institute but are hosted and available online through the Sage Publishing website.

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The monthly E-newsletter was redesigned during the year, and is now hosted using an external platform, giving the ability to better tailor the offerings, and track analytics to improve engagement. The Institute increased its usage of social media to promote its activities to a wider audience; this included more active use of Twitter, LinkedIn and Facebook. In 2020 this will be expanded to include providing more content for members using platforms such as YouTube.

The Institute continued to make use of social media throughout the year, and this provided yet another platform for us to inform and support the membership and promote the activities of the Institute. In 2021 this will be expanded to include providing more content for members, using platforms such as YouTube, as we continue to adapt to the more remote way of working we have all had to become accustomed to in the last year.

We have continued to increase our influence and public benefit by collaborating with partner organisations and groups that share our aims and vision. We continue to be involved in and contribute to the Royal Academy of Engineering’s Policy Centre which gives us the ability to influence areas of national policy and debate. This year our Flow Measurement SIG was able to use this connection to input directly to a government call for evidence on the adoption of Hydrogen fuel. Through the Royal Academy and the Engineering Council we maintain communications and collaborations with other Professional Engineering Institutes and related bodies. We are represented on numerous standards committees both nationally and internationally.

5

sustain a culture of continual improvement in the Institute

Thankfully the Institute had already significantly improved and modernised its IT infrastructure during 2019 and introduced hybrid working for Head office staff. This meant that when the country locked down in March the Institute already had many of the processes in place that it needed to support 100% remote working. That is not to say there were no challenges along the way, but we were able to make the transition with minimal interruption to members.

All of the Local Sections and Special Interest Groups found themselves also having to suddenly adapt to this new way of working. With support from Head Office and volunteers they were able to respond quickly and effectively to new practices and applications, with the result that we have seen a significant increase in engagement from the wider membership as they find themselves with more options for participating in meetings and technical events virtually.

Towards the end of 2020 we began the task of creating a detailed specification for a new website and Customer Relationship Manager. Stakeholders were invited to contribute and comment on the specification, and a new website will be launched in Autumn of 2021. The new website should provide both existing and potential members with a more productive and user-friendly experience.

In 2020 the Institute had its quinquennial license review with the Engineering Council, which is a requirement for all PEIs who undertake licensed activities. The review always provides an excellent opportunity to reflect and confirm that all our registration procedures and activities are up to date and in line with Engineering Council Specifications. The review was successful, and the Institute was granted another 5-year license for registration, accreditation of academic programmes and accreditation of professional development schemes and a 1-year license for the approval of qualifications and apprenticeships.

6

keep the Institute relevant and responsive to its stakeholders

Many members continue to engage with the Institute primarily through their Local Sections. Although the restrictions in place for the majority of 2020 have prevented physical meetings, Local Sections have adapted quickly and efficiently to new virtual approaches so that they were still able to offer support, training, and networking opportunities to their members. The upside of the switch to virtual events is that members who previously found themselves unable to attend physical events for a variety of reason have been able to engage with multiple Local Sections and access all the content and support provided.

Local Sections continued to provide many varied events and activities throughout the year, including technical seminars, networking and CPD opportunities. Many Local Sections also provided support to their communities who were struggling with issues caused by the pandemic. Towards the end of 2020 a new Ireland Local Section was launched which we very much expect to grow in numbers and influence throughout 2021.

The Council and Board of Trustees continued to meet virtually throughout the year. Council is made up of elected members, Chairs of Local Sections and Chairs of the major Committees and provides an invaluable medium for members to discuss the work of the Institute and feedback any issues or suggestions to head office and the Board of Trustees. At the start of 2020, the Board of Trustees welcomed the new President (Martin Belshaw), Honorary Secretary (Billy Milligan) and Honorary Treasurer (Ian Craig). They replace Graham Machin, Graeme Philp and Colin Howard who stepped down this year, and who the Institute would like to officially thank for all their service and hard work during their terms of office.

In April, all members were invited to take part in a membership survey. This provided members with the opportunity to tells us what they are happy with, and where we can improve. Head office and the Board of Trustees are using the data generated by this survey to influence the strategy and future of the Institute. We hope to be able to repeat the survey in 2021 so that we can continue to give members an easy way to provide feedback.

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promote professional excellence throughout Institute services and activities

We continue to support our members’ career development through a CPD programme in which all members participate. We offer an online CPD monitoring application mycareerpath® available on the Institute’s website, providing a tracking tool for recording CPD, but members are free to choose their own appropriate recording method. In line with Engineering Council policy, we randomly selected 5% of our eligible membership to take part in the 2020 CPD audit.

The Institute accredits university courses and approves company training programmes. In 2020 the Institute undertook its first virtual accreditation visits to a university. Four other planned accreditation visits were postponed until 2021 due to the ongoing pandemic.

During the last 12 months a number of our Special Interest Groups have used their time to generate helpful technical content for the membership. This has included a Horizon Scan by the Flow Measurement SIG and several technical briefing notes from the Functional Safety SIG. Other Special Interest Groups are currently producing documents and guidance for the members that will be available in the 2021.

improve the value of membership

We have continued to develop and support our Special Interest Groups during the year. Our Current SIGs are:

The SIGS are open to all members as well as any other interested parties. We have seen engagement in all of the groups grow significantly during 2020 as activities were moved online making it easier for the wider membership to take part.

During the year we have continued to develop our Companion Company Scheme and have plans to develop and improve the offerings available as part of this in the following 12 months.

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increase membership at every professional level

Our Local Sections regularly hold events with local businesses and universities to promote the various level of membership and discuss the benefits of professional registration, and these activities have continued throughout the year in a virtual setting.

During the year we strengthened our relationship with partner universities, so that we can promote the importance of membership to students who will become future engineers. In October, the institute gave a presentation on membership to engineering students at Wrexham University as part of their Welcome week activities. As we emerge from the pandemic we hope to organise and take part in similar activities at other partner universities and colleges. We have also been working closely with Cambridge University Engineering Society to develop and launch a mentoring and networking scheme.

The institute also started the process of developing a new Scholarship placement scheme that will find summer placement for Engineering students and support our Company members in finding and recruiting new graduate talent.

We understand that 2020 has been a very difficult year for many of our members and appreciate that there have been financial implications as a result of this. As the Institute is currently in a healthy financial situation, we were able to offer temporary discounts or remission of subscriptions to those members who would otherwise have been unable to remain in membership.

expand membership geographically

The Institute’s ability to provide services to its international members was already increasing as we developed our digital platform, and the pandemic has served to speed up this process. We have reported a much higher percentage of international attendees at all our digital events, including SIG and Local Section activities. We have made the commitment to maintain a strong virtual presence in 2021 so that as many of our members as possible are able to take part in Institute activities regardless of their geographic location.

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ACKNOWLEDGEMENT

None of the Institute’s achievements would have been attained without the particular effort of members, nationally and locally, who volunteered their time and expertise for various activities and affairs. The Trustees wish to extend their unanimous appreciation to all volunteers and to the small but dedicated team of staff at our head office.

FINANCIAL REVIEW

~~At the end of 2020, th~~ e Institute had maintained a stable financial position. The money from the sale of the property 87 Gower Street has been invested by the Investment Advisory Group set up by the trustees and the investment plan was meeting the desired performance metrics laid out by the IAG and agreed by the trustees i.e., ensuring that capital was maintained above inflation while generating an income for the Institute to spend on projects to further it’s charitable activities and benefiting Members.

The Covid pandemic of 2020 has cut the overheads of the Institute on many fronts and left the operating budgets in a healthy position.

RESERVES POLICY

~~The Institute’s polic~~ y remains to conduct regular reviews to ensure that its reserves are sufficient to match its current and future needs. The Institute aims to fund its core activities through revenue and to maintain adequate capital reserves which are not used to support normal operating costs; and the Institute believes its resources should be used to realise its charitable objectives, not to accumulate capital.

RISK REVIEW

~~The Chief Exec~~ utive, supported as appropriate by the Trustees, is responsible for the operation of the Institute’s approach to internal risk management and control, the systems for which are reviewed regularly. An annual risk audit is conducted based on a comprehensive risk register that is refreshed periodically. In addition, a schedule of procedural audits is carried out at least annually covering specific aspects of the Institute’s work and governance. We use external audits and reviews as appropriate to validate our internal processes.

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TRUSTEE BOARD

The Board of Trustees is the governing body of the Institute. As defined in the Institute’s Royal Charter and Bye-laws, membership of the Board comprises elected Officers of the Institute and elected representatives of the Council; their terms of office being subject to triennial election.

The Trustees during 2020 were:, Martin Belshaw, Graham Machin, Billy Milligan, Ian Craig, David Newman, David Tipton, Stewart Macfarlane, Louis Lock, Geoff Jones and Richard Leng.

The Trustees meet regularly throughout the year to conduct the affairs and business of the Institute in keeping with their powers and duties laid down in the Royal Charter and Bye-laws. Although they remain accountable for decisions and actions, the Trustees have the authority to delegate responsibilities, the Board therefore operates through Council and a hierarchy of Boards, Committees and SIG’s, some of which have their own sub-committees and panels.

COUNCIL

Council’s remit is to advise and support the Trustees on matters affecting the Institute’s affairs. It is an elected body comprising representatives from across the membership. It has a responsibility to monitor the governance of the Institute.

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OFFICERS OF THE INSTITUTE

President Mr Martin Belshaw Vice-Presidents: Mr David Newman Mr David Tipton Mr Louis lock Honorary Secretary Honorary Treasurer Honorary Treasurer Mr Ian Craig

Principal Boards and Committees in 2020

Professional Registration Committee: chair Dr B. Stanford Accreditation Committee: chair Professor S. Smith SIG Management Board: chair Mr H. Dearden

Chief Executive Officer

The Chief Executive for 2020 was Steff Smith.

LEGAL AND ADMINISTRATIVE INFORMATION

Founded in 1944 as the Society of Instrument Technology, the Institute of Measurement and Control took its present name in 1968 and was incorporated by Royal Charter in 1975.

Registered charity in England and Wales, number 269815.

Address from February 2019: 297 Euston Road, London, NW1 3AD. Telephone +44 (0)20 7387 4949

Website: www.instmc.org

Bankers: CAF Bank, 25 Kings Hill Avenue, West Malling, ME19 4JQ

Independent Examiner: Steve Cracknell FCA, ESW, Chartered Accountants, 162-168 High Street, Rayleigh, Essex SS6 7BS .

Martin Belshaw President

Steff Smith Chief Executive

Charity Registration No. 269815

Institute of Measurement & Control

Financial Statements Year to 31 December 2020

Page 1 of 11

INSTITUTE OF MEASUREMENT & CONTROL

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INSTITUTE OF MEASUREMENT & CONTROL

I report to the trustees on my examination of the financial statements of Institute of Measurement & Control (the charity) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act;

or

2 the financial statements do not accord with those records; or

3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mr S Cracknell FCA 162-168 High Street Rayleigh Essex SS6 9BS

Dated: 26[th] March 2021

Page 2 of 11

Institute of Measurement & Control Statement of Financial Activities Including Income and Expenditure Account for the Year to 31 December 2020

Institute of Measurement & Control
Statement of Financial Activities
Including Income and Expenditure Account
for the Year to 31 December 2020
Note
Income from:
Donations, gifts and legacies
3
Charitable Activities
Membership Subscriptions & Fees
Technical & Professional Activities
Publications and Web Services
Other
Investments
4
Total Income
Expenditure on:
Charitable activities
5
Net Income/(expenditure) before gains on investments
Net gains/(losses) on investments
10
Net Income/(expenditure) and Net movement in funds
Fund Balances at 1 January 2020
Fund Balances at 31 December 2020		 Unrestricted
Restricted
Total
Total
Funds
Funds
2020
2019
£
£
£
£
4,265
4,265
24,439
442,411
442,411
467,199
17,527
17,527
0
6,156
6,156
5,807
976
976
9,366
7,904
7,904
6,297
479,239
0
479,239
513,107
389,510
0
389,510
641,910
89,729
0
89,729
(128,803)
102,884
102,884
0
192,613
0
192,613
(128,803)
2,337,845
6,108
2,343,953
2,472,756
2,530,458
6,108
2,536,566
2,343,953

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Page 3 of 11

Institute of Measurement & Control Balance Sheet at 31 December 2020

Note
Fixed Assets
Tangible Assets
9
Investments
10
Current Assets
Debtors
11
Cash at Bank & in Hand
Creditors - Amounts falling due within one year
12
Net Current (Liabilities)/Assets
Total Assets Less Current Liabilities
Net Assets
Income Funds
Restricted Funds
13
Unrestricted Funds:
Designated Funds
14
General Fund		 2020
2020
2019
£
£
£
1,859
1,972,851
1,974,710
9,404
16,500
695,699
2,513,767
705,103
2,530,267
(143,247)
(191,089)
561,856
2,536,566
2,536,566
6,108
1,202
1,163
2,529,256
2,336,682
2,530,458
2,536,566		 2019
£
4,775
0
4,775
2,339,178
2,343,953
2,343,953
6,108
2,337,845
2,343,953

The accounts were approved by the Trustees on 25th March 2021

Martin Belshaw

Chairman of the Board of Trustees

Ian Craig Trustee and Honorary Treasurer

Page 4 of 11

Institute of Measurement & Control Notes to the Financial Statements 31 December 2020

1 Accounting policies

Charity information

Institute of Measurement & Control is a charitable institute incorporated by Royal Charter in 1975.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention subject only to the revaluation of Listed Investments. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the Board of Trustees to pursue a particular objective or group of objectives under the Royal Charter. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds are subject to specific conditions by donors as to how they may be used within the objectives of its Royal Charter. The purposes and uses of the restricted funds are set out in the notes to the accounts.

1.4 Incoming resources

Membership Subscriptions & Fees received are allocated to the membership period to which they relate. Amounts relating to subsequent periods are carried forward as deferred income until that period.

Donations, gifts and legacies are included in the financial statements when receivable.

Technical & professional, publications & information services and other activities represent amounts receivable in respect of goods and services provided during the period.

Investment income and gains

Investment income, including any tax recoverable thereon, is included in the financial statements in the year in which they are receivable. Investment gains and losses are incorporated in the financial statements as they occur. Unrealised gains and losses arising from the valuation of investments, together with any movements in such gains are separately identified within the financial statements.

1.5 Resources expended

Resources expended are accounted for on an accruals basis including irrecoverable Value Added Tax and include expenditure where there is a constructive or legal obligation to pay. Charitable expenditure comprises expenses incurred on the defined charitable purposes of the Institution. Each category includes direct expenses and staff costs, together with an allocation of support and governance costs based on direct staff costs.

1.6 Volunteers

InstMC as an organisation relies heavily on its volunteers to allow it to carry out the wide variety of work that it does, across a range of fields within measurement & control. Attempting to provide such in-depth knowledge for a science and industry as diverse as measurement & control is an enormous undertaking, and would be extremely difficult without the many members who give their time, resources and expertise to the Institute helping it to maintain standards and to remain on the forefront of technology. However, as it is impractical to place a monetary value on the volunteers' contribution due to the absence of a reliable measurement basis, the contribution of volunteers are not included as income in the financial statements.

Page 5 of 11

1.6 Volunteers

InstMC as an organisation relies heavily on its volunteers to allow it to carry out the wide variety of work that it does, across a range of fields within measurement & control. Attempting to provide such in-depth knowledge for a science and industry as diverse as measurement & control is an enormous undertaking, and would be extremely difficult without the many members who give their time, resources and expertise to the Institute helping it to maintain standards and to remain on the forefront of technology. Institute of Measurement & Control However, as it is impractical to place a monetary value on the volunteers' contribution due to the absence of a reliable measurement Notes to the Financial Statements basis, the contribution of volunteers are not included as income in the financial statements. 31 December 2020

1 Accounting policies (Continued)

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Equipment renewals due to technological changes are charged to income & expenditure as incurred. Tangible fixed assets costing more than £1,000 are capitalised and included at cost including any incidental expenses of acquisition.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture and equipment 33% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.8 Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year

A source of financial risk faced by the charity is that is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities, particularly currency risk, and within particular sectors or sub sectors

1.9 Impairments

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Page 6 of 11

Institute of Measurement & Control Notes to the Financial Statements 31 December 2020

1 Accounting policies (Continued)

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Donations and Legacies
Donations and Gifts
Legacies
4
Investments
Interest Receivable
Listed Investments		 2020
2019
£
£
4,265
24,439
0
0
4,265
24,439
2020
2019
£
£
5,660
6,297
2,244
0
7,904
6,297

5 Charitable activities

Staff costs
Publication costs
Conferences
Share of support costs (note 6)
Analysis by fund
Unrestricted funds
Share of Governance costs
(note 6)		 £
£
£
£
£
£
£
9,516
66,609
66,609
38,062
23,789
204,585
299,086
20,511
20,511
25,973
0
0
1,923
2019
Total
2020
Total
Other
Activities
Sections &
Branches
Technical
& Prof'nal
Professional
Standards &
Development
Publications		 £
£
£
£
£
£
£
9,516
66,609
66,609
38,062
23,789
204,585
299,086
20,511
20,511
25,973
0
0
1,923
2019
Total
2020
Total
Other
Activities
Sections &
Branches
Technical
& Prof'nal
Professional
Standards &
Development
Publications
9,516
66,609
66,609
58,573
23,789
225,096
326,981
7,439
52,075
52,075
29,757
18,598
159,944
306,779
208
1,455
1,455
832
520
4,470
8,150
17,163
120,139
120,139
89,161
42,907
389,510
641,910
389,510

For the year ended 31 December 2019 Unrestricted funds

641,910

Page 7 of 11

Institute of Measurement & Control Notes to the Financial Statements 31 December 2020

6 Support Costs

Support costs
Staff Costs
Consultancy
Independent Examination
Legal and professional
Payment & Bank charges
Postage
Stationery and copying
Telephone
Travel
General expenses
Irrecoverable VAT
Uninsured Loss
Premises Costs
Moving Costs
Rent & Storage
Insurance
IT & Equipment Maintenance
Other bodies
Awards & Lectures
Meeting Room Hire
Institute promotion
Sections & Branches
Depreciation
Interest paid
Investment Managers Charges		 Support
Costs
Governance
2020
2019
Basis of
Allocation
£
£
£
£
33,304
33,304
48,688
Staff Time
36,180
36,180
38,615
Staff Time
0
1,610
1,610
1,450
Staff Time
720
720
4,609
Staff Time
7,768
7,768
9,239
Staff Time
1,074
725
1,799
3,508
Staff Time
669
1,100
1,769
2,628
Staff Time
966
966
3,707
Staff Time
3,233
1,035
4,268
23,051
Staff Time
129
129
438
Staff Time
9,339
9,339
34,224
Staff Time
0
0
17,783
Staff Time
0
0
12,775
Staff Time
0
0
15,646
Staff Time
15,394
15,394
12,625
Staff Time
3,134
3,134
6,420
Staff Time
28,166
28,166
39,442
Staff Time
4,114
4,114
2,643
Staff Time
0
0
5,563
Staff Time
3,125
3,125
11,326
Staff Time
1,086
1,086
1,332
Staff Time
2,355
2,355
16,136
Staff Time
2,916
2,916
2,915
Staff Time
0
0
166
Staff Time
6,272
6,272
0
Staff Time
159,944
4,470
164,414
314,929

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but 4 of them were reimbursed a total of £1,035 travelling and other expenses (2019- 6 were reimbursed £8,772).

8 Employees

Number of Employees

The average number of employees during the year was:
Employment costs
Wages and Salaries
Social Security Costs
Other Pension Costs
Other Costs
Number of employees earning in excess of £60,000
£60,000 - £70,000		 2020
2019
Number
Number
6
8
2020
2019
£
£
215,617
309,328
18,615
29,407
3,431
5,783
226
3,255
237,889
347,773
2020
2019
Number
Number
1
1

Page 8 of 11

Institute of Measurement & Control Notes to the Financial Statements 31 December 2020

9 Tangible Fixed Assets

Cost or valuation
At 1 January 2020
Additions
Disposal
At 31 December 2020
Accumulated Depreciation
At 1 January 2020
Depreciation Charged in the year
On Disposal
At 31 December 2020
Net Book Value
At 31 December 2020
At 31 December 2019		 Furniture &
Equipment
Total
£
£
11,123
11,123
0
0
0
0
11,123
11,123
6,348
6,348
2,916
2,916
0
0
9,264
9,264
1,859
1,859
4,775
4,775

In the early part of 2019 the Institute sold its freehold property and received £2,803,041 after the costs of disposal. In the financial statements for 2018 the Trustees incorporated a revaluation of the freehold property of the Institute as at 31st December 2018 at this figure to reflect a fairer representation of its financial position

10 Fixed Asset Investments

Valuation
At 1 January 2020
Purchase of units
Sale of units
Net gains on investments
Gain on sale of investments
Net gain on revaluation at 31 December
At 31 December 2020
Investments are made up of:
Listed investments
The historical cost of investments are:
At 1 January 2020
Purchase of units
Sale of units
At 31 December 2020		 2020
2019
£
£
0
0
1,869,967
0
0
0
0
0
102,884
0
1,972,851
0
1,972,851
0
0
0
1,869,967
0
0
0
1,869,967
0

The listed investments are managed on behalf of the Institute by Tilney Investment Management Limited

The basis of fair value for listed investments is equivalent to the market value, using the mid-market price.

11 Debtors

Amounts falling due within one year
Debtors in respect of charitable services
Other Debtors
Total debtors		 2020
2019
£
£
1,548
3,707
7,856
12,793
9,404
16,500

Page 9 of 11

Institute of Measurement & Control Notes to the Financial Statements 31 December 2020

12 Creditors: amounts falling due within one year


Deferred Income:
Amounts Received in Advance for subscriptions & services
Creditors and accruals for goods and services provided		 2020
2019
£
£
86,440
93,459
56,807
97,630
143,247
191,089

13 Restricted Funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance
 Movement in Funds Balance
31 December Incoming Resources 31 December
2019 Resources Expended 2020
£ £ £ £
Pamely Evans Fund 921 0 0 921
A Davies Memorial Fund 1,474 0 0 1,474
Dr Alec W Hough-Grassby Fund 2,311 0 0 2,311
Process Tomography Prize Fund 1,402 0 0 1,402
------------ ------------ ------------ ------------
6,108 0 0 6,108
------------ ------------ ------------ ------------

Each of the funds are restricted to the award of prizes or grants in particular disciplines.

14 Designated Funds

Balance
 Movement in Funds Balance
31 December Incoming Resources 31 December
2019 Resources Expended 2020
£ £ £ £
Leo James Prize Fund 1,163 39 0 1,202
------------ ------------ ------------ ------------
1,163 39 0 1,202
------------ ------------ ------------ ------------

This fund was established from a donation from the estate of Leo James for the award of prizes for excellence in the study of measurement and control technology

15 Analysis of Consolidated Net Assets between Funds

Analysis of Consolidated Net Assets between Funds
Unrestricted Restricted Total
Funds Funds 2020
£ £ £
Fund Balances at 31 December 2020
are represented by:
Tangible Fixed Assets 1,859 0 1,859
Fixed Asset Investments 1,972,851 1,972,851
Current Assets/(Liabilities) 555,748 6,108 561,856
------------ ------------ ------------
Total Net (Liabilities)/Assets 2,530,458 6,108 2,536,566
------------ ------------ ------------

Page 10 of 11

Institute of Measurement & Control Notes to the Financial Statements 31 December 2020

16 Related party transactions

Remuneration of key management

The remuneration of key management was as follows:

Remuneration of key management
The remuneration of key management was as follows:
2020 2019
£ £
Remuneration of key management 66,124 72,333
------------ ------------
In 2019 this included an overlap of roles by key management

Page 11 of 11