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2021-12-31-accounts

2021 ANNUAL REPORT

Year ended 31 December 2021

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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 2021 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 2021.

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 the year we were able to increase the standard length of Precision from 32 to 36 pages.

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In June 2021 The Institute’s Flow Measurement SIG produced the report “Will hydrogen measurement issues impede the rollout of hydrogen fuel?” This report was very well received and had a lot of interest across social media, also leading to an increase in the membership of the SIG.

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.

The e-newsletter, The Wire, continued to be sent on a monthly basis and provided a useful tool for keeping members updated on the activities of the Institute and other relevant organisations that may be of interest.

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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 we revamped and relaunched the Institute’s YouTube channel. The content is made up of a mixture of technical presentations from head office and seminars and talks put on by our Local Sections. It is slowly building to be an excellent resource for both Members and potential members and showcases some of the excellent content and CPD that the Institute provides.

We have continued to increase our influence and public benefit by collaborating with partner organisations and groups that share our aims and vision. We are an active member of the Royal Academy of Engineering’s Policy Centre which gives us the ability to influence areas of national policy and debate. Through this partnership we have been able to respond to several calls from Government and provide our members with the opportunity to express their views and contribute to future policy through panels, providing evidence, and responding to surveys. It has also allowed the Institute to be a signatory on Industry letters to government and contribute to feedback on important issues such as R&D spending.

Through the Royal Academy and the Engineering Council we maintain communications and collaborations with other Professional Engineering Institutes and related bodies, and work collaboratively where it is of benefit to our members and the profession.

We continue to be represented on numerous standards committees both nationally and internationally.

We continue to develop links internationally, and this year our Chief Executive Steff Smith was invited by the China Instrument and Control Society at one of its events, to highlight the importance and benefit of professional registration for Engineers. We have also strengthened our relationship with the International Society of Automation (ISA) and hope to continue to work together to the benefit of all our members.

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sustain a culture of continual improvement in the Institute

The Institute continued to adapt and update its IT infrastructure throughout 2021 to allow us to continue to serve our members during the second year of the pandemic, with a focus on updating and improving our Membership database and management system. The Trustees held several strategy days throughout the year to discuss and monitor the Institute’s progress against its existing aims and look to future and new strategic directions.

The Trustees held several strategy days throughout the year to discuss and monitor the Institute’s progress against its existing aims and look to future and new strategic directions.

Throughout 2021 we started the work of identifying and updating old or outdated internal policies and regulations of the Institute. The purpose of this piece of work is the ensure that our rules keep up with modern developments and practices. This was particularly important as we found ourselves in the second year of an international pandemic, and some policies were no longer fit for purpose in an increasingly virtual approach to work and communication. This year the Trustees also approved a new Diversity and Inclusion policy for the Institute and will look at developing a D&I strategy in 2022.

The Local Sections continued to cope incredibly well with the restrictions of the pandemic in the first part of the year and continued to make use of technology to maintain a relationship with members. As restrictions started to ease later in the year, many Local Sections began the return to face to face networking and social events, including organising exhibitions and annual dinners.

Throughout 2021 the head office team continued the work on the new website and membership database system. After sourcing multiple quotes and liaising with stakeholders a new developer was chosen. The new design and feel of the site were signed off and the new database and member facing site will be launching at the start of 2022. The new member’s area of the site will offer more control to members, as well as having new features which will improve the member experience.

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keep the Institute relevant and responsive to its stakeholders

Many members continue to engage with the Institute primarily through their Local Sections.

Local Sections continued to provide many varied events and activities throughout the year, including technical seminars, networking and CPD opportunities. The continuation of virtual events saw our engagement and attendance figures increase as it allowed members who previously could not attend events in person, to take part and join in with their Local Sections.

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.

We hosted a very well received Meet the SIGS event during the year, which gave members the opportunity to hear from the Chairs of each group on the work they are doing, ask questions and find out how they can get involved.

We held our AGM virtually again and saw an increase in members from prepandemic years, and an increase on numbers attending in 2020. With this in mind the Institute will continue to provide a virtual option at future AGMs so as many members as possible have the chance to take part.

The Institute undertook another membership survey this year, which was focused on early career members and potential members, which provided valuable insight on the needs and expectations of this group. This has fed into the work of our new Membership Development Manager and is being used to influence our recruitment and retention activities.

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promote professional excellence throughout Institute services and activities

We continue to select a sample of 5% of the membership to take part in our annual CPD surveys, to provide a record of their CPD activities for review and feedback.

The Institute accredits university courses and approves company training programmes, to ensure that they are providing content and training in line with UK SPEC. Throughout 2021 we continued to undertake accreditation visits virtually, which has worked very well.

Throughout 2021 the Institute continued to work very closely with the Midlands Centre for Data Driven Metrology (MCDDM). The main goals of this partnership are to produce an industry recognised professional standard for Metrologists and ultimately a professional qualification against this standard. The work progressed well throughout the year, and we have now been joined by many industry partners and have created the National Metrology Skills Alliance to continue this activity. We hope to have a draft standard to test with industrial partners in late 2022.

The Institute was proud to be a member of the Cyber Security Alliance, and in 2021 the work of this group resulted in the formation of the UK Cyber Security Council, which is supported by government and received its charitable status in 2021. InstMC is a founding member of the Council and is committed to continuing to work with them to promote the importance of Industrial Cyber Security as part of their ongoing work towards professional recognition for individuals working in cyber security.

In 2021 with the sponsorship of the Worshipful Company of Scientific Instrument Makers (WCSIM), we launched a new award. The Cornish Award is given to an individual, group or company that has excelled in some dimension of scientific instrument making. These people or groups can come from industry, academia, and national or independent laboratories.

In September 2021 our Flow Measurement Special Interest Group published a Horizon Scan with the support of TÜV SÜD National Engineering Laboratory, called “Flow Measurement in Support of Carbon Capture, Utilisation and Storage (CCUS)”.

During the year the Digital Transformation SIG started work on a number of guides for Industry on Digital Transformation and these will be published and sold in 2022.

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improve the value of membership

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

We also have begun to develop two exciting new SIGs (Net Zero and Far Future Technologies).

The SIGS are open to all members as well as any other interested parties. All SIGS continued to meet virtually throughout 2021 and this has helped to continue the trend of more engagement from a wider pool of the membership.

increase membership at every professional level

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

Staff from head office were invited to give a presentation to Freshers at Wrexham University about the benefits of Professional Registration, and we continue to develop and strengthen our links with our partner universities so that we can promote the importance of membership to the students who will be the engineers of the future.

We continued to work on our new Scholarship Scheme, and as we start to move out of restrictions and lockdowns, we are now planning to launch the scheme in full during 2022.

In 2021 the Institute was also a signatory on the Engineering Kids Future letter which was submitted to government.

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Our new Membership and Development Manager joined us in the second half of 2021 and has started work on how we can improve our membership offering to recruit more members and better support and represent our existing ones.

expand membership geographically

As in 2020 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 2022 even as restrictions lift so that as many of our members as possible are able to take part in Institute activities regardless of their geographic location.

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 2021, the Institute had maintained a stable financial position. The Investments are performing well and are monitored regularly by our Investment Advisory Group. The operating budgets of the Institute are healthy.

RESERVES POLICY

The Institute’s policy 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 Executive, 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

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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.

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 2021 were: Martin Belshaw, Billy Milligan, Ian Craig, Stewart Macfarlane, Louis Lock, Gary Tse, Malcolm George, Duncan Hutton and Maurice Wilkins.

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 SIGs, 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 Maurice Wilkins Mr Louis lock Mr Gary Tse Honorary Secretary Mr Billy Milligan Honorary Treasurer Mr Ian Craig

Principal Boards and Committees in 2021

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 2021 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: 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 2021

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 2021.

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: March 2022

Page 2 of 11

Institute of Measurement & Control Statement of Financial Activities Including Income and Expenditure Account for the Year to 31 December 2021

Institute of Measurement & Control
Statement of Financial Activities
Including Income and Expenditure Account
for the Year to 31 December 2021
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 2021
Fund Balances at 31 December 2021		 Unrestricted
Restricted
Total
Total
Funds
Funds
2021
2020
£
£
£
£
1,559
1,559
4,265
423,238
423,238
442,411
0
0
17,527
14,967
14,967
6,156
578
578
976
8,858
8,858
7,904
449,201
0
449,201
479,239
442,508
0
442,508
389,510
6,693
0
6,693
89,729
215,303
215,303
102,884
221,996
0
221,996
192,613
2,530,458
6,108
2,536,566
2,343,953
2,752,454
6,108
2,758,562
2,536,566

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 2021

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		 2021
2021
2020
£
£
£
1,313
2,226,015
2,227,328
9,991
9,404
695,229
695,699
705,220
705,103
(173,986)
(143,247)
531,234
2,758,562
2,758,562
6,108
1,202
1,202
2,751,252
2,529,256
2,752,454
2,758,562		 2020
£
1,859
1,972,851
1,974,710
561,856
2,536,566
2,536,566
6,108
2,530,458
2,536,566

The accounts were approved by the Trustees on 16th March 2022

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 2021

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

Institute of Measurement & Control Notes to the Financial Statements 31 December 2021

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 2021

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
2021
2020
£
£
Donations and Gifts
1,559
4,265
Legacies
0
0
1,559
4,265
4
Investments
2021
2020
£
£
Interest Receivable
1,464
5,660
Listed Investments
7,392
2,244
8,858
7,904
5
Charitable activities
£
£
£
£
£
£
£
Staff costs
10,965
76,757
76,757
43,861
27,413
235,753
204,585
Publication costs
21,624
21,624
20,511
Conferences
0
0
0
10,965
76,757
76,757
65,485
27,413
257,377
225,096
Share of support costs (note 6)
8,503
59,518
59,518
34,010
21,257
182,806
159,944
108
757
757
433
270
2,325
4,470
19,576
137,032
137,032
99,928
48,940
442,508
389,510
Analysis by fund
Unrestricted funds
442,508
For the year ended 31 December 2020
Unrestricted funds
389,510
Sections &
Branches
2020
2021
Total
Technical
& Prof'nal
Other
Activities
Share of Governance costs
(note 6)
Professional
Standards &
Development
Publications		 2021
2020
£
£
1,559
4,265
0
0
1,559
4,265
2021
2020
£
£
1,464
5,660
7,392
2,244
8,858
7,904
£
£
£
£
£
£
£
10,965
76,757
76,757
43,861
27,413
235,753
204,585
21,624
21,624
20,511
0
0
0
Sections &
Branches
2020
2021
Total
Technical
& Prof'nal
Other
Activities
Professional
Standards &
Development
Publications		 2021
2020
£
£
1,559
4,265
0
0
1,559
4,265
2021
2020
£
£
1,464
5,660
7,392
2,244
8,858
7,904
10,965
76,757
76,757
65,485
27,413
257,377
225,096
8,503
59,518
59,518
34,010
21,257
182,806
159,944
108
757
757
433
270
2,325
4,470
19,576
137,032
137,032
99,928
48,940
442,508
389,510
442,508
389,510

Page 7 of 11

Institute of Measurement & Control Notes to the Financial Statements 31 December 2021

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
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
2021
2020
Basis of
Allocation
£
£
£
£
38,379
38,379
33,304
Staff Time
20,500
20,500
36,180
Staff Time
0
1,600
1,600
1,610
Staff Time
1,575
1,575
720
Staff Time
7,531
7,531
7,768
Staff Time
401
725
1,126
1,799
Staff Time
249
0
249
1,769
Staff Time
670
670
966
Staff Time
163
0
163
4,268
Staff Time
45
45
129
Staff Time
12,462
12,462
9,339
Staff Time
16,747
16,747
15,394
Staff Time
2,965
2,965
3,134
Staff Time
53,604
53,604
28,166
Staff Time
4,145
4,145
4,114
Staff Time
1,350
1,350
0
Staff Time
0
0
3,125
Staff Time
1,238
1,238
1,086
Staff Time
2,400
2,400
2,355
Staff Time
2,516
2,516
2,916
Staff Time
0
0
0
Staff Time
15,866
15,866
6,272
Staff Time
182,806
2,325
185,131
164,414

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year (2020 - none), and none were reimbursed any travelling and other expenses (2020- 4 were reimbursed £1,035).

8 Employees

Number of 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		 2021
2020
Number
Number
6
6
2021
2020
£
£
246,692
215,617
22,224
18,615
4,116
3,431
1,099
226
274,132
237,889
2021
2020
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 2021
Additions
Disposal
At 31 December 2021
Accumulated Depreciation
At 1 January 2021
Depreciation Charged in the year
On Disposal
At 31 December 2021
Net Book Value
At 31 December 2021
At 31 December 2020		 Furniture &
Equipment
Total
£
£
11,123
11,123
1,970
1,970
(2,376)
(2,376)
10,717
10,717
9,264
9,264
2,516
2,516
(2,376)
(2,376)
9,404
9,404
1,313
1,313
1,859
1,859

10 Fixed Asset Investments

Valuation
At 1 January 2021
Purchase of units
Sale of units
Net gain on revaluation at 31 December
At 31 December 2021
Net gains/(losses) on investments are made up of:
Gain/(Loss) on sale of investments
Net gain on revaluation at 31 December
Investments are made up of:
Listed investments
The historical cost of investments are:
At 1 January 2021
Purchase of units
Sale of units
At 31 December 2021		 2021
2020
£
£
1,972,851
0
199,344
1,869,967
(162,199)
0
216,019
102,884
2,226,015
1,972,851
(716)
0
216,019
102,884
215,303
102,884
2,226,015
1,972,851
1,869,967
0
199,344
1,869,967
(154,371)
0
1,914,940
1,869,967

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		 2021
2020
£
£
300
1,548
9,691
7,856
9,991
9,404

Page 9 of 11

Institute of Measurement & Control Notes to the Financial Statements 31 December 2021

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		 2021
2020
£
£
96,926
86,440
77,060
56,807
173,986
143,247

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
2020 Resources Expended 2021
£ £ £ £
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
2020 Resources Expended 2021
£ £ £ £
Leo James Prize Fund 1,202 0 0 1,202
------------ ------------ ------------ ------------
1,202 0 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 2021
£ £ £
Fund Balances at 31 December 2021
are represented by:
Tangible Fixed Assets 1,313 0 1,313
Fixed Asset Investments 2,226,015 2,226,015
Current Assets/(Liabilities) 525,126 6,108 531,234
------------ ------------ ------------
Total Net (Liabilities)/Assets 2,752,454 6,108 2,758,562
------------ ------------ ------------

Page 10 of 11

Institute of Measurement & Control Notes to the Financial Statements 31 December 2021

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:
2021 2020
£ £
Remuneration of key management 69,304 66,124
------------ ------------

Page 11 of 11