## 2024 ANNUAL REPORT
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Year ended
31 December 2024
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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.”
## **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 Core Values**
We will encourage member engagement by excellent communications, transparency of processes and decision making.
Our strength comes equally from our status as a Learned Society and our closeness to Academia and Industry.
The Institute is a philanthropic organisation and will direct its energies to the good of mankind and of the measurement and control profession.
## **Our Strategic Goals**
- Increase the number and diversity of engaged paying members.
- Develop and implement other income streams.
- Raise the profile of the Institute and increase its influence.
- Improve relations with Academia/Students.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
## **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.
## 2024 IN REVIEW
The Institute has continued to develop its four 4 strategic goals during 2024 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.
## **INCREASE THE NUMBER AND DIVERSITY OF ENGAGED PAYING MEMBERS**
The Institute is first and foremost a membership organisation. We are always looking at how we can better support and represent our current membership. We are also working on growing our membership numbers. An increase in members allows the Institute to represent a wider number of engineers working in the fields of measurement, instrumentation and control.
The Institute continues to focus on whether or not our membership is truly representative of the engineers working in the professions, and how we can improve this so that we increase the diversity as well as the number of members and be a welcoming institute for all engineers.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
Our **Women’s Network** was launched at the end of 2023, and during this year has developed a strategy for 2024/2025. Their three main areas of focus are, Mentoring and Networking, Visibility and Recognition, Community Outreach and Promoting Diversity and Inclusion. To achieve these goals, Women in Measurement, Automation and Control (WiMAC) has three initiatives they plan to implement in 2025 which are creating a Mentorship Programme, doing more STEM Outreach and collaborating with other institutes to increase the awareness and visibility of women in engineering.
Following on from the success of the Women’s Network, in the second half of 2024, we launched a new **Early Careers Network** . The group is in the early stages, but their focus will be to provide support and guidance to Early Career members, particularly those looking to gain professional registration as well as matching mentors and mentees.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
During the year staff attended **Tomorrow’s Engineers Live 2024** hosted by **EngineeringUK.** The event supports those delivering engineering and technology outreach programmes to get the most out of their activities. There were practical sessions, collaborative discussions and opportunities to share ideas. More than 100 delegates heard from industry experts, STEM outreach providers and engineering role models. We were able to pick up some useful information to support the new Networks as well as internal activities.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
## **DEVELOP AND IMPLEMENT OTHER INCOME**
Throughout 2024 the **Board of Trustees** , and the **Investment Advisory Group** have continued to carefully monitor and assess the performance of the Institute investments. The bulk of the capital is from the sale of property and is invested with the intention of generating a sustainable source of income for the Institute to undertake projects and activities in line with our missions and goals.
The work of the **National Metrology skills alliance** continues to go well, and the first stage of the Qualifications process was completed in 2024 with the first draft of the qualification application form produced. This document is being tested and improved by the committee with the aim of registering the first professional metrologist later in 2025. This will provide a new and sustainable source of membership income for the Institute, which will hopefully grow over time, and introduce whole new professions to the Institute.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
In August 2024 the Institute held one of its first significant face to face events since the Covid- 19 pandemic. This was a Conference held at the University of Limerick organised in partnership with the **China Instrument and Control Society.**
The conference was **Sensors and Their Applications** and featured more than 60 high quality papers with over 100 delegates from across the globe. It was a huge success and generated a surplus for the Institute. The event will be the first in a series to run every other year, with the continued support of CIS.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
Throughout the year Precision magazine has continued to be a source of high-quality articles and features, which has allowed us to grow our advertising revenue for another year.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
## **RAISE THE PROFILE OF THE INSTITUTE AND INCREASE ITS INFLUENCE STREAMS**
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 are a member of the National Engineering Policy Centre which allows us to regularly contribute to policy development and promotion.
We continue to be represented on numerous standards committees both nationally and internationally.
During 2024 we continued to make the best possible use of social media to expand our reach beyond just the membership. This includes Twitter as well as LinkedIn. These platforms give us the opportunity to share our activities beyond the membership and show off some of the excellent material being produced by the Institute. We continued to upload videos to our YouTube channel throughout the year and it now forms a helpful repository of technical talks, presentations and Q&A discussions.
We continue to produce and improve our member magazine, Precision, throughout the year. We try to primarily source articles directly from the membership in order to cover the diversity of fields our members are working in and to provide engaging and informative content.
Two peer review Journals, **Transactions of the Institute** and **Measurement and Control** , have retained links with the Institute and are hosted and available online through the Sage Publishing website.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
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.
A new **Bulletin Board** was created to allow members to directly communicate with each other. Accessible through the Members Area of the InstMC website, the platform enables members to create posts, asking technical questions, offering advice or arranging networking meetups.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
Early in 2024 we established an alliance with **Primary Engineer** encouraging InstMC members to volunteer, giving them the support and resources they need to promote Measurement and Control to the next generation of engineers and making them aware of the Institute and what it does.
InstMC and the **International Society of Automation (ISA)** held a joint event in March called 'How to Navigate NIS, NIS2 and Supply Chain Compliance'. The event focussed on the NIS & NIS2 regulations, looking at what they entail, how they will impact business and what the associated risks are. By holding events with other organisations and groups, the Institute is able to reach a bigger more diverse audience and promote itself to those who might not otherwise have heard of us.
Publication of the newly updated **BSI Standard ‘BS6739 Instrumentation in Process Control Systems’** was made possible with considerable work and input from the InstMC Standards SIG.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
## **IMPROVE AND DEVELOP RELATIONS WITH ACADEMIA/STUDENTS**
For our 2024 InstMC Awards evening we were honoured to be able to co-host and support the **United Kingdom Automatic Control Council’s Annual distinguished lecture and PhD Showcase.** The showcase is held annually and gives PhD students working in the area of control the opportunity to submit a four-minute presentation on their research.
We attended the **BSI Young Professionals Exchange** and spoke to many young engineers, scientists, and students in the fields of measurement, control and automation about the benefits of joining a Professional Engineering Institute and the support available for Professional Registration.
The Institute continues to accredit university course and company training programmes in line with Engineering Council requirements. In 2024 we conducted several successful visits at different universities across the UK and accredited a number of BEng, MEng courses.
The Institute is a member of the committee that is reviewing the standards for the trailblazer metrology apprenticeship, and we are working to align these with the new NMSA competency-based standards, to ensure that future metrology and engineering apprentices have the skills they need to be successful in industry.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
## **ACKNOWLEDGEMENT**
None of the Institute’s achievements would have been attained without the particular efforts 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 2024, the Institute had maintained a stable financial position. The Investments are performing as expected 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 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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InstMC 2024 Annual Report - IMC/AR24.04.2025
## **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 2024 were: Sheila Smith, Billy Milligan, Stewart Macfarlane, Andy Augousti, Duncan Hutton, Richard Leng, Navdeep Mehay and Lindsay Scott.
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 Chief Executive, 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.
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InstMC 2024 Annual Report - IMC/AR24.04.2025
## **OFFICERS OF THE INSTITUTE IN 2024**
**President:** Sheila Smith **Vice-Presidents:** Duncan Hutton Navdeep Mehay Richard Leng
**Honorary Secretary:** Billy Milligan **Honorary Treasurer:** Stewart MacFarlane
## **Principal Boards and Committees in 2024**
**Professional Registration Committee:** Chair Duncan Hutton **Accreditation Committee:** Chair Andy Augousti
## **Chief Executive Officer**
The Chief Executive for 2024 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 .**
**Sheila Smith President**
**Steff Smith Chief Executive**
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InstMC 2024 Annual Report - IMC/AR24.04.2025
**Charity Registration No. 269815**
## Institute of Measurement & Control
Financial Statements Year to 31 December 2024
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 2024.
## **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 2025
Page 2 of 11
## **Institute of Measurement & Control Statement of Financial Activities Including Income and Expenditure Account for the Year to 31 December 2024**
|**Institute of Measurement & Control**
**Statement of Financial Activities**
**Including Income and Expenditure Account**
**for the Year to 31 December 2024**||
|---|---|
|**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/(losses) on investments**
Net gains/(losses) on investments
10
**Net Income/(expenditure) and Net movement in funds**
Fund Balances at 1 January 2024
**Fund Balances at 31 December 2024**|**Unrestricted**
**Restricted**
**Total**
**_Total_**
**Funds**
**Funds**
**2024**
**_2023_**
**£**
**_£_**
**£**
**_£_**
11,420
11,420
_2,000_
429,346
429,346
_403,751_
17,690
17,690
_0_
13,301
13,301
_11,452_
4,172
4,172
_5,409_
46,844
46,844
_33,104_|
||522,773
0
522,773
_455,715_|
||482,389
0
482,389
_548,216_|
||**40,384**
**0**
**40,384**
**_(92,501)_**
132,422
132,422
_160,885_|
||172,806
0
172,806
_68,384_
2,580,305
6,108
2,586,413
_2,518,029_|
||**2,753,111**
**6,108**
**2,759,219**
**_2,586,413_**|
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 2024**
|**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_**|**2024**
**2024**
**_2023_**
**£**
**£**
**_£_**
1,909
2,381,384
2,383,293
22,797
_21,886_
502,662
_496,570_
525,459
_518,456_
(149,533)
_(168,866)_
375,926
2,759,219
2,759,219
6,108
1,202
_1,202_
2,751,909
_2,579,103_
2,753,111
2,759,219|**_2023_**
**_£_**
_2,148_
_2,234,675_|
|---|---|---|
|||_2,236,823_
_349,590_|
|||_2,586,413_|
|||_2,586,413_|
|||_6,108_
_2,580,305_|
||||
|||_2,586,413_|
The accounts were approved by the Trustees on 20th March 2025
Sheila Smith _Chairman of the Board of Trustees_
Stewart Macfarlane _Trustee and Honorary Treasurer_
Page 4 of 11
**Institute of Measurement & Control Notes to the Financial Statements 31 December 2024**
## **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 2024**
## **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 2024**
## **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|**2024**
**_2023_**
**£**
_£_
7,284
_2,000_
4,136
_0_|
|---|---|
||11,420
_2,000_|
||**2024**
**_2023_**
**£**
_£_
10,509
_2,756_
36,335
_30,348_|
||46,844
_33,104_|
## **5 Charitable activities**
|**£**
**£**
**£**
**£**
**£**
**£**
**_£_**
Staff costs
12,307
86,147
86,147
49,227
30,767
264,595
_321,182_
Publication costs
22,498
22,498
_22,802_
Conferences
845
845
_0_
12,307
86,992
86,147
71,725
30,767
287,938
_343,984_
Share of support costs (note 6)
8,846
61,921
61,921
35,383
22,115
190,185
_199,404_
198
1,389
1,389
793
496
4,265
_4,828_
21,351
150,302
149,456
107,902
53,378
482,389
_548,216_
**Analysis by fund**
Unrestricted funds
482,389
**For the year ended 31 December 2023**
Unrestricted funds
_548,216_
Other
Activities
Share of Governance costs
(note 6)
Professional
Standards &
Development
Sections &
Branches
**2023**
**2024**
**Total**
Publications
Technical
& Prof'nal|**£**
**£**
**£**
**£**
**£**
**£**
**_£_**
12,307
86,147
86,147
49,227
30,767
264,595
_321,182_
22,498
22,498
_22,802_
845
845
_0_
Other
Activities
Professional
Standards &
Development
Sections &
Branches
**2023**
**2024**
**Total**
Publications
Technical
& Prof'nal|**£**
**£**
**£**
**£**
**£**
**£**
**_£_**
12,307
86,147
86,147
49,227
30,767
264,595
_321,182_
22,498
22,498
_22,802_
845
845
_0_
Other
Activities
Professional
Standards &
Development
Sections &
Branches
**2023**
**2024**
**Total**
Publications
Technical
& Prof'nal|
|---|---|---|
||12,307
86,992
86,147
71,725
30,767
287,938
_343,984_
8,846
61,921
61,921
35,383
22,115
190,185
_199,404_
198
1,389
1,389
793
496
4,265
_4,828_||
||21,351
150,302
149,456
107,902
53,378
482,389
_548,216_||
|||482,389
_548,216_|
||||
Page 7 of 11
## **Institute of Measurement & Control Notes to the Financial Statements 31 December 2024**
## **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**
**2024**
**2023**
**Basis of**
**Allocation**
£
£
£
_£_
43,074
43,074
_52,285_
Staff Time
23,075
23,075
_21,150_
Staff Time
0
1,675
1,675
_1,767_
Staff Time
2,295
2,295
_2,210_
Staff Time
7,968
7,968
_7,207_
Staff Time
1,474
1,474
_1,347_
Staff Time
1,298
1,298
_1,203_
Staff Time
840
840
_857_
Staff Time
6,821
1,530
8,351
_12,843_
Staff Time
226
226
_426_
Staff Time
10,505
10,505
_7,987_
Staff Time
12,457
12,457
_20,795_
Staff Time
4,288
4,288
_3,848_
Staff Time
36,143
36,143
_36,431_
Staff Time
4,628
4,628
_4,622_
Staff Time
9,607
9,607
_5,048_
Staff Time
2,484
1,060
3,544
_2,150_
Staff Time
1,491
1,491
_1,273_
Staff Time
2,878
2,878
_3,237_
Staff Time
1,492
1,492
_1,731_
Staff Time
0
0
_0_
Staff Time
17,141
17,141
_15,815_
Staff Time
190,185
4,265
194,450
_204,232_|
|---|---|
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration during the year (2023 - none). 4 trustees (2023-3) were reimbursed a total of £2,756 (2023- £3,261) in respect of travelling and other expenses whilst on Institute business
## **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 whose earnings including bonus are in excess of £60,000
£70,000 - £80,000
£90,000 - £100,000|**2024**
**_2023_**
**Number**
**Number**
7
_8_|
||**2024**
**_2023_**
**£**
_£_
274,112
_327,923_
25,554
_30,734_
6,504
_7,885_
1,500
_6,925_|
||307,669
_373,467_|
||**2024**
**_2023_**
**Number**
**Number**
_0_
1
_1_|
Page 8 of 11
## **Institute of Measurement & Control Notes to the Financial Statements 31 December 2024**
## **9 Tangible Fixed Assets**
|**Cost or valuation**
At 1 January 2024
Additions
Disposal
At 31 December 2024
**Accumulated Depreciation**
At 1 January 2024
Depreciation Charged in the year
On Disposal
At 31 December 2024
**Net Book Value**
At 31 December 2024
At 31 December 2023|**Furniture &**
**Equipment**
**Total**
**£**
**£**
10,769
10,769
1,253
1,253
(5,577)
(5,577)|
|---|---|
||6,445
6,445|
||8,621
8,621
1,492
1,492
(5,577)
(5,577)|
||4,536
4,536|
||1,909
1,909|
||2,148
2,148|
## **10 Fixed Asset Investments**
|**Valuation**
At 1 January 2024
Purchase of units
Sale of units
Net gain on revaluation at 31 December
At 31 December 2024
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 2024
Purchase of units
Sale of units
At 31 December 2024|**2024**
**_2023_**
**£**
_£_
2,234,675
_2,000,711_
727,169
_463,931_
(708,610)
_(372,691)_
128,150
_142,724_|
|---|---|
||2,381,384
_2,234,675_|
||4,272
_18,161_
128,150
_142,724_|
||132,422
_160,885_|
||2,381,384
_2,234,675_|
||2,016,085
1,920,813
727,169
_463,931_
(691,142)
_(368,659)_|
||2,052,112
_2,016,085_|
The listed investments are managed on behalf of the Institute by Evelyn Partners Group 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**|**2024**
**_2023_**
**£**
**_£_**
3,186
_4,385_
19,611
_17,501_|
|---|---|
||22,797
_21,886_|
Page 9 of 11
**Institute of Measurement & Control Notes to the Financial Statements 31 December 2024**
## **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|**2024**
**_2023_**
**£**
**_£_**
98,898
_106,860_
50,635
_62,006_
|
|---|---|
||149,533
_168,866_|
## **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**||
||**2023**|**Resources**|**Expended**|**2024**|
||**£**|**£**|**£**|**£**|
|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**||
|||**2023**|**Resources**|**Expended**|**2024**|
|||**£**|**£**|**£**|**£**|
|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**|**2024**|
||**£**|**£**|**£**|
|**Fund Balances at 31 December 2024**||||
|**are represented by:**||||
|Tangible Fixed Assets|1,909|0|1,909|
|Fixed Asset Investments|2,381,384||2,381,384|
|Current Assets/(Liabilities)|369,818|6,108|375,926|
||------------|------------|------------|
|**Total Net (Liabilities)/Assets**|2,753,111|6,108|2,759,219|
||_------------_|_------------_|_------------_|
Page 10 of 11
**Institute of Measurement & Control Notes to the Financial Statements 31 December 2024**
## **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:|||
|---|---|---|
||**2024**|**_2023_**|
||**£**|**_£_**|
|Remuneration of key management Including bonus|95,293|_90,562_|
||_------------_|_------------_|
Page 11 of 11