INGORPORATED
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CuiouE
The Institute of Automotive Engineer Assessors
Financial Statements
For
31 December 2021
A Company Limited by Guarantee and not having a Share Capital
Company registration Number.. 0350568 Charity Number: 273452

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
Financial Statements
Year ended 31 December 2021
Conlents
Pag•
Memters of the council and professional adviser5
Council's annual report {incorporats'ng the directors report)
Independent audrtors, ￿port
Statement of financial activitSes
13
Ststement of financial position
14
Accounting policies
15
Notes to the financial statements
18

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
Members of the Coun¢ll and Professional Advisers
Year ended 31 December 2021
The Members of the Councll Presidenl and ChaimHn D Power
Past president
PresKlent Elect
A Simpson
D Punter
Members
C Jones
L Minton
P Roath
G Hunt
M Wells
J Dangerfield
D Beime
C Robins
P Briggs
C Aplin
Officern
Finance Officer
Company Secretsry
G Hunt
A Calms
Company Numbèr
0350568
Charlty Number
273452
Regl8ter8d Offl
Pennyroyal Court
Station Road
Tring
HP23 5QY
Audltors
G P Financial Management Ltd
8 The Okl Yard
Lodge Fam) Business Centre
Wolverton Road
Castlelhorpe
Milton Keynes MK19 7ES
Bankern
Lloyds TSB
22 Conduit Street
Lichfield
Staffordshire
S136JS

The Institute of Automotive Engineer Assessors
A Company Limitsd By Guarantee
Tho Councll's Annual Report (Incorporatlng the Dlrèct¢)TS' Report)
Yoar ended 31 DK&mber 2021
The Council members, who are also Directors for the purposes of the Companies Act, p￿sent their
report and the financial statements of the charity for the year ended 31 December 2021.
Ob
ectlvos & actlvltl88
Prlnclpal actlvlty
The activity of the Institute continues to be thal of a professional association, the main object of which
Is to promote and develop for the public benefit the science of the design, manufacture and related
lechnology of motor vehicles and the s¢ien¢e of ￿pair of, and risks arising from. the use of road
vehicles and to further Publ￿ edu¢alion therein. To this end, the Instslute designs and sets a syllabus
for students to study and prepare for the Inslilute's written examinabons. The Institute encourage and
approve Education Institutes and private Organisations to offer the Instrtute exams and a distance
leaming package Is available with tutor guidance for indiv￿￿alS. The Institute also organises a
practi¢al competence assessment and during since late 2017 the revised Ctsje of Practice for disposal
of motor vehicle salvage named the Insbtute as a ￿arnIng body whorn operates asse88ed outcomé
tests'ng of vehicle damage assessors wishing to be endorsed for calegorising salvage.
Aims and obJectlve8
During 2021, we conts'nued to be faced with challenges arising from Ihe Global Covid-19 Pandemi¢
and the restrictions on meeting and the movement of people that arose. The ￿'M of the Trustees
remained as ever lo ensure that the Institute continues to provide relevant and coherent membership
and education standards that support the Members and complemented the industries where they
work. The ongolng focus of the Council was to promote the Education Standards and Qualifications for
membership and continue to align these to membership grades all while adhering to the rèlevant
restrictions and govemmenl guidelines.
The main area of development in 2021 was the continued use of technology to allow access to
leaming material for professional qu81iffications. training and CPD for all members and students where
éver they are located. The ongoing legal review of the govemance documents was also a substantial
activity in 2021, reviewing the govemance of the insts.tule to both fvture proof the Institute and allow for
the govemanee to work in a nK*re agile manner lo meet the needs of a rapidly changing industry.
IAEA continue lo be committed to providing the motor vehKle repair industy, insurance industry. legal
profession, motor vehicle salvage operators and members of the publi¢ who require a reliable high
quality professional assessment service wrth independent infomialion and guidance. Compliance to
the Institute rules and requi￿rnents in the use of the Institute logo and the use of post-nominal letters
continued to be pursued ngorousty to ensu￿ the confidence of all concemed.
The Trustees have had due regard to the Charity's Commission's guidanca on public benefit in
exercising their powers or dutses.
Achlevements and rfornian¢e
Educatlon, Tralning and Benchmarklng
The Council through education group continues to work on updabng the education syllabus, supwrt to
students and availability of the exams. Accessibility and ffjcognIt￿n in the market being the priority.
The Institute have been aclNely promo*ng the benefits of Institute membership to organisations and
industry bodies where possible and endeavours to continue to raise its profile within the industy.

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
The Councll's Annual Report {Incorporatlng the Dlreetors, Reporti
Year ended 31 De¢¢rnber 2021
The investmenl in digital platf0M￿ continues to allow us to be ￿￿ agile in delivenng examinats'ons lo
both exists'ng students and new candidates, removing barriers to enty such as physical distance frorn
exam centres. The education working group continue lo explore the lechnology required deliver the
practlC81 examinations and ￿-a¢credrtaIiOnS through digital platfoms. Use of the online assessment
plattomi is being extended to include revision support and this will be fijrther expanded in 2022.
The institute conbnues to make use of the technology developed and implemented during the
pandemic to deliver CPD on the websrte and other online channels. ￿lIst embracing the advances in
technology made in the delivery of CPD online. Council are keen lo retum to face lo face engagement
with members when possible. However where it can be accommodated there will be a hybrid
approach to make the resources as accessible as possible to all members.
The number of members using the CPO datsbase, MyCareerPath continues to grow steadily. The
platform allows members to upload and track their CPD and to create and download reports lo
evidence the work they completed if necessary. There is also a facility to audit adherence lo
membership CDP requirements which will be an a￿a for focus in the coming years.
The Insty'tute ¢onb'nues lo provide the independent validabon of thè IMI Vehicle Damage Assessments
(VDAI 8enchmarks. The IAEAIIMI strategy document has been subject lo a thorough review in
collaboration with the IMI to ensure the validation process deliver¥ the desired outcomes lo the highest
standards. In line with the drive to use technolcgy for efficiency, several parts of the process hove
been automated. This work with the IMI der￿nStrate$ the Institute's standing in the Sector.
The Appropriatety Qualified Person (AQP) eompetency assessment moved onto the new assessment
sothvare and is now available using remote inv1gilat￿)n which allows for more frequent availability of
assessments. The invigilated assessments are still available through the approved exam ¢enlres, the
remote invigilation provides more options for the candidates when ￿￿kIng their asses$menL
Publlc Relatlon8 and Morketlng
A conference and 90th year anniversary evident is scheduw for Saturday 171h September 2022.
After the 2020 decrsion to suspend all ￿lonal meeb.ngs in line with govemment guidelines and best
practice. the regions are being supported ty nat￿al online CPD events with the facility for a informal
breakout session for each region. This fomiat vms very successful with gojd attendance and
feedback from members. Followng Ihe recent ￿$tri￿"0nS of physical events, it is hoped that the
ions will be back coordinatsng their own events soon. It is the intentson that these physical events
will continue to be supplemented by duital events going forward due to their popularity.
Council members have been activety raising the profile of the Insbtute with a range of bodies, A
number of key events We￿ identrfied for attendan¢e in 2022 to raise the profile and awareness of the
inslitute,
These included.
. Attending the Frx Auto conference on the 2nd and 3rd ol March
. Attending the BIBA conference on 11th and 12th May
b continued swnsorship of the VDA Bodyshop Award
During 2021 worf( continued io trademark the institute natre and logo to protect the intellectual
property rights of the Institute and prolect the reputation in the induslry. This wll also enable
inappropriate use of the name nr logo lo be more vigorously pursued. wor￿.ng with the Solicitors this
w(Yk will be completed earfy in 2022.

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
The Councll's Annual Roport (Incorporating the Dlrectors, Report)
Year ondod 31 December 2021
Flnanclal rnvlew
Results for tho year
The principal source of income lo the chartty conkn'nues to be member subscriptions, supplemented by
its education activittes and that generated from the provision of advefts'sing space within the members
bi-monthly joumal, as indicated below there has been a shrft in the income for 2021. The Council
closely monrtor the lnsts.tute finances to ensure there is continued sustainability-
The result of our activities, the surplus for the year 2021 arrthinled to £5,338 12020.. deficit £17,437}.
All activities relate to unresth.cted hjnds. A long-tem objective for the Insb'lute has been the
consolidation of the financial base. building on the achievements of previous years and lo prepare for
any possible decline in membership and other income due to the ￿trUduring within the automotive
8rsd insurance sectors.
th AQP Re-accreditalion due to be required latter in the year 2022 shoukl start to see an Incr&asè in
income from this a￿a.
Reseryos pollcy
The Council has r8viewed the chanty's requireménts for reserves taking ac￿nt of the identified risk8
to the organisation. The policy has been reviewed by the ¢ouncil and in the existing economi¢ climate
il was agreed a policy should be adopted whereby the unrestricted fvnds of the charity should
represent a minimum of tsvo years of its annual expendtlure to support working capital requirements
such that in the event of a significant fall in its current inwme levels andlor membership; thereby, the
Instslute could continue to support the membership.
The Council does not anticipate a significant change in the company's charitable activities for the
forthcorning year and consequenlty considers that the profile of expenditure in the past tsvo years is
reasonable gU￿e to assessing the charity's requirements. On trtat basis il Is considered the charity
should have a target reserve level of befyveen £475,CN)0 and £525,000.
The current level ol free reserves amounts to £642,867 lexcluding fixed assets) 12020.. £634,816},
which is ab)ve thls prescribed limit. However, as the Institutes membership has decreased. it was
considered fortunate that additional reserves were held last year lo both offset any drop in income and
to allow us to continually invest in inth'ab"ves to increase membership in other geographies and deliver
igh quality services lo members. This has been acknowledged by the Council and the ongoing
Business Revwi will consider the changing structu￿$ in the automotive sector and the position of the
Institute.
Oue to the continued uncertainty surrounding the re¢overy following the Covid-19 pandemic, the more
recent war in Ukraine and high levels of inflation. and rec¢yJnising the recessionary pressures that the
remedial actions such as increasing of interest rates F)ose lo the wider economy, Council deem it
appropriate to tread earefvlly as we naV￿ate these uncertain ts'mes.
Council will consider augmenting tho service arrangements to members and ihe resources of the
Institute to assist in maintaining a salisfaclory level of reseNes. There is a contsnuing expectation that
due lo the addIt￿nal resource required for the updab'ng of our infrastructure. implications of the slow
recovery of the global economy post pandemic, our ￿selVeS should remain higher than target levels.
Couneil will continue to exercise sound jUdgem￿t and prudence when considering additional
expenditure.

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
The Councll's Annual Report {Incorporatlng the Dlreclors, Report}
Year•nded 31 December 2021
Council will contlnue to use reserves above the target levels to invest in educational resources for both
existing and new members as well as promotion of the institute in line with our aims and objectives.
Council will exercise prudence in investing reserves and endeavour to balance this with Close
monitoring of the recovery on both the domesti¢ and wider global econoM￿s.
Investment powers
In Case the Insbtute shall tske or hold any propety vthich may be subject to any trusts the Instytule
shall only deal with or invest the same in such manner as allowed by law, having regard lo such trusts.
Plans for tho fu
Medlum and long tènn strategy
In 2021 the Council continued to refine the Stratégic Revlv4V and make recommendats'ons for the
rolling 5 year plan. The Institutes IT infrastructure (membership database and websilel underwent
significant development in 2020 and provides the institute with the capability to develop educations
support and communications wth both student members and qu81ified members. This development
work pul the institute In a strong position to 0F￿e during the continued restn'cts'ons on face lo face
events in 2021.
The Council in reviewing the Institute's 5 year plan. have agreed that the educational material and
processes require further ongoing review and update to maintain our high standards. The education
working group a￿ continuing lo undertake a fvndamentsl review of the leaming materials and syllabus
to explore the possibility of modulansing the leaming malenal$ and the adoption of online re-
accreditations for pract￿1 exams. This revw is ongoing and a priority for 2022
Council invested In o￿tta[ exam capabilty and CPO events which was rolled out in 2020 and
continued to be a valuable resource in 2021. This will be continued durin9 2022 and may requlre
fvrther resource. it may be necessary to engage external ￿SourceS lo assist in this, and this is lo be
funded from the excess free reserves refer￿ to in the above reserves policy.
Council continued to support the decision to not hold physical regional events unts'l such time as the
safety of speakers, members and guests is F#)ssible. Wrth this in min¢J plans were started to hold an
event lo celebrate the 90th annwersary of the institute in the latter half of 2022. The 90th celebrations
are planned to take place In September 2022 and will include both a confeonce and awards dlnner.
This is likely to be the first physical event the inslrtute has hosted for three years and is planned to
offer both CPD actsvty and also celebrate the achievements of members and the institute over the last
go years.
Council have acknowledged the a¢ce$sibilrty provh￿d by delNerlng events online and the demand for
a hybThd approach going forward, this will be included in any plans for CPO activity that had traditional
been delivered at physical events across the regions. This may require inve5trnenl in resources in the
future lo ensure we deliver professional contenl, making the content available to all members across
drfferent platforms is a priority.
The engagement with OfQual regarding recogntlion as an awarding body continues and we have
reached out to case officer to open lines of communi¢ab"on in anticipation of completion of the legal
review of the governance d(￿UMen￿tIon The pur5uII of this obJe¢ts've and the recognition that it will
bring will enhance the member qualifications and status and will help attract new members both
domestically and intemationalty. The need to pursue this objective has has been reinforced in recent
discussions wth potential intematibnal reg￿9.
The overall objectives will be to continue to provide an Institute that benefits the membership.
achieves the principal objects. provides a clear public benefft and remains strongly independent.

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
The Councll's Annual Report Ilncorporatlng the Dirn¢tors' Roport)
Year ended 31 December 2021
tructure
ovemanc• and mana
emen
Govemlng documonl and constitution
The company I￿giStration number 03505681. which is limrted by guarantee and has no share capital,
is govemed by ils Memorandum and Articles of Asso¢kqtion. It is a registered charity under the Charrty
Commission {charity registration number 2734521.
Nothing contained within the Memorandum of Association shall be deer￿d to aulhorise the Institute to
engage in any trading activities on a commercial scale.
The objects of the Institute shall not extend lo the fwotiation of rela￿on$ be￿een Wofkers and
employers or organisalions of workers and organisations of employers.
The income and propety of the Institute. whence so ever derived shall be applled solely towards the
promotion of the objects of thè Institute and rFO proportion thewf shall be paid or transferred directly
or indirectly by way of dividend, bonus or otherwise howsoever by way of profit, to the members of the
Instilule.
Organlsatlon
The organlsallon is governed ty a Coun¢ll of up to thirteen Corporate Members elected by the
membershlp and a Council Appointed Finance Officer,. there is an Executsve lo progress matters
approved by Council. The￿ are three Groups, appointed by Council to provide policy guidance.
Regions operate throughout the UK and Eire., each having their own elected oiTicers and committee.
who must ensure that their local affairs meet the requirements of the Institute Memorandum of
Association and Code of Conduct. The Insb'lute periodicalty awards grants to those Regions that
submit valid claims of expenditure in relation to its activits'es in profflo￿n of its charitable objects.
Recrultment and appolntmont of Trust••8
TNstees are nominated for appointment to the Councll annually by Corporat8 Members. Nomlnaled
candidates are then formally elected al the Annual General Meeting.
R18k managemonl
The Council is responsible for the management of the business risks faced by the charity. Business
sks are identified, assessed and controls established throughout the year and discussed al the
Council meetings. A risk reglster has been in operation since 2017, this register is updated on an
ongoing basis and is reviewed by Council at each meeb'ng to ensure that there a￿ adequate control
processes lo manage risk.
The recovery post Covid-19 Pandemic is Still a very present and real risk at the time of authoring this
report. Council continue to hold more frequent wrtual meetings lo review and assess ￿e0Very of both
the vehicle damage assessment industy and implications on the income of ¢hantable organisalions.
The pandemic has enforced business closures and changed working pattemsllocation with an
increase in working remotely. The pandemic has, without doubt. had an effect on the work practices of
members. many people are now worknng from home on a pemanent basis. The economic
environment has been impacted by the pandemic, supply chain delays and in the UK also by the end
of the Brexit Iransitlon penod. these factors are inffuencing the cost of motor claims and claims
inflation is forclng insurers lo look for efficiencies in their process. The Institutes membership largely
provides services relating to vehicle collision damage and damage repair and the impact of claims
inflation on these roles is undear.

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
The Councll'8 Annual Report (In¢ofj)oratlng thè Dlrector8' Report)
Year ended 31 December 2021
To assess the level of impact that claims inflation may have on the industy which employs or uses the
seNices of the instttute members, we have factored in multiple ￿nariO$ regarding rnembership levels
into our rolling 5 year business plan. This scenario pL4nning helps Council assess the possible effects
in the medium to long temi.
Further to the effects on current MeMb￿s. the intske of new students at Technical University Dublin
ITUDI have not recovered to the numbers befo￿ Ihe pandemic wth the delivery of support remaining
online in 2021. Continued investrnent in the development of digital plattom)s for the delivery of
leaming materials and examinations is helping to mitigate any reduth.on in edUcat￿n activity and open
the qualification pathways to intemab'onal students in 2022.
Benevolent Fund
Members of the Instrtvte may volunlarity donate an additional payment wtth their annual subscrfptions
into The Insb'tute of AulorTh)tive Engineer Assessors Benevolent Fund. This fvnd is 8 registe￿d charity
{regislrabon number 10651021, established by a Declarats'on of Trust. The purpose of the Fund is the
relief of povety amongst past and present members of the Institute of Automotive Engineer Assessors
or their dependanls. The Benevolent Fund Trustees a￿ appointed separately lo Council members and
have delegated the adminislration of the Fund to the Inslrtute. The assets and liabilitles of the fund are
cOnsequen￿Y not recorded wrthin the financial statements of the Institute. At 31 December 2021 the
fund had accumulated reserves of £71.681 {2020'. £70.122).
Reforenco and admlnlstratlon
Legal 8tatU8
The company's registered name Is The Insts'tule of AutorTh)ttve Engineer Assessors. Its company
registration number is 03505S68 and its chanty registration number is 273452. The address of the
registered office and the names of TrusteesiDireclors are listed on page 1 of this reFQrt.
The Councll mèmbern
The Council members who served the Charity durfng the period are listed on page 1. Council
members are appointed in accordance with the Company's Memorandum and Art￿leS of Association.
The Company is limited by guarantee and no councfl rr￿ber has a beneficial interest in the capital of
the charllable company. All Council members are directors of the Company.
Statement of Councll's Re8ponslbllltles
The trustees, who are also the directors for the purposes of company law. are responsible for
prepanng the Report of the Trustees and the financial statements in accordance with applicable law
and United Kingdom Accounbng Standards (Unrted Kingdom Generally Accepted Accounting
Practice).
Company law requires the trustees to prepare financial statements for each financial period that give a
true and fair view of the state of affairs of the Chantab￿ ￿rnPany and of the incoming ￿sOUrceS and
application of resources. including the income and expenditure, of the chantable company for that
period. In preparing those finanaal staternents, the truslees are required to..
select suitable accounb'ng Oicies and then appty them con5iStenUy-
compty wrth applicable accounting standards, including FRS 102, subject to any material
departures disclosed and explained in the ffinanaal slalemenls,.
state whether a Statement of Recommended Practice (SORP) applies and has been followed,
subject to any malerial departures which are explained in the financial statements
make judgements and estimates that are reasonab￿ and prudenL"
prepare the ffinaneial statements on a going coneem basis unless it is inappropriate to
presume that the charitable company will continue in business.

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
The Councll's Annual Report Ilncorporating the Dlroctors, Report)
Year ended 31 December 2021
The trustees are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any lime the flnancial position of the charitable company and to enable them to ensu
that the financial Statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the charitable company and hence for taking
reasonable steps tor the prevention and detection of fraud and other ir￿gUIanties.
8tatoment of dl$¢losure of Infofmatlon to audltors
We. the trustees of the company who held office at the date of approval of these Financial Statements
as set out above each confimi, so far as we are aware. that:
there is no relevant audit Infonr￿1on ofwhich the company's audrtors are unaware. and
we have taken all the steps that we ought to have taken as directors in order lo make
ourselves aware of any relevant audrt infomwtion and to establish that the company's auditors
are aware of that informat￿n.
Small company prov181on8
This report has been prepared in accordance wilh the special provisions for small companies under
Part 15 of the Companies Act 20C6.
Registered office..
Pennyroyal Court
Station Road
Tring
HP23 SQY
S￿ned by order of Ihe trustees
A Calms
Company Secretary
Approved by the trustees on .

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
Independent Audltors. Report to Ihe Members
Year ended 31 Docember 2021
Opinion
We have audited the financial statements of The Institute of Automotive Engineer Assessors I'the
company'l for the year ended 31 December 2021 wh￿h comprise the Statement of Financial Actsvities
{including Income and Expenditure Accounll. the Statement of Financial Position. and notes to the
financial statements, including significant accountin9 policies. The financial repo￿.ng framework that
has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland,
{United Kingdom Generally Accepted Accounknng Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitable cgmnpany's affairs as al 31 December
2021 and of its incoming ￿sourceS and applicats'on of resources, including its Income and
expenditure. for the year then ended..
have been propedy p￿pared in accordance with United Kingdom Generally Accepted
A¢counting Practice." arKI
have been prepared in accordance wilh the requirements of the Companies Act 20c￿.
Ba818 for oplnlon
We conducted our audit in accordance with Intemational Stsndards on Auditsng {UKI IISAslUK}l and
applicable law. Our responsibilities under those Standards are fjJrther described in the Auditor's
Responsibilities for the audit of the financial statemènts sectron of our report. We are independent of
the charitable Company in accordance wrth the ethical requirements Ihal are ￿levant lo our audit of
thè financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our
other ethical responsibilities in accordance wth these requirements. We believe that the audit
evKlence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Coneluslon• relatlng to golng concem
In auditing the financial statements. we have concluded that the trustees. use of the going concem
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfomied. we have not identified any material uncertainties relating to
events or conditions that, individually or collecbvety, may cast significant doubt on the charitable
¢ompany's ability to ￿ntinUe as a going concem for a period of al least tsvelve months from when the
financial ststements a￿ aulhorised for issue.
Our responsibil￿.eS and the responsibilities of the trustees wrth respect to going concem a￿ descrlbod
in the relevant sections of this repcyt.
Other Infomiatlon
The other infonnat￿n comprises the information included in the trustees annual report, other than the
financial statements and our auditorfs report thereon. The truslees a￿ ￿sponSible for the other
information. Our opinion on the financial slalements does not cover the other infomiabon and, except
to the extent olherwse explrcitiy stated in our ￿pOrt. we do not express any fomi of assurance
conclusion thereon.
In connection with our audit of the financial ststements. our responsibility is to read the other
information and. in doing so. consider whether the other infonnabon is materialty inconsistent with the
financial statements or our knovAedge obtained in the course of the audrl or otherwise appears to be
materially misststed. If we identsfy such matenal inconsisten¢ies or apparent material misstatements,
we are required to detennine whether the￿ is a matenal misstatement in the financial statements or a
material misstatement of the other InfO￿natiOn. If. based on the work we have performed, we conclude
that there is a material misstalemenl of this other infomwtion, we are required lo report that fact.
We have nothing to reF(Jrt in this ward.

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
Independent Audltor8' Report to the Membe
Year ended 31 DeCom￿r 2021
Opinions on other matters prescribed by the Companles Act 2006
In our opinion. based on the work undertaken in the course of the audit:
the infomiation given in the trustees. annual report {incorporaling the directors, report) for th8
financial year for which the financial statements are prepared is consistent with the financial
statements.. and
the Injstees, annual report has been prepared in awrdance wth applicable legal
requirements.
Mattera on whlch wo arn requlred to report by ex¢eptlon
In the light of the knowledge and understanding of the company and its environment obtained in the
course of the audiL we have not identsfied matenal misstatements in the trusteès. annual report.
We have nothing lo report in respect of the following matters where the Companies Act 2006 requires
us to report to you if, in our opinion..
adequate accountsng records have nol been kept, or re￿rn$ adequate for our audit have r*ot
been received from branches not visrted by us., or
the financial statements are nol in agreement with the accounting ￿COrdS and retums., or
certain dlsclosures of trustees, remunerab'on specified by law are not made., or
we have nol received 811 the infomation and explanatsons we require for our audit., or
the tnjslees were not entitled to prepare the financial statements in accordance with the small
companles regime and tske advantage of the small cc#rpanies exemption in preparing the
Trustees, Annual Report.
R88pon8lbllltS•8 of tru8tee8
As explained more fully in the trustees, responsibilrties statement set out on pages 7 and 8. the
trustees {who are also the directors of the charitable company for the purposes of company lawl are
responsible for the preparation of the financial statements and for being satisfied that they give a true
and fair vlew, and for such intemal control as the trustees detemiine is necessary lo enable the
p￿paratIOn of financ￿1 statements that are free from material misstatement, whethèr due to fraud or
eTror.
In preparing the financial statements. the trustees are responslble for assesslng the chantable
company's ability to continue as a going concem. disdosing. as applicable, matters ￿lated lo going
con¢em and using the going ¢on¢em basis of accounting unless the trustees either intend to liquidate
the charitable company or lo cease operations. or have no realisbc altemab've but to do so.
AudltoV8 rosponslbllftl88 for Iho audft of the flnanclal Statements
Our objectives are to obtain reasonable assurance about whether the finanual statements as a whole
are free from material misstatemenl, whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that
an audit conducted in accordance with ISAS (UK) wll always detect a materi81 misstatement when it
exists. Misstatements can anse from fraud or error and are Conside￿ material if. individually or in
aggregate. they could reasonably be expected to Influen￿ the economic decisions of users taken on
the basis of these financial statements.
Irwularities, including fraud. are Instan￿ of non-compliance wilh laws and regulab'ons. We design
procedures in line wth our responsibilrties, ouvined atKive, to detect material misstatements in respect
of irregulanties. including fraud. The extent to which our pn)cedures a￿ Capable of detecting
Irregularities. including fraud is detailed bekjw.
-10-

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
Independent Audltors. Report to the M8mb•rs
Yoar ended 31 D•c8mber 2021
The objectives of our audit in respect of fraud, are", to identfy and assess the risks of material
misstalemenl of the financial statements due to fraud.. to obtain sufficient appropriate audit evidence
regarding the assessed risks of material misstatement due to fraud, through designing and
implementing appropriate responses to those assessed risks., and io respond appropriately to
instances of fraud or Suspected fraud identified during the audrt. However. the primary responsibility
for the prevenb'on and detection of fraud rests both management and those charged with
govemance of the charitable company.
Our approach was as follows..
We obtained an understanding of the legal and regulatory requirements applicable to the
charitable company and considered that the most significant are the Companies Act 2006, the
Charities Act 2011. the Charity SORP, and UK financial reporting standards as issued by the
Financial Reporting Council
We obtained an understanding of how the charitable company Complies with these
requirements by discusslons with management and Ihose charged with govemance.
We assessed the nsk of material Mi￿tatement of the financial statements, including the risk of
material misstatement due lo fraud and how it might occur, by holding discussions with
management and those Charged with govemance, and enquiring as lo any kn¢)wn instances of
non-compliance or suspected nonvcompliance wrth laws and regulations. We corroborated our
enquines through our ￿VIeW of board minutes and the Charity's risk register.
We considered the risk of fraud through management override and included a review of any
unusual ioumal entries in our audit approach. We also reviewed the charity's procedures for
recognition of income and aulhorisation of expenditure and Corroborated thèse controls with
8ample-based testing of source records and analytical review procèdures.
There are inherent limitations in the audrt procedures described above. We are less likely lo become
aware of instances of nonvcompliance with laws and regulations that are not closely related to events
and transactions reflected in the financial statements. Also, the risk of not detecting a material
misstatement due lo fraud is higher than the nsk of not detecting one resulting from error, as fraud
may involve deliberate concealment by. for example, forgery or intentional misrepresentations, or
through colluslon.
As part of an audrt in accordance with ISAS IUK) we exercise professional judgement and maintain
professional scepticism throughout the audit. INe also..
Idenlfy and assess the risks of material misstatement of the financial statements. whether due
to fraud or error, design and perfom audil procedures fesp)nsive to those nsks. and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misslalement resulting from fraud is higher than for one resufting from
error, as fraud rnay involve collusion, forgery. intentsonal omissions. misrepresentations, or the
override of internal control.
Obtsin an understanding of intemal control relevant to the audit in order to design audlt
pro¢edures that are appropriate in the circumstances. but not for the purposes of expresslng
an opinion on the effe¢tiveness of the charitable ccNnpany's intemal control.
11

The Institute of Automotive Engineer Assessors
A Company Llmited By Guarantee
Independont Audltors, Report to the Members
Year endod 31 December 2021
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounts'ng estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees, use of the going concem basis of accounting
and. based on the audit evthn¢e obtsined, whether a matenal uncertainty exists related to
events or Conditions that may cast significant doubl on the charitable ¢ompany's ability to
continue as a going concem. If we conclude that a material uncertainty exists. we are required
lo draw attention in our auditols ￿F￿rt lo the related disclosures in the financial statements
or, if such disclosures are inadequate. lo modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our audilorfs report. However, future events or
conditions may cause the chanlable company to cease to continue as a going con¢em.
Evaluate the overall presentation. stnjcture and contenl of the financial stalemenls, including
the disclosu￿$, and whether the financial statements ￿present the underlying Iransacts'ons
and events in a manner that achieves fair presentats"on.
We communlcate wtth those charged with govemance regarding. arrhjng other matters, the planned
scope and liming of the audit and signifficant audit findings. including any significant deficlenc1&8 in
intemal control thal we idenbfy during our audit.
U60 of our roport
This report Is made solely lo the chantable company's members, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that w8
might slate to the company's mernbers those matters we are required lo state lo them in an auditor's
report and for no other purpose. To the fijllest extent pemiitted by law, we do not accept or assume
responsibility to any party other than the charitable company and chantable company's members as a
body. for our audit work, for this reporL or for the opinions we have fomed.
There$a-Anne Warren FCA
{Senior sta￿lory Auditor)
For and on behalf of
G P Financial Management Limited
Chartered Accountants & Registered Auditors
8 The Old Yard
Lodge Farm Business Centre
Wolverton Road
Casllelhorpe
Milton Keynes MK19 7ES
12-

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
Statement of Flnanclal Actlvltles {Includlng Income and Expendlture Accounl)
Year ended 31 Decomber 2021
Total Funds
{unrostricted)
2021
Total Funds
lunrestrictedl
2020
INCOME AND ENDOWMENTS
Charltable activltles
Members subscriptrons
FIEA subscriptions
Tuition course and exam fees
Salvage code income
Conferen¢e in¢ome
Fundraising events
Other trading actlvltlos
Advertising - joumal
Inve6tmonts
Bank interest received
Other
Other ¢harilable income
147,756
13.370
12.530
14.820
425
156,983
14,299
13,617
15,390
40
2.019
1,670
117
4,880
195,917
2,768
205,533
TOTAL INCOME
EXPENDITURE
Ralsing frjnds
Charitable activities
2,002
188.577
9,e40
213,330
TOTAL EXPENDITURE
190.579
222.970
NET MOVEMENT IN FUNDS
5.338
117.4371
Totsl funds brought fopward
Totsl fund8 earrled forward
646,892
652,230
664,329
646,892
The charity has no recognised gains or lo$$e$ other than the results for the
year as set out above.
l of the actwities of the charity a￿ classed as continuing.
Th• accounting pollcles and notes on pages 15 to 21 fomi part of these financlal 8later,ients.
-13-

The Institute of Automotive Engineer Assessors
A Company Llmited By Guarantee
Statement of Flnanclal Posltlon
31 December 2021
2021
2020
Flxed agsets
Intangible fixed assets
Tangible fixed assets
3.073
3.811
5,237
4,%0
9.597
6,884
Current asset•
Debtors
Cash at bank and in hand
54,141
629.842
47.026
653.899
683,983
700,925
Cr¢dltOV8.' amounts falllng due wlthln one y•ar
Net current assets
38,637
63,630
637,295
646,892
645,346
652.230
Net a8s•ts
Unrestrlcted Fund•
General fund
Designated fund
Net ag8et8
10
649,751
2,479
652,230
844,413
2,479
646,892
These financial statements have been prepared in a￿OrdanCe wth the special provisions for small
companies under Part 15 of the Compan￿$ Act 20C6.
These financial statements were approved by the Council on the
their behalf by..
and are signed on
Slgn81ure
Prfrrt Name
Member of the Council
Company Number. 0350568
Th• accountlng pollcles and noleg on pageg 15 to 21 forni part of these flnanclal statements.
14-

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
Accountlng Pollcles
Year ended 31 December 2021
General Informatlon
The charity is a private company limited ty guarantee, wi5tered in England and Wales and a
registered charity in England and Wales. The address of the registered office is Pennyroyal Court,
Station Road, Tring, Hertfordshire HP23 5QY.
Statemont of compliance
The charity conslilutes a publi¢ benefit entty as defined by FRS 102. These financial statements have
been prepared in compliance with FRS 102, The Financial Reporting Standard applieable in the UK
and the Republic of Ireland., the Statement of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporb"ng Standard applicable in the UK and
Republic of Ireland IFRS 102) (Charitses SORP {FRS 10211 and the charit￿S Act 2011.
Basis of accountlng
The financial 5ts1ements have been prepared on the historical Cost basi8, as modified by the
revaluation of certain financial assets and liabilities and investment properties measured al fair value
through income or expenditu￿.
The financial statements are prepared in sterling. which is the fvnctional currency of the enlity.
Golng concern
The Trustee$ have reviewed the charity's I0￿Casts. particularty in light of the Covid-19 outbreak and
the recovery therefrom. ￿11$1 il is anlicipaled that there may be some reduction lo income streams of
the charity in the short lo medium leryn. as outlined in the ￿selVeS policy on pages 4 and 5 of the
Trustees report, the charity's current level of free ￿serveS is considered to be sufficient to enable the
charity lo ftslfil its obligations and conts'nue its charitable aclivities for the foreseeable future. The
Trustees therefore consider that the applicakn'on of the going con￿rn con￿pt is appropriate for the
preparation of these financi81 slatements.
Cash flow statement
The Council has tsken advantage of the exemption in the Charitse8 SORP {FRS1021 from including
C8sh flow ststemenl in the financial statements on the grounds that the charity is small.
Fund aeeounting
Unrestn'cted funds Comprise the accumulated surplus or deficit on the incomè and expenditure
account. They are aVailaL￿e for use al the discrets'on of the Council In furtherance of the general
objectives of the chanty.
Incom•
t)onalions are accounted for when received. All other income is accounted for on an accruals basis.
The members, subscription period coincides with the ffinancial year of the charity. As a consequence,
any subscnplfons receNed in relation lo the following financial year are deferred and recognised in
that year. Oeferred subscription balances are ￿Corded in note 9.
Reglons
The Insb'lute's affiliated regions operating throughout the UK. are recognised as branches of the
Institute in these financ￿1 statements.
-15-

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
A¢countlng Pollcles (¢onllnu•d)
Year ended 31 Docember 2021
Expondlturo
Expenditure Is accounted for on an accruals basis as a liability is incurred.
Expenditure on raising funds includes the Costs associated with the annual charitable dinner, together
wrth other fijnctions and general PR aCt￿￿'e5.
Charitable acb'vrtEs expenditure comprises those costs incurred by the charity in th6 delivery of its
activitses and services for ils member beneficiaries. This beirKJ the core activity of the charity. it
Includes all of the charity's support costs.
Other management and administration expenses include those costs associated with meeting the
conslilutional and slalutory reqUI￿rneAts of the charity such as audit fees and costs linked to the
strategic management of the charty.
Intsnglbl• assets
Intangible assets are initially ￿Orded al cos( and are subsequently stated at cost less any
accumulated amorts'sation and impaiment losses. Any intangible assets carried at revalued amounts,
are reeorded at the fair value al the dale of revaluation, as detemiined by reference to an active
market. less any subsequent accumulated amoftisation 8nd subsequent a¢cumulaled Impairmènt
losses.
Amortlsatlon
Amortisation is calculated so as lo write off the cost of an asset, ￿$$ its ests'mated residual value, over
the useful lrfe of that asset as follows:
0￿1￿1 leaming platfomi
- 33.3% strayht line
Tanglble •88ets
Tangible assets a￿ initially recorded at CO81. and subsequenty stated at cost less any accumulated
depreciation and impairment losses.
Depreclatlon
Dep￿latIon is calculated so as to vnite off the Cost ol an asse( less Tts estimated residual value, over
the usefvl economic life of that asset as follows-
Computer equipffEnt
- 25% reduung balance
Office blJrnRure & equipment - 15% reducing balance
No depre¢iation is provided on the Regalia assets. The Council recognises that this treatment
Contravenes Schedule 1 of the Small Companies and Groups {Accounts and Diredors Report)
Regulations 2008, but considers that the absence of such a proviS￿n is immaterial to the reported
results and net assets of the charrtable ￿rnpany.
-16-

The Institute of Automotlve Engineer Assessors
A Company Limited By Guarantee
Aecountlng Pollcles (¢onlln
Year ended 31 De¢ember 2021
Financial instrumenls
A financial asset or a financial liability is recognised onty when the chanty becomes a paty to the
conlraclual provisions of the instrument
Basic financial instruments are initialty recognised at the amount receNable or payable including any
related transaction costs.
Current assets and current liabilities are subsequently measured at thé cash or other consideration
expected to be paid or received and nol discounted.
Debt Instruments are subsequenvy rneasu￿d at amorts'sed cost.
Financi81 assets that are rneasured at cost or amoTtised cost are ￿vieWed for objective evidenc8 of
impairment al the end of each reporting date. If the￿ is objeclNe evidence of impaimienl, an
impairment loss is reeognised under the appropriate heading in the siatement of financial activities in
which the initial gain was ￿cOgnISed.
Any reversals of impairment are recognised immediately, lo the exlent that the reversal does not result
in a carrying amount of the financial asset that exceeds what the carrying amount would have been
had the impaiment not p￿ViOUSlY been recognised.
Crltlcal aeeountlng e8tlmata8 and area8 of Judgemenl
In preparing financial stalemenls rt is necessary lo make certain judgements. eskn'mate8 and
assumptions that affect Ihe amounts recognised in the financkql statements.
In the view of the trustees in applying the accounting poI￿leS adopted. no judgements were required
that have a signrficanl effect on the amounts recognised in the financial $tslements nor do any
eslimales or assumption8 made cary a signfficant risk of material adjustment in thè next financial
year.
Taxatlon
No provislon has been made for taxation as the company's charitable status renders il exempt from
UK direct taxation.
Llmlted by guarnnt••
The company is limited by guarantee and has no Sha￿ capital The liability of each member in the
event of a winding up is Ilmited to £100.
The company has obtained the consent of the Registrar of Companies to be exempt from the
requirement to use the word "Limited" in its nanE.
-17-

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
Notes to the Flnanclal Statements
Year ended 31 December 2021
Not movement In fund8
2021
2020
Net movement in lunds is slated after charging".
Auditors remuneration
Statutory audit services
Other assurance services
Depreciation
Amortisats"on
2,007
2.572
548
2,164
1,815
2,094
591
1.263
Ral6lng fund8
2021
2020
Public ￿latIonS
Fundraising events
2,002
9,640
2.002
9,640
Charftsblo aetlvltles
2021
2020
Education and training
S81vage code exam and project costs
Standards development
8enchmatking verification costs
Conference costs
Support costs
FIEA costs
RegionaVbran¢h expenditure
Management and administrat￿n costs
Audit fees
Travel and council members expenses..
47.895
2.367
6.360
1,975
{8S9}
48,318
8,937
25
70,651
2,007
43,601
3,288
28,491
1,513
1,361
50,854
9.048
855
70.363
1.815
2.181
188,577
213,330
18-

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
Notos to thè Flnanclal Statements {C￿tin￿￿)
Year ended 31 Docombor 2021
Total expendlture
Depreclatlon
2021
2020
Other costs
2021
2020
Total
2021
2020
Direct charitsble
expendrture
Fundraising and
publicity
Management and
administration
2.712
1.854 112.31A 137,137 115,018 138,991
2,002
9.640
2,002
9,640
73.559
74,339
73,559 74.339
1,854 187,867 221.116 190.579 222.970
2.712
Employment coots
The charity had no employees during the current or preceding year.
The members of the Council received no remunerydtion during the year. Expenses lotalling
£1,445 {2020'. £1.7411 were ￿1mbUl$ed to 312020'.81 Council members.
Intanglble flxed 0gth8
Dlgltal
Learnlng
Platforni
Total
Co8t8
At 1 January 2021
Addits'ons
6,500
6,500
At 31 D•¢•mb•r 2021
6,500
6,500
Amortlsatlon
Al 1 January 2021
Charge for the year
At 31 December 2021
1.263
2.164
1,263
2,164
3,427
3,427
Net 8ook Values
At 31 December 2021
3,073
3,073
At 31 December 2020
5,237
5,237
-19-

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
Noto8 to thè Flnanclal Statements (c￿)￿1u8d)
Year ended 31 December 2021
Tanglble flxed assets
Computer
Office
Equlpment Fumiture and
Equipment
R•galia
Total
Costs
At 1 January 2021
Addibons
21,715
6.111
1.671
29,497
At 31 December 2021
21.715
6,111
1,671
29,497
Deproclatlon
At 1 January 2021
Charge for the year
Al 31 December 2021
20.266
362
4.872
25.137
548
20,628
5,058
25,685
Net Book Valu•8
At 31 December2021
1,087
1.053
1,671
3,811
At 31 December 2020
1.450
1,239
1,671
4,360
Oebtor4
2021
2020
Trade deblors
Other debtors
Prepayments and a¢¢rued Income
3.205
11,955
38,981
54.141
240
4,538
42.248
47,026
Credltors". Arnounts falllng due wlthln one year
2021
2020
Trade Creditors
Other lax and social securtty
Other creditors
Subscriptions in advance
Ac¢ruals and deferred income
2,281
27,737
3,209
30,147
3,000
978
31.565
3.350
38,637
63,630
Included in other credrtors is £2.632 {2020'. £4781 due to the Institute of Automotive Engineer
Assessors Benevolent Fund. which is administered by the charity. The amount represents the
net balance of donab'ons receNed by the tharitable company bul not transferred al 31 December
2021 on behalf of that fund.

The Institute of Automotive Engineer Assessors
A Company Limited By Guarantee
Notes to the Flnanclal Statements (witrnued)
Year endod 31 DKofflber 2021
10. Reconclllatlon of movement In total fund8
Unrestrlcted Funds
General Deslgnated
2021
2021
Unrestrfeted Funds
Genernl
Deslgnated
2020
2020
Opening total funds
Net inwmelldeficit) for the financial
year
644,413
2,479
661,850
2.479
5.338
(17.437)
Transfers
Total funds Carried forward
649.751
2.479
644.413
2,479
All assets of the charity represent unreslricted funds.
The designated fund represents amounts previousty received 88 unrestricted income earmarked
for the delivery of learning materials and payment of other Institute fees for the progression of
membership of employees of the CoQperative Group.
11. Taxatlon
The Institute has charitable status and is therefore exempt from corporatson tsx.
12. Related party transactlons
During the period the Company had the following transactions with ￿lated partles.
Education and Tralnlng Services..
A Cairns (A VC Training and Consuftancy)
5,070
21