INCORPOHATED CuiouE The Institute of Automotive Engineer Assessors Financial Statements For 31 December 2024 A Company Limiied 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 Flnanclal Statements Year ended 31 December 2024 Contents Page Members of the council and professional advisers Council's annual report (ineorporating the directors re1? Independent examine¢s rewl Ststement of financial activi¢ies 10 Statement of financial position Accountin9 policies 12 Notes to the financial staterr*nts 1S
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee Members of the Council and Professional Advlsers Year endgd 31 December 2024 The Mgmbgrs of the Councll Preshlent Chaimlan D Punter P8St president PresKlenl Elect D Power P 8rigg$ Members C Aplin K Ashton D Hollry•vay G Hunl C Jones L Minton P Roath C Robins J Russell Asimpson R Stone Taylor M Wells V Whittle (apwinled 24 April 20251 (resigned 1 April 20251 {re5wned 1 April 20251 (resioned 1 April 20251 (resigneij 1 April 20251 (appointed 24 April 20251 {re5igned 1 April 20251 (appointed 10 April 2025) {appoinled 24 April 202S) (appointed 24 April 2025) Offlcers Finance Olker Company Secretary G Hunt R W8Thington Company Number 0350568 Charty Number 273452 Registered Office 8 Lodge Fami Business Centre Castthorpe Milton Keynes MK19 7ES Independent Examiner Carl Elsby ACA Elsby & Co {Sywelll Ltd This1 Down Bam Holcot Lane Sywell Northampton NN6 OBG Bankors Lbyds TSB 22 Condui( Street LhrId Slaffordshire WS136JS
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee The Council's Annual Report {In¢orpordting the Directors. Report} Year ended 31 Docember 2024 The Counol members. who are also Directo tor the purposes of the Companie5 Act. present their ieport and the financial ststemenls of the charity fty Ihe year ended 31 December 2024. Ob ecllves & actlvltles Principal activity The activty of the Institute conlinues to be that of a professional association, the main obje¢t of which is to pfomole and develop for the public benefit the sence of the design, manufacture and relaled technology of motor vehKles and the science of repair of. and risks arising trom, the use of road vehicles and lo furthei public eduCatn therein. To this end. the Institute designs and sets a syllabus for students lo study and prepare for the InslitLrte's written examinations. The Institute encourage and approve Education Insti(ules and private Organisations to offer the Institute exams and a di5tan¢o leaming package is available with tutor guidance for indNiduals. The Institute also organises a praclul tompetence assessment and since late 2017 the revised Code of Pracli¢e for disposal of motor vehIe salvage named the Institute as a leaming body whom operates assessed oulme testing of vehicle damage assessors wshing to be endorsed for calegorising Saage. Aims and ob5ectives The aim of the TnJ51ees remaineil as ever to ensure th81 the Institute continues to provide relevant and coherent membership and educatton standards that support the Member5 and complemented the industrie5 where they work. The ongoing focus of the Counctl was lo promote Ihe Education Sland8rds and QualÉfutions for mgmbershi? and continue lo align these to membership grades. The main area of developmenl in 2024 was the continued use of technology lo coincitJe with key relationships in the industry lo albw the IAEA to forge a cr way ahead and ensuie its members are relevant and equipped lo deal wrth the rtgors of m(Klern vehicle assessing. The Inslilule continues to be committed to pmwdin9 the motor vehIe repair industry. insurance industry, legal profession. m¢Xor vehicle salvage operators and members of the publi¢ who require reliable high qualty professional assessment serVe with independent information ?nd guidance. Compliance lo the Institute rules and requirements in the use of Ihe Inslilule logo and the use of post- nominal letters continued to be pursued rworou3ty to ensure the confKJence of all concerned. The Trustees have had due regard lo the Charity's ConNnission's guidance on public benefft in exercising their p¢)wers or dulles.
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee Tho Councll's Annual Report (Incorporaling the DlrectoTs' Report) Year ended 31 Decembor 2024 Achlevements and erfomance Education. TraiTning and Benchma{n9 The Council. through its education group. continues to Wotk on updating the education syllabus. providing support to students and availability of Ihe exams. wth accessibility and recognf(ion in the market being the priorty. Vvofking over 2024 and into 2025 the latest code of Pract for salva9e cale90ri5alKJn from the ABI has been assisted by the IAEA in its ereation. and we continue to be the onty certification centre in use to assess candidates as frt Pu¢)Se in this irrwrtant role. On a side note, the IAEA has run and awarded the only recognised competilion for vehicle damage assessment in the UK driving the best from the best. 2024 was our final year as an affiliale for eThJineering council UK. and the focus was to ensure that we remain compliant in our appr¢xh for our memters. as we move t¢Mards a new five year plan in 2025. We have maintained our positK•n wthh the ABI for the code of practice for the ¢alegorisalKryn of safvage. with our trustees committing almost a month's worf( of voluntary work to ensure this remain5 fft for purpose and worthy of its qualifKalion status. ilst our membership continues to decline due lo the age groups of our members, we are heartened by the election of committed members from a variety of backgrounds that will bring MO ch8n9e, and disruption to the mathet as needed. Public Relations andMaetsng The Instiiute continues lo provide the independent validatN)n of IMI VehIe Damage Assessments Physical events have been varied in a number of our lon$, but we continue to support this where we ¢an and look to enhance our online offering in 2025. Council members have been active raising the profile of the Institute with a range of bodies, and a number of key even15 were attended in 202415 to raise the profile and awareness of the Insli(ute. These included: Bodyshop Event. ITAI Crash Day. ABP conference. ATF awards and a regular attendance al ABI tschnical commitiee to name a few. The Assessors Joumal goes from strength to slreThJth. with more features. inl8re$l and new member benefits coming on board. which we are reminded by the FIEA that we operale probably the best publi¢atb)n in this space in the world. Our financial affairs continue to be eypertty administered by GP Financial Managernent Ltd.
The Instltute of Automotive Engineer Assessors A Company Limited By Guarantee The Council's Annual Report Ilncorporating the Directors. Report) Year ended 31 December 2024 Flnanclal revlew Results for the year The principal Source of income to the Charity ntinUeS to be member subscription$. supplemented by i(s education aCtN"es. As indicated bek)w there ha5 been a shift in the income for 2024. which is a direct result ol the AQP Re-accredrtation process that lake$ place every S year5 for relevant vehKle salvage code assessors. The resu of our aCtNleS. the sulUS for the year 2024 amunted 10 £130.943 {2023: deficit £53.921}. The Council Close monitor the Institute finances to ensure there is ntInued su5tainabilty. All aclivilies relale lo UnreStrted funds. RgseNes pollcy The Council has reviewed the charity's qUirements for reserves tsking account of the identified risks to the organisatKsn. The policy has been reviewed by the eouncil and in the existing economic climate il was agreed a policy should be adopted whereby the unre51ricted lunds of the charity should repsent a minimum of yeais of its annual expenditure to support Working capital requiremertls such that in the event of a significant fall in tts current income levels atMWor membership; thereby, the Institute ¢ould continue10 5UPPOrt the membershy. The Council does not anticwate a signifunt change in the company's charitable aclwilies for Ihe forthcoming year and consequenlty considers ihat the profile of expendiiure in the past two years is a reasonable guide to assessing the charity's requirements. On lh* basis it is considered the charity should have a target reSee level of belween £475,000 and £525.CW. The current level of free erVeS afflounts to £702.018 {excluding fLxed assets) 12023.. £569.9081. which is still above this prescribed limit. H¢)wever, as the Institutes membership has continued lo show some decline. these addi(ional reserves will both offsel any drop in income and allow us to continually invest in initiatives to increase membership in olhei geographies whilst delsvering high quality services to all members. This has been acknowledged by the Council and the ongoing Business Review will consKler the chan9in9 Structures in the 8utomotNe sector and the position of the Instilule. Council will consider augmenting the sefvice arrangemenls lo members and the resources of the Institute lo assist in maintaining a salisfaclory level of reserves. There is a continuing expecl81ion that due to the additional resour¢e required for the updating of our infrastructure. impli¢aligns of the slow recovery of the global economy post pandemic. our reserve5 should remain higher than target levels. Coun¢il will Continue lo exercise sound judgement and wudence when considering addiiional expendilure. Council will eonlinue lo use reserves above the largel levels lo invest in educational Tesources for both existing and new members as well as promOtn of the institute in line with our aims and objectwes. Council will exercise pru(lence in investing reserves and endeavour to balance this wilh close IrK)nf(oring of the recovery on both the domestic alKI w•Jer global economies. Investment powers In case the Inslilule shall tske Of hold any propety which may be subject to any trusts the Institute shall onty deal wi(h or invest the same in such manner as allowed by law, having regaid lo sueh trusts.
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee The Council's Annual Report (Incorporating the DirectOf5' Roport} Year ended 31 De¢ember 2024 Plans for the future Medium and long tern) strategy The 51ralegy for our penUlMate year12024) for our fve year stratW3y. conbnued lo focus on member interaction. our core systems. enhancing administrative capabilities. and putting the power of the inslitule back into the hands of its rneMbs and ils duly elected council. The fuS femained on training and educal#)n and the attraclion of new members and ini(iatwes lo support membership. with a renewal of SeICe$ for our online platfoTh for examination. Whilst 2024 has been the year of the AQP exam refresh. this was important for us not lo fail, but also to bolster our funds for 2025 whh will allow us lo expantl our Iraining offering and our mission to attract new members and continue w relevance in this space. The long lem strategy will be to secure our affiliate $18tus with engineering Council in 2025. with review lo expand what they can offer us and members, then mve lo redefine engineering in this space. and build supported training courses and relevant CPD events for our membets. so we can be more elfeclwe lo the public we serve.
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee The Council's Annual Report Ilncorporating the Directors. Report) Year ended 31 DeMber 2024 Structure overnance nd mana ement Governing document and constitution The ¢ompany Iregislralion number 0350568). wtuch is limited by guarantee and has no shaft capital, IS govemed by ils Memorandum and ArtleS of Association. 11 is a registered charity under the Charity Commission (charity l$tratIOn number 2734521. Nothing contained within the Memorandum of Association shall be deemed to authorise the Institute to engage in any trading actwilies on a commercial scale. The objects of the Institute shall not extend to the negotiathon of relations between worf¢ers and empl¢)yers or organisations of workets and organisations of employe. The income and pioperty of the In5tlute, When so ever derived shall be applied Sole towards the promotion of the objecis of the Inslttute and no proportion thereof shall be paid or transferred directly or indireclty by way of dNidend. bonus or otheiwise howsoevei by way of profil. to the members of Ihe Inslilule. Organisation The organisatll is governed by a Council of up to thirteen Corporate Members elected by the membership and a Council Appointed Finance Offer. there i8 an Executive to progress matters approved by Coun¢il. There are Ihree Groups, appointed by Council lo prowde policy guidan. Regions operate throughout Ihe UK and Eire.. each having their own eleded officers and commsilee. who must ensu that their local affairs meet the requirements of the Institute Memorandum of Assock41ion and Code of Conduct. The Institute penodicalty awards grants to those Regions that submi( valid claims of expenditure in relation to its acbvtties in prorrKItn of ils charitable objects. Recruitment and appointment of Trnstees Trustees are ncfflinaled for appointment to the Council annualty by CpOrate Members. Nominaled candidates are then ft)mially ejected at the Annual General Meeting. Risk management The Council is responsible for the management of the busine55 risks faced by the charty. Busin9$$ ri8ks are idenlffied. assessed and conlrots eslablished throughout the year ar discussed at Ihe Council meetings. A risk register has been in operation since 2017. this register is updated on an ongoing basis and is reviewed by Council at each nwling to ensu that there are adequate nIr01 processes lo manage iisk. 2024 was a difficull year for claims, as the market had to deal with the boom of work required following the opening up of commerce after covid 2019. Thks Sumed in a number of businesses expanding to accommodate for this work in 2023 into 2024 a sudden drop off in demand around April a5 the UK maikel began to nomalsse its worknow and seasonal trends. A number of businesses in engineering stiuggle lo address the need and a number of businesses in repair had lo diversfy whal they do lo ensu their survwal however as we moved lowards the end of 2024 claims volume appeared lo slabili8e.
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee The Councll's Annual Report Ilncorporating tho Dlrectors. Report) Year ended 31 Decgmbgr 2024 To assess the level of impact that ckims inflation may have on the industry which employs or uses Ihe services of the Inslilule members. we have fxlofed in multiple scenarios regarding membership levels inlo our rollin9 S year business plan. This scenarKJ plannin9 helps Council assess the possible effects in the medium to knng temi. Benovolent Fund Members of the In51ilute may volunlarity donate an addi(ional payrr*nl with their annual subscriptions into The Institute of AutonKJlive Engineer Assess0 Benevolent Fund. This fund is a gIstered charity {regislralion number 1C65102), established by a Declaration of Trust. The purpose of the Fund 15 the ielief of povety amongst past and present members of the Insti(ule of Automotive Engineer Assessor5 or their dependants. The Benevolent Fund TnJstees are appointed separately to Council members and have delegated Ihe admintslration of the FurKI lo the Instiluie. The assets and liabilitie5 of the fund are consequentty not recorded within the financial statefnent5 of the In51ilule. Al 31 December 2024 the fund had accumulated reserves of £77.67512023'. £77.806). Reference and administration Legal status The company's registered name is The Institute of Automolrwe Engineer Assessors. Ils company registration number is 03505568 and f(s charity l$tratIOn number is 273452. The addres5 of the registered offe and the names of TwsleeslDirectors are listed on page 1 of this feport. The Council memberyJ The Council members who served the Charity during the pericxl are listed on page 1. Council members are appointed in accordanee with the Company's Memorandum and ArtleS of Association. The Company is limited by guarantee and no council member has a beneficial interest in the capilal of the charitable company. Al Council members are directors of the Company.
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee The Council's Annual Report Ilncorpornting the Dlrectots. Reportl Year ended 31 December 2024 Statement of Councll's Responslbllftles The Iruslees. who are also the directors for the purposes of company law. afe responsible for preparing the Report of the Trustees and the TInaral statements in accordance with applicable law and United Kingdom ACLEntIng Standards (United lfjngdom Generally Accepted Accounting Practice). Company law requires the twstees to prepare fsnan¢ial stalements for each financial period that give true and fair view of the state of affairs of the charitable company and of the incoming resouices and applicalNJn of resourees. induding the income and expènditure. of the charitable company for that period. In preparing those financial ststemenls. the truslees are required to.. selecl suitable accounling wlicEs and then appty Ihem consistentty., comply with appltable accounting standards, including FRS 102, subject lo any material dep8rtures di]05ed and explained in the financial statements,. state whether a Statement of Recommended Prac. (SORP) applie5 and has been followed, subject lo any material departures which are eXained in the financial statements make judgements and estimates that a wsonable and prudent: prepare the finan¢h81 ststements on a goin9 concem basis unless it is inappropriate to presume that the charitable Company will continue in business. The trustees are resnSIble for keeping proFer acc4Junkn"r*J rets)rts which disclose with reasonable accuracy at any time the financial posibon of the charilable company and lo enable them to ensure that the financial statements comply with the Companies Act 20C6. They are a150 responsible for safeguarding the assets of the charitsble eompany and hence for tskin9 asonable steps for the prevention and deleclion of fraud and other irregularities. Small company provisions This report has been prepared in accordan with the special provisions for small MPanieS under Part 15 of the Companies A¢t 2006. Registered offi. 8 Lodge Fami Business Centre Casllelhorpe Milton Keynes MK19 7ES Sig[d by der of the trustees k-T Mr G Hunt Trustee Approved by the tnjslees on 3 June 2025
The Institute of Automotive Engineer Assessors A Company Lirnited By Guarantee Independent Examin•rf5 Report to the hlemb•rs Year gndgd 31 DeCeMr 2024 I repJt to the thrty trLthes my eyamnatK ol the c£mkwry tr I1 yew ubjed 31 Decembw21f24 vthich ¥e set crt Feges 10t0 18. RpOnsIbIlItIeS and basls of report 2CIJ61kn 2006 Ad?. 2CQ6 AL# aTrJ e efvJit4e ThJe[Tht eyanNnaicn, I reFxyI in reSt of my &xaminim of yc4 ¢4JnF4ny's aectMJts as ojt Ln sth 145 oftr 2011 2011 Act). In c¥ryirg out my exInatI( I have fc4bAEd the grm CLxnmisgon under stttion 14515)) ofthe2011 kt. Independent examlnefs statement n reqli1wrt trt the aC££ts arnl f8rviv# is Mt a matter rJ)nsdwed + UKand Rewtknof (FRS 1W]. Carf Elsby AG4 Elsby & Co (Sy%1) Ltd Thistle Dobvn Bam Ho(col Lane Sywell Northampton NN6 OBG
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee Staternent of Financial Actlvitles (including Income and Expendllure Account) Year ended 31 December 2024 Total Funds {unrestri¢tedl 2024 Total Funds {UnreStriedI 2023 Notss INCOME AND ENDOWMENTS Charitable activities Members subscriptions FIEA subscriptions Tuition course and exam fees Salvage code income Conference inc¢)me Investments Bank interest re¢¢N¢d Other Other charilabk inccme 132.013 11.323 9.700 142.920 138.720 12,024 12.449 23,373 4,922 10.754 8.694 5.930 312.640 4.¢)05 204,187 TOTAL INCOME EXPENDITURE Raising funds Charf(able activities 9,020 172.677 11.984 246,124 TOTAL EXPENDITURE 181.697 258,108 NET MOVEMENT IN FUNDS 130.943 153,921) Totsl funds brought forward Totsl funds carried forward 574.260 705,203 628,181 574.260 The ¢harity ha$ no reco3nised gains or k>sses other than the results for the year as sel t above. All of the actwrties of the charity are classed as continuing. Tho a¢¢ountlng pollcles and notes on pages 12 to 18 forni part of these financial statements. 10-
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee 31 December2024 2023 Ftx8d assots Intangible red assets Tangib frxed ass¥ts 2,776 3.043 2,776 Debtors Cash at bank and in hand 24.986 745,328 16,539 610.236 TTO.314 626.775 Credilor5". amounts falling due within one yèar Net current assots 55.558 702.427 571.217 Net assets 705.203 574.260 Unrestrfctqd Funds General fund Designated furnl Net assets 10 704.794 409 572.951 1.309 705.203 574.260 For the year ending 310ecember 2024 the charity Wds a711ed to eXernptl from audit under section 477 ofth8 Companies Act 2(X)6 relaiirnd to small o)mpanies. Directo, resF¥xtsibilibes: question in accordance with seclion 476: . Th8 directots acknthytedge their resPolMIeS for comptying wrth the requirements of the Act with respect lo accounting records and Ihe patiOn of financial slalements. CnpanIeS sutyetx lo the small companw. These financial statements were approved by the lThrd of trustees wid 8Uthoiised for issue on 3 June 2025. and are signed on behalf of the board lyrf: Mr D Punter Mgmber of the Cwn(al (Tnth) Company Number. 0350568 The a¢¢ounting poli¢l¢s and nofe5 on pages 12 to 18 fomi part olthese financial statomgnts.
The Institute of Automotlve Engineer Assessors A Company Limited By Guarantee Accounting Policles Yoar ended 310ecember 2024 General information The charity is a private company limiled by guaranlee, wiste in England and Wales and a registered charty in England and Wales. The address of the registered office is 8 Lodge Fam Business Cenlre. Casllelhorpe. Millon Keynes. MK19 7ES and the he&J office is Wled al 1 Tanner5 Drive, Milton Keynes, MK14 5BU Statement of compliance The charity conslilutes a public benefft entity as defed by FRS 102. These financial slalemenls have been prepared in compliance with FRS 102. The Financial Reporting Standard aPpIable in the UK and the Republic ol Ireland.. the Statement of Recommended Pryacte applicable to ch8rities preparing their ac¢oun15 in accordance with the Financial Repthng Standard applicable in the UK and Republi¢ of ]land IFRS 102) (Charities SORP IFRS 102)) and the Charitie5 Act 2011. Basls of accountlng The financial slalements have been prepared on Ihe historical cost basis. as modrfied by the revaluation of certain financral assets and liabilitS arKI investment properties measured al fair value through income or expenditure. The financial statements are prepared in sterling. whth is the furttional currenGy of the enlty. Going concern th du8 regard lo the charity's reserve balances and anticipated ongoing luture revenue streams, Ihe Trustees consider that the appli¢alion of the going concem concept is appropriate for the preparation of these financial statements. Cash flow statement The Council has taken advanlage of the exemption in the Chities SORP (FRS1021 from including a cash flow statement in the financial statemenls on the grndS that the charity 1$ small. Fund accountlng Unreslricled funds ¢omprise the accumulated surplus or deficit on Ihe income and expenditure account. They are available for use at the discretion of Ihe Council in furtherance of the general objectives of the charity. Income Donations are accounted lor when rKeived. All other income is accounted for on an accruals basis. The members, subscriptKsn period coincides Ihe financial year of the charity. As a consequenee, any subscriptions received in relation lo the following financial year are deferred and recognised in that year. Deferred subscription balances are recorded in note 9. Regions The Inslilute's affiliated regK)ns operating Ihroughoul the UK. are rectrjnised as branches of the In$ti(ule in these financial sLments. -12-
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee Accountlng Pollcles (¢ontlnuedJ Year ended 31 December 2024 Expenditure Expenditu accounted for on an accruals bass as a liabilty is incurred. Expenditure on raising furKls indudes the costs associated with the annual thariiable dinner, tcgether with other funclwJns and general PR activities. charitab activitS expenditure c(ryises ttrK>se costs incurred by the ¢hartty in the delNery of ils activities and Servi$ for its member beneficiaries. This being the re aclivty of the charity, il includes all of the charity's support Costs. Other managemenl and adminislrath?n expenses include those costs associated with meeting the ¢onslilulional and slalutory fequirements of the charity such as audit fees and costs linked to the strategic management of the charity. Intanglble assets Inlangible assets are initially recorded at cost and are subsequenlty 51aled al ¢osl less any accumulated amortisalion and impaimienl losses. Any intangible assets carried al revalued amounts, are corded at the fair value al the dale ol revalUatn. as determined by reference to an active market. less any subsequent accumukted anv)rtisalion and subsequent accumulated impaiment losses. Amorti5ation Amortisalion is calculated so as to write off the cosi of an assel, less ils estimated resiLlual value. over the useful life of that asset as follryws= Digital leaming platfoFrn - 33.3% straKJht line Tangible assets Tangible asse15 are initially recorded at cost. and Subsequent sLqted at cost less any auMUlated depreciation and impairment losses. Depreciation DepcIall0n is ¢akulated so as to write off Ihe cosl of an asset. less its estimated residual value, over the useful econornic life of that assel as follows.. CompLrter equipment - 25% reducirvJ balance Offe furniture & equipment - 15% reducing balance No depreciation is provided on the Regalia assets. The Council recc#3nise5 that this Irealment contravenes Schedule 1 of the Small Companies and Groups (Accounts and Directors Reporti Regujalions 2008. but considers that the absence of such a provision is immalerial to the reported results and net assets of the charitable company. 13-
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee Accountlng Policies (¢ofttlntsedJ Year ended 31 December 2024 Financial instruments A financial asset or a financk?I liability is fecognised onty wthen the Charty becomes a party lo lh8 ¢onlractual provis¢ons of the inslmmenl. Basic financial instrument3 are initialty recognised at the aMot receriable or payable including any related Iransaetton eosls. Current assets and currertl liabilities are subsequentty ffeasured al the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequenlty measured at amortised cost. Finan¢ig1 ossels that are measured al cost or amortised cost are reviewed for objeclNe evhdence of impairment at the end of each rertIng date. If there is objectwe evidence of impairment, an impaimenl10s5 is recognised under the appropriate heading in the statement of financial actwities in whh the initial gain was recognised. Any ievetsals of impaimenl are recognwd immedk?lety. lo the extent that the reversal does not result in a carrying amount of the financrdl asset that exceeds what the carrying amount would have been had the impaimenl not previousty been recognised. Criti¢al accounting estlmates and areas of judgernent In preparing financh81 statements bt is necessary lo make certain judgements. estimates and assumplions that affect the amounts recegnised in lh8 ffinanctal stslements. In the view of the twstees in applying the accounting policies adopted, no judgements were required that have a svJnificanl effect on the 8mounls recognised in the financial slalemenls nor do any eslimat¢s or assumptions made carry a signifKanl risk of material adjvstrnent in the next financial year. Taxation No provision has been made for tatIon as the company's charilable $u3 renders it exempt from UK direcl taxation. Llmltgd by guarantee The company is limited by guarantee and has no share capital. The liabiltty of each member in Ihe event of a winding up is limited lo £1. The ¢ompany has oblained the consent of the Registrar of Companies to be exempl from Ihe re4uirement to use the Word-LiMite in Is n. -14-
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee Notes to the Financial Statements Year ended 31 December 2024 Net movement in funds 2024 2023 Nel movement in funds is staled after charging- Independent ExanNners fee Depreualion Armrtisalion 2.000 267 338 Raising fvnds 2024 2023 Public relations 9.020 11.984 9,020 11.984 Charltable activities 2024 2023 Education and tr8inir¥J Salvage Code exam and project costs Benchmarking verification costs conferen costs Support costs FIEA costs Regionaltsranch expenditure Management and administration eosls Independent Examinalion l Audit fees Travel and wuncil members expenses 36,274 1.750 4,365 35.233 1.757 4.085 10.908 59.166 9,208 1.308 117.055 1.800 5.604 57.288 7.783 1,489 55.698 2,000 6,030 172.677 246.124 15-
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee Notes to the Financial Statements (conlmu Year ended 31 December 2024 Total expenditure Depreciation 2024 Other costs 2024 2023 Total 2024 2023 Direct charitab expenditure Fundraising and publicty Management and adminislralion 267 1.246 108.682 120.419 108.949 121.665 9.020 11.984 9,020 11,984 63.728 124.459 63,728 124,459 181.430 256.862 181.697 258.108 267 1.246 Employment costs The charity had no employees during the current or prece(liryJ year. The members of the cou11 received no remunefation during the year. Expenses lolalling £5.611 {2023: £4.8121 were reimbursed lo 612023.'7) Council mèmbers. Intangible fixed assgts Digital Learnlng Platfomi Totsl Costs Al 1 January 2024 Additions 6.500 6.500 At 31 December 2024 6.500 6,500 Amortisation At 1 January 2024 Charge for the year At 31 December 2024 6.500 6,500 6.500 6.500 Net Book Values At 31 December 2024 At 31 December 2023 16-
The Institute of Automotive Engineer Assessors A Company Limited By Guarantee Notes to the Financlal Statements (contwiuedj Year ended 31 December 2024 Tangible fixgd assets Computer Office Equipment Fumlture and Equipment Regalia Total Costs At 1 January 2024 Additions 21.71S 6.111 1.671 29.497 At 31 December 2024 21.715 6.111 1,671 29,497 Oepreciatlon At 1 January 2024 Charge for the year At 31 December 2024 21.104 153 5,350 114 26,454 267 21.257 26.710 Net Book Values At 31 December 2024 458 647 1.671 2,776 At 31 December 2023 611 761 1.671 3,043 Debtors 2024 2023 Trade debtors Other debtors PpaYmentS and accrued income 2.935 2,267 19.784 2.517 2,230 11,792 16.539 24.986 Creditor5: Amounts falling due within one year 2024 2023 Trade Credi(ors Other lax and 5Ctial serurty Other credil¢xs Subscriptions in advance Accruals and defer income 28.309 15.791 597 37,181 1,800 488 36.424 2,855 67.887 55.558 Included in other ¢dItOrS is £597 (2023.- £488) due to the Institute of Automotive Engineer Assessors Benevolent Fund. which is administered by the charity- The amount represents the nel balance of donations received by the charitable company bul not transferred at 31 December 2024 on behaw of that fund. -17-
The Institute of Automotive Englneer Assessors A Company Limited By Guarantee Notes to the Flnanclal Statements (conlwi Year ended 31 December 2024 10. Reconciliation of movement In tolal funds Unrestricted Funds Unrestricted Funds General Designated General Designated 2024 2023 2023 2024 Opening total funds Nel surplus I (deficit) for the financial year 572.951 1.309 625,702 2.479 130.943 {53.921) Transfers {900) 409 1.170 11,170} 1,309 Total funds carried frnrd 704.794 572.951 All assets of the charity present unrestricted fund5. The designated fund represents arrnunts previously reced as unreslrided InMe eamiad(e(I for the delivery of learning materiaL8 and payment of other Institute fees for Ihe progression of membership of employees of the Co-operab've Group. 11. Taxation The Insli(ute has charitable status and 15 therefore exempl from corporalion tax. 12. Related party transactions Dullng the year the following trustees received payment in respect of professional serveS prOded to the charty for vehKle benchmarkiThJ and related travel expenses: Mr M Taylor Mr G Hunt £888 £1.636 There were no other related party transxtions such that require disdosure for the year ended 31 December 2024. 18-