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2022-06-30-accounts

Approved 09/11/22

Registered number 1240103 Charity number 275206

Institute of Corrosion

(A company limited by guarantee)

Report and Financial Statements

30 June 2022

Approved 09/11/22

Institute of Corrosion Report and accounts Contents

Page
Company information 1
Trustees' report 2
Independent Examiner's report 7
Statement of Financial Activities (including Income and Expenditure Account) 8
Balance sheet 9
Notes to the accounts 10

Approved 09/11/22

Institute of Corrosion Company Information

The Trustees, who also act as Directors for the purpose of the Companies Act 2006, present their Report and Unaudited Accounts for the year ended 30 June 2022, prepared in accordance with the Statement of Recommended Practice SORP 2019 Accounting for Charities (FRS 102).

Trustees/Directors
President B Hedges
Vice President S Tate
Honorary Treasurer A J Collins
Honorary Secretary J Lomas
Immediate Past President G Hinds
Members of Council (Ex-Officio)
Chair PDTC D Horrocks
Chair PAC P Lambert
Chair TAC L Fullalove
Chair CED N Smart
Chair CSD J Wharton
Chair Young ICorr D Burkle
Technical Editor CM B Goldie
Chair Aberdeen Branch M Ejaz
Chair London Branch P Zabelina
Chair Midlands Branch A Ingram
Chair North West Branch G Brown
Chair North East Branch L Wilson
Chair Yorkshire Branch R Green

Ordinary Members of Council (Elected and co-opted)

J Fletcher D Harvey K Harold B Peters R Edwards B Wyatt D Harrop G Winning S Vasey

Accountants

Hickeson Boyce 68a High Street Stony Stratford Milton Keynes MK11 1AQ

Bankers

National Westminster Bank 27 High Street Leighton Buzzard Bedfordshire LU7 1DX

Registered office

Corrosion House 5 St Peters Gardens Marefair Northampton NN1 1SX

Company registration number 1240103

Charity registration number 275206

1

Approved 09/11/22

Institute of Corrosion Registered number: 1240103 Trustees' report for the year 1st July 2021 to 30th June 2022

Structure, Governance and Management

Governing Documents

The Institute of Corrosion ("the Institute") is a charitable company, limited by guarantee, incorporated on 12 January 1976 as the Institution of Corrosion Science and Technology and registered as a charity on 15 March 1978. The company was established under a Memorandum of Association, most recently amended at the AGM on 19th November 2020, which delineates the objects and powers of the charitable company, and is governed under its Articles of Association, most recently amended at the AGM on 19th November 2020.

In the event of the company being wound up, each Member undertakes to contribute to the assets of the company an amount not exceeding £5 to meet the debts and liabilities of the company.

Organisational Structure

The President, who acts as the Chief Executive of the Institute, reports to the Trustees, who form the Management Committee. In turn, the Trustees report to Council, who are the ultimate governing body of the Institute and who meet at intervals not exceeding 7 months. Membership of Council comprises the Trustees and nominated representatives from the standing committees, branches and divisions of the Institute and up to 12 elected individual members of the Institute.

Recruitment and Appointment of Trustees

The Directors of the Institute are also Trustees for the purposes of charity law and, under the Articles of Association, act as the Executive Management Committee. The President is elected for a 2-year term at the Annual General Meeting (AGM); normally the Vice-President shall be a candidate for election as President while the retiring President is the candidate for Immediate Past-President, unless other arrangements are necessary. Other Trustees are elected annually at the AGM and existing (non-Presidential) Trustees may stand for re-election.

Trustees, as members of the Management Committee, are required to have a broad skills base and suitable persons are drawn from industry, private consultancy and academia. Trustee vacancies are generally filled by approaching individuals who are thought to offer particular skills and/or who are able to maintain the balance of skills available to the Management Committee. Vacancies for all positions are also sought generally from the membership through a notice in the Institute's publication "Corrosion Management" and on the website of the Institute at the same time that the notice for the AGM is promulgated.

Trustee Induction and Training

Most Trustees will already be familiar with the operation of the Institute from prior service in a local or regional branch, division or committee. However, after their appointment new Trustees are given a brief familiarisation session by the President that is intended to cover:

2

Approved 09/11/22

Institute of Corrosion Registered number: 1240103 Trustees' report for the year 1st July 2021 to 30th June 2022

Risk Management

The Trustees have conducted a review of the major risks to which the Institute is exposed. A risk register has been established and is updated at least annually and, where appropriate, systems or procedures have been established to mitigate such risks. External risks to funding have led to the development of a strategic plan which will allow for the diversification of income generation by trading activities through the Institute's subsidiary Correx Ltd. Internal control risks are minimised by the implementation of procedures for authorisation of all major transactions and projects by referral to Council.

Finances

The year saw an increase in income to £354k. This was offset due to rising staff and running costs as well as investment in new training programs which saw expenses increase to £346k resulting in a surplus of £8k. Unfortunately our managed investment portfolio fell by £7k so the net surplus is £1k. These figures include a payment from Correx Ltd to cover its share of operating costs. The Trustees are encouraged by the fact that the impact of the pandemic and the global economic downturn on the finances of the Institute appears to have been limited. The Trustees have monthly virtual meetings to review the situation on an ongoing basis.

Related Parties

The Institute manages coordination of UK activities in corrosion through the UK Corrosion Network, a group comprising members of the Institute of Corrosion and the Institute of Materials, Minerals and Mining (IoM³). The Institute is also a member of the European Federation of Corrosion (EFC) and participates actively within these umbrella organisations. The Institute is an associate member of the Engineering Council and founder member and Licensed Charter Awarding Body of the Science Council. The Institute has strong relationships with many other professional societies throughout the world.

Aims and Objectives

The Institute, as a Learned Society, has been serving the corrosion science, technology and engineering management and economic needs of individuals, academia and industry in various guises since 1959. Corrosion and materials degradation, which costs the UK around 3-4% of GDP per annum, is recognised nationally and internationally as a major economic and environmental cost. The Institute was formed with the objective of serving the needs of stakeholders connected with corrosion engineering, science and technology. The principal aim of the Institute, in support of this objective, is to advance the understanding of the science, technology and engineering practice of corrosion control, and to facilitate the exchange of information and ideas for the public benefit.

Achievements and Performance

The 2021/22 financial year has been full of activity and progress.

As we emerged from covid-19 restrictions we began to see more in-person meetings as well as joint in-person and on-line events. Branch meetings were held both in-person and virtually and were well attended. In April 2022 the annual Corrosion Engineering Division (CED) working day was held as an in-person only meeting with 30 attendees for the full day. The virtual option provides a way for members who are not able to attend in person to connect with us – which is very important. Another benefit of virtual meetings is the reduced impact on the environment as it reduces our carbon footprint as we travel less.

In September we held the Corrosion Science Symposium annual event of the Corrosion Science Division of the Institute which was well attended. It was held jointly with the Royal Society of Chemistry's Electrochem conference at the University of Edinburgh.

3

Approved 09/11/22

Institute of Corrosion Registered number: 1240103 Trustees' report for the year 1st July 2021 to 30th June 2022

The Institute sponsors a number of prestigious international awards, which are made on an annual basis to recognise excellence in corrosion science and engineering. For our 2021/22 awards we had many deserving candidates for the awards committee to choose from and the final winners were:

UR Evans award: Professor Alison Davenport (University of Birmingham) Paul McIntyre award: Chris Lynch Lionel Shreir award: Alyshia Keogh (University of Manchester)

Our social media presence now has over 10,000 followers on our two LinkedIn sites (compared to zero in February 2020). We have partnered with a professional writer for our social media articles (blogs) to ensure we maximise the opportunity to engage and educate our followers effectively.

As a result of feedback from many of our members we have begun a multi-year project to update our website and members database.

During the year we had our annual ISO 9001 accreditation audit which was passed with only four minor findings.

The Registration Agreement with the Society of Operations Engineers (SOE) enables our professional members to apply for registration as CEng, IEng or EngTech. The agreement is working well and we regularly encourage professional members with lesser qualifications to apply for registration as Engineering Technicians and Incorporated Engineers.

In January our biennial Young Engineer Program (2022) was launched and for the first time it is based in Aberdeen. It is being run by the Aberdeen Branch of the Institute. It is planned that this will be the last year a branch runs the program and going forward the Young ICorr committee will organise it.

Membership and Membership Services

Professional Membership applications are handled by the Professional Assessment Committee (PAC) of the Institute. We encourage existing individual members to consider upgrading from Individual Membership to the Professional grades of Technician, Member and Fellow and from the Professional grades to Chartered Engineer and Chartered Scientist. Total membership as of June 2022 was 1,567 members, an increase of 95 (6.4%) from the previous year’s total of 1,472. This number includes our student membership of 216, an increase of 92 (74%) from the previous year’s number of 124.

Included in the above numbers are 264 members from sustaining companies, an increase of 1 (0.4%) from the previous year’s total of 263.

The corporate membership category was launched in early 2021 and we now have three companies as corporate members contributing 16 members to the above total. A fourth company has agreed to sign up in 2022.

Training Courses

Our training courses have been a highlight of the year. The Institute's two main training providers, IMechE AR and Corrodere/MPI, offer the Institute’s courses around the world. Income from training continues to grow, particularly from distance learning courses. Improvements and additions to the Institute’s portfolio of training courses are ongoing, with continued investment that is expected to generate returns over the coming years. There has been a move away from the use of volunteers in this area, with a more professional approach to the development, review and implementation of new courses. This process is overseen by the Professional Development & Training Committee (PDTC).

4

Approved 09/11/22

Institute of Corrosion Registered number: 1240103 Trustees' report for the year 1st July 2021 to 30th June 2022

All of our cathodic protection (CP) courses are compliant with ISO-15257 and have been very popular. They are delivered directly by the Institute at the CP training centre at the offices of Freyssinet in Telford. Unfortunately this facility may not be available in the future so we are now looking for a new facility.

In the world of surface treatment our updated Passive Fire Protection (PFP epoxy Levels 2 & 3) courses are proving popular. New PFP cementitious courses remain in writing as is a new Insulation Inspector Level 2 course.

The Microbially Influenced Corrosion (MIC) course has been approved and will be offered in November 2022. New courses for Corrosion under Insulation (CUI), Refinery Corrosion Control and Boiler Corrosion are under discussion.

The Institute's training courses continue to remain popular outside of the UK. On the 1st of April 2022 our first fully foreign language, in Portuguese, course went live with ABRACO, the Brazilian corrosion society. It is a conversion course to our Coating Inspector Level 2 certificate and initial uptake is very promising. We are now working with ABRACO to translate our Industrial Coating Applicator Training Scheme (ICATS) courses into Portuguese.

Correx Ltd

Correx Ltd is an independent company that is wholly owned by the Institute. The primary activity of Correx Ltd is to manage and operate the Industrial Coating Applicator Training Scheme (ICATS). Correx Ltd has had another successful year although some training activities and supporting companies have reduced due to the impact of Covid-19. Correx Ltd shares the administration costs of the Institute’s office. It should also be noted that this year no Gift Aided donation was made by Correx Ltd to the Institute.

Future Strategy

The Institute has a strategic vision to enter into partnerships with fellow Institutes and other stakeholders in the corrosion control industry in order to maximise the impact of our objectives and activities while minimising our costs in achieving them. We are continuing to place great emphasis on training and certification and see the ongoing review and upgrade of the existing course offering as a high priority for the Institute going forward. Another key focus is on the recruitment and retention of a younger and more diverse membership, which is overseen by the Membership Development Committee, with University Liaison via Young ICorr.

Principal Funding Sources

The primary source of funds for the Institute is subscription income from individual and Sustaining Company Members. Additional income arises due to surpluses from branch membership activities, which generally take the form of seminars, conferences and meeting programmes for local members and industry. Other significant streams include licence fees from Training and Certification Courses operated by the Institute's course providers, such as IMechE AR and Corrodere/MPI. Correx Ltd, which runs the commercial arm of the Institute, has been able to contribute funds for staffing, IT provision and other running costs.

5

Approved 09/11/22

Institute of Corrosion Registered number: 1240103 Trustees' report for the year 1st July 2021 to 30th June 2022

Investment Policy

The Institute considers that until the unrestricted funds have grown, for the time being, the majority of funds available for investment should be maintained in short term funding vehicles. The cash reserves were split into separate accounts not exceeding £85,000 in order to secure full protection via the UK government Financial Services Compensation Scheme. However, the Santander savings bond now stands at £86,137 due to interest.

At the Council meeting of 3rd February 2021, a proposal to invest up to £100,000 in a managed, stocks and shares account was accepted unanimously. We have engaged with a broker and the full £100,000 has now been invested in the managed fund. Results of this investment are presented at each Council meeting.

Responsibilities of the Trustees

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Management Committee follow best practice and:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Members of the Management Committee

Members of the Management Committee, who are Directors for the purpose of company law and Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out in the forward above. In accordance with company law, as the charitable company's directors, we certify that:

The Accounts for the year 2021-2022 have been prepared from the accounting records by Hickeson Boyce and are presented here for discussion and approval at the AGM.

This report was approved by the Management Committee on 26th October 2022 and signed on its behalf by:

Bill Hedges President

6

Approved 09/11/22

Institute of Corrosion Independent Examiner's Report

Independent Examiner's report to the trustees of Institute of Corrosion

I report to the charity trustees on my examination of the accounts of the company for the year ended 30 June 2022 which are set out on pages 8 to 16.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’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 a member of the Association of Chartered Certified Accountants

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 company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 accounts to be reached.

68a High Street Stony Stratford Milton Keynes MK11 1AQ

N Boyce FCCA Hickeson Boyce Chartered Certified Accountants

Date: 21/2/2023

7

Approved 09/11/22

Institute of Corrosion Statement of Financial Activities (including Income and Expenditure Account) for the year ended 30 June 2022

Notes
Income and endowments from:
Donations and legacies
2
Other trading activities
3
Investments
4
Charitable activities
5
Total income and endowments
Expenditure on:
Raising funds
Charitable activities
Total expenditure
6
Net gains/(losses) on investments
10
Net Income/(expenditure)
Transfers Between Funds
Net movement in Funds
Reconciliation of funds:
Total funds brought forward
15/16
Total funds carried forward
14		 Unrestricted
Restricted
Total
Funds
Funds
2022
157,365
-
157,365
18,144
-
18,144
326
-
326
178,410
-
178,410
354,245
-
354,245
85,871
8,057
93,928
248,971
2,780
251,751
334,842
10,837
345,679
(6,960)
-
(6,960)
12,443
(10,837)
1,606
-
-
-
12,443
(10,837)
1,606
595,965
529,368
1,125,333
608,408
518,531
1,126,939		 Total
2021
152,922
6,363
1,711
99,945
260,941
80,969
206,128
287,097
(26,156)
-
(26,156)
1,151,489
1,125,333

8

Approved 09/11/22

Institute of Corrosion Balance Sheet as at 30 June 2022

Notes 2022 2021
£ £
Fixed assets
Tangible assets 9 625,014 623,962
Intangible assets 9 25,998 29,848
Investments 10 94,474 101,434
745,486 755,244
Current assets
Debtors 11 121,817 108,895
Cash at bank and in hand 348,185 365,762
470,002 474,657
Creditors: amounts falling due
within one year 12 (88,549) (104,568)
Net current assets 381,453 370,089
Net assets 1,126,939 1,125,333
Charity funds
Accumulated fund 15 608,408 595,965
Restricted funds 16 518,531 529,368
1,126,939 1,125,333

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

B Hedges President Approved by the Trustees on 9 November 2022

9

Approved 09/11/22

Institute of Corrosion Notes to the Accounts for the year ended 30 June 2022

1 Accounting policies

General information and basis of preparation

The charity constitutes a public benefit entity as defined by Financial Reporting Standard 102 (FRS 102). The accounts have been prepared under the historical cost convention as modified by the revaluation of freehold land and buildings. In preparing the financial statements the Charity follows best practice as laid down in the Statement of Recommended Practice Accounting and Reporting by Charities SORP 2019 FRS 102 and the Charities Act 2011.

Going Concern

The accounts have been prepared on the going concern basis as the directors consider this basis to be appropriate, having reviewed the forecasts for twelve months from the date of signing these accounts. The directors are confident that the Institute will be able to meet its liabilities as they fall due during the next twelve months.

Depreciation

Depreciation is calculated to write off the cost or re-valued amount less the estimated residual value of tangible fixed assets on a straight line basis over their estimated useful lives as follows.

Office Equipment 20% Computer Equipment 33.30% Fixtures and Fittings 20%

Assets acquired for less than £500 are not capitalised unless they relate directly to business operations. Land is not depreciated. Buildings are depreciated if their residual value is considered to be less than cost.

Amortisation

Amortisation is calculated to write off the cost or re-valued amount less the estimated residual value of intangible fixed assets on a straight line basis over their estimated useful lives as follows .

Website 25% Trademarks and other intellectual property 10%

Investments

Investments are valued at the lower of cost or net realisable value. Other investments include charity approved investments which are valued at market value with any gains or deficits being shown in the Statement Of Financial Activities.

Subscriptions

Individual and sustaining membership subscription income is accounted for on a receipts basis, unless it relates to a future period in which case it is deferred. All other income is accounted for on an accruals basis. Deferred subscription income in the current year amounted to £37,743 (2021 - £37,642) and £37,642 (2021 - £38,725) was released from the previous year.

Pensions

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

10

Approved 09/11/22

Institute of Corrosion Notes to the Accounts for the year ended 30 June 2022

Expenditure Recognition

Expenditure is recognised in the period in which it was incurred and is allocated to the particular activity to which it relates or apportioned in a ratio considered appropriate by the Charity.

Taxation

The company has charity tax exemption status.

2 Income from donations and legacies

Subscriptions
Individual Members
Sustaining Members
Magazine Income
Elsevier (Corrosion Science)
Gifts & Donations from Subsidiary Undertaking
3 Income from other trading activities
Branch fundraising events
Branch sponsorships
Merchandise
Property rental
Other income
4 Income from investments
Investment Income
5 Income from charitable activities
Branch seminar income
Corrosion Management magazine
Training courses		 2022
£
96,597
57,779
210
154,586
2,779
157,365
-
157,365
2022
£
13,259
4,750
135
-
-
18,144
2022
£
326
2022
£
-
5,950
172,460
178,410		 2021
£
88,989
60,697
160
149,846
3,076
152,922
-
152,922
2021
£
-
5,682
681
-
-
6,363
2021
£
1,711
2021
£
-
5,479
94,466
99,945

11

Approved 09/11/22

Institute of Corrosion Notes to the Accounts for the year ended 30 June 2022

6 Expenditure

Admin Fees
Depreciation
Head Office costs
Loan Interest
Total Support Costs
Audit, Accountancy, Legal &
other professional services
Council & trustee meetings
Technical secretary services
Business development
Subscriptions and donations
Financial services
Other overheads
Corrosion management
magazine
Branch expenditure
Conferences & symposia
Training courses		 Costs of
Fund
Direct Governance
2022
2021
generating
raising
charitable
costs
Total
Total
voluntary
and
activities
income
trading
£
£
£
£
£
£
19,565
2,174
22,609
(870)
43,478
38,910
3,681
409
4,254
(164)
8,180
7,485
9,777
1,086
11,298
(435)
21,726
18,161
-
-
-
-
-
-
33,023
3,669
38,161
(1,469)
73,384
64,556
-
-
-
18,773
18,773
12,549
-
10,596
-
11,661
22,257
4,277
-
-
-
2,950
2,950
2,350
1,156
17,335
3,467
1,156
23,114
40,385
-
-
-
13,656
13,656
14,339
-
1,598
-
2,802
4,400
5,659
-
713
-
21,611
22,324
30,353
-
(440)
-
82,881
82,441
83,684
-
8,588
-
17,337
25,925
205
-
-
-
-
-
-
-
17,690
-
38,765
56,455
28,740
34,179
59,749
41,628
210,123
345,679
287,097

Total support costs are apportioned in proportion to total income.

Analysis of expenditure on raising funds:
Generating voluntary income
Fundraising and trading
Analysis of expenditure on charitable activities:
Direct charitable activites
Governance costs		 2022
£
34,179
59,749
93,928
41,628
210,123
251,751

12

Approved 09/11/22

Institute of Corrosion Notes to the Accounts for the year ended 30 June 2022

7 Net Income/(expenditure) for the Year

Net income/(expenditure) for the year is stated after charging:

Depreciation
Amortisation
Independent examiners remuneration:
Independent examination fee
Other services
aff Costs and Numbers
Average number of persons employed by the charity		 2022
£
4,330
3,850
1,750
11,209
2022
3		 2021
£
3,635
3,850
1,680
10,569
2021
3

8 Staff Costs and Numbers

During the year no employees received emoluments in excess of £60,000. The total pension contributions amounted to £3,243 (2021 - £2,019).

9 Fixed Assets

Intangible Fixed Assets

Cost
At 1 July 2021
Additions
Disposals
At 30 June 2022
Depreciation
At 1 July 2021
Charge for the year
On disposals
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021		 Website
Trademarks
Other
Intellectual
Property
£
£
£
14,656
495
35,500
-
-
-
-
-
-
14,656
495
35,500
14,404
349
6,050
252
49
3,549
-
-
14,656
398
9,599
-
97
25,901
252
146
29,450		 Total
£
50,651
-
-
50,651
20,803
3,850
-
24,653
25,998
29,848

13

Approved 09/11/22

Institute of Corrosion Notes to the Accounts for the year ended 30 June 2022

Tangible Fixed Assets

Cost
At 1 July 2021
Additions
Disposals
At 30 June 2022
Depreciation
At 1 July 2021
Charge for the year
On disposals
At 30 June 2022
Net book value
At 30 June 2022
At 1 July 2021		 Land &
Buildings
Office
Equipment
Computer
Equipment
Fixtures & Fittings
Total
£
£
£
£
£
619,244
13,056
23,197
26,837
682,334
-
1,186
616
3,580
5,382
-
-
-
-
-
619,244
14,242
23,813
30,417
687,716
-
13,014
18,673
26,685
58,372
-
280
3,259
791
4,330
-
-
-
-
-
-
13,294
21,932
27,476
62,702
619,244
948
1,881
2,941
625,014
619,244
42
4,524
152
623,962

The bespoke HQ building was professionally valued as at 21 September 2022 at £340,000. However in accordance with the Charities SORP FRS102 effective 1 January 2019 section 12.14, as the building continues to meet its intended service potential then the Trustees consider that its value in use would be better reflected by its replacement cost value rather than the amount for which it could be sold in the market, and therefore no impairment in value is considered to have arisen. Consequently, the land and buildings continue to be shown in the balance sheet at cost.

10 Fixed Asset Investment

Cost/market value
At 1 July 2021
Additions
Revaluation
At 30 June 2022
Historical cost
At 30 June 2022
At 1 July 2021		 Shares in Other Investments
subsidiary
undertakings
£
£
1
101,433
-
-
-
(6,960)
1
94,473
1
100,000
1
100,000

In the opinion of the Directors the aggregate view of the company's investment in subsidiary undertaking is not less than the amount included in the balance sheet.

Company Country of registration Shares held:
or incorporation and number Class %
Correx Limited England and Wales 04673112 Ordinary 100

The company commenced trading in March 2005

As at 30 June 2022, the company's capital and reserves amounted to £464,642 (2021 - £430,402), its turnover was £177,407 (2021 - £233,105) and the Profit for the Year amounted to £34,240 (2021 - £82,437).

14

Approved 09/11/22

Institute of Corrosion Notes to the Accounts for the year ended 30 June 2022

11 Debtors
Trade debtors
Other debtors
Prepayments & accrued income
12 Creditors: amounts falling due within one year
Trade creditors
Other taxes and social security costs
Accruals and deferred income
13 Creditors: amounts falling due after one year
Other creditors
14 Analysis of Net Assets
Fixed assets
Current assets
Other creditors
Funding for subsidiary undertaking		 2022
£
58,827
5,845
-
57,145
121,817
2022
£
32,027
4,821
51,701
88,549
2022
£
-
Unrestricted funds
£
233,951
463,006
(88,549)
608,408		 2021
£
31,037
-
1,423
76,435
108,895
2021
£
38,643
-
65,925
104,568
2021
£
-
Restricted funds
£
511,535
6,996
-
518,531

15 Unrestricted Funds

Accumulated fund Balance at
Incoming
01/07/2021
£
£
595,965
354,245		 Outgoing
Transfers
Unrealised
Balance at
gain/(loss) on
30/06/2022
investment

£
£
£
£
(334,842)
-
(6,960)
608,408
Movement in Funds
595,965
354,245		 (334,842)
-
(6,960)
608,408

15

Approved 09/11/22

Institute of Corrosion Notes to the Accounts for the year ended 30 June 2022

16 Restricted Funds

estricted Funds
Corrosion network group
Building endowments
Building fund
Young engineers fund		 Balance at
Incoming
01/07/2021
£
£
855
-
7,535
-
504,000
-
16,978
-		 Outgoing
Transfers
Unrealised
Balance at
gain on
30/06/2022
investment
£
£
£
£
-
-
-
855
-
-
-
7,535
-
-
-
504,000
(10,837)
-
-
6,141
Movement in Funds
529,368
-		 (10,837)
-
-
518,531

The Corrosion Network Group formally known as the Corrosion Co-ordination Group was set up in 1997 by way of donations. The grant terms for the Corrosion Network Group are to provide support for a delegate from each of IoM³ and The Institute of Corrosion to attend the EFC Corrosion Conference each year.

Building endowments are made up of donations to the building fund from members.

The building fund includes funds from the Corrosion House sale and £410,000 gift aided from Correx Limited.

The Young Engineers fund is used to support the Young Engineers Program.

17 Related Party Transactions

During the year administration overheads amounting to £63,629 (2021 £57,900) were charged to Correx Limited, a trading subsidiary.

16