Charity registration number 289819 (England and Wales)
WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Prof G Masterton OBE FREng FRSE DL (Chair) A A Canning (ex officio Immediate Past Master until 23.4.2024) R E Joyce (ex officio Master until 25.4.2024 then Immediate Past Master until 29.4.2025) Dr D Byrne OBE (ex officio Senior Warden until 23.4.2024 then Master until 29.4.2025) P B Taylor JP (ex officio Senior Warden from 23.4.2024 then Master from 29.4.2025) Air Vice Marshal M Hunt OBE (until 23.4.2024) Dr D J Hughes FREng (until 23.4.2024) Mr D Lane H V M Ramsay J I R Owen OBE P D Egan Maj Gen K Harington Cima CB (from 9.7.2024) M C Knights FREng (from 9.7.2024) Rev'd J Lee KC (from 16.1.2024)
Secretary E L Bould Registered office Saddlers House, 44 Gutter Lane, London, EC2V 6BR Independent examiner Myers Clark, Chartered Accountants Suite 7A, Building 6, Croxley Park, Hatters Lane, Watford, Hertfordshire WD18 8YH (Partner responsible: Mr P Windmill FCA) Bankers Metro Bank Ltd 1 Southampton Row London WC1B 5HA Investment managers Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB (Gemma Woodward - Executive Director) Charity number 289819
WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their report and unaudited financial statements for the year ended 31 December 2024. The unaudited financial statements comply with current statutory requirements and the requirements of the charity's trust deed.
OBJECTIVES AND ACTIVITIES
Charitable objects and activities
The Engineers Trust aims to make a meaningful impact in support of the objects of the Worshipful Company of Engineers, as expressed through the Trust’s charitable objects.
Trustees since inception have prioritised four broad areas of activity to maximise impact from its giving: engineering education and research; advancing engineering excellence; the relief of hardship and poverty through engineering, and supports the Livery Movement and Lord Mayor’s Charities.
The Trustees are given powers under the Trust Deed to manage the capital and disburse the income of the Trust as they determine to further those charitable objects; this is achieved by applying the awards and grant making policy below.
AWARDS AND GRANT MAKING POLICY
Awards from restricted funds
While determining the annual budget for awards from restricted funds and retaining oversight, the Trustees delegate the detailed management of processes for the award of prizes from each of the restricted award funds to appropriately qualified and experienced award coordinators.
Awards and miscellaneous grants from unrestricted funds
With advice from an award coordinator and the Secretary, the Trustees make a small number of awards in recognition of engineering achievements by Armed Services personnel and individual small grants in support of graduate or postgraduate engineering education, hardship amongst professional engineers and general charitable purposes relevant to the livery ethos.
Awards funded by partnering organisations
In 2024, the Trust made one new award fully funded by another organisation who shares the same ethos as the Trust, and recognises the advantages of partnering with the Trust’s approach to the management, judging, and awarding of prestigious engineering awards. The Trust does not insist on such funding passing through its accounts, but will include a description of this award in its Annual Review and its website to demonstrate the enhancement of its impact and public benefit. In 2024, the Trust managed two awards funded by partnering organisations to the value of £21,200.
Public benefit statement
The Trustees confirm that they have complied with their duty under Section 4 of the Charities Act 2011. They have considered the public benefit guidance published by the Charity Commission and believe that they have followed its guidance in this area. The Trustees’ report gives a description of the activities undertaken by the charity during the year in furtherance of its charitable purposes, and the Trustees are satisfied that all such activities provide a public benefit.
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
ACHIEVEMENTS AND PERFORMANCE
Review of activities
The objectives, as set out above, were achieved during the current year. Monetary prizes and grants to a total value of £75,933 (2023: £101,475) were made to individuals and organisations.
2024 Trustees' review
Trustees are pleased to report a highly successful year our first “AWE Defence Industry Early Careers Engineering Prize,” fully funded by AWE, was made to James Reed of Cranfield University. Our second Tech4Aall funded award of £20k for engineering innovation in the field of poverty and hardship was won by Dr Sara Behforootan for “No One Left Behind - Preventing diabetic amputations by early internal soft tissue injury detection.”
Our support of the Royal Academy of Engineering MacRobert Award for Engineering continues to attract worldwide publicity. The 2024 winner was “Google Deep Mind.”
The trust received a sponsor’s donation to allow it to support a highly successful event held on the Tower Bridge upper walkway for the announcement of the 2024 inductees to the City of London Engineering Hall of Fame. The first contributions to our 50th Anniversary Appeal were received in the year. All our award winners and their stories were featured on our website and LinkedIn achieving significant outreach.
Trustees remain focused on increasing the Trust’s impact through its charitable objects within a sustainable financial model. The financial year ending December 2024 saw investment returns and regular donations broadly as budgeted. Awards expenditure was trimmed a little in response to signs from our detailed analysis that unrestricted funds may be a little over-committed. These prudent measures and reasonable market returns resulted in our total funds increasing modestly from £1.71M to £1.81M. Trustees continue to ensure that the Trust is compliant with the regulations for the charity sector and is in control of its risks.
FINANCIAL REVIEW
Results for the year
A summary of the year’s results can be found on page 6 of the report and accounts. During the year, the Trustees received gifts of £60,680 (2023: £103,002) under gift aid from individuals and some businesses, and investments produced income of £52,379 (2023: £51,810). The total income for the year was £119,824 (2023: £156,847) and the Trustees, in accordance with the objects of the Trust, have made awards and grants totalling £75,933 (2023: £101,475). A modest income was received through a JustGiving account, set up to provide a means of collecting at virtual events.
Investment policy and performance
The Charity has a portfolio of investments with a market value as at 31 December 2024 of £1,780,164 (2023: £1,682,317).
Investment powers held by the Trustees are exercised through the fund manager, Quilter Cheviot.
The Trustees measure the performance of the fund manager against the objective of a balance of capital growth and income with a medium level of risk. The calendar year 2024 was satisfactory for investors and the portfolio increased by 5.8%.
The Trustees are satisfied that their investment policy is being pursued as agreed and are satisfied with the performance of the investments given the market dynamics and that their investment objectives are appropriate and are being met.
Reserves policy
The charity is operated as a grant giving charity and the Trustees’ policy is to seek to distribute the income arising each financial year.
The Trustees are of the opinion that the current level of unrestricted reserves provides sufficient flexibility to cover temporary shortfalls in incoming resources due to timing differences in income flows.
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial position
The balance sheet shows total funds of £1,809,401 (2023: £1,708,357) of which £1,085,538 (2023: £1,075,182) were in restricted funds. The Trustees consider that this level of free reserves matches the parameters set out in the charity’s reserves policy above and they, therefore, consider free reserves to be adequate but not excessive.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Worshipful Company of Engineers’ Charitable Trust is governed by its original Trust Deed dated 4 July 1984 as amended on 27 March 2012, 13 February 2018 and 3 December 2020. The Trust is registered under the Charities Act 2011 with Charity Registration Number 289819 but uses the working name of “The Engineers’ Trust”.
The authority to propose Trustees is vested in the Worshipful Company of Engineers and is communicated by Resolution of the Court of Assistants of the Worshipful Company. The power to appoint Trustees is vested in the Trustees. There are no external parties who can appoint Trustees. When new Trustees are appointed, they are given an introduction to the work of the Trust and provided with the information they need to fulfil their role.
The Trustees maintain a Risk Register and operate with appropriate management and mitigations.
The Trustees met quarterly with virtual or hybrid meetings to consider applications and approve grants, and additional working group meetings were held virtually to cover other aspects of the Trust’s business. Applications for grants are set out clearly in the Charity section of the Company's website. The Secretary is responsible for the day-to-day administration of the Trust, supported by the Clerk and Assistant Clerk of the Worshipful Company of Engineers.
Future plans
Arising from the Trustees’ normal fiduciary duties and also from specific recommendations of the 2012 and 2017 Policy Reviews and the 2020 survey of members, the principal issues to be carried forward are:
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preservation of the real value of the Trust’s funds against the impact of inflation;
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continued implementation of the agreement with the Royal Academy of Engineering to become its main financial supporter for the MacRobert award from 2014;
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improvements in the marketing of the Trust and its Awards, in particular to raise awareness of the activities of the Trust to the membership of the Worshipful Company of Engineers;
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sustained improvements in targeting applicants and identifying the right level for publicising information for service awards;
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continued support of the RAEng Engineers’ Trust Awards;
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continued support of the IET Engineering Horizons Awards;
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continued support of the Engineering Outreach Grant;
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review of major awards for relevance and attractiveness;
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grow the 50th Anniversary Appeal to build funds to mark the Company's and Trust's 50th Anniversaries 2033/34, to be used for initiatives aligned to the Trust's objects;
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work with partnering organisations of similar ethos who wish to supplement the work of the Trust.
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of trustees' responsibilities
Charity law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the net income or expenditure for the year. In preparing the financial statements the Trustees are required to:
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Select suitable accounting policies and apply them consistently;
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Make judgements and estimates that are reasonable and prudent; and
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Prepare the financial statements on a going concern basis unless it is inappropriate to do so.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
Prof G Masterton OBE DL FREng FRSE E L Bould Chair of Trustees Secretary
Dated: 17 September 2025
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
I report to the trustees on my examination of the financial statements on pages 6-14 of Worshipful Company of Engineers Charitable Trust (the trust), charity number 289819, for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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:
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1 accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
P.J. WINDMILL FCA MYERS CLARK, CHARTERED ACOUNTANTS
Suite 7A, Building 6, Croxley Park, Hatters Lane, Watford, Hertfordshire, WD18 8YH
Dated: .........................
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted & Permanent Designated Endowment Restricted funds funds funds Notes £ £ £ Income and endowments from: Regular givings and donations 50,194 - 10,486 Investment income 20,006 - 32,373 Sale of stock 145 - - Other income 4,000 - 2,620 Total income 74,345 - 45,479 Expenditure on: Investment manager's fees (4,761) - (7,705) Charitable activities 3 (84,899) - (28,246) Total resources expended (89,660) - (35,951) Net gains/(losses) on investments 39,582 3,907 63,307 Net incoming resources before transfers 24,267 3,907 72,835 Gross transfers between funds - 62,500 (62,500) Net incoming resources 24,267 66,407 10,335 Other recognised gains and losses Other gains or losses 14 14 - 21 Net movement in funds 24,281 66,407 10,356 Fund balances at 1 January 2024 633,175 - 1,075,182 Fund balances at 31 December 2024 657,456 66,407 1,085,538 |
Total 2024 £ 60,680 52,379 145 6,620 119,824 (12,466) (113,145) (125,611) 106,796 101,009 - 101,009 35 101,044 1,708,357 1,809,401 |
Total 2023 £ 103,002 51,810 10 2,025 156,847 (11,525) (128,116) (139,641) 124,208 141,414 - 141,414 - 141,414 1,566,943 1,708,357 |
|---|---|---|
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Investments 4 Current assets Debtors 5 Cash at bank and in hand Creditors: amounts falling due within one year Other creditors Net current assets Total assets less current liabilities Funds Unrestricted & Designated funds 6 Permanent endowment fund Restricted funds 8 |
£ 4,652 51,245 55,897 (26,660) |
2024 £ 1,780,164 29,237 1,809,401 657,456 66,407 1,085,538 1,809,401 |
£ 14,900 43,600 58,500 (32,460) |
2023 £ 1,682,317 26,040 |
|---|---|---|---|---|
| 1,708,357 | ||||
| 633,175 - 1,075,182 |
||||
| 1,708,357 |
The financial statements were approved by the Trustees on 17 September 2025
Prof G Masterton OBE DL FREng FRSE Chair of Trustees
E L Bould Secretary
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
1.1 Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved applying ‘Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019’ rather than the version of the Statement of Recommended Practice referred to in the regulation but which has since been withdrawn.
The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
1.2 Income recognition
Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the charity has been notified of the amounts and settlement date. Donations include tax recoverable where applicable.
Investment income is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the income paid into the income account held by the investment managers.
1.3 Expenditure recognition
Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods and services are supplied. Grant payments are recognised where there is a current or constructive obligation to pay. Resources expended are allocated to a particular activity where the costs relate directly to that activity and include attributable VAT when this cannot be recovered. Resources expended have been allocated on the basis indicated below:
Raising funds: These costs comprise investment management fees and the related irrecoverable VAT.
Charitable activities: These costs include grants, awards and related costs inclusive of irrecoverable VAT.
Support costs: These costs include all the management, administration and central functions that have been allocated to the charity's one activity. Support costs also include the costs of governance arrangements which relate to the general running of the charity as opposed to the direct management functions inherent in the charitable activity. This includes such items as external audit, legal advice for trustees and costs associated with constitutional and statutory requirements, including trustee meetings. Support costs include the related irrecoverable VAT.
1.4 Unrestricted Funds
Unrestricted funds are donations and other income received or generated for the objects of the charity without further specified purpose and are available as general funds.
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.5 Designated Funds
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
1.6 Restricted Funds
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overheads and support costs.
1.7 Permanent Endowment Funds
Permanent endowment funds are funds which have been given to the Charity to be held as capital with no power to convert the funds to income. Although the capital must be maintained for the benefit of the charity, any income derived from investment is available as unrestricted funds.
2 Trustees
None of the trustees (or any persons connected with them) received any payments or remuneration during the year.
During the year, trustees donated a total of £15,207 (2023: £53,350) to the charity.
3 Charitable activities
| Direct Costs: Grants Medals, prizes and associated costs Support costs: Bookkeeping Salary recharged Bank charges and other expenses Governance costs: Room hire Independent Examiner's fee |
2024 £ 75,933 21,420 2,985 6,000 455 652 5,700 113,145 |
2023 £ 101,475 10,140 2,460 7,500 435 526 5,580 |
|---|---|---|
| 128,116 |
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
4 Fixed asset investments
| Cost or valuation At 1 January Income reinvested Charges paid Income withdrawn Net unrealised investment gains/(losses) Foreign exchange gains/(losses) Market value at 31 December Historical cost at 31 December Held within the UK Held outside the UK |
2024 £ 1,682,317 53,483 (12,466) (50,000) 106,796 34 1,780,164 1,487,687 866,048 914,116 1,780,164 |
2023 £ 1,568,408 51,226 (11,525) (50,000) 124,208 - |
|---|---|---|
| 1,682,317 | ||
| 1,464,243 | ||
| 861,719 820,598 |
||
| 1,682,317 |
At 31 December 2024 there were no holdings representing 5% or more of the total funds.
5 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Other debtors Prepayments and accrued income |
2024 £ 3,356 1,296 4,652 |
2023 £ 12,500 2,400 |
| 14,900 |
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
6 Unrestricted and Designated funds
Single unrestricted donations of up to £1,000 are generally disbursed within the year received. The Trustees have, for some years, adopted the convention that single donations valued above £1,000 and all legacies should generally be added to the trust's funds and not disbursed within the year received. Such donations are generally added to the trust's investment portfolio.
| Movement in funds | Movement in funds | ||||
|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Gains and | Balance at | |
| 1 January 2024 | resources | expended | losses | 31 December | |
| 2024 | |||||
| £ | £ | £ | £ | £ | |
| Designated funds | |||||
| Rooke Legacy Almoners Fund | 7,355 | - | (223) | 460 | 7,592 |
| 50th Anniversary Appeal | - | 700 | - | - | 700 |
| Unrestricted Funds | 625,820 | 73,645 | (89,437) | 39,136 | 649,164 |
| 633,175 | 74,345 | (89,660) | 39,596 | 657,456 |
7 Endowment funds
| At | 1 | January | Transfers | Gains and | At 31 | |
|---|---|---|---|---|---|---|
| 2024 | losses | December | ||||
| 2024 | ||||||
| £ | £ | £ | £ | |||
| Capital fund donation | - | 62,500 | 3,907 | 66,407 |
This fund represents a permanent endowment received from a donor during the year ended 31 December 2023. The capital sum of £62,500 (including Gift Aid) must be retained and invested in line with the donor’s wishes. The income arising from the investment of this capital is to be applied towards the general purposes of the charity and is therefore treated as unrestricted income.
Investment gains and losses arising on the endowment fund are retained within the fund in accordance with the Charities SORP (FRS 102) and the nature of the donor’s restriction.
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
8 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| Movement | in funds | |||||
|---|---|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Transfers | Gains and | Balance at 31 | |
| January | resources | expended | losses | December | ||
| 2024 | 2024 | |||||
| £ | £ | £ | £ | £ | £ | |
| Sir Peter Gadsden | ||||||
| Britain Australia | ||||||
| Bicentennial Award | ||||||
| Fund | 9,309 | 298 | (1,161) | - | 582 | 9,028 |
| Cadzow Smith Award | 52,009 | 1,663 | (897) | - | 3,252 | 56,027 |
| Stephenson Award | ||||||
| Fund | 14,918 | 477 | (1,257) | - | 933 | 15,071 |
| The Baroness Platt of | ||||||
| Writtle Engineering | ||||||
| Award | 52,145 | 1,667 | (1,899) | - | 3,261 | 55,174 |
| Fiona & Nicholas | ||||||
| Hawley Award Fund | 146,741 | 4,691 | (7,531) | - | 9,176 | 153,077 |
| Leete Award Fund | 737,560 | 23,576 | (12,719) | - | 46,124 | 794,541 |
| Capital fund | ||||||
| donation | 62,500 | - | - | (62,500) | - | - |
| City of London | ||||||
| Engineering Hall of | ||||||
| Fame | - | 13,107 | (10,487) | - | - | 2,620 |
| 1,075,182 | 45,479 | (35,951) | (62,500) | 63,328 | 1,085,538 | |
| Movement | in funds | |||||
| Balance at 1 | Incoming | Resources | Transfers | Gains and | Balance at 31 |
|
| January | resources | expended | losses | December | ||
| 2023 | 2023 | |||||
| £ | £ | £ | £ | £ | £ | |
| Sir Peter Gadsden | ||||||
| Britain Australia | ||||||
| Bicentennial Award | ||||||
| Fund | 9,429 | 308 | (1,166) | - | 738 | 9,309 |
| Cadzow Smith | ||||||
| Award | 49,861 | 1,627 | (3,380) | - | 3,901 | 52,009 |
| Stephenson Award | ||||||
| Fund | 14,561 | 475 | (1,257) | - | 1,139 | 14,918 |
| The Baroness Platt | ||||||
| of Writtle | ||||||
| Engineering Award | 48,612 | 1,587 | (1,858) | - | 3,804 | 52,145 |
| Fiona & Nicholas | ||||||
| Hawley Award Fund | 138,801 | 4,530 | (7,451) | - | 10,861 | 146,741 |
| Leete Award Fund | 680,146 | 22,199 | (18,010) | - | 53,225 | 737,560 |
| Capital fund | ||||||
| donation | - | 62,500 | - | (62,500) | - | - |
| 941,410 | 93,226 | (33,122) | - | 73,668 | 1,012,682 |
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
9 Purpose of restricted funds
Sir Peter Gadsden Britain Australia Bicentennial Engineering Award Fund
Established in 1991 by a donation from the Britain Australia Bicentennial Trust, the fund was used to finance scholarship or bursaries to encourage the study of engineering by UK and Australian nationals in the other country. The late Sir Peter Gadsden was Chairman of the Britain Australia Bicentennial Committee. No new awards were made in 2020. The original capital sum was £15,000. The Gadsden Award is now closed and the residue of the fund has been earmarked by Trustees for an annual grant to the Ironbridge Foundation, a charity that Sir Peter was keen to support.
Cadzow Smith Engineering Award Fund
Established in 1996, the Cadzow Smith Engineering Awards were endowed by the Eastern Group plc in recognition of the outstanding services to engineering of its former Chairman, the late Dr James C Smith CBE FREng FRSE a former Past Master of The Worshipful Company of Engineers. The Awards are for excellence on an accredited undergraduate engineering course conducted at one of the eleven universities within London and the Home Counties. Besides academic excellence, the recipients of the Awards must have demonstrated self-confidence, professional awareness, leadership and sound common sense. There was one award in 2024. The original capital sum was £50,000.
Stephenson Award Fund
In 1997, members of the Institution of Mechanical Engineers made donations to fund a Worshipful Company of Engineers Loving Cup to mark the Institution’s 150th Anniversary. Donations in excess of those needed for the Loving Cup were used to establish the Stephenson Award and further donations were received from members in later years, supplemented by a substantial grant from Rolls-Royce plc. The Award is for those who have been particularly successful in encouraging young people to study engineering with an emphasis, but not exclusively, on mechanical engineering. There was one award in 2024. There is no requirement to maintain the capital sum.
Baroness Platt of Writtle Engineering Award (formerly the Dr Lucy Hoesch Ernst Scholarship Fund)
Established in 1943 under the Will of Dr Lucy Hoesch Ernst and appropriated to the Worshipful Company of Engineers Charitable Trust Fund by a resolution of the Trustees on 14th April 1998, subsequent donations were received from The Dulverton Trust. The Award was originally established to recognise engineering excellence amongst those pursuing final year studies leading to the academic qualifications for entry to the Engineering Council's Incorporated Engineer grade but, from 2013, was refocused to those who achieved registration as Incorporated Engineer in the preceding calendar year. The Award is named after Court Assistant Emeritus The Baroness Platt of Writtle CBE FREng in recognition of her work in support of the Engineering profession in general and Incorporated Engineers in particular. There was one award in 2024. The original capital sum was £17,000.
Fiona and Nicholas Hawley Award Fund
The Fiona and Nicholas Hawley Award was established in 2006 from an initial donation by the Master 2005/06, Dr R Hawley, and subsequent donations from individuals and organisations achieved a capital fund level to set the annual cash prize at £5,000. The Award is made annually to recognise excellent work in “Engineering for a Better Environment” specifically helping to achieve Net Zero Carbon by a resident of the UK, under 30 years of age at the date of submission, who holds a graduate or post-graduate degree in engineering or science from a recognised UK university, or who is studying for a post-graduate degree at such a university. The Award is aimed at inspiring younger engineers who can best demonstrate the application of proven technology, which they have developed, to make positive improvements to the environment, specifically helping to achieve Net Zero Carbon. There was one award in 2024. The Award’s original capital sum was £125,000.
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
9 Purpose of restricted funds
(Continued)
Leete Award Fund
Established in 2012 under the Will of Liveryman Dr David Leete, the capital fund is managed as a discrete, ring-fenced fund within the Charitable Trust on the basis that the real value of the fund should be retained, protected and if possible enhanced against the effects of inflation. The purpose of the fund is for making awards in what Dr Leete called Production Engineering Research and defined sufficiently broadly to encompass the whole field of what is now known as Manufacturing Research. Awards may be made to individual researchers, or to groups of researchers, or to individual project schemes or groups of schemes, or to a combination of these; the term “researchers” includes independent researchers and those in universities, establishments, companies and the armed services. There were no new awards, but a new strategy was agreed for a relaunch of the award in 2025. The original capital sum was £462,754.
City of London Engineering Hall of Fame Fund
This fund relates to the City of London Engineering Hall of Fame initiative led by the Worshipful Company of Engineers in collaboration with other Worshipful Companies. It celebrates outstanding engineering contributions to the resilience and sustainability of the City of London with a website educational resource that promotes engineering in the City of London and supports the charity’s objectives. The remaining balance relates to ticket sales income, which is restricted for use on future Hall of Fame activities.
10 Analysis of net assets between funds
| Investments £ Current Year Permanent Endowment Funds 66,407 Restricted Funds 1,085,538 Unrestricted funds & Designated funds 628,219 1,780,164 Prior Year Restricted Funds 1,062,682 Unrestricted funds & Designated funds 619,635 1,682,317 |
Current Assets Current Liabilities £ £ - - - - 55,897 (26,660) 55,897 (26,660) 12,500 - 46,000 (32,460) 58,500 (32,460) |
Total £ 66,407 1,085,538 657,456 |
|---|---|---|
| 1,742,994 | ||
| 1,075,182 633,175 |
||
| 1,708,357 |
11 Related party transactions
The Master, the Immediate Past Master and the Senior Warden of the Worshipful Company of Engineers (for their respective year in office), three other members of the Company and the Honorary Chaplain are also Trustees of the Worshipful Company of Engineers Charitable Trust Fund.
In view of the charitable nature of the Trust Fund, the Company continues to support the charity and the charity was recharged £6,000 during the year for salary costs (2023 - £7,500).
The Company has recharged to the Charitable Trust Fund, the cost of award-related items including the purchase of winners’ medals, certificate frames and dinners for award winners and specific award sponsors at the Awards Ceremony.
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WORSHIPFUL COMPANY OF ENGINEERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 12 | Comparative income and expenditure by fund for prior year 2023 | Comparative income and expenditure by fund for prior year 2023 | ||
|---|---|---|---|---|
| Unrestricted & | Restricted | Total | ||
| designated | funds | 2023 | ||
| funds | ||||
| £ | £ | £ | ||
| Income and endowments from: | ||||
| Regular givings and donations | 40,502 | 62,500 | 103,002 | |
| Investment income | 21,084 | 30,726 | 51,810 | |
| Sale of stock | 10 | - | 10 | |
| Other income | 2,025 | - | 2,025 | |
| Total income | 63,621 | 93,226 | 156,847 | |
| Expenditure on: | ||||
| Investment manager's fees | (4,690) | (6,835) | (11,525) | |
| Charitable activities | (101,829) | (26,287) | (128,116) | |
| Total resources expended | (106,519) | (33,122) | (139,641) | |
| Net gains/(losses) on investments | 50,540 | 73,668 | 124,208 | |
| Net incoming resources before transfers | 7,642 | 133,772 | 141,414 | |
| Gross transfers between funds | - | - | - | |
| Net movement in funds | 7,642 | 133,772 | 141,414 | |
| Fund balances at 1 January 2023 | 625,533 | 941,410 | 1,566,943 | |
| Fund balances at 31 December 2023 | 633,175 | 1,075,182 | 1,708,357 |
13 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
14 Other gains and losses
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| Gains/(losses) upon: | £ | £ | £ | £ | £ | £ |
| Foreign exchange | (14) | (21) | (35) | - | - | - |
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