Whitworth Scholarship's Fund
Trustee Board's Report and Annual Accounts
For the Year Ended 31 December 2022
Reglstered Charlty No.. 313756

Whitworth Scholarship's Fund
Contents
Forthe year ended 31 December 2022
Page
Legal and Administrative Information
Trustees. Annual Report induding
Statement ol Trustees. Responsibilities
Independent Auditors, Report
8-10
Statement of Financial Activities
Balance Sheet
12
statement of Cash Flows
13
Notes to the Financial Statements
14-19

Whitworth Scholarship's Fund
Legal and Administrative Information For
the year ended 31 December 2022
Nam•:
Vvhitworth Scholarships Fund
Charity Number..
313756
Trustee..
The Institution of Mech8nical Engineers
1 Birdcage Walk, Westminster
London SW1 H 9JJ
Chlef Executlve Offlcer:
All￿ Bunn
Administrator=
IMechE Prizes & Awards
ASK House
Northgate Avenue
Bury St Edrnunds
Suffolk
IP32 688
Bankars:
CAF Bank Ltd
PO Box289
Kings Hill
West Malling
Kent
ME194TA
Auditor:
BDO LLP
55 Baker Street,
London
W1U7EU
Investment Manager=
B18ckrock Investrnent Management IUKI Lirnited
33 King William Street
London
EC4R 9AS
Governing Instruments..
Deed ofTtust belween SirJ05eph Whitworth and the
Secretary of State for Education dated 23 September
1868
Charity Comfflissioners for England and W81es Scheme
dated 11 December 2001

Whitworth Scholarship's Fund
Trustee's Report
Fortheyear ended 31 December 2022
TheTru$tee presents its report along with the financial statements ofthe Fund for the year ended 31
December 2021. The financial statements have been prepared in accordance with the accounting
policies set out below and comply with the Statement of Recommended Practice ISORPI A￿o￿ntIng
and Reporting by Charities Issued in 2019.
Govemance and Management
The Whitworth Scholarship's Fund was established in 1868 under a deed of covenant and trust
between Sir Joseph Whilworth. a leading manufacturer of ma¢hine tools. and the then President of
the Committee of Council on Education. The Fund is now governed under the terms of a Scheme
made bythe Charity Commission for England and Wales dated 11 Decernber 2001.
The objects ofthe Fund, as stated in the Scherne, ale to protllote education in all engineering
disciplines with a preference for mechanical engineering through the award of..
Scholarships to suitably qualified applicants to enable them to study engineering, with
a preferen￿ for mechanical engineering, at any establishment approved by the trustee".
and
Prizes for solutions to real problems encountered in the workplace by engineers
followng acuedited programme of work-based training.
Objective and Activities
Under the terms of the Scheme dated 11 December 2001, the Institution of Mechanic81 Engineers
IIMechEI SLJcceeded the Secretary of State for Education and Skills 8S 501e trustee of the Fund.
The IMechE administers the Fund assisted by the IMechE whi￿Orth Awards Panel. which advises
IhelMechE in making decisions on the awaids. Membership of the Panel includes iepresentatives
from the Whitworth Society. UKRI. academia and the engineering professions. Panel mernbers are
not remunerated but may claim reasonable travel 8nd subsistence expenses.
General costs of administering the Fund are borne by the IMechE but costs incurred in selection of
scholars are reimbursed out of votes of Parfiament.
Value of Seholarships
The awards are flexible to recognise the many study modes. The Whilworth Scholarship award
supporting Undergraduatelmsc students was valued at £9,000 p.a. full-time and typically £3,000 p.a.
part-tirne. The Senior Scholarship supporting Postgraduate research was valued at £15,000 p.a.
The Whitr4orth Awards Panel, in the first part 012022. sought applications for the Awards, with 24
applications received foi the Vvhitworth Scholarship Awards. Sixteen candidat85 were called for
interviews at 1 Birdcage Walk, of which 14 awards were made13 full time and 11 part-time study).

Whitworth Scholarship's Fund
Trustee's Report (continued)
For theyear ended 31 December 2022
Value of Scholarships Icontsnuedl
A total ol four applications were received for the Whitworth Senior Scholarship Awards for Postgraduate
engineering research. leading to a PhD or EngD and four c8ndid8tes were c8lled for interview.
Two Whitworth Senior Scholarship Awards were awarded lor 2022. supporting PhD research in 1 PhD in
Investigation of non*quilibrium phenomena during giant planet entry at the University of Queensland.
Australia and 2 in Agri-Food Robotics at the University of Cambridge.
Fifteen award holders cornpleled their degree courses and were elected Whitworth Scholars Six graduated
with Iirst-class honours, and nine with an Msc with Distinction. Afurther ten were elected to Whitworth Scholar
with the option of deferring election to undertake a master's degree.
The 39th Whitworth Awaids Ceremony, tslebrab.ng the achievements of Award Holders and Scholars from
2022, was held on Friday. 9th March 2022. The Ceremony was officiated by Dr Alice Bunn OBE. Chief
Execub"ve- IMechE. Professor Kail Dearn. Wh Sch. Vvh Ssch Chaii ofthe Whitworth Aw3rds Panel. intrOdU￿d
the Whitworth Scholarship Awards. President Philip Peel presented the ￿rtifiCateS and medals with Chris
Sidney Wh Sch. President ol the Vvhitworth Society, who also addressed the meeting.
Achlevements and Performance
During the period wvered by this report £270,74512021. £278.1921 was Paid to scholarship students and
administration, and 2245 12021.. £1901 in bank charges. Income from the investment portfolios and bank
deposits amounted to £236.729 12021 £208,025) resulting in net expenditure before gains on investment
assets of £33.771 Inel expenditure 2021.. £70.1671. As a result ol movement in the Stock Market the closing
values of the Pertn3nent EndowThent Fund decreased to £3,985,97412021." £4.198.16718nd the closing value
ol the Unrestricted Fund decreased to £2,717,722 12021.. £2,890,773) as a result of a decrease in the net
gains on investsllent 85sets.
Investment Pollcy
All the Fund's income is generated from Investments and bank deposits. The investments olthe Fund are held
in the form of Common Investment Funds that are suitable for a Fund of this nature. The Perrnanent
Endowrnent Fund represents the original donation tnade by Sil Joseph Whitworth to provid8 Income to pay
for scholarships. The Unrestricted Fund represents accumulations of unspent income that has accrued during
the long history ol the Trust", most of this income has been reinvested to generate an addib.onal Sour￿ of
income to fund scholarships.
The Fund reviews the performan￿ of the investrnents on a quarterly basis and aims to formally meet the
investment manager at least once a year. The Trustee has established an investment policy which takes
social, environmental and ethical considerations into account and includes the following principles..
1. A diversity of investments will be held.
2. Investment policy will be appropriate to the needs of the Fund.
3. Appropriately authorised investment managers will be employed.
4. Appropriately authoii5ed norninees may be employed to hold individual stocks and 5hare&

Whitworth Scholarship's Fund
Trustee's Report (continued)
For theyear ended 31 December 2022
Rlsk Management
The IMechE has ieviewed the rnajor risks to which the FLJnd is exposed. The principal risks facing th
Fund are those related to the income and finances of the Fund. Covid-19 and Brexit had sorne impaclon
the investment valuation volatility," the IMechE has taken steps a5 far as possible to Tnitigate exposure
to those risks by keeping the Investment Policy under review. including the rnix of investrnents held
and monitoring expendituie.
Reserves policy
Uniestricted reserves at 31 Decernber 2022 were £2,717.722 12021 £2,890.7731. IMechE h8s decided to
set a target of utilising all the available Income lor scholarships provided candidates of sufficient merit
be found. The Trust Fund also has a permanent endowment fund.. its year end balall￿ was £3,985.974
12021. £4,198,167).
The Trustee has a policy which requires that the level of free reserves should reflect at least six rnonths of
charitable spend. This policy is deemend appropriate for the rep)rted financial period.
Publi¢ Benefit
The IMechE confirms that they have referred to the guidanTr contained in the Charrty Cornmission's
general guidanceon public benefit when reviewing the Fund's aims and objectives and in planning future
activities 8nd setting the grant making poliw for the ye81.
Future developments
The Whitworth Awards Panel constantly reviews the scheme and at present have agreed not to make
any change5 for 2023.
Recrultment and appolntment of the Trustees
The Trust Deed states that the Institution of Mechanical Engineers is the Trustee of the Scheme. The
Institution of Mechanical Engineers is governed by a Trustee Board comprising of members of the
Institution elected to office by Corporate and Assoaate Members, through an annual elects.on process
as detailed in the Royal Chart81 and By-laws of the Institution.

Whitworth Scholarship's Fund
statement of Trustee's Responsibilities
Forthe year ended 31 December 2022
Statement of Trustee's responslbllltles In respect of the Trustee's annual report anil the
flnanclal ststements
The Trustee is responsible for preparing the Trustee's Annual Report and the finanrial statements in
accordance with applicable law and regulations.
Charity law requires the Trustee to prepare fin8nci8151alements foi each financial year in a¢¢ordan¢e with
United Kingdom Generally Accepted Accounting Practi￿ Iunited Kingdom Accounting Standards and
applicable lawl. Under charity law the Trustee must not approve the financial statements unless they are
satisfied thatthey give a true and fair view of the state of affairs of the charity and olthe incoming resourcesand
application of resources. including the income and expenditure. of the Fund for that period.
In preparing these financial statements, generally accepted accounting practiTr ￿tailS that the Trustee..
select suitable accounting policies and then apply them consistently.,
make Judgements and estim8te5 th8t are reasonable and piudent,
state whether appli￿ble UK Accounting Standards have been followed. subject to any material
departures disdosed and explained in the financial statements". and
prepare the financial ststernents on the going conoein b3s15 unless il is in8ppropri8le to presume
that the Fund will conts.nue in business.
The Trustee is required to act in accordance with the trust deed of the Fund. within the framework ol trust
law. The Tiustee is iespon5ible for keeping adequate accounting record5 that are sufficient to show and
explain the charity's transactionsand disclose with reasonable accuracy at any timethe financial position of the
charity and enable them to ensure that the financial statements comply with the Charities Act 2011. Theyare
also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the
prevents.on and detection of fraud and other irregularities.
Financial statements are published on the charity's website in accordance with legislation in the United
Kingdom governing th8 preparation and dissemination of financial staternents, which rnay vary from
legislation in otherjurisdictions. The rnaintenance and integrity of the charity's website is the responsibility of
the Trustee. The TIu5tee's iespon5ibility also extends to the ongoing integrity of the financial statetnents
contained therein.
The Trustee's Report was approved by the Trustee Board of the Institution of Mechanical Engineers on
26 April 2023 and w8s signed on ils beha￿ by..
Trustee
Philip Peel
Tru5te8
Clive Hlcknian

Whitworth Scholarship's Fund
Independent Auditor's Report to the Trustees of Whitworth Scholarship's Fund
For the year ended 31 December 2022
Oplnlon on the financlal statements
In our opinion. the financi815t8ternents".
give 8 tiue and f8irview ofthe state ofthe Ch3rty's 8ff3irs 85 at 31 December 2022 and of the Ch3rity'5
incorning resources and applicats'on ol resources for the year then ended..
have been properly prepared in accordan￿ with United ￿ngdoM Generally Accepted Accounting
Practice,. and
have been prepared In accordance wrth the requirement5 of the Charities Act 2011.
We have audited the financial statements of Whitworth Scho18rship's Fund I'the Charity I for the year ended 31
December 2022 which comprise the Statement of Financial Adivib"es. the Balance Sheet. the Statementof Cash
Flows, and notes to the financial staternents. induding 8 summary ol significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financi81 Reporting Standard 102 The Finanoal Reporting Standard applicable
in the UK ènd Republic of Irelènd Iunited Kingdom Generally Accepted Accounting Pradi￿1.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable
law. Our iesponsibilities undei those stand8rds 8re fvrther described in the Auditor's responsibilities forthe audit
olthe financial statements section of our ￿pOrt. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Independence
We remain independent ol the Charity in accordanTr with the ethical requirements relevant to our audit ol the
financial statements In the UK. including the FRC'S Ethical Standard, and we have fvlfilled our other ethitrAI
responsibilities in accordance wth these requirements.
Conclusions related to going concem
In auditing the financial staternents. we have concluded that the Ttustees. use of the going concern basis of
accounting in the preparation ol the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the Charity s ability to continue as a
going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections ol this report.
other inforniation
The Trustees are responsibleforthe otherinformth"on. The other inlomiation comprises the information included
in the Trustee's Report other than the financial statements and our auditor's report thereon. Our opinion on the
financial statements does not cover the other information and, except to the extent other4Mse explicitly stated in
our ieport. we do not express any form of assurance Conclusion thereon. Our responsibility is to read the other
information and. in doing so, consider thether the other information is materially inconsistent with the financial
statements or our knowledge obtained In the audit or otherwise appears to be materially misstated. If we Identify
such material inconsistenaes or apparent material misstatements, we are required to determine whether there
is a m8terial mi5Statement In the fin8nc181 st8tement5 thern5elves. If. based on the work we have perfoitned, we
conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on whlch we are requlred to report by exceptlon
We have nothing to report in respect of the following matters in rdation to whiGh the Charities IAccounts and
Reports) Regulations 2008 requires us to report to you il, in our opinion.,
the inlonnation given in the Trustees, Report for the financial year for whid) the financial statements
are prepared is inconsistent in any rnateiial respect with the financial statements." or
adequate accounting records have not been kept or
the financial 5tatement5 are not in agreetnent with the accounting records and returns, or
we have not re￿iVed all the information and explanations we require for our audit.

Whitworth Scholarship's Fund
Independent Auditor's Report to the Trustees of Whitworth Scholarship's Fund
Icontinued)
For the year ended 31 December 2022
Responsibilities of Trustees
As explained more fully in the Statement of Trustee's responsibilities. the Trustees are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view. and for such
Intemal control as the Trustees determine Is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the fin8ncial statements. the Trustees are responsible for assessing the Charty's ability to ¢￿tinUe
as a going concem. disdosing. as applicable. matters related to going Corn￿[n and using the going concern
basis of accounting unkss the Tiustees either intend to liquidate the Charity or to ￿se operations, or h8ve no
realistic alternative but to do so.
Auditor's responsibilities for the audot of the financlal statements
We have been 8PPOlnted 8$ auditor under section 144 of the Charities Aot 2011 and report in accordance wth
the Acts and ￿levant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from materi81 misstatement. thether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in
accordan￿ with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material Il, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit wa8 capable of detecting irregularities, including fraud
Irregularities, induding fr8ud. are instances of non-cornplian￿ with laws and regulations. We design prO￿dureS
in line with our responsibilities, outlined above, to detect Material misstatements in ￿Spect ol irregularities,
including fraud. The extent to which our prO￿dureS are capable of detecting Irr￿Ul8￿tIe$, including fraud is
detailed below".
Non-complian￿ with laws and regulations
Based on..
Our understanding of the Chaity 8nd the sector in which it oper3t85",
Discussion with rnanagemenl and those charged with governance.,
Obtaining and understanding of the ch81ity'5 policie5 and procedur85 regarding cornpliance wth18WS
and reQU￿tiOnS
The Charity is also subject to laws and regulations where the consequence ol non-compliance COU￿ have a
material effect on the amount or disclosures In the financial statements, for example through the Imposition ol
fines or litigations. We identified such laws and regulations to be the Charities Act in the UK, UK GAAP and
UK tax18gislation.
Our prO￿dureS In respect ol the above Included.
Review ol minutes ol meeting of those charged with governance for any InStan￿S ol non-compliance
wth laws and iegulation5,
Review of correspondence wrth regulatory and tsx authorities lor any instsnces of nor)-compliance
th laws and regulations,
Review of financial statement disdosures and agreeing to supporting dcumentation.,
Fraud
We assessed the susceptibility of the financi81 statements to material rnisstatement, including fraud. Our risk
assessment prO￿duleS Included".
Enquiry ￿rith management and those charged wth governance regarding any known or suspected
instanTrs of fraud".
Obtaining an understanding of the Charity's poliues and prctedures relating to..
Detecting and responding to the iisks of fraud, and
Internal controls established to mitigate risks related to fraud.

Whitworth Scholarship's Fund
Independent Auditor's Report to the Trustees of Whitworth Scholarship's Fund
Icontinued)
For the year ended 31 December 2022
Review of minLrtes ol meeting ol those charged wth governance for any known or suspected
instanTrs of fraud".
Discussion amongst the engagement team as to how and where fraud might wcur in the financial
staternents".
Performing analytical procedures to identify any unusual or unexpected relationships that may
inditrate risks of material misstaternent due to fraud".
Based on our iisk assessment, we considered the areas most susTrptible to fiaud to be through management
override ol controls and improper revenue reccyjnition.
Our prO￿dureS in respect of the above included.
Testing a sample of journal entries throughout the year. ¥vhich met a defined risk criteria, by agreeing
to supporting documentation.,
Assessing 51gnificant estimates m8de by m8n8gement for bias. incjuding the v8lu8b.on of
investments.
Incorporating unpredictability into our tesb.ng approach through amending the nature and extent of
audit prC￿edures',
Reviewing performance re13ted p8yments tnade to st8ff. with p8rtsculai challenge as to whether
individuals re￿Iving such payments were able to Influen￿ the metrics used to detennine amounts
to be paid,
We also communicated relevant identified laws and regulations and potential traud risks to all engagernent
team members and remained alert to any indicats.ons of fraud or non-complian￿ with laws and ￿ulationS
throughout the audit
Our audit prooedures were designed to respond to risks of material misstatement in the financi31 ststements.
recognising that the risk ol not detecting a material misstatement due to fraud is higher than the risk ol not
detecting one resulting from eiror. 85 fraud may involve deliberate Con￿alment by. for example, forgery.
misrepresentations or through collusion. There are inherent limitations in the audit prO￿dureS performed and
the further removed non-complianTr wth laws and regulations is from the events and transactions reflected
in the financial statements, the less likely we are to become aware ol Vt.
A further description of our responsibilit￿$ for the audit ol the financial statements is located at the Financial
Reporting Council's I"FRC's"I website at htt s".Ilwww frc.or
.ukl8uditoisies
onsibilities. This description
forms part of our auditor's report.
Use of our report
This report is made sdely to the Charity's trustees, as a body. in accordance with the Charities Act 2011. Our
audit work has been undertaken so that we might State to the Charity'5 ttustees those matters we ale required
to state to them in an auditor's report and lor no other purpose. To the fullest extent permitted by law. we do
not acTrpt or assume responsibility to anyone otherthan the Chaiity and the Charity s ttU5tees a5 a body. for
our audit work, for this report, or for the opinions we have formed.
Do¢uSlqfi•d by..
g)0 LU)
73D8818FE9AC4C9
BDO LLP. statutory auditor
London, UK
28 April 2023
BDO LLP is eligible lorappointment as auditor olthe charity by virtue of its eligibility for appointment as 8uditor
of a company under section 1212 of the Companies Act 2(X)6.
BDO LLP is a limited liability pathership registered in England and Wales Iwith registered number OC3051271.
10

Whitworth Scholarship's Fund
Statement of Financial Activities
For the year ended 31 December 2022
UnroStrlct8d Endowm8nt
Funds
Funds
2022
Totsl
2021
Totsl
Incorne and endowments from..
ltrJve$tments
Interest & drrfidends
236,729
236,729
208,015
Bank intere8t & other Income
245
245
10
Totsl
236,974
236.974
208.025
Expenditure on..
Charitable activities
Scholar8hip8
1270,7451
270.745
1270.7451
278,192
1278,1921
Totsl
Nel lexpÈnditurel before gainsloossesl on
investment 8S$Èts
1270,7451
133,7711
33,7711
170,1671
Nel gainslllossè$l on investmÈnl a$$ets
Net lexpenditureyincome
139,280
212,193
351,473
595,879
1173,0511
1385,2441
525,712
Net movement in funds
1173,0511
1385.2441
525.712
Reconciliation of lunds
Total funds brouym fotward
Totsl fund8 carrlod forward
2.890,773
4,198.167
7,088.940
8,563.228
2,717,722
3,985.974
8,703.696
7,088.940
The Fund has no recognised gains or losses forthe year othèr than as de18iled above.
The net movements in the Fund's f￿r￿S for the year arise frorn the Fund'5 continuing activities.
The notes on pages 1419 form part ofthese accounts.
Summary of Financial Activitie5
For tho yoar ènded 31 Docombor 2021
2021
2021
Unr88trfjctsd Endowm8nt
Fund$
Funds
2021
Totsl
Totsl incom8
208.025
208,025
Totsl 8xpondlturo
Nel gains on investrnent asse15
1278.1921
1278.1921
251.065
344.814
595.879
Net movernent in funds..
180.898
344.814
525.712
Total funds brought forward
Total fund$ carried forward..
2 709.875
3 853.353
6 563.228
2.890.773
4,198.167
7,088.940

Whitworth Scholarship's Fund
Balance Sheet
Forthe year ended 31 December 2022
2022
2021
Note
Fixod a550ts-
Inv￿MentS
6,788,980
7,140,453
Current assets..
Debtors
Gash at bank and in hand
59,754
39,014
98,768
55.731
89.065
138.796
TotalCu￿￿1 assels
Credilor5'. Arnountsfalling duewilhin one year
NetCUnEnt&ssels
1184,0521
185,2841
6.703,696
1190.3091
151.5131
7.088.940
Total netasset5
Thofunds ofth8 ch8rlty'.
Endowment fund8
Unreslricled funds
Total charity lunds
3,985,974
2,717,722
6.703,696
4.198,167
2.890.773
7.088.940
Thesefinancial 51alements including note5 on pages 14-19wereapproved bythe Trustee Board of
the Institution of Mechanical Engineer5 on 26 April 2023 and were signed on its behaw by."
Trustee
Phlllp P801
Trustee
Cllve Hlckman
Ch8ri1y Registration Number '. 313756

Whitworth Scholarship's Fund
Statement of Cash Flows
Forthe year ended 31 December 2022
2022
2021
Cash flow5 from operating 4¢tNitie$'.
Nelcash usedin operating4VCtivities
1277,0021
1245,3821
Cash flows from Inw8tlng actlvOtIos
DividÈnd$ and interest from inveslments
232.951
232,951
208,025
208,025
Net Cash provided by In￿ting activyties
Chany8inc8shandc8shequiv&lenlsin lh8 r8portingp81iod
Cash&ndc&sh eouivalent81 the b&ginningofreportillgP&lFofl
C8shandtrash8quival8nt8t8ncloftsportiffVP6riod
144,0511
83.065
39,014
137.3571
120,422
83,065
R8¢onclllatlon of net lThcomoto net cash flow from oporatlng actlvltles
2022
2021
Net incornellexpenditurel as perthe SOFA
1385.2441
525,712
Adjustmènts for..
Dividenlls and interest frorn investrnents
IGain8lllosses on Investmnt8
Increaselldecreasel in debtors excluding dividends re￿1¥able
IDecre4sellincrease in creditors
N8tcash used In operating actlvltlvs
1236.9741
351.473
1208,0251
595,8791
16.2571
1277.0021
32,809
1245,3821
Balance
Cash flows
Balance
Analysis of Net Funds
1 Jan 2022
31 DÈC 2022
Cash at bank and in hand
83,065
144.0511
39,014

Whitworth Scholarship's Fund
Notes to the Financial Statements
For the year ended 31 December 2022
Accounting Polici
The Fund is registered with the Charity Commission (registered number 3137561. domiciled in the UK and is a publ
benefit enlty. The address of the registered off￿e is 1 Birdcage Walk. London, SW1H gJJ. The followng accounting
policies have been applied eonsistenly in dealing with items which are consideted material in telation to the Fund'$
financial statements.
al Ba515 of preparation
The financial siaiemenl$ have prepared lo gwe a truè 8nd fair ￿eW and h8ve departed from thè charities
(Accoun18 and Reports) Regu18110n 2008 only lo the e￿end reouired to give 8 true and fair view. The Financial
Slalemenls have been prepared in accordance with the Charities SORP. FRS102 The Financial Reporting
standard applicable in the UK and Republic oflreland, and ap￿lea￿le UK charity law.
This departure has involved folowing Accounting and Reportin9 by Charities.. Slalemenl of recommended Practice
applicable lo charities preparing their accounts in accordan￿ Nlh the Finan￿31 Reporting Standard ￿p￿icable in
the UK and Republic of Irdand IFRS1021 effectwe 1January 2019 rather than the Accounting and Reporting by
Charities Statement of recOtnmer￿ed praCt￿e effective from 1 April 2005 which has Sin￿ been withdravffl.
The financial statements have been prepared on the historical c05t basis of accounting, rnodified lo incorporate
the revaluation of invesknents. The finanaal statetnents are prepared in steding. yth￿h 1$ functional currency of
the Fund. Monetary amounts in these financial statements ate rounded lo the nearest pound.
bl Golng Concorn
The finanaal statetnenls have been prepated on a going concem basis. The financial statements do not include
any 8djusimenis thai would tesult from the charity not being able to continue for the nert 12 tnonths. The Fund
has a strong b81ance sheet and has a¢ces8 10 £6.8m of 8vailable investments which tould bÈ ulilised lo cover
expenditurè rfrequired. TherÈfore. the￿ are no material uncertainties about Ihè Fund's ability tontinue as a goir
ncem.
cl Income
Investment IncThne is eamedfmmholding 88sets forinveslmenl purposesand indude8divhJend8and bank interest
that are presented gross on ¥ r￿1Vable basis.
dl Expenditure
Schdatship awards are recognised on an ac8dÈmic year ba$1$ ￿th any sum$ duè at the Year-er￿ In res￿¢1 of
the spring and summerterms beiw acxrued. General expenditure is recognised in the period lo vrt)Ich it rdales.
Members of the Vthitworth Award Panel, who are respon81ble for sdecling Schdars, provide thÈir time free of
charge.
el Investments
Investments consist of common invesltnenl funds adtninistered by an investment manager and ate valued at Ihe
yearend ai the bid prits. It Is the Fund's policy to keep valuations up to date such Ihai when invÈsimÈnis are Sold
therè 18 no 98in orlos$ ariging relatiny to previou8 yÈars. As 8 re8uII the Statèment of Fin8nci81 AcbvitiÈÈ doès not
distinguish betwe8n the valuation adjuslmenl8 r8laling 10 8al8s and those relating lo conlinu8d holding8 as th8y
are together Irealed 88 changes in tt)e value of the Investment portfolio tt)roughoul the year.
14

Whitworth Scholarship's Fund
Notes to the Financial Statements (continuedl
For the year ended 31 December 2022
Accounting Polici8s lcontinuodl
el Investm8nts l¢ontlnu8dl
All inve8tment management ch8rges are Included In the bid price of uniis. Wè arÈ unable lo IdÈnlfy inve8tment
manager fee5 separalety and so these fees are not disclosed in the Statement of Finanaal Adivities.
Grant COMM￿*￿ents
Schdatships are awarded for the peri(￿ of study. usually three years. with payments tnade on a terrnty basis.
Expenditure is not 8trLmed bèyond each atAdÈmic ye8r 8$ fulure p8yments are subject to a perfomiancè rèview
by the Whitworth P8nÈl, véhid) thÈrÈfore has discretion io lerniinale the funding agreemeni in casÈ
perform8nce related condiLions are not met.
Mulli-year grants that do not meet thÈ rècoynition ￿teria are d18dosed as conlingÈnl Iiaknlitie8 In thÈ notÈs lo the
financial 8talements.
gl Financial assèts
The Fund has elected to appty the provisions of Section 11 Basic Finan￿al Insttuments" and Section 12 Other
Finanti81 Instruments Issues" of FRS102 to all ils financial in$irumenis.
Finana41 assets are recognised in the Fund'5 Statement of fin8nual position when the Fund bec(Knes party to the
conlrdctual provisions of the insttumenl.
Interest ts rÈcognised by applying IhÈeffective intere8t rate, exceptforshort-tenr rÈceivableswhÈn the recognition
of interest would be immaleri81. The eftethive interesl mdhod Is a method of calculating the amortl8ed cost of
debt instrument and ol allocating the Interest income overthe relevanl period. The effective Interest rale is the rale
that ex8Ctly di8counl8 eslimaled future c88h re*ipls through Ihe expected lrfe of the debt Instrument lo the net
carrying amount on initsal reeo9nilion.
h) Critical accounting èstimatès and judgemènts
In the application of the accounting policiÈs, the Trustees are Nuirèd lo make judgements, e8timale$ and
assumption8 about the carrying v81ue of assets and Iiabililies that are not readily app8renl from other source8.
The eslimales and associated sssumplions are based on historical experience and other factors that are
consideEd lo be relevant. The es1im3tes and underlying assumptions are reviewe(l on an ongoing basis.
Revisions lo accounting eslimales are recognise(l in the period in which the esbmale is revised. if the revision
affects that peri(Kl, or in the period of the revision arKI future periods rfthe re¥￿10￿ affect5 both CLYrent and
fLrture periods.
Fund Accounting
Endowment Funds are perm8nenlty endowed assets. which pro¥￿e unrestrided income 10 the Fund. Unrestricted
Funds are applied according to the schetne goveming the Fund.
15

Whitworth Scholarship's Fund
Notes to the Financial Statements (continued
For the year ended 31 December 2022
Investmènt Income
2022
2021
Di¥idend8 receivable from inveslmenl funds
236,729
208.015
All inve8tment incomè anses from Ihè InveslmÈnl8 detailed in note 5 below.
Taxation
VthitwJrth Scholarship's Fund 18 (x)n$idered to Pass Ihe tssts set out in par8graph 1 Schedule 6 Finance Act 2010
and therefore it meets the definition of a charitable Irusl for UK Schedule 6 Finance Act 2010 and therefore il meels
the definition of a charitable trust for UK income lax purposes. Accordingly the Fund is potentially exempl from
laxalion in respecl of Inco￿ or capi181 gains re¢eive(J wlhin categories covered by Part 10 Income Tax Act 2007
or Section 256 of the Taxation of Char9eable Gains Act 1992, to the exlenl that such income or gains are applied
exclusively lo charitable purposes.
Trnstèo's Remuneiation and Exwn80S
The Tm$lee nèither receivèd nor waivèd any rèmuneration or expenses during the ￿riod 12021 Nill.
Employees
There wete no employees in thè year ended 31 Detsmber 202212021 - Nill.
Inv88tsnonts
Market
Value
3111212022
Markot
Valu8
3111212021
C05t
3111212022
C05t
3111212021
P•rmanènt End¢)wmont Fund
BLK Charities UK Bond Fund A Inc
BLK Ch8rilies UK Equity Fund A Inc
305.318
3,880,656
42,258
620,455
384.337
3,813,830
42,258
620,455
Fund Totsl
3,985.974
662,713
4.198.167
662.713
Unrostrlcted Fund Holdlng
BLK Charities UK Bond Fund A Inc
BLK Charities UK Equity Fund A Inc
170.070
2,632.936
127,874
691,556
214.085
2,728,202
127.874
691,556
Fund T¢)tal
2.803.006
819,430
2.942.287
819.43D
Totsl Inv68tmonts
6,788.980
1.482,143
7.140,454
1.482,143
16

Whitworth Scholarship's Fund
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
Investments- continued
2022
2021
Movement of investments
M4Tkel value al 1 January
Nel investment gains
7.140,453
1351,4731
6.544,574
595,879
Investment managerfees are included ￿thin net investment gains aThJ cannot be separalety idenlrfied
MaTket value al 31 December
Historic cost al 31 December
6.788,980
11.482,1431
7.140,453
11,4B2,1431
Unrealised Inve$lmÈnl gain$ 8t 31 DeCem￿r
5,306,837
5.658,310
2022
2021
Di￿dendS retsivable
59,754
55,731
Cr8dltor8
2022
2021
Grant5 payable
Other creditors
174,482
9,570
184,052
169,OC
21,309
190.309
Totsl croditors
statèmont of Fund$
vemont
GairnllLos$l on
Invo8tmont
a5s8ts
Net
loxpondlturev
income
Balance at
0110112022
Balanctr
3111212022
P8mianenl Endowment Fund
Unrestricted Fund
4,198,167
2,890.773
1212,1931
1139,2801
3,985,974
2.717,722
133.7711
Fund Total
7,088.940
133.7711
1351,4731
6.703,696
0110112021
3111212021
Pemianenl Endowment Fund
Unrestricted Fund
3,853.353
2,709.875
344,814
251,(K5
4.198,167
2.890,773
170.1671
Fund Total
6,563.228
170.1671
595,879
7.088,940
The Penranent EndowmÈnl Fund provides the pèm)anÈnt capital b88e In the fomi of InvÈ$lmenls.
The Unrestricted Fun(1 represents accurnul3ted income rnost of which has been invested. The incorne fr(Kn these
investments and Ih05e held in Ihe Pemianenl Endowment Fund 15 use(1 lo pay the scholarship award5.
17

Whitworth Scholarship's Fund
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
Analysis of assets betsveen funds
Permanent
Endowment
Fund
Unr68trl¢tod
Fund
Total
2022
Total
2021
Inve$lmÈnls
Nel current assets
Totsl net assets
2.803,006
185,2841
2.717,722
3.985,974
6,788.980
185.2841
6,703.696
7,140.453
3.985,974
7,088.940
2021
2020
Investments
Nel current assets
Total net assets
2,942,286
4,198,167
7,140,453
6,544,574
18.654
6,563,228
2,890,773
4,198,167
7,088,940
io
Ultimate parent
Control of the charity rests wlh the InstitLrtion of Mechanical Engineers (Charity reg.N 206882. dotnialed in the UK and
is a public benefit Èntity, regi8tered 8t 1 Birdcage W81k, London, SVI1H 9JJl as sole TrusteÈ under the lem)s of
Scheme made by the Charity. The Institution of Mechanical Engineers is an independent professional assoaation, ar
learned society, th81 represents med)anical engineers and the engineering profe8810n.
11
Grant commltmonts
These sums have been provisionally approve(l as grants to be made to current schol3rs for completion of their studie5
Because the Trusiee has furthÈr 8Ctions to take on them before releasing for p8ymènt, they h8ve not ￿en recognised
in this yea¢s a￿￿￿ts. No discounting h45 been applied to granl commitments due in more than one year on the basis
thai it would be imThaiÈri81.
2022
2021
Scholarships due for payment within one year
Scholarships due for payment after one year
Total scholarship cotnmitments
71.750
349.000
420.750
68.667
382.583
451.250
12
Related parties
The Institution of Mechanical Engineers administers the Prizes for Vthitworth Scholarships Trust Fund. 11 incur6 costs
relating to venue hire, speakers and catering which 8re recharged lo the Trust Fund. The amourn recharged dunng the
year ended 31 December 2022 was £012021.. £0) and the amount due lo the Inslilulion al the year end was £0 12021..
£0).
18

Whitworth Scholarship's Fund
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
13 Expenditure on ¢haritsble activities
2022
2021
Scho12rship$
Prizes administration
Total
219,306
51,439
270,745
262,132
16,060
278.192
Scholarships in both 2022 and 2021 wère awarded 10 the Indi￿dual$. studying Èngineering either part-time orful
time, and intend￿1 fortheireducational nee(Is.
ThÈtotal amounts incurred in respect of auditfees in 2D22 w&re £9.49DI2021." £4,120).
14 Flnanclal In8trum8nts
2022
2021
Finano81 as5els measured at amortised cost
Finano41 liabilities rneasured at amortised cost
Financral assets measured al fairvalue
98,768
184,052
6.788,980
138,796
190,309
7.140.453
19