**Charity Registration No. 801142** # **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2021** ## **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **Trustees** S Muckett M P Brown (Appointed 13 May 2021) Dr P G Barnwell A Fairbairn ## **Charity number** ## **Principal address** 801142 Ocean's Beat 11 Edwards Close Thurlstone Kingsbridge Devon TQ7 3BP ## **Independent examiner** F J Wilde FCCA MBA DChA Warner Wilde 4 Marigold Drive Bisley Surrey GU24 9SF ## **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Statement of financial activities|5| |Balance sheet|6| |Notes to the financial statements|7 - 15| **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ The trustees present their annual report and financial statements for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) " (effective 1 January 2019 ). ## **Objectives and activities** The Society shall be a voluntary, non-profit making body of persons associated for the purpose of hereinafter appearing namely: To advance education in the science and application of hybrid microelectronics for the benefit of the public. In furtherance of the foregoing but not further or otherwise the Society shall have the following powers: (a) to extend, increase and disseminate knowledge of microelectronics assembly and packaging, for which purpose meetings may be held, demonstrations given, exhibitions and conferences promoted, pamphlets, journals and other writings published. (b) to collect and preserve literature, documents, recordings or other writings whether published or not, or any equipment or finished product which the Committee may consider desirable to retain, and to make such available for reference, thereby to assist the knowledge, development and improvement of the science and application of microelectronics assembly and packaging. (c) to affiliate or join in association with any other charitable body, institution or society holding similar interests and objects in their pursuit of the above objects. (d) to maintain awareness of and where appropriate, co-operate in the activities of those societies concerned with related electronic engineering technologies, for example, semi-conductor technology and printed circuit technology. (e) to uphold the good standing of the Society and conduct its affairs in accordance with this Constitution as it now is or may be later amended. (f) to raise funds and to invite and receive contributions from any person or persons whatsoever by way of subscription, donation or otherwise, provided that the Society shall not undertake any permanent Trading activities in raising funds for its charitable objects. (g) to do all of such other lawful things as shall further the attainment of the above objects. The Society's objects shall not extend to the regulation of relations between workers and employers or organisations of workers and organisations of employers. There has been no change in these during the year. ## **Public Benefit** The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. - 1 - **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **Achievements and performance** During the year the Society ran several events and workshops which were all well attended. The events in the first half of the year were mainly virtual. In the latter part of the year the events were generally in person. The Society ’s newsletter continued to be circulated to members. The ongoing relationship with IMAPS North America allowed members access to a wide range of industry technology and information . ## **Financial review** The trustees are pleased to report that in spite of the problems caused by Covid-19 restrictions the Society had a successful financial performance. They thank the Committee and the Secretariat for their hard work in achieving this. At the same time the trustees are mindful of the charitable status of the Society which means excess funds should be spent on charitable activities. The Committee has been encouraged to carry this through with particular reference to educational and academic activities. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to 6 month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **Structure, governance and management** The charity is a n unincorporated charity registered on 20 February 1980. The trustees who served during the year and up to the date of signature of the financial statements were: B Waterfield (Resigned 13 May 2021) S Muckett M P Brown (Appointed 13 May 2021) Dr P G Barnwell A Fairbairn During the year Brian Waterfield retired as a trustee and Matthew Brown was appointed in his place. This recruitment was by informal discussion amongst the trustees and officers and approved at the AGM on the 13 th May 2021 - 2 - INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY- UK TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2021 Organls•th)nal stnKknre The runThng of the so￿ety the Man￿ ef Its affaits shal be vested entirety in ts Commiltee *thich may appoint sub**funds**
**funds**
**d esignated**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Charitable activities
**3**
63,929
-
Investments
**4**
750
-
**Total income**
64,679
-
**Expenditure on:**
Charitable activities
**5**
29,496
-
**Net incoming/(outgoing) resources before transfers**
35,183
-
Gross transfers between funds
(4,500)
4,500
**Net income/(expenditure) for the year/**
**Net movement in funds**
30,683
4,500
Fund balances at 1 January 2021
74,680
-
**Fund balances at 31 December 2021**
105,363
4,500|**Total Unrestricted**
**funds**
**2021**
**2020**
**£**
**£**
63,929
14,573
750
181
64,679
14,754
29,496
31,680
35,183
(16,926)
-
-
35,183
(16,926)
74,680
81,208
109,863
64,282| |---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 5 - INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY- UK BALANCE SHEET AS AT31 DECEMBER 2021 2021 Intsngible asgets Tangible assets 10 162 486 162 Currontasgots 11 12.128 104.729 1.913 Cash at bank ar#J in hand 118.857 91,990 Creditorn: *mounLB fallirwj du• TAItNn ong year 12 (7.156) (29,154) 109.701 62,836 Total assets l•ss cuffent Ilablllli#s 109.863 64,282 Income ￿ndS Endowment funds. deslgn 4,500 D￿gnated fijnds 14 4.500 100.863 64.282 105.363 64,282 109.863 64,282 The financial stateTh￿ts ware apwoved by the TnL%tees on . ...4.f.P!L 2 OZ? DrPGBaThw **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **1 Accounting policies** ## **Charity information** International Microelectronics Assembly and Packaging Society - UK is a an unincorporated charity. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements 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 following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. - 7 - **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **1 Accounting policies** **(Continued)** Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Intangible fixed assets other than goodwill** Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Website 5years, straight line basis ## **1.7 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Computers 3 years, straight line basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities . ## **1.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) . - 8 - **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **1 Accounting policies** ## **(Continued)** ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.10 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. - 9 - **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Charitable activities** ||**Charitable**|**Charitable**| |---|---|---| ||**Income**|**Income**| ||**2021**|**2020**| ||**£**|**£**| |Events Income|51,468|4,246| |Sponsorship|12,461|10,327| ||63,929|14,573| ## **4 Investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Interest receivable|750|181| - 10 - **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **5 Charitable activities** |Staff costs
Depreciation and impairment
Events Costs
Share of support costs (see note 6)
Share of governance costs (see note 6)
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Bank charges
477
-
Secretariat Services
18,000
-
Telephone and Fax
244
-
Internet and Software
434
-
Insurance
30
-
Website Design and
Maintenance
302
-
Independent Examiners
Fee
-
(1,120)
Trustee Meeting Costs
-
592
19,487
(528)
Analysed between
Charitable activities
19,487
(528)|**Charitable**
**Expenditure**
**Charitable**
**Expenditure**
**2021**
**2020**
**£**
**£**
-
1,672
1,285
-
9,252
3,443
10,537
5,115
19,487
25,073
(528)
1,492
29,496
31,680
**2021**
Support
costs
Governance
costs
2020
**£**
£
£
£
477
722
-
722
18,000
18,029
-
18,029
244
309
-
309
434
395
-
395
30
632
-
632
302
3,141
-
3,141
(1,120)
-
1,845
1,845
592
-
1,492
1,492
18,959
23,228
3,337
26,565
18,959
25,073
1,492
26,565| |---|---| ## **6 Support costs** ## **7 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. - 11 - **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**8**|**Employees**||| |---|---|---|---| ||The average monthly number of employees during the year was:||| |||**2021**|**2020**| |||**Number**|**Number**| ||Total|-|-| ||**Employment costs**|**2021**|**2020**| |||**£**|**£**| ||Wages and salaries|-|1,672| ||There were no employees whose annual remuneration was more than £60,000.||| |**9**|**Intangible fixed assets**||| ||||**Website**| ||||**£**| ||**Cost**||| ||At 1 January 2021 and 31 December 2021||4,800| ||**Amortisation and impairment**||| ||At 1 January 2021||-| ||Amortisation charged for the year||4,800| ||At 31 December 2021||4,800| ||**Carrying amount**||| ||At 31 December 2021||-| ||At 31 December 2020||960| - 12 - **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**10**
**Tangible fixed assets**
**Cost**
At 1 January 2021
At 31 December 2021
**Depreciation and impairment**
Depreciation charged in the year
At 31 December 2021
**Carrying amount**
At 31 December 2021
At 31 December 2020
**11**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income
**12**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Deferred income
**13**
Trade creditors
Other creditors
Accruals
**13**
**Deferred income**
Other deferred income|**Computers**
**£**
984
984
822
822
162
486
**2021**
**2020**
**£**
**£**
6,072
1,913
6,056
-
12,128
1,913
**2021**
**2020**
**£**
**£**
2,378
1,273
1,748
11,667
1,710
1,942
-
301
1,320
13,971
7,156
29,154
**2021**
**2020**
**£**
**£**
1,748
11,667| |---|---| - 13 - **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **14 Designated funds** The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: |**Movement**
**in funds**
**Incoming**
**resources**
**Balance at**
**1 January 2021**
**£**
**£**
CPE donation fund
-
-
-
-
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Designated**
**funds**
**2021**
**2021**
**£**
**£**
Fund balances at 31 December 2021 are
represented by:
Intangible fixed assets
-
-
Tangible assets
162
-
Current assets/(liabilities)
105,201
4,500
105,363
4,500|**Transfers**
**Balance at**
**31 December**
**2021**
**£**
**£**
4,500
4,500
4,500
4,500
**Total**Unrestricted
funds
**2021**
2020
**£**
£
-
960
162
486
109,701
62,836
109,863
64,282| |---|---| ## **15 Analysis of net assets between funds** ## **16 Related party transactions** There were no disclosable related party transactions during the year (2020 - none) . - 14 - ## **INTERNATIONAL MICROELECTRONICS ASSEMBLY AND PACKAGING SOCIETY - UK** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**17**|**Prior period adjustment**||||| |---|---|---|---|---|---| ||**Changes to the balance sheet**||||| |||**At 31**|**December 2020**||| |||**As previously**|**Adjustment**|**As restated**|| |||**reported**|||| |||**£**|**£**||**£**| ||**Creditors due within one year**||||| ||Deferred income|(1,270)|(10,397)|(11,667)|| ||Capital funds||||| ||Income funds||||| ||Unrestricted funds|74,679|(10,397)|64,282|| ||**Total equity**|74,679|(10,397)|64,282|| ||**Changes to the profit and loss account**||||| |||**Period ended 31 December**||**2020**|| |||**As previously**|**Adjustment**|**As restated**|| |||**reported**|||| |||**£**|**£**||**£**| ||Charitable activities|24,970|(10,397)|14,573|| ||||||| ||||||| ||Net movement in funds|(6,529)|(10,397)|(16,926)|| - 15 -