The Summarised Accounts are extracted from the audited Annual Accounts, which were approved by the Trustee Board on 18 March 2009. The report of the auditors on the Annual Accounts was unqualified. The Summarised Accounts do not contain sufficient information to allow for a full understanding of the financial affairs of the Institution. A copy of the full Trustees’ Report and Annual Accounts can be obtained from the Trustee Department on +44 (0)20 7973 1311. A copy of the Trustees’ Report and Annual Accounts will be submitted to the Charity Commission in due course. The Summarised Accounts were approved by the Trustee Board on 18 March 2009 and were signed on its behalf by William M Banks, President, Institution of Mechanical Engineers.
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Summarised Consolidated Statement of Financial Activities |
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For the year ended 31 December 2008 |
|
|
|
|
|
2008 |
|
2007 |
|
Income |
£'000 |
|
£'000 |
|
Publishing |
7,212 |
|
7,868 |
|
Membership Subscriptions |
6,844 |
|
6,658 |
|
Technical |
2,430 |
|
1,885 |
|
Interest & Dividends & Room Hire |
2,182 |
|
2,065 |
|
Professional Development & Membership |
429 |
|
317 |
|
Sundry |
177 |
|
130 |
|
Total Incoming Resources |
19,274 |
|
18,923 |
|
Resources Expended |
|
|
|
|
Cost of Generating Funds: |
|
|
|
|
Fundraising Trading; Cost of Goods Sold and Other Costs |
|
|
|
|
Publishing |
5,471 |
|
5,824 |
|
Technical |
4,547 |
|
3,756 |
|
Interest & Dividends & Room Hire |
633 |
|
621 |
|
Regional Activities & Marketing |
3,906 |
|
3,130 |
|
Professional Development & Membership |
2,159 |
|
1,895 |
|
Library & Facilities at Birdcage Walk |
1,159 |
|
1,182 |
|
Prizes, Awards and Scholarships |
687 |
|
636 |
|
Governance Costs |
359 |
|
307 |
|
Membership Subscriptions |
154 |
|
168 |
|
|
|
|
|
|
Total Resources Expended |
19,075 |
|
17,519 |
|
Net Income on Activities |
199 |
|
1,404 |
|
Pension Costs |
(2,435) |
|
2,144 |
|
Gains on Investments |
(4,612) |
|
352 |
|
Net Movement in Funds |
(6,848) |
|
3,900 |
|
Summarised Consolidated Balance Sheet |
|
|
|
At 31 December 2008 |
|
|
|
|
|
2008 |
|
2007 |
|
|
£'000s |
|
£'000s |
|
Fixed Assets |
|
|
|
|
Tangible Assets |
2,268 |
|
2,362 |
|
Investments |
13,824 |
|
18,359 |
|
|
16,092 |
|
20,721 |
|
|
|
|
|
|
Current Assets |
4,368 |
|
6,144 |
|
|
|
|
|
|
Current Liabilities |
(5,642) |
|
(7,445) |
|
|
|
|
|
|
Pension Scheme Asset/(Liability) |
(1,702) |
|
545 |
|
|
|
|
|
|
Net Assets |
13,116 |
|
19,965 |
|
|
|
|
|
|
Total Charity Funds |
13,116 |
|
19,965 |
| Independent Auditors’ Statement to the Members of the Institution of Mechanical Engineers (‘The Charity’) |
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We have examined the summary financial information of the Institution of Mechanical Engineers for the year ended 31 December 2008 which comprise the Summary group Statement of Financial Activities and the Summary group Balance Sheet.
This statement is made solely to the charity in accordance with the terms of our engagement letter dated 28 January 2008. Our work has been undertaken so that we might state to the charity those matters we are required to state to it in such a statement and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity for our work, for this statement, or for the opinions we have formed.
Respective responsibilities of Trustee Board and auditors
The board of trustees has accepted responsibility for the preparation of the summarised financial statements. Our responsibility is to report to the charity our opinion on the consistency of the summary financial information on page 17 within the summarised financial statements with the statutory Annual Report and Accounts.
We also read the other information contained within the summarised financial statements and consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the summary financial information.
Basis of opinion
We conducted our work having regard to Bulletin 1999/6 The auditor’s statement on the summary financial statement issued by the Auditing Practices Board. Our report on the charity’s statutory Annual Report and Accounts for the year ended 31 December 2008 describes the basis of our audit opinion on those Accounts.
Opinion
In our opinion, the summary financial information set out above is consistent with the statutory Annual Report and Accounts for the year ended 31 December 2008.
KPMG LLP
Chartered Accountants and Registered Auditors, St Albans
18 March 2009
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