Summarised Accounts


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.

Summarised Consolidated Statement of Financial Activities

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’)

 

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