THE INSTITUTION OF ENGINEERING AND TECHNOLOGY
Charity overview
Activities - how the charity spends its money
Education, policy & awareness activities engage the public in the role of science, engineering & technology in enhancing peoples' lives. IET gathers & distributes knowledge content via a variety of channels to a global audience, drawing on the unique strengths of its membership. Membership & professional development focuses on career long professional development & registration of individuals.
Income and expenditure
Data for financial year ending 31 December 2023
Total income:
£66,414,000
| Donations and legacies | £814.00k | |
| Charitable activities | £44.02m | |
| Other trading activities | £14.09m | |
| Investments | £4.47m | |
| Other | £3.02m |
Total expenditure:
£72,318,000
| Raising funds | £6.46m | |
| Charitable activities | £65.86m | |
| Other | £0 |
£9,342,000 investments gains (losses)
Total income includes £60,945 from 3 government contract(s)
Charitable expenditure
Charitable expenditure with investment gains
Charitable expenditure
Some charities generate all, or a substantial part, of their income from investments which may have been donated to the charity as endowment or set aside by the charity from its own resources in the past. Such investments usually take the form of stocks and shares but may include other assets, such as property, that are capable of generating income and/or capital growth.
In managing their spending and investments charities need to strike a balance between the needs of future and current beneficiaries. They also need to take account of spending commitments that may stretch over a number of future years. To do this, charities will normally adopt an investment strategy designed to generate both income and capital growth. To maximise returns trustees may commit to investment strategies for several years.
Investments can experience large swings in value so trustees may, in a particular year, decide to realise and spend part of their charity’s capital or to invest part of its income.
By clicking the investment gains checkbox the charitable spending bar is adjusted to take account of capital growth as well as income. This shows the balance the charity is striking, between spending on current beneficiaries and retaining resources for future beneficiaries.
| Raising funds and other expenditure | £6.46m | |
| Charitable expenditure | £65.86m |
People
608 Employee(s)
16 Trustee(s)
4913 Volunteer(s)
Employees with total benefits over £60,000
| Number of employees | |
|---|---|
| £60k to £70k | 25 |
| £70k to £80k | 20 |
| £80k to £90k | 9 |
| £90k to £100k | 9 |
| £100k to £110k | 2 |
| £110k to £120k | 3 |
| £120k to £130k | 2 |
| £130k to £140k | 2 |
| £140k to £150k | 3 |
| £150k to £200k | 4 |
| £250k to £300k | 1 |
Fundraising
Trading
Trustee payments
What, who, how, where
- Education/training
- Children/young People
- The General Public/mankind
- Makes Grants To Individuals
- Makes Grants To Organisations
- Provides Services
- Provides Advocacy/advice/information
- Sponsors Or Undertakes Research
- Other Charitable Activities
- Australia
- Bahrain
- Belgium
- Brunei
- Canada
- China
- Cyprus
- Czech Republic
- Egypt
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hong Kong
- India
- Ireland
- Israel
- Italy
- Japan
- Jersey
- Jordan
- Kuwait
- Luxembourg
- Malaysia
- Malta
- Mauritius
- Netherlands
- New Zealand
- Nigeria
- Norway
- Pakistan
- Saudi Arabia
- Scotland
- Singapore
- South Africa
- Sri Lanka
- Sweden
- Switzerland
- Taiwan
- Trinidad And Tobago
- United Arab Emirates
- United States
Governance
- 18 December 1963: Standard registration
- IET (Working name)
- THE IET (Working name)
- THE INSTITUTION OF ELECTRICAL ENGINEERS (Previous name)
- Bullying and harassment policy and procedures
- Campaigns and political activity policy and procedures
- Complaints handling
- Complaints policy and procedures
- Conflicting interests
- Engaging external speakers at charity events policy and procedures
- Financial reserves policy and procedures
- Internal charity financial controls policy and procedures
- Internal risk management policy and procedures
- Investing charity funds policy and procedures
- Investment
- Paying staff
- Risk management
- Safeguarding policy and procedures
- Safeguarding vulnerable beneficiaries
- Serious incident reporting policy and procedures
- Social media policy and procedures
- Trustee conflicts of interest policy and procedures
- Trustee expenses policy and procedures
- Volunteer management
Trustees
Trustees are the people responsible for controlling the work, management and administration of the charity on behalf of its beneficiaries. Generally trustees are treasurer, chair, board member etc. The trustees are responsible for keeping this list up to date and can do this by updating their details as they happen through the online service
16 Trustee(s)
| Name | Role | Date of appointment | Other trusteeships | Reporting status of other trusteeships | ||||
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| David Warren Arthur East CBE FIET | Chair | 01 October 2023 |
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| Ian MacGillivray CEng MIET | Trustee | 01 October 2024 |
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| Professor Paul Michael Needham CEng FIET | Trustee | 01 October 2024 |
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| Mark Goudie CEng FIET | Trustee | 01 October 2024 |
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| Yewande Modupe Akinola CEng FIET | Trustee | 01 October 2023 |
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| Brigadier Andrew James Rogers CEng FIET | Trustee | 01 October 2023 |
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| Dawn Elizabeth Ohlson CEng FIET | Trustee | 01 October 2023 |
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| Dr Simon David Hart CEng FIET | Trustee | 01 October 2023 |
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| Mamta Rani Singhal MBE FIET | Trustee | 01 October 2023 |
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| Dr Ronjon Nag CEng FIET | Trustee | 01 October 2022 |
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| Anni Feng CEng MIET | Trustee | 01 October 2022 |
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| Dr Carol Marsh CEng FIET | Trustee | 01 October 2022 |
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| Professor Timothy Richard Dafforn FIET | Trustee | 01 October 2022 |
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| Samantha Elizabeth Hubbard IEng FIET | Trustee | 01 October 2022 |
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| Katy Deacon CEng MIET | Trustee | 01 October 2021 |
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| Dr Gopichand Katragadda CEng FIET | Trustee | 01 October 2019 |
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Financial history
Financial period end date
| Income / Expenditure | 31/12/2019 | 31/12/2020 | 31/12/2021 | 31/12/2022 | 31/12/2023 | ||
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Total gross income | £65.63m | £52.53m | £58.55m | £67.57m | £66.41m | |
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Total expenditure | £67.26m | £61.87m | £64.53m | £68.83m | £72.32m | |
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Income from government contracts | N/A | N/A | N/A | N/A | £60.95k | |
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Income from government grants | £41.00k | £1.41m | £1.04m | N/A | N/A | |
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Income - Donations and legacies | £534.00k | £450.00k | £757.00k | £554.00k | £814.00k | |
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Income - Other trading activities | £11.44m | £3.74m | £3.87m | £10.18m | £14.09m | |
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Income - Charitable activities | £48.26m | £45.60m | £49.32m | £52.48m | £44.02m | |
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Income - Endowments | £0 | £0 | £0 | £0 | £0 | |
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Income - Investment | £2.43m | £2.74m | £4.60m | £4.35m | £4.47m | |
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Income - Other | £2.97m | £13.00k | £0 | £0 | £3.02m | |
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Income - Legacies | £0 | £0 | £0 | £0 | £16.32k | |
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Expenditure - Charitable activities | £61.17m | £59.64m | £62.28m | £64.20m | £65.86m | |
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Expenditure - Raising funds | £6.10m | £2.23m | £2.25m | £4.62m | £6.46m | |
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Expenditure - Governance | £416.00k | £329.00k | £356.00k | £395.00k | £469.00k | |
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Expenditure - Grants institution | £314.00k | £345.00k | £320.00k | £446.00k | £334.00k | |
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Expenditure - Investment management | £595.00k | £610.00k | £610.00k | £616.00k | £1.05m | |
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Expenditure - Other | £0 | £0 | £0 | £0 | £0 |
Assets and liabilities
Definitions for assets and liabilities
These are assets, other than investments, which are held for more than 12 months and used to run and administer the charity such as buildings, offices, exhibits and fixtures and fittings.
Long term InvestmentsInvestments are assets held by the charity with the sole aim of generating income which will be used for their charitable purposes such as deposit accounts, shares, rental property and unit trusts.
Investment assets are re-valued every year and included in the balance sheet at their current market value.
Long term investments are held for more than 12 months.
These are assets held generally for less than 12 months such as cash and bank balances, debtors, investments to be sold within the coming year and trading stock.
Defined benefit pension scheme asset or liabilityThis is a surplus or deficit in any defined benefit pension scheme operated and represents a potential long-term asset or liability.
Total liabilitiesThese are all the amounts owed by the charity at the balance sheet date to third parties such as bills due but not yet paid, bank overdrafts and loans and mortgages.
| Asset / Liability | 31/12/2019 | 31/12/2020 | 31/12/2021 | 31/12/2022 | 31/12/2023 | ||
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Own use assets | £29.55m | £28.58m | £41.17m | £41.80m | £43.73m | |
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Long-term investments | £143.05m | £160.72m | £149.45m | £130.02m | £140.80m | |
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Other assets | £39.80m | £21.42m | £24.68m | £25.72m | £20.38m | |
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Defined benefit pension scheme asset or liability | -£2.18m | -£164.00k | £6.21m | £4.06m | £5.43m | |
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Total liabilities | £25.24m | £24.26m | £25.35m | £24.78m | £26.39m |
Accounts and annual returns
| Title | Reporting year | Date received | Received | Download |
|---|---|---|---|---|
| Annual return | 31 December 2023 | 31 October 2024 | On Time | |
| Accounts and TAR | 31 December 2023 | 31 October 2024 | On Time | Download Open in new window |
| Annual return | 31 December 2022 | 28 July 2023 | On Time | |
| Accounts and TAR | 31 December 2022 | 26 October 2023 | On Time | Download Open in new window |
| Annual return | 31 December 2021 | 02 August 2022 | On Time | |
| Accounts and TAR | 31 December 2021 | 02 August 2022 | On Time | Download Open in new window |
| Annual return | 31 December 2020 | 10 September 2021 | On Time | |
| Accounts and TAR | 31 December 2020 | 10 September 2021 | On Time | Download Open in new window |
| Annual return | 31 December 2019 | 07 September 2020 | On Time | |
| Accounts and TAR | 31 December 2019 | 07 September 2020 | On Time | Download Open in new window |