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COMPANY REGISTRATION NUMBER: SC000358
CHARITY REGISTRATION NUMBER: SC011583

The Institution of Engineers in Scotland

Company Limited by Guarantee

Unaudited Financial Statements

31 July 2025

The Institution of Engineers in Scotland

Company Limited by Guarantee

Financial Statements

Year ended 31 July 2025

| Page

Trustees' annual report (incorporating the director's report) | 1

Independent examiner's report to the trustees | 9

Statement of financial activities (including income and expenditure account) | 11

Statement of financial position | 12

Notes to the financial statements | 13

The Institution of Engineers in Scotland

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 July 2025
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 July 2025 .
Reference and administrative details

Registered charity name | The Institution of Engineers in Scotland

Charity registration number | SC011583

Company registration number | SC000358

Principal office and registered | Scottish Engineering Suite
office | 105 West George Street
| Glasgow
| G2 1QL

The trustees

| Mr G Fletcher - President |
| Mr M Robb - Vice President |
| Dr A Pearson - Secretary |
| Mr D M Westmore - Treasurer |
| Mr D Philbrick - Past President |
| Dr G G T Masterton OBE | (Retired 15 February 2026)
| Mr D Lawson | (Appointed 23 May 2025)
| Prof M McDonald | (Served from 23 May 2025 to 15 February 2026)
| Prof E Oterkus |
| Mr P Sweeney |
| Prof Z Yu | (Retired 23 May 2025)
| Mr R Horrell | (Retired 23 May 2025)
| Mr M Barr | (Retired 23 May 2025)
| Mr R Murphy |
| Dr A Heikal |
| Mr A Ashour | (Served from 12 February 2025 to 7 April 2026)

| Mr A Pinkerton | (Appointed 12 November 2024)
| Mr D MacGregor | (Appointed 12 November 2024)
| Ms K R Dinardo | (Retired 12 November 2024)
| Dr C Marsh |

Company secretary | Dr A Pearson

Independent examiner | Andrew B Wilson
| Mercantile Chambers
| 53 Bothwell Street
| Glasgow
| G2 6TB

Structure, governance and management
The Institution of Engineers in Scotland is constituted as a company limited by guarantee and recognised as a charity by the Office of Scottish Charities Regulator and HM Revenue and Customs. The company is governed by its Council who sets overall objectives and policies as well as overseeing and controlling activities. Day to day management of the company is delegated by the Council to an Executive committee. The governing documents of the company are contained within a memorandum and articles of of association. The memorandum and articles of association contain provision for the appointment of 15 members of council. Vacancies on the Council are filled by election of members at the Annual General Meeting.
The company has one wholly owned dormant subsidiary company, The Institution of Engineers and Shipbuilders in Scotland Limited.
Objectives and activities
For members and, other engineers and those who aspire to be engineers: we organise activities and events that members enjoy and from which they benefit. We educate and stimulate engineers through our multidisciplinary approach, and we promote engineering as a career.
For society and the environment: we emphasise the principle that engineering methodology should be used for solving complex problems. We encourage greater understanding of how engineering can help to resolve issues facing society and the environment, and we share the excitement and inspiration of engineering with all sectors of society.
Our Activities
Our evening talks offer a broad selection of topics and speakers from across the engineering spectrum. The talks are suitable for all levels within the engineering profession and for individuals with an interest and curiosity about engineering matters. Attendance at lectures provides recognition for CPD
Each year we publish a journal that includes papers and articles that discuss important issues from across the engineering sector.
We promote engineering to the public through the Scottish Engineering Hall of Fame which showcases the lives of engineers who have made important contributions to Engineering. We also promote engineering as a career through our profeng.org website: a one-stop resource for aspiring engineers. We organise talks at schools and our Education Fund supports a range of initiatives that relate to engineering.
We publish strategy reports that summarise important issues in relation to engineering and society.
Our annual James Watt Dinner, when we announce the inductees to the Scottish Engineering Hall of Fame, is one of the highlights of the engineering community in Scotland
Achievements and performance
Lecture Programme
Tuesday 24th September 2024
Presidential Address
Tales from the Riverbank - Experience of building and operating an intensive commercial ferry service in Scotland Graeme Fletcher
Tuesday 29th October 2024
The Rankine Memorial Lecture
Steam cleaning our environment - Usuing Steam Turbines to achieve genuine sustainability Prof Ian Arbon
Tuesday 19th November 2024
Safety Leadership - a moral and ethical imperative
Dame Judith Hackitt DBE
Monday 9th December 2024
Joint meeting with RINA
Repairs and Renovation of the RRS Discovery
Mr Ali Gellatly
Tuesday 14th January 2025
Joint meeting with IMarEST
Wind turbines - an anchorage too far?
The role of floating wind turbines meeting future net-zero commitments Prof Atilla Incecik
Tuesday 11th February 2025
Joint meeting with CIBSE
Has Covid made our buildings less healthy?
Limitations of building ventiliation as a preventative measure
Dr Chris Iddon
Tuesday 11th March
The future of satellite communication
Dr Carol Marsh
Tuesday 22nd April 2025
Temporary Works - its not about what you build, but how you build it!
Jemma Quin
Other Activities
Members visits to
- Howdens
- Whitelee Windfarm
- Queens Quay
- Evolution Fasteners
Honorary Members
Prof Sir Jim MacDonald and David Milne were awarded Honorary Fellowship of the Institution following their induction into the Scottish Enginering Hall of Fame
Scottish Engineering Hall of Fame
The Scottish Engineering Hall of Fame announcement of 2024 Inductees was was announced at the James Watt Dinner on Friday 3rd October 2024
Energy Strategy Group
The group continues its efforts to raise the question of electricity generation strategy.
Professional Engineering Group
Annually for some years now the Group organises around three multi schools talks from eminent speakers to promote professional engineering as a very worthwhile career for young people and to help the profession capture, at the earliest stages, the interest of the upcoming talent pipeline.
Completed this year were talks at the following Glasgow high schools with audiences comprising some 200 students at each with attendees from some eight city high schools. - Clevedon Secondary School : "Considering an engineering career in Global banking" by Welsh born Matthew Davies the MD of Global Transactions EMEA and North and South America for Bank of America. - Shawlands
Academy : "Considering a career in Engineering? Tackling the World's plastics waste" by Glasgow born Chartered Mechanical engineer Frazer Mackay MD Engineering Projects at px Group.
The Education Fund
The Education Fund was able to support the work of:
- Primary Engineer, the organisation that promotes the engineering project work in Primary and Secondary Schools - FemEng
- And to provide funds for Student prizes
James Watt Dinner
The annual James Watt Dinner was held on Friday 3rd October 2024
Membership
The Council continues to investigate increasing the membership numbers which are detailed below.
Publications
The Institution published news bulletins over the last year. The Institution published Vol 163 of the Transactions Journal.
Representation
Mr Graeme Fletcher is the IES representative on the Technical Committee of Lloyd's Register.
Other Bodies
The Institution has been able to offer support for other engineering organisations by publicising events and news on the IES website. The Institution continues to support the work of the Primary Engineer with a donation of £1,500. The Institution also supported the work of FemEng with a donation of £1,000.
Financial review
The results for the year to 31st July 2025 showed that careful management of our expenditure resulted in a small surplus for the period. Council wishes to record their thanks to Rathbones for their management of the funds, which generated a substantial revaluation gain. Our instruction regarding the IES portfolio has been continued unchanged.
Financial Instruments
The company's principal liquid financial assets are its bank balances and investments. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The company does not enter into any derivative financial instruments. The investment portfolio is spread across a range of listed securities.
Risk Management
The Council is advised by its independent financial advisors, Rathbones, who has conducted its own review of the major risks to which the charity is exposed, and systems have been established to mitigate those risks. External risks have been addressed in the strategic plan, which allows for the diversification and development of activities to mitigate the identified risks. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
Going Concern
The company has financial resources, both liquid and investments, that can be readily converted to cash. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Membership Roll
The membership profile is presented in the following table:
2025 2024
Honorary Fellows 19 15
Life Members 2 2
Fellows 186 155
Members 79 63
Associates 21 13
Affiliates 126 160
Retired Fellows 61 63
Total 494 471
Plans for future periods
The Institution intends to continue activities such as:
- providing a high quality lecture programme,
- publishing the annual Journal,
- publishing regular bulletins of news and information,
- promoting to the public the importance of professional engineering in general and multidisciplinary working in particular, - promoting to young people the excellent career opportunities in professional engineering, - providing financial support for educational activities, - giving information and advice on energy matters.
In addition, the Institution intends to develop its activities by:
- extending its support for educational activities in general,
- promoting closer ties with other engineering Institutions,
- seeking to extend the membership, especially to younger engineers,
- offer visits to sites of interest to members,
- responding to government requests for consultation,
- raising our public profile.
Responsibilities of the council
The Council (whose members are also the Directors of the Institution of Engineers and Shipbuilders in Scotland for the purposes of company law) is responsible for preparing the Councillors' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Council is required to:
- select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Council is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable it to ensure that the financial statements comply with the Companies Act 2006. The Council is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 7 April 2026 and signed on behalf of the board of trustees by:

Mr G Fletcher - President
Trustee

The Institution of Engineers in Scotland

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of The Institution of Engineers in Scotland

Year ended 31 July 2025
I report to the trustees on my examination of the financial statements of The Institution of Engineers in Scotland ('the charity') for the year ended 31 July 2025.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Independent examiner's statement
Since the charity is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of ICAS which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act, section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; or
2. the financial statements do not accord with those records or with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew B Wilson Independent Examiner
Mercantile Chambers 53 Bothwell Street Glasgow G2 6TB
7 April 2026

The Institution of Engineers in Scotland

Company Limited by Guarantee

Statement of Financial Activities
(including income and expenditure account)

Year ended 31 July 2025

| 2025 | 2024
| Unrestricted funds | Restricted funds | Total funds | Total funds
Note | £ | £ | £ | £

Income and endowments

Donations and legacies, including member subscriptions | 5 | 34,201 | – | 34,201 | 21,452
Other trading activities | 6 | 20,552 | – | 20,552 | 17,332
Investment income | 7 | 46,093 | – | 46,093 | 44,291
| --------- | ---- | --------- | --------
Total income | 100,846 | – | 100,846 | 83,075
| --------- | ---- | --------- | --------

Expenditure
Expenditure on raising funds:

| Investment management costs | 8 | ( 9,126) | – | ( 9,126) | ( 8,945)
Expenditure on charitable activities | 9,10 | ( 74,075) | – | ( 74,075) | ( 66,459)
| --------- | ---- | --------- | --------
Total expenditure | ( 83,201) | – | ( 83,201) | ( 75,404)
| --------- | ---- | --------- | --------

Net gains on investments | 12 | 75,383 | – | 75,383 | 102,588

| --------- | ---- | --------- | ---------
Net income and net movement in funds | 93,028 | – | 93,028 | 110,259
| --------- | ---- | --------- | ---------

Reconciliation of funds

Total funds brought forward | 1,297,112 | 66,939 | 1,364,051 | 1,253,792
| ------------ | -------- | ------------ | ------------
Total funds carried forward | 1,390,140 | 66,939 | 1,457,079 | 1,364,051
| ------------ | -------- | ------------ | ------------

The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.

The Institution of Engineers in Scotland

Company Limited by Guarantee

Statement of Financial Position

31 July 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible fixed assets | 17 |  | 2,905 | 2,146
Investments | 18 |  | 1,375,447 | 1,291,085
|  | ------------ | ------------
|  | 1,378,352 | 1,293,231

Current assets

Debtors | 19 | 6,523 |  | 9,837
Cash at bank and in hand | 77,285 |  | 69,594
| -------- |  | --------
| 83,808 |  | 79,431

Creditors: amounts falling due within one year | 20 | 5,081 |  | 8,611
| -------- |  | --------
Net current assets |  | 78,727 | 70,820
|  | ------------ | ------------
Total assets less current liabilities |  | 1,457,079 | 1,364,051
|  | ------------ | ------------
Net assets |  | 1,457,079 | 1,364,051
|  | ------------ | ------------

Funds of the charity

Restricted funds |  | 66,939 | 66,939
Unrestricted funds |  | 1,390,140 | 1,297,112
|  |  | ------------ | ------------
Total charity funds | 22 |  | 1,457,079 | 1,364,051
|  |  | ------------ | ------------

For the year ending 31 July 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 7 April 2026 , and are signed on behalf of the board by:

Mr G Fletcher - President
Trustee

The Institution of Engineers in Scotland

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 July 2025
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is Scottish Engineering Suite, 105 West George Street, Glasgow, G2 1QL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Accounts (Scotland) Regulations 2006 (as amended), and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No material judgements were made in the preparation of the accounts presented herein. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are limited to estimations of depreciation and recoverable amounts of tangible fixed assets.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is accounted for on an accruals basis. All costs have been attributed to one of the functional categories of resources expended in the Statement of Financial Activities (SOFA). The charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.
Tangible assets
All fixed assets are initially recorded at cost. Individual fixed assets having a value of less than £500 at the date of acquisition are not capitalised and instead are written off to the Statement of Financial Activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Fixtures & Fittings | - | 20% reducing balance
| Computer Equipment | - | 33% straight line

Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Limited by guarantee
The company is limited by Guarantee, as such, on winding up each member's liability is restricted to £10.
5. Donations and legacies, including member subscriptions

|  | Unrestricted Funds | Total Funds 2025 | Unrestricted Funds | Total Funds 2024
|  | £ | £ | £ | £

Donations

| Donations - Gifts & Bequests | 870 | 870 | 485 | 485

Legacies

| Legacies | 10,000 | 10,000 | – | –

Subscriptions

| Member subscriptions | 23,331 | 23,331 | 20,967 | 20,967
|  | -------- | -------- | -------- | --------
|  | 34,201 | 34,201 | 21,452 | 21,452
|  | -------- | -------- | -------- | --------

6. Other trading activities

|  | Unrestricted Funds | Total Funds 2025 | Unrestricted Funds | Total Funds 2024
|  | £ | £ | £ | £
| James Watt Dinner surplus | 5,062 | 5,062 | 2,832 | 2,832
| Sale of technical papers | 470 | 470 | 400 | 400
| Advertising Income | 500 | 500 | – | –
| Sale of administrative services | 14,520 | 14,520 | 14,100 | 14,100
|  | -------- | -------- | -------- | --------
|  | 20,552 | 20,552 | 17,332 | 17,332
|  | -------- | -------- | -------- | --------

7. Investment income

|  | Unrestricted Funds | Total Funds 2025 | Unrestricted Funds | Total Funds 2024
|  | £ | £ | £ | £
| Income from listed investments | 45,002 | 45,002 | 43,867 | 43,867
| Bank interest receivable | 1,091 | 1,091 | 424 | 424
|  | -------- | -------- | -------- | --------
|  | 46,093 | 46,093 | 44,291 | 44,291
|  | -------- | -------- | -------- | --------

8. Investment management costs

|  | Unrestricted Funds | Total Funds 2025 | Unrestricted Funds | Total Funds 2024
|  | £ | £ | £ | £
| Portfolio management | 9,126 | 9,126 | 8,945 | 8,945
|  | ------- | ------- | ------- | -------

9. Expenditure on charitable activities by fund type

|  | Unrestricted Funds | Total Funds 2025 | Unrestricted Funds | Total Funds 2024
|  | £ | £ | £ | £
| Promotion and advancement of engineering as a subject and career | 72,035 | 72,035 | 64,479 | 64,479
| Support costs | 2,040 | 2,040 | 1,980 | 1,980
|  | -------- | -------- | -------- | --------
|  | 74,075 | 74,075 | 66,459 | 66,459
|  | -------- | -------- | -------- | --------

10. Expenditure on charitable activities by activity type

| Activities undertaken directly | Grant funding of activities | Support costs | Total funds 2025 | Total fund 2024
| £ | £ | £ | £ | £
| Promotion and advancement of engineering as a subject and career | 68,935 | 3,100 | – | 72,035 | 64,479
| Governance costs | – | – | 2,040 | 2,040 | 1,980
|  | -------- | ------- | ------- | -------- | --------
|  | 68,935 | 3,100 | 2,040 | 74,075 | 66,459
|  | -------- | ------- | ------- | -------- | --------

11. Analysis of grants

| 2025 | 2024
| £ | £

Grants to institutions

Grants to institutions | 3,100 | 2,500

Grants to individuals

Grants to individuals | – | 300
| ------- | -------
Total grants | 3,100 | 2,800
| ------- | -------

12. Net gains on investments

|  | Unrestricted Funds | Total Funds 2025 | Unrestricted Funds | Total Funds 2024
|  | £ | £ | £ | £
| Gains/(losses) on investments | 75,383 | 75,383 | 102,588 | 102,588
|  | -------- | -------- | --------- | ---------

13. Net income
Net income is stated after charging/(crediting):

| 2025 | 2024
| £ | £
Depreciation of tangible fixed assets | 1,022 | 536
| ------- | ----

14. Independent examination fees

| 2025 | 2024
| £ | £

Fees payable to the independent examiner for:

Independent examination of the financial statements | 2,040 | 1,980
| ------- | -------

15. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:

| 2025 | 2024
| £ | £
Wages and salaries | 33,847 | 32,789
Employer contributions to pension plans | 1,015 | 1,014
| -------- | --------
| 34,862 | 33,803
| -------- | --------

The average head count of employees during the year was 1 (2024: 1 ). The average number of full-time equivalent employees during the year is analysed as follows:

| 2025 | 2024
| No. | No.
Number of staff - administrative | 1 | 1
| ---- | ----

No employee received employee benefits of more than £60,000 during the year (2024: Nil).
16. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees in the year or prior year.
17. Tangible fixed assets

| Fixtures and fittings | Equipment | Total
| £ | £ | £
Cost |  |  |
At 1 August 2024 | 6,549 | – | 6,549
Additions | – | 1,781 | 1,781
| ------- | ------- | -------
At 31 July 2025 | 6,549 | 1,781 | 8,330
| ------- | ------- | -------
Depreciation |  |  |
At 1 August 2024 | 4,403 | – | 4,403
Charge for the year | 429 | 593 | 1,022
| ------- | ------- | -------
At 31 July 2025 | 4,832 | 593 | 5,425
| ------- | ------- | -------
Carrying amount |  |  |
At 31 July 2025 | 1,717 | 1,188 | 2,905
| ------- | ------- | -------
At 31 July 2024 | 2,146 | – | 2,146
| ------- | ------- | -------

18. Investments

| Listed investments | Shares in group undertakings | Total
| £ | £ | £
Cost or valuation |  |  |
At 1 August 2024 | 1,291,083 | 2 | 1,291,085
Additions | 23,790 | – | 23,790
Disposals | (15,189) | – | (15,189)
Fair value movements | 75,761 | – | 75,761
| ------------ | ---- | ------------
At 31 July 2025 | 1,375,445 | 2 | 1,375,447
| ------------ | ---- | ------------
Impairment |  |  |
At 1 August 2024 and 31 July 2025 |  | – | –
|  | ---- | ------------
Carrying amount |  |  |
At 31 July 2025 | 1,375,445 | 2 | 1,375,447
| ------------ | ---- | ------------
At 31 July 2024 | 1,291,083 | 2 | 1,291,085
| ------------ | ---- | ------------

All investments shown above are held at valuation.
Financial assets held at fair value
Listed Investments
All listed investments are recognised at the stock exchange value at close of trading on the balance sheet date, which is taken to be an appropriate measure of fair value.
Shares in group undertakings
The company owns 100% of the issued share capital of The Institution of Engineers and Shipbuilders in Scotland Limited (SC189633), formerly known as The Institution of Engineers in Scotland Limited, a company registered in Scotland. The Company was dormant throughout the current and preceding year.
19. Debtors

| 2025 | 2024
| £ | £
Prepayments and accrued income | 4,103 | 8,107
Other debtors | 2,420 | 1,730
| ------- | -------
| 6,523 | 9,837
| ------- | -------

20. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Accruals and deferred income | 2,881 | 7,945
Social security and other taxes | 2,003 | 475
Pension contributions | 197 | 191
| ------- | -------
| 5,081 | 8,611
| ------- | -------

21. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 1,015 (2024: £ 1,014 ).
22. Analysis of charitable funds
Unrestricted funds

| At 1 August 2024 | Income | Expenditure | Gains and losses | At 31 July 2025
| £ | £ | £ | £ | £
General Fund | 1,297,112 | 100,846 | (83,201) | 75,383 | 1,390,140
| ------------ | --------- | -------- | -------- | ------------

| At 1 August 2023 | Income | Expenditure | Gains and losses | At 31 July 2024
| £ | £ | £ | £ | £
General Fund | 1,186,853 | 83,075 | (75,404) | 102,588 | 1,297,112
| ------------ | -------- | -------- | --------- | ------------

Restricted funds

| At 1 August 2024 | Income | Expenditure | Gains and losses | At 31 July 2025
| £ | £ | £ | £ | £
Marlow (Scotland) Lecture | 15,000 | – | – | – | 15,000
Hugh Macmillan Memorial | 26,000 | – | – | – | 26,000
W W Marriner | 1,000 | – | – | – | 1,000
Other Special Funds | 23,298 | – | – | – | 23,298
Social Fund | 1,576 | – | – | – | 1,576
Energy Strategy Group | 65 | – | – | – | 65
| -------- | ---- | ---- | ---- | --------
| 66,939 | – | – | – | 66,939
| -------- | ---- | ---- | ---- | --------

| At 1 August 2023 | Income | Expenditure | Gains and losses | At 31 July 2024
| £ | £ | £ | £ | £
Marlow (Scotland) Lecture | 15,000 | – | – | – | 15,000
Hugh Macmillan Memorial | 26,000 | – | – | – | 26,000
W W Marriner | 1,000 | – | – | – | 1,000
Other Special Funds | 23,298 | – | – | – | 23,298
Social Fund | 1,576 | – | – | – | 1,576
Energy Strategy Group | 65 | – | – | – | 65
| -------- | ---- | ---- | ---- | --------
| 66,939 | – | – | – | 66,939
| -------- | ---- | ---- | ---- | --------

The Marlow (Scotland) Lecture was established to provide funds for a lecture and dinner every second year.
The Hugh Macmillan Memorial was established to provide income to fund a lecture and dinner each year.
The W W Marriner Fund was established to provide funds for a prize.
The above funds together with the Other Special Funds and Social Fund were bestowed upon the Institution a number of years ago and, as such, the income arising from the specific investment of the funds is not separately identifiable. These funds are being treated as permanent endowment funds.
The Rankine Fund was created to raise funds for the reinstatement of the Macquorn Rankine headstone. In addition to donations from members, a grant from Glasgow City Council in the year ended 31st July 2023 has enabled the Institution to complete the refurbishment of the headstone.
The Education Fund consists of funds received for the support of educational activities.
The Energy Strategy Group consists of funds received towards the activites of the group, whose aims are to promote the adoption of a national strategic approach to the generation and distribution of electricity, highlighting the dangers of service interruption if a co-ordinated whole-system approach to management of the electricity infrastructure is not followed.
In general the costs of meeting the specific requirements of the above funds are met through the unrestricted funds.
23. Analysis of net assets between funds

| Unrestricted Funds | Restricted Funds | Total Funds 2025
| £ | £ | £
| Tangible fixed assets | 2,905 | – | 2,905
| Investments | 1,308,573 | 66,874 | 1,375,447
| Current assets | 83,743 | 65 | 83,808
| Creditors less than 1 year | (5,081) | – | (5,081)
|  | ------------ | -------- | ------------
| Net assets | 1,390,140 | 66,939 | 1,457,079
|  | ------------ | -------- | ------------

| Unrestricted Funds | Restricted Funds | Total Funds 2024
| £ | £ | £
| Tangible fixed assets | 2,146 | – | 2,146
| Investments | 1,224,211 | 66,874 | 1,291,085
| Current assets | 79,366 | 65 | 79,431
| Creditors less than 1 year | (8,611) | – | (8,611)
|  | ------------ | -------- | ------------
| Net assets | 1,297,112 | 66,939 | 1,364,051
|  | ------------ | -------- | ------------

24. Financial instruments
The carrying amount for each category of financial instrument is as follows:

| 2025 | 2024
| £ | £

Financial assets measured at fair value through income and expenditure

Financial assets measured at fair value through income and expenditure | 1,375,445 | 1,219,083
| ------------ | ------------

25. Related parties
No transactions with related parties were entered into during the year or preceding year that are required to be disclosed.