THE INSTITUTION OF MECHANICAL ENGINEERS
Latest income
£31.9m
Latest spending
£32.6m
Registered
1963
Accounts read
FY2024
Financial health, per its FY2024 accounts
The accounts state that the group reported a net deficit of £1.4M for the year ended 31 December 2024, driven by operational losses and an impairment charge on investment property. However, free reserves increased to £8.7M, and the trustees confirmed that the adoption of a going concern basis is appropriate with no material uncertainties identified.
What the accounts disclose
Reserves policy: target level of £10.0M (held: £8.7m)
“A new minimum level of £5M reflects a threshold below which all sums are kept to protect the Institution from adverse events and a target level of £10.0M (2023: £10.0M).”
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Dr Clive Hickman, a Trustee, is Chairman of The Manufacturing Technology Centre Limited. The Institution paid MTC Group £121,141 for event attendance, catering, and venue hire. Dr Hickman also donated £7,500.
“Dr Clive Hickman, appointed as Trustee on 25 May 2022, is the Chairman at The Manufacturing Technology Centre Limited and its subsidiary, MTC Operations Limited. In 2024, the Institution and its subsidiaries paid the MTC Group £121,141 (2023: £32,684) for event attendance, and catering and venue hire services.” — page 49
“Neil Kelly is a Director of Sonaspection International Limited appointed on 29 June 2020, whose close related family member is the owner of Kelly Contracting. Kelly Contracting provides electrical material and labour and has been providing a service for a number of years. Kelly Contracting charged £3,192 during the year to 31 December 2024” — page 49
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Neil Kelly, a Director, has a close family member who owns Kelly Contracting. Kelly Contracting charged £3,192 for electrical material and labour.
“Dr Clive Hickman, appointed as Trustee on 25 May 2022, is the Chairman at The Manufacturing Technology Centre Limited and its subsidiary, MTC Operations Limited. In 2024, the Institution and its subsidiaries paid the MTC Group £121,141 (2023: £32,684) for event attendance, and catering and venue hire services.” — page 49
“Neil Kelly is a Director of Sonaspection International Limited appointed on 29 June 2020, whose close related family member is the owner of Kelly Contracting. Kelly Contracting provides electrical material and labour and has been providing a service for a number of years. Kelly Contracting charged £3,192 during the year to 31 December 2024” — page 49
Per its FY2024 accounts as filed with the Charity Commission.
Trading subsidiary: Professional Engineering Projects Limited, IMechE Services Limited, Siantonas Ball Limited, Sonaspection Worldwide Limited, Sonaspection International Limited
“The company also has four wholly owned subsidiary companies as at 31 December 2024, with IMechE Fife NDT Limited (Reg N. 01917207) having been sold on 31 August 2024. The four remaining subsidiaries are IMechE Services Limited (Reg N. 01361114), Siantonas Ball Limited (Reg N. 01655732), Sonaspection Worldwide Limited (Reg N. 04891363), Sonaspection International Limited (Reg N. 02050101)” — page 36
Per its FY2024 accounts as filed with the Charity Commission.
Structured financials (annual return, FY ending 31/12/2024)
Total income
£31.9m
Total spending
£32.6m
Cost of raising funds
£10.4m
Reserves (reported)
£8.7m
Employees
222
Register events
- Received assets from another charity (09/11/2023)
Trustees
- Abbey Addison
- Adrian Waldock
- Anuradha Mohan Kamble
- Chris Chong
- Darren Sharpe
- Dr David Nowell CEng
- Dr Richard Charles Bartlett Judge CEng
- Kevin Andrew Blacktop
- Lisa Norcross
- Richard Colin Guest
- Ruth Shilston
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2024 | £31.9m | £32.6m |
| 31/12/2023 | £30.2m | £29.1m |
| 31/12/2022 | £28.7m | £28.5m |
| 31/12/2021 | £22.6m | £21.9m |
| 31/12/2020 | £21.9m | £21.0m |
Common questions
Is THE INSTITUTION OF MECHANICAL ENGINEERS financially healthy?
The accounts state that the group reported a net deficit of £1.4M for the year ended 31 December 2024, driven by operational losses and an impairment charge on investment property. However, free reserves increased to £8.7M, and the trustees confirmed that the adoption of a going concern basis is appropriate with no material uncertainties identified. Its FY2024 accounts were audited by MHA Audit Services LLP.
Government & lottery funding
| Funder | Date | Amount | Purpose |
|---|---|---|---|
| The National Lottery Heritage Fund | 13/12/2000 | £25k | "Engineering our Past" |
Funders of similar charities
| Funder | Similar charities funded | Amount to them |
|---|---|---|
| ROYAL ENGINEERS CENTRAL CHARITABLE TRUST | 1 | £415k |
| REES JEFFREYS ROAD FUND | 1 | £40k |