Institution of Civil Engineers | Trustee's view
Building solid financial foundations
As a professional engineering institution, the ICE has many functions. At its core is a duty to support members in creating a better world for society. We do that by maintaining professional standards, leading the debate around infrastructure and the built environment and providing an unmatched level of training, knowledge and insight.
JULIE WOOD
To do this, we must be a financially sustainable entity. I am sure that practicing and retired engineers have taken an interest and reviewed or managed the finances and commercial aspects of their projects to ensure appropriate outcomes and value for money. I encourage them to take a similar interest in the finances of their Institution.
As we head into the second half of 2023, I want to highlight a few important aspects of the ICE’s business. The overall picture is good. Finances show that the ICE and its commercial arm, Thomas Telford, are performing well. This is projected to continue to year-end.
The Institution’s reserves are in a healthy place, due largely to lower-than-expected costs throughout the pandemic. The enforced inability to host face-to-face events created unexpected savings – albeit at the expense of the social benefits.
This has placed us in a strong position, offering an opportunity to invest in important areas, such as improving our digital capabilities. We are currently undertaking a project to update our digital offering to members. This organisation-wide development will greatly enhance the member experience and help ensure the Institution remains competitive as we look to the future.
The reserves will also help cover planned maintenance costs for our headquarters at One Great George Street and 8 Storey’s Gate. As with all buildings, they need ongoing maintenance in order to minimise more significant expenditure in the future.
“The Institution’s reserves are in a healthy place, due largely to lower than expected costs throughout the pandemicA strategic change was made to the ICE’s structure earlier this year, with Thomas Telford selling a large part of its portfolio to Emerald Publishing. The sale ensures that the ICE Publishing brand continues to offer leading publications in the fields of civil and environmental engineering and materials science.
The proceeds of this sale will go towards the longer term growth of Thomas Telford. It is also reinvested into the Institution to ensure we can deliver better for our members.
The decisions about the Institution’s finances are taken with the best interest of its members at heart. We are transparent about this, making our annual reports available to members. Both a narrative document and a breakdown of the numbers allows members to understand the whole picture.
This remains your Institution – so I encourage you to take an interest, ask questions and become involved however you can. We are here for you, so help us ensure we do this as well as possible.
- Julie Wood is ICE Trustee for finance