Inspiring business
Annual Report and Accounts 2015 Objects of the Institute of Directors
Objects of the Institute of Directors
Our Royal Charter Royal Charters are reserved for bodies that work in the interests of the public and represent pre-eminence, stability and permanence in their field. The IoD was awarded its Royal Charter in 1906 and it remains an acknowledgement of the continuing work we do to promote professionalism in business. It is our mission and responsibility to:
Better directors Promote for the public benefit high levels of Better business skill, knowledge, Promote the professional study, research competence and development and integrity Better economy of the law on the part of and practice Represent the directors, and of corporate interests of equivalent office governance, members and Better services holders however of the business and to publish, Advance the described, of community to disseminate or interests of companies government and otherwise make members of the and other in the public arena, available the useful institute, and to organisations. and to encourage results of such provide facilities, and foster a study or research. services and climate favourable benefits for them. to entrepreneurial activity and wealth creation.
2 “Business is one of the Contents
most meritocratic parts Objects of the institute 2 of British society. I Chairman’s message 4 want every corner to be open to the best and DG’s message 5 the brightest, no matter 2015 overview 7 • Membership 7 their background, age, • Professional development and finance 8 • Policy and representation 9 race or gender. ” • Our people and our culture 10 Lady Barbara Judge CBE • National and regional highlights 11 Chairman of the IoD Governance statement 13 Governance and control of the institute
Governance structures 18
IoD chairmen from geographical areas 20 Board, council and committee members
Changes to the IoD constitution 22
Good governance initiative 22
Statement of board responsibilities 23
Financial review 24
Independent auditor’s report 26
The accounts 27
Premises 45
3 Chairman’s report
Chairman’s report
This year marks 110 years since the One of the greatest pleasures I have had Institute of Directors gained its Royal in my role as chairman is meeting IoD Charter. Despite its age this dynamic members all around the country. One of document still guides our mission today. my first engagements was visiting IoD We remain faithful to the central tenets Wales in Cardiff for their excellent Director of the Royal Charter – a commitment of the Year awards ceremony. I have to support our members, encourage also attended events in Manchester and entrepreneurial activity and promote Edinburgh and have a packed schedule for business as the bedrock of a prosperous the year ahead. society. All of this is as important in 2016 as it was in 1906. I am pleased to report that our pilot membership scheme, IoD Advance, is Lady Barbara Judge CBE Throughout 2015 the IoD continued to well underway and we will be launching Chairman of the IoD evolve to meet the needs of the modern an exciting new Performance Academy director with upgrades to our premises, – a dedicated space for professional new membership offerings, cutting-edge development courses in 116 Pall Mall – professional development courses and a early next year. We have also launched higher public profile than ever. a series of continued professional development (CPD) taster courses across This was my first year as IoD chairman and the country to introduce IoD members to it is an honour and a privilege to serve the CPD and help them to exert their influence “Throughout UK’s leading directors in this role. I want in the boardroom. my time at the IoD to be characterised by 2015 the IoD diversity – both in terms of the IoD and the Our hospitality offering at 116 Pall Mall is wider business community. also changing as we go into partnership continued to with Benugo. We are delighted to be evolve to meet Business is one of the most meritocratic working with an organisation that has such parts of British society. I want every corner a strong presence across British the needs of the to be open to the best and the brightest, high streets and in some of the country’s no matter their background, age, race or best-loved museums, galleries and shops. modern director gender. Through a big media presence, engagement with government, and a This year, I look forward to continuing with upgrades few tweaks to our own organisation, I to push forward my three priorities as to our premises, know the IoD can remain one of the most chairman of the IoD: important voices in this field. new membership • Promoting women in executive Having been the ‘first woman this’ and leadership positions and encouraging offerings, ‘first female that’ a good many times in more female business leaders to my career (including as chairman of the join the IoD. cutting-edge IoD), I understand how vital it is to smash professional through the glass ceiling, which has • Nurturing the UK’s youngest been cracked so successfully in recent entrepreneurs through our IoD 99 development years. Last year, we held events to bring programme. professional women into contact with the courses and a IoD, demystify the board appointment • Offering guidance, training, advice and process, and examine the barriers to expertise to those coming to the end of bigger public women seeking executive appointments. their corporate careers and looking to profile than ever” I also gave evidence to the Women and the next challenge. Equalities select committee on closing the gender pay gap and increasing the The IoD is an integral part of Britain’s number of women in senior management. business landscape, and I look forward I am excited to see the committee’s to keeping us at the cutting edge of the suggestions, and the work Sir Philip entrepreneurial and digital revolutions that Hampton will be conducting later this are transforming the way we do business year on this same issue. in the UK today.
4 Director general’s strategic review
Director general’s strategic review
The IoD remains in a period of transition targets future full IoD members, has as we chart a new course towards being gone from strength to strength since its the most relevant organisation for the inception in late 2014. Its current target modern business leader. is to reach 1,700 members by the end of 2016. Not only is the IoD 99 a pipeline of The impact of our chairman, Lady Barbara potential long-term members, but signing Judge, has been considerable in the up aspiring businesses has knock-on year since the last Annual Report. As the benefits in shifting perceptions of the IoD, IoD’s first woman chair, she has raised and expanding our appeal. the profile of the IoD on diversity issues, and provided invaluable support in the The introduction of the Regus cards has drive to modernise the IoD’s premises and been a useful addition to IoD membership. Simon Walker services. The success is a credit to our Affinity team Director general of the IoD who were one of the best-performing Financial performance departments within the IoD over 2015, 2015 was a year of turnaround in the delivering £100,000 above budget. financial performance of the IoD. After substantial investment and a planned Professional development deficit in 2014, the IoD returned to positive 2015 was a very successful year for our territory in 2015 with a surplus before tax professional development team. The of £394k, the best result since 2010. This development courses reached their “The IoD is still was achieved through solid sales figures highest ever level in November, as a result combined with a big reduction in the of a new business development strategy in a period of cost base, driven by the closure of 123 and the efforts of the business support Pall Mall in the second half of 2014. The teams. This is an encouraging test for our transition as solid surplus was accompanied by a cash plans to reach double-digit growth. we chart a new inflow of £1.1 million, which was achieved despite continuing high levels of capital We are ensuring that we remain cutting course towards investment in 116 Pall Mall and IT systems. edge by building a performance academy on the third floor of 116 Pall Mall, which will being the Membership open early next year. The IoD is now in a stronger position most relevant than it has been for several years. Corporate governance organisation Our previously declining membership and policy has started to grow. Central to our The Policy Unit remains extremely active for the modern membership strategy in 2016 is the in representing the members’ views to Advance programme, the pilot for which government, and in the media. Whether business leader” began in March. Advance offers members countering damaging immigration personalised networking and much more restrictions on businesses, arguing for a user-friendly access to IoD services simpler tax system or ensuring the voice and training. The level of demand has of business is heard in the EU referendum already been very high, with more than a debate, the IoD constantly challenges thousand directors expressing interest in a media and political conventional opinion pilot which has just 350 places. on behalf of our members.
Advance is enabled by the improved use On the subject of Europe, the IoD aims of technology. Our website and customer to articulate the views of the members, relationship management (CRM) system while being a trusted source of impartial are being overhauled to improve the information on the potential consequences experience of accessing IoD services and of the referendum. content for members. The modernised IT systems will also have substantial benefits In relation to the key tenet of our Royal for internal efficiency. Charter, corporate governance, the Good Governance Initiative (GGI) has been The IoD 99 entrepreneurs group, which effective in raising the issue of what
5 Director general’s strategic review
constitutes good governance, and the Premises profile of the IoD in this area. The second Our premises on 116 Pall Mall have been annual GGI will build on the first year’s updated to create a more contemporary research, refining the methodology. environment. Our refurbished reception and staircase areas look superb. Our restaurants The IoD has continued to use its powerful have also been taken over by catering provider convening power, bringing together Benugo, with the aim of turning these assets government representatives, policy into profitable enterprises. experts, members and major businesses on subjects as wide ranging as cyber We have recently opened attractive new offices security and business opportunities in Iran. in Edinburgh, boosting IoD Scotland in their drive to attract and retain more members. In honour of the IoD’s first woman president, Margaret Mackworth, Viscountess Rhondda, we initiated the annual Rhondda Lecture in 2015. Our The IoD inaugural speaker, former Australian In last year’s annual report I wrote of being hopeful that I would prime minister Julia Gillard, drew a large be able to hand over to my successor an organisation growing audience to the IoD. robustly in take-up of professional development information, media profile and our other services. I am increasingly confident 2015 Annual Convention of the sustainability of the institute for the future. The IoD’s Annual Convention was again the flagship event in the UK business Getting to this position has taken frank discussion about what calendar, providing fresh thinking and the IoD is for, and what our members need from us. As I look key insights into the intricacies of doing back on my five years as director general, I can pinpoint several business in a ruthlessly globalising world. examples of the way in which we have changed the IoD to The 2,000 attendees heard energetic and make it better fit today’s business community. Some of this thought-provoking discussions on issues has focused on our headquarters on Pall Mall, giving up 123, as diverse as the business of football and renovating 116 and overhauling our food and drink provision. But the complexities of healthcare. there have also been deeper structural changes.
From the political arena, the former The last few years have seen an entrepreneurial revolution in foreign secretary David Miliband gave his the UK, and the IoD is now well placed to ride this wave. The first speech in the UK since leaving British foundation of the student membership scheme and the IoD 99 politics, and Nigel Lawson and Peter entrepreneurs scheme show our commitment to supporting the Mandelson debated the Brexit question. business leaders of the future. There is no area of membership Our post-convention survey showed which we are not examining to see whether it could be that delegates responded particularly improved. The Advance pilot will provide invaluable data on how strongly to the enthusiasm and passion of we can use technology to offer our members a better service. Matt Brittin, president EMEA of Google, explorer extraordinaire Sir Ranulph Changing the foundations is vital, but so is changing the Fiennes, and designer Anya Hindmarch, all perception of the IoD. It is a minor example, but relaxing the inspirational leaders in their fields. IoD’s dress code attracted headlines in both traditional and new media, doing much to show the IoD can balance modernity with Our 2016 convention will be taking place tradition. in September against a backdrop of global uncertainty, with the EU referendum result Some of the changes are only now beginning to bear fruit, and and the US presidential election set to members will see more results in coming months. I feel a deep dominate the agenda for the rest of the sense of responsibility to the institute and its members. I will year. We will therefore be asking speakers conclude my tenure filled with hope and optimism for the future how they are dealing with these big of this venerable, but also radical organisation. I owe a great business and political challenges. debt of gratitude to the members, the board and the staff, who have responded with agility to the changes that have been asked of them.
6 2015 overview
Membership
Our gender ratios for members present a 2015 challenge and opportunity to better engage 1.45% female leaders Membership growth:
2014 (1.79)% 2013 (3.69)% 2012 (4.85)% 17% 83% 2011 (6.15)%
The evolution and enhancement of IoD services to UK business has been reflected in our growing membership during 2015.
Geographical spread of membership
28% 27.67%
24%
20%
16% 17.69%
12% 11.74%
8% 6.72% 5.16% 5.23% 5.33% 5.06% 4% 4.19% 3.76%
2.39% 1.99% 0.13% 0.01% 1.38% 1.55% 0
East Eire South Wales London Scotland Yorkshire North EastNorth West South West East Midlands West Midlands Channel Islands Northern Ireland Overseas - Europe
Overseas - outside Europe
7 2015 overview
Professional development Finance Surplus before tax for the past 5 years (£k) We continue to provide world- 2015 class professional development £394 courses and have achieved our 2013 2011 highest ever satisfaction score £117 £110 of 2012 84% £33
Chartered directors appointed In 2015 the IoD achieved a healthy surplus of £394k. During 2015 we Our best result since 2010. appointed
25%more chartered directors than 2014 in 2014. £(1,191)
Cost We increased our focus on costs and profitable activities and reduced direct costs by to £940k As at end of 2015 1,234 chartered directors had been £5,229k elected in total. Our biggest cost reduction came from property expenditure, which went down by primarily due to the closure of £1.6m 123 Pall Mall in late 2014.
Investment of newly appointed Investment remained high chartered directors were with capital expenditure of 22% women. An increase on our 2014 £2m, although down on the 2014 ratio. £2.5m 2015 £2.5m invested in 2014. This £2m included the final stages in the redecoration of our London Strategy headquarters (refurbishment of 116 Pall Mall) and the The professional development strategy approved by the development of our systems to board includes the development of a world-class professional better support our members development training facility, our new academy. (the first part of the CRM and IoD.com rebuild).
As a result of a new business development strategy we reached the highest ever level in professional development course sales in November 2015.
8 2015 overview
Finance Policy and representation
Policy reports: (Big Picture articles, Opening the Equity Economy,32 The UK’s Relationship with the European Union, The Great Governance Debate)
Policy events: (Parliamentary reception, Tech in 2015 seminar, Books70 for Breakfast, Policy Voice Business James Sproule Barometer breakfasts, Tax Simplification seminar, LEP Chief economist, IoD roundtable, etc)
“The world we face today is one full of many Ministerial meetings: (chancellor of the exchequer; universities minister, 39employment minister, shadow education opportunities. Businessmen secretary, shadow home secretary, shadow treasury minister, and women are at the very minister for intellectual property and corporate governance, shadow City minister, business secretary, minister for trade and heart of making the most investment, minister for small business) of these opportunities as well as responding to the inevitable challenges we Press releases: face as an economy and 164 society. For more than a century the Institute of
Directors, backed by its Press office Royal Charter, has set out Twitter followers: 2,887 the case for enterprise, entrepreneurialism, innovation and the highest standards of corporate National appearances on TV, governance. We have radio & newspapers: 1,735 continued to make the case Front-page stories about over 2015 with reports the IoD: 87 ranging from the need for agility, to cost-effective Policy Voice: infrastructure, to cyber Number of surveys carried out during 2015: security; all the while (11 monthly surveys & 1 snap survey post- 12 banging the drum for UK general election) business in the widest Average response rate: 36% possible media. This Panel size: advocacy has never been 3,254 more important”
9 2015 Overview
Our people and our culture
It is through the combined efforts of our employees, volunteers and contractors in the UK and internationally that the IoD made great strides towards a return to profitability in 2015.
To ensure that the IoD remains relevant and accessible to all • The average number of employees (full directors and continues to be a champion of business, we have time equivalant) during 2015 was 283 been investing in our future. This investment in our member offering is highly reliant on the capability and goodwill of Team IoD to deliver a world-class service to our members.
Our executive team has been championing the concept of a high- performance culture at the IoD – one that is congruent and aligned with our members. Specifically the executive has identified that all • 60% of our staff are female of whom members of Team IoD need to possess . three essential characteristics 54% are managers
Resilience Agility Entrepreneurialism
Throughout the year we invested in the development of our people to equip them with the knowledge, skills and mindset to operate at a level of high performance. We will continue on this journey in • In 2015 our executive committee 2016, with a programme for people managers, ‘Leading the IoD comprised 5 males and 3 females Way’, and a series of ‘All Staff Workouts’, which are short learning bites on the fundamentals of high performance.
In support of our drive towards high performance, in 2015 the IoD Executive directors’ core areas of expertise 1,2 has, for the first time, created dedicated Performance Champion roles to support organisational development and will be measuring Marketing 16% the impact of this programme on the organisation through a series Governance 15% of ‘pulse’ surveys in 2016. Policy and economics 11% Linked to our drive for high performance is a continued focus on Retail and consumer the mental wellbeing of our people. During the year the IoD held a 10% mental health event as well as other associated activities to promote Finance 5% awareness of this important topic to members, business and our staff. Human resources 5% Media 11% 1. Some directors are Training and The IoD Mental Wellbeing event, which included a panel of represented in more than distinguished speakers, was held in February, with more than 200 one category development 11% attendees, including a wide range of employers as well as IoD 2. As of 31 April 2016 Sales 16% members and staff. A video of the event, chaired by Simon Walker, appeared on both the staff infonet and IoD.com. To coincide with this event, the IoD commissioned original research on business attitudes to mental health, via YouGov, which generated significant local and national interest before and after the event. Board non-executive In conjunction with inviting staff to attend the Mental Wellbeing event, directors the IoD actively promoted ‘Time to Talk Day’, providing staff with information and guidance (leaflets, posters, games and checklists) to raise awareness of the importance of managing mental health. In 31% 69% addition our training workshops for managers and supervisors made a particular feature of understanding and dealing on a practical basis with mental health issues at work, and how to manage these difficult issues effectively. Articles on mental wellbeing also followed in the IoD’s Director magazine.
10 2015 Overview
National and regional highlights in 2015
West Midlands 2015 Director of the Year category winners: The West Midlands are transforming how we recognise excellence in business. Moving away from the traditional black-tie dinner, we now host a summer breakfast at Warwickshire Country Cricket Club. Our awards are designed and created by students from the University of Wolverhampton’s school of art, which further promotes collaboration and boosts creativity.
2015 Director of the Year (West Midlands) category winners South West Director of the Year award winners In June 2015 we held our ninth annual Entrepreneurs Dinner and Director of the Year Awards at a superb converted warehouse on Bristol’s historic waterfront. Both events recognised and celebrated the role of enterprising leaders in advancing business, showcasing inspirational entrepreneurs and the region’s most prestigious directors.
South West Director of the Year award winners
East Midlands The East Midlands Women as Leaders Convention in April saw a wealth of inspirational leaders and business celebrities enjoy an incredible day exploring the highs and lows of business, using challenges to shape opportunity. The theme of collaboration continued at our Nottingham Trent £10 Business Challenge for our student University students complete the IoD members at Nottingham Trent University. £10 Challenge with staggering results Forty-nine groups of NTU students, each working with an IoD business mentor turned £10 into a profit by organising events and creating products to sell. This year we raised a phenomenal £13,395, with all money going to the John Van Geest Cancer Research Charity.
Women top the bill at IoD Business Convention – April 2016 11 2015 Overview
Northern Ireland For her MSc in management and governance, Ulster University Record numbers at Northern Ireland student Caoimhe McGuinness Women’s Leadership Conference (founder researched the value that a of the Mobo Awards, non-executive director brings to Kanya King, pictured) the boards of SMEs in Northern Ireland. Caoimhe is pictured with Gordon Milligan from Translink, who chairs the IoD NI developing committee that commissioned the report. The university subsequently awarded Caoimhe with a special prize for her Northern Ireland works with Ulster dissertation based on the report. University to promote the role of non-executive directors
North West In June we saw the first IoD Disruption Conference held in Manchester with presentations from world-renowned thinkers and players who have shaken up their industries. Speakers from Cisco, Salesforce, Uber and Metrobank spoke to around 300 delegates about technology trends, customer behaviour, disruptive strategies and how to seize opportunities.
Scotland We have moved to fantastic new premises at 10 Charlotte Square, to form a state-of-the- art hub for members which will facilitate better networking within Scotland.
IoD Scotland’s new HQ in Edinburgh’s prestigious Charlotte Square
Wales We hosted an incredible Christmas lunch with our special guest Martyn Phillips who is chief executive of the Welsh Rugby Union. Martyn spoke about new challenges, his future vision and the importance of collaboration.
IoD Wales Director of the Year Awards 2015 winners with Robert Lloyd Griffiths (back row, right) and Lady Barbara Judge, CBE, national chair of the IoD, and Edwina Hart, AM, minister for economy, science and transport (front centre)
12 Governance statement
Governance and control of the institute The Institute of Directors was established in 1903 and became a body corporate under Royal Charter in 1906. The IoD’s constitution comprises the charter, by-laws and regulations. The institute’s principal office is at 116 Pall Mall, London, SW1Y 5ED. The board is responsible for all of the affairs of the institute and the council is the forum in which the board are held directly accountable to the charter.
As a chartered organisation, initial control of • The council is the guardian of the constitution the institute is vested in the members and the and considers any changes to the constitution institute is fundamentally controlled by the before they are considered by membership. The privy council and in turn the Queen in council. council also appoints board members, via the The institute does not have owners and it is not recommendations of the nomination committee. subject to the normal laws and codes of practice The nomination committee is a committee of the relating to the operation of companies. The board and council. institute, however, is accountable to the public as well as its members and must therefore meet the • The board is responsible for the strategic direction public interest test in pursuit of its objects. of the institute, financial stewardship of the institute and holding the director general and The IoD is committed to a high standard executive to account. The board has a number of governance and adopts best practice of sub-committees which support its decision recommendations as a guide on how to govern making across the institute. The sub-committees the institute. Our governance structure shapes of the board are: the audit and risk committee, the way that information flows throughout the remuneration committee, membership committee, institute. We constantly strive to improve the accreditation and standards committee procedures and processes we have in place. (constituted in October 2015) and chartered The relationship between the board, council director committee (disbanded in September and committees as defined in the institute’s 2015). There is also an established geographic constitution are: network, which reports to board via the director of membership and regions. • The Queen in council and privy council granted the institute its Royal Charter and by-laws.
• The membership approve any changes to the Royal Charter prior to submission to the Queen in council and privy council who approve any changes to the charter and by-laws.
13 Governance
IoD council The council is the guardian of the constitution and is accountable to membership. The council provides a pool of expertise which the director general may consult when additional advice or experience is needed. The council is responsible for board appointments (via the nomination committee) and reviewing the nature, focus and performance of the board’s activities to ensure accountability. There is a distinct separation of powers between the board and council and for that reason, apart from the IoD chair, there is no cross-membership between both governing bodies.
In 2015, the council met on three occasions and discussed a number of issues, which focused on: strategy development; a review of the institute’s constitution; and board and council appointments.
Regional council members Richard Ayre MBA CDir FIoD Mervyn McCall BSc FICE Nick Robinson MBA CPCC DipWSET FIoD David Sales BA(Hons) MA Ian Dewar CDir Ian McKay MBA Gerry Jones Hon FIoD John Rider David Seall CEng FRAeS Huw Roberts MIMMM 22% 78% Elected council members
Lady Barbara Judge CBE (Chair) Garry Smith CDir Derek Wilson MBE MA Prof Dame Joan Stringer DBE FRSE Robert Smith FIoD (Cantab) BComm (UCT) (SICM) Sarah Soar MCSI Chevalier dans L’Ordre Alyson Howard FCCA DChA CF David Trenchard National de Mérite Alan Jenkins Philip Warr BSc (Hons) FRICS (departed June 2015) Denis Lester MA CDir FinstD FCIM FRSA FIoD Dr Michael Young PhD FCA Chartered marketer Margaret Wood MBE Chris Parkhouse FIoD
IoD board The board is collectively responsible for the long-term success of the institute and is responsible for constructively challenging the executive and helping to set the strategic direction of the institute. The board consists of executive and non-executive directors, the majority of whom are non-executive directors. The board met seven times during the year and this included the Strategy Away Day.
The board’s effectiveness is assessed annually via an internal review process. During the year, a full effectiveness review of the board, council and committees was carried out, primarily via the review of the constitution, and the recommendations were implemented.
The chair annually assesses the training, performance and development needs of the non-executive directors and director general individually. The deputy chair is responsible for assessing the training and development needs of the chair. At least once per annum, the chair holds a meeting with the non-executive directors without the executive directors or director general present.
Board non-executive directors Composition of the Board Lady Barbara Judge CBE (Chair) Erica Ingham ACMA Chris Walton BA MBA FIoD CGMA DipIoD Nimble Thompson LLB (Hons) Dr Suzy Walton BSc MSc Non-executive D Laws (Deputy Chair) Ann Jordan DL PhD CDir FIoD FRSA chairman = 8%
Frank Bryan FIoD CEng MIET AMAC Tim Lawlor ACA Arnold Wagner OBE Non-executive DipIoD (departed Nov 2015) (joined February 2016) directors = 69% Damon Clark CDir Ken Olisa OBE Executive Board executive directors directors Simon Walker (Director General) Bill Adams FCIPD Nick Cowley ACA = 23%
14 Governance
Nomination committee The nomination committee was restructured in compliance with the changes to the constitution in 2015. The committee leads the process for board, council and committee appointments. It is a sub-committee of the board and council which is chaired by the senior independent council member (SICM) Dame Joan Stringer, and members of the nomination committee are appointed by the council and the board. The committee considers that the institute’s governing bodies consist of individuals with the right balance of skills, experience and knowledge to provide strong and effective leadership of the organisation. The members of the nomination committee are an equal number of council and board members, the SICM, the IoD chair and deputy chair of the board.
The nomination committee held three meetings during the year. At the meetings, the committee reviewed the code of conduct for all IoD governance roles, agreed on the appointment process for council, board and committee members. At the end of the year the committee launched an extensive recruitment campaign for board and council and agreed on the appointment process for recruiting the new director general of the IoD.
Prof Dame Joan Stringer DBE FRSE Nimble Thompson LLB Alyson Howard FCCA DChA CF (Chair, SICM) (Hons) D Laws (departed April 2015) Lady Barbara Judge CBE Phillip Warr BSc (Hons) FRICS FRSA Ian McKay (departed April 2015) Ann Jordan DL (joined October 2015) FIoD Alan Jenkins (joined October 2015) Erica Ingham ACMA CGMA Sarah Soar MCSI Ken Olisa OBE (joined October 2015) Dip IoD (joined October 2015) Chris Parkhouse FIoD (departed April 2015)
Sub-committees of the board Audit and risk committee (ARC) The audit and risk committee has been chaired by Chris Walton since December 2015. The previous chair of the committee, Tim Lawlor, ACA (non-executive director), stood down due to work commitments. The chair and members of the ARC are appointed by the board. Two members of the ARC are finance professionals and the board is satisfied that they have recent and relevant financial experience. The other members of the committee have experience within governance (chartered director), IT and legal sectors.
During the year the committee has undertaken each of its principal responsibilities, carrying out a number of reviews and receiving relevant reports from the external auditors, internal accountants, the institute secretary and management. The findings from the reviews are then reported to the board. The ARC reviewed the institute’s risk management mechanisms, and financial controls, cash investment strategy, internal controls, health and safety, premises, tax and conducted several deep dives into risk management, staff, data management and IT.
The ARC is responsible for overseeing the institute’s relationship with its external auditors and annually reviewing the role and performance of the external auditors. In doing so, the ARC will assess the audit process, the effectiveness of the external auditor and review any non-audit or independent services provided by the external auditor to the institute. On the basis of these reviews, the ARC will then Non-executive recommend to the board whether in their opinion the external auditors have been effective and if they chairman = 8% should be re-appointed for an additional year. Non-executive The board has full responsibility for the institute’s system of internal control; however responsibility for directors = 69% this is delegated by the board to the ARC. The requirement for a dedicated internal audit function was reviewed by the ARC during the year and it was considered that due to the size of the institute that it would not be necessary.
15 Governance
Tim Lawlor ACA (Chair) Frank Bryan FIoD CEng MIET AMAC Andrew Rinker JD MBA BSc CDir (departed November 2015) DipIoD FIoD FRICS Chartered FCSI FCIArB Chris Walton (Chair) BA MBA FIoD Alyson Howard FCCA DChA CF Erica Ingham ACMA CGMA Dip IoD (joined November 2015) Ken Olisa OBE (joined November 2015) (departed November 2015)
Remuneration committee The remuneration committee is chaired by the IoD chair, Lady Barbara Judge, and its members are appointed by the board. A primary objective of the remuneration committee is to ensure that there is a formal and transparent procedure for developing a remuneration policy, which ensures that individuals are sufficiently compensated and are appropriately incentivised to encourage enhanced performance. The remuneration committee aims to ensure that overall levels of remuneration (including salary, benefits and bonuses) are sufficient to attract, retain and motivate staff.
Lady Barbara Judge CBE (Chair) Tim Lawlor ACA (departed Nimble Thompson LLB, (Hons) D Laws Simon Walker (Director General) November 2015) Ann Jordan DL
Chartered director committee (CDC) (ceased September 2015) Following an internal professional development committee restructure the chartered director committee, chaired by Robert Smith (Council Member), ceased in September 2015. The committee exercised oversight over the chartered director (CDir) professional qualification process and was responsible to the board for professional standards, continuing professional development, the award of the Diploma and Certificate in Company Direction and the award of CDir. The CDC met three times during 2015.
Robert Smith (Chair) CDir Philip Arnold FCA FIC FIoD CMC BSc Jay O’Connor CDir FIoD Beverley Jullien MA (Cantab) MIM Hons CDir Josephine Swinhoe BSc FIoF FIoD FIoD CDir Tony Millns MA (Oxon) MBA FRSA FCIM Nigel Carter FIoD CDir Suzy Walton BSc MSc PhD CDir FIoD FCMI FIoD CDir Chartered Marketer Tim Cooper-Jones FRSA Neil Britten BSc MBA CDir FIoD Dr Amanda Feggetter PhD MSc BSc CSci John Knapton FIoD CDir The Revd Sally Muggeridge FIoD Dr James Gambrell CDir FIoD ICD.D FCIM MBA BA Hons HLAM
Accreditation and standards committee (ASC) (Formed October 2015) The accreditation and standards committee was appointed by the board in 2015 and had its first meeting in October 2015. ASC is chaired by Dr Suzy Walton and members of the committee are appointed by the board. ASC sets the educational competencies and standards for directors and boards, oversees the standards for external accreditation providers and maintains and protects the integrity of the professional standards for candidates for the principal professional assessments conducted by and under the auspices of the institute.
Dr Suzy Walton BSc MSc PhD CDir Amanda Feggetter PhD MSc BSc CSci FIoD FRSA (Chair) James Gambrell CDir FIoD ICD.D Frank Bryan FIoD CEng MIET AMAC Philip Arnold FCA FIC FIoD CMC BSc DipIoD (Deputy Chair) Hons CDir Robert Smith CDir FIoD
16 Governance
Membership committee The membership committee is chaired by Ann Jordan (board member) and the committee members are appointed by the board. The committee advises on membership, diversity, member services provided by the IoD and membership conduct matters. The membership committee met three times during 2015.
Ann Jordan DL (Chair) Garry Smith CDir Josephine Swinhoe BSc FIoF FIoD Gerry Jones Hon FIoD Adam Soliman BA (Hons) (joined February 2016) Warren Munson FCCA CTA Susan Wallace FCIS John Knapton FIoD CDir (joined February 2016)
Institute Secretary Loretto Leavy Junior Bammeke and Kristina Lewis (departed October 2015) (appointed October 2015)
Declaration of interests All board, council and sub-committee members are required to disclose to the institute secretary any interests they or their close family members have in other commercial and policy entities or public bodies. This information is gathered annually and maintained in the register of interests.
Internal control and risk management The board is responsible for setting the institute’s internal control systems, risk framework and appetite for risk.
The key internal controls system in operation throughout 2015 were:
• Regular review of the management accounts by the board and ARC which allows for control over financial reporting.
• Review of the process for managing conflicts of interest for office holders, consultants, board members and honorary members.
The IoD’s insurance portfolio is reviewed annually; this ensures that the institute retains appropriate insurance coverage across the business. The institute has an ‘Immediate Action Plan’ and a longer- term ‘Disaster Recovery Plan’ to help mitigate risks in the likelihood of a disaster arising. Both plans are regularly reviewed and revised.
The institute has an ongoing process for identifying, evaluating and managing risks that it may face, and this is done through the risk framework and register. The risk register highlights the key risks, the likelihood of risks occurring, notes the associated potential impacts, incorporates the risk mitigation provisions and maps the risk journey. The executive have close day-to-day involvement with the risk management. The ARC regularly reviews the risk register and receives a risk report from the executive. This process allows the ARC to monitor and review the effectiveness of the institute’s internal controls and risk management systems. The board also has oversight of the risk register, and the risks related to each item for discussion at board meetings are explicitly noted on the front cover of all supplementary papers. The ARC regularly reviews the operation and effectiveness of the institute’s internal control and risk management framework.
This is designed to manage and mitigate the impact of risk, rather than seeking to eliminate the likelihood of risk as inherent limitations exist in any system of risk control and internal financial control. Accordingly, even the most robust system only provides reasonable, not absolute, assurance with respect to risk mitigation, the preparation of financial information and the safeguarding of reputation and assets.
17 Governance
Our governance structure
The board – develops strategy and leads the IoD to achieve long-term success
Non-executive chairman Non–executive directors Director general and • Leads the board and council • Work with and challenge executive directors and ensures it operates executive directors • Day-to-day management effectively • Provide independent, of the business and • Maintains a culture of external perspective implementation of strategy openness and debate • Contribute a broad range of • Ensures effective dialogue experience and expertise between the board and members
Committee of the board and council
Nomination committee • Leads process for board and council appointments • Ensures the completion of an annual review of the performance of governance bodies with focus on the structure, size and composition of the board and council
Committees of the board
Audit and risk committee Remuneration committee Oversees financial reporting, internal Advises on the compensation and terms of control, risk management systems and audit employment for senior members of staff processes and executive directors
Executive committee
The executive committee is responsible for the ongoing management of the institute. It considers day-to-day operational matters for running the business and reviews performance of the institute and its Ambition programme. The executive committee generally meets twice monthly and is chaired by the director general. It reports to the board. • Responsible for the implementation of the strategy • The development and delivery of business plans and budgets • Approval of procedures and policies • The monitoring of operating and financial performance • Health and safety management
18 Governance
“Our governance structure ensures that the right people have access to the right information”
The council – guardian of the constitution to make sure that the chartered objects are being delivered
Council • Appoints and removes the IoD non-executives and determines their independence • Critiques and provides opinion to the board on the overall progress of the IoD • Holds the board to account • Monitors the board’s engagement with membership and stakeholders • Appoints and removes the senior independent council member
• Ensuring that the board and council has a reasonable geographical distribution of members and a balance of diversity, sector and background
Membership committee Accreditation and standards committee Advises on membership, diversity, member • Approves standards/competencies required services provided by the IoD and membership by directors and boards and the methods for conduct matters assessing directors • Responsible for independent assurance of CDir programme • Ensures all current activity reflected in the academic regulations
19 Governance
IoD chairmen from geographical areas
East Midlands Central London Highlands & Islands Suffolk Chairman: Garry Smith Chairman: Karelia Scott- Chairman: David Wilkinson Chairman: Graham Kill Daniels East of England Kent Surrey Chairman: David Sales Cheshire Chairman: Emma Liddiard Chairman: Robert May Chairman: Jeff Hardman North East Lancashire Sussex Chairman: Graham Robb City of London Chairman: Lee Petts Chairman: Howard Wilder Chairman: David Stringer- North West Lamarre Leicestershire Tayside Chairman: Mike Perls Chairman: Stephen de Chairman: John Macmillan Coventry & Warwickshire Looze South Chairman: David Trevis- West Midlands Chairman: David Seall Smith Lincolnshire Chairman: Jason Wouhra Chairman: Graham Headland South West Cumbria West Thames Chairman: Nick Sturge Chairman: Chris Ward Liverpool Chairman: Ian Dewar Chairman: Pete Radcliffe West Midlands Devon and Cornwall West Yorkshire Chairman: Jason Wouhra Chairman: James Jordan Manchester Chairman: Jonathan Oxley Chairman: Paul Battye Yorkshire Dorset Guernsey Chairman: Jonathan Oxley Chairman: Angela Fletcher Norfolk Chairman: Linda Johnson Chairman: Howard Ingleson Northern Ireland East Yorkshire Isle of Man Chairman: Paul Terrington Chairman: Pat Coyle Northamptonshire Chairman: Clive Parrish Chairman: Sarah Canning Scotland Edinburgh Jersey Chairman: Susan Deacon Chairman: George Hall North Wales Chairman: Wendy Dorman Chairman: Helen Watson Wales Essex Chairman: Huw Roberts Chairman: Tim Price North West Chairman: Mike Perls Aberdeen Fife Chairman: Mark McCue Chairman: Douglas Miller North Yorkshire Chairman: Ed Reid Bath and Wiltshire Glasgow Chairman: Jane Bishop Chairman: David Hoey Nottinghamshire & Derbyshire Berkshire Gloucester Chairman: Lynn Bleakley Chairman: Susan Elliott Chairman: Christopher Smith Oxfordshire Black Country Chairman: Julia Iball Chairman: Ian Priest Hampshire and the Isle of Wight Somerset Bristol Chairman: Giorgio Bendoni Chairman: Helen Lacey Chairman: Rebecca Tregarthen Hereford and Worcester South Wales Chairman: vacant Managed through regional Buckinghamshire office Chairman: Mike Walker Hertfordshire Chairman: Edwin South Yorkshire Cambridgeshire Whittingham Chairman: Keith Jackson Chairman: Taus Nohrlind
20 Governance
Overseas branches Affiliated bodies
Continental Europe Branch The Hong Kong Institute of Belgium Directors Chairman: Keith B CEO: Carlye Tsui Hemmingway Institute of Directors, Netherlands Republic of Ireland Chairman: IIse Van Den CEO: Maura Quinn Meijdenberg Institute of Directors, France Nigeria Chairman: Robert Thompson Director general: Victor Banjo Bermuda Chairman: Roger Gillett Institute of Directors, Zimbabwe Cyprus Executive Director: Edward Chairman: Evdokimos Siwela Xenophontos Saudi Directors Company, Malta Saudi Arabia Chairman: James Satariano Contacts: Ismail Sharara / Mohamed Sabbour Monaco Chairman: William Easum
“We are very proud and grateful to have over 500 volunteers who support the IoD and strive to advance business in their local community”
21 Changes to the IoD’s constitution
Changes to the IoD’s constitution
During 2015, the IoD’s constitution was amended • a clearer decision-making structure with and updated to ensure that the institute’s robust powers and processes governance frameworks are fit for purpose and reflected updated principle-based governance • a more well-defined division of roles and approaches of those particularly relating to responsibilities, which places the board at accountability, transparency and engagement. the apex of the governance system
Following approval of the revised constitution • a streamlined member conduct system, and governance framework by members at the which is based on the principles of natural AGM on 29 June 2015, the constitution and by- justice, consistency and fairness laws were formally approved and adopted by the privy council in July 2015.
• a more modern governance framework which displays accountability, transparency and active stakeholder engagement at the forefront of the IoD
Good Governance Initiative In 2015, the Institute of Directors undertook an extensive review into corporate governance in the UK. “The Great Governance Debate” was launched with a view to radically changing how we assess corporate governance in the UK market. A unique, challenging and radical project, the report sought to answer two fundamental questions: can you measure corporate governance? And, what is good governance? Although only the start of what will be a regular fixture in the IoD publication calendar, the project represented an important moment in the UK about how we all think about corporate governance. The next report is expected in summer 2016.
Ken Olisa, OBE To support the project, an advisory panel was established. It is chaired by Ken Non-executive Olisa, OBE, a non-executive director at the IoD. director, IoD “Corporate governance long ago fell victim to a box-ticking regulatory culture. The subject had strayed far from its roots when Sir Adrian Cadbury published his first report in 1992. The Good Governance Initiative will be important in radically changing how we measure and approach governance in the UK… the report showed that governance is organic and not mechanical and we will look to build on this in 2016”
22 Statement of board responsibilities
Statement of board responsibilities
As a body corporate In preparing the financial statements, the board is required to: established by Royal Charter, • select suitable accounting policies and apply the institute is obliged to them consistently comply with its constitution • make informed judgments and estimates that (comprising charter, by- are reasonable and prudent laws and regulations). The • state whether applicable United Kingdom constitution requires that accounting standards have been followed, subject to any material departures disclosed the board lays before the and explained in the financial statements members, in a general • prepare the financial statements on the going meeting, financial statements concern basis unless it is inappropriate to for the year which give a true presume that the institute will continue in and fair view of the state of operation affairs of the institute. The The board is responsible for keeping accurate accounting records that disclose with reasonable financial statements must accuracy at any time the financial position of the institute. The board is also responsible for include the surplus or deficit safeguarding the assets of the institute and taking of the institute for that period. reasonable steps to ensure the prevention and The board is also required detection of fraud and any other irregularities. to approve the financial Each board member confirms that: statements only if they are • so far as they are aware, there is no relevant audit information of which the institute’s auditor satisfied that they give a true is unaware and fair view of the state of • they have taken all necessary steps to ensure affairs of the institute and of that they are aware of any relevant audit the surplus or deficit for that information and to establish that the institute’s auditor is aware of the information period. The board is responsible for the maintenance and integrity of the financial information included on the institute’s website. Practice in the United Kingdom governing the preparation and dissemination of financial statements may differ from practice in other jurisdictions.
23 Financial review
Financial review
Overall results mix (more open courses) and holding more courses After incurring a planned deficit in the previous at 116 Pall Mall. The contribution of £2,916k for year, 2015 saw a return to surplus for the IoD with its 2015 was £248k up on the prior year. best result since 2010. This was despite continued investment in both capital expenditure and strategic The contribution from product marketing initiatives for the future. Cost savings in other increased by £56k to £546k. This was due to areas, particularly on property costs following the increased sales (up £56k to £670k). Product termination of the lease on 123 Pall Mall, were the marketing income is derived from affinity main drivers behind the return to surplus. partners less costs related to this activity, and 2015 was a good year with a particularly At 31 December 2015 the Accumulated Fund good performance from the relationship with stood at £9,089k compared with £8,741k a year Hiscox and a first-time contribution from a new earlier, an increase of £348k which reflects the relationship with Avondale. surplus for the year. Sales from catering and functions were down At the end of 2015, the balance of cash and cash £172k (4%) to £4,105k, affected by further equivalents, including those held as investments, disruption from refurbishment work including a increased by £1,116k to £13,468k. Further details four-week closure of the main function rooms of cash movements during the year can be found and the lengthy repair and redecoration of the in the Consolidated Statement of Cash Flows. exterior of 116 Pall Mall. Some of the reduction in sales was compensated for by cost savings and Income the contribution from catering was £212k, which Membership income was £56k down on the prior year. Membership income increased by £64k to £11,727k in 2015 (up 0.5%). This increase was Sales from the Business Centre in 116 Pall Mall mainly due to increases in annual subscriptions totalled £1,575k in 2015 which was £101k lower during 2014 and 2015 and an increase in than the prior year. The reduction was driven membership from 33,963 to 34,458, offset by an by increased use of the Business Centre for increased number of discounted memberships IoD courses, which limited capacity for sales to (primarily those in the IoD 99 category). The external customers. As a consequence of the increase in the number of members, combined reduced sales, the contribution from the Business with the work being done on the membership Centre fell £92k to £1,053k. proposition augurs well for the future. Sales at director events fell £143k (15%) to £827k. Membership contribution increased by £39k This reduction was driven by the removal of to £9,623k in 2015 (up 0.4%), as shown in the sporting lunches from the events calendar (£82k Analysis of Operating Surplus by Activities. of sales in 2014) and reduced income from the National Director of the Year Awards (down £35k Revenue earning activities on the prior year). Despite the reduction in sales, Income from revenue-earning activities decreased cost savings meant that the contribution from by £459k (3%) to £14,171k with only product director events improved by £41k to a negative marketing increasing its revenue while there were figure of £85k. sales decreases of over £100k each from hospitality, director events and Business Centre. Director The result from office solutions was again development remained as the area with the highest affected by the closure of the serviced offices sales at £5,265k, which was in line with the prior business on 31 March 2014. From that date, the year. business became a provider of virtual office and related services. This meant that revenue for 2014 While director development income showed no included income from three months of serviced growth overall, there was an impressive result from offices and unsurprisingly, revenue for the year open courses with sales up £417k (13%) although fell £27k (8%) to £323k in 2015. Good cost control this was offset by a similar-sized reduction in sales meant that contribution fell by just £3k compared from in-company training/consultancy. While the to the prior year to £209k. sales performance was in line with the prior year, the costs were much reduced, driven by the sales Director publications had another tough year with
24 revenue down £70k on the prior year to £1,406k Capital expenditure driven by no director guides in 2015 compared to Capital expenditure of £2,110k was incurred £60k of revenue in 2014. The fall in sales flowed during the year which was £421k lower than in through to the contribution which fell £67k to a 2014. negative figure of £120k. This was disappointing as a redesigned magazine and website were The main items of expenditure were £0.6m on launched in the first quarter of 2015 but this has the first stages of the major IT project which not yet provided a boost to Director Publications commenced during the year (the replacement revenues. of both the IoD’s CRM system and the IoD.com website) and £0.3m of expenditure on each Expenditure of: the last stage of the refurbishment of the Total expenditure of £27,445k, which was interior of 116 Pall Mall (covering the works to the £2,219k lower than the prior year, is analysed entrance and staircase halls); the refurbishment of across membership, revenue-earning activities, the exterior of 116 Pall Mall; and the replacement member services, operating and overhead costs of obsolete air-conditioning equipment. and representation and directorate, as shown in Analysis of Operating Surplus by Activities. Creditor payment policy The institute was one of the founding members of Employment costs the Prompt Payment Code and is a supporter and Employment costs are by far the biggest costs signatory of the scheme: incurred by the IoD. In 2015, overall employment promptpaymentcode.org.uk costs increased by £227k (2%) to £12,944k. Most of the increase came in the cost of ongoing For all trade creditors, it is the institute’s policy salaries which were up £249k on the prior year. to agree terms of payment with suppliers, at the start of business, and to ensure that they are Direct costs paid in accordance with the agreed contractual There was a significant reduction in direct costs in and other legal obligations. The trade creditors the year as they fell £940k (15%) to £5,229k. The balance at 31 December 2015 represented an main savings in this area came from events (direct average payment period of approximately 23 costs down almost £200k on the prior year, days, based on the ratio of the institute’s trade partly due to the removal of sporting lunches and creditors to the amounts invoiced during the year. partly due to savings in some of the main costs areas including catering, audio-visual support and Donations marketing/publicity), director development (due There were no charitable donations made during to sales mix and holding more courses at 116 Pall the year (2014: £nil). Mall as mentioned above), hospitality (primarily sales volume-related) and director training 2015 also saw no political donations (2014: £nil). courses held by IoD Scotland where sales volume (and hence costs) fell away. Cash reserves The audit and risk committee has recommended, Indirect costs and property expenditure and the board has agreed, that cash reserves, net There was a further increase in indirect costs in of deferred membership income, are set at a level 2015 (up £324k to £5,489k). This mainly related to sufficient to cover both short-term and longer- professional fees (up £368k to £1,722k). term investment needs.
As expected, property expenditure came down Going concern significantly from £3,959k in 2014 to £2,352k The board considers that the institute has in 2015, a positive variance of £1,607k. This adequate resources to continue in operational impressive cost reduction related primarily to 123 existence for the foreseeable future. For this Pall Mall which closed to members in August 2014 reason, the going concern basis continues to be and was handed back to the landlord in October adopted in preparing the financial statements. 2014 so there were no ongoing costs relating to this building in the 2015 figures.
25 Independent auditor’s report
Independent auditor’s report
We have audited the non-statutory consolidated information in the Annual Report to identify financial statements (“the Financial Statements”) material inconsistencies with the audited Financial of the Institute of Directors (“the institute”) Statements and to identify any information that for the year ended 31 December 2015, which is apparently materially incorrect based on, or comprise the consolidated statement of income materially inconsistent with, the knowledge and retained earnings, the consolidated balance acquired by us in the course of performing the sheet, consolidated statement of cash flows, and audit. If we become aware of any apparent the related notes. These Financial Statements material misstatements or inconsistencies we have been prepared under the accounting consider the implications for our report. policies set out therein. Opinion on Financial Statements These Financial Statements were prepared solely In our opinion the Financial Statements: for the purposes of management of the institute’s affairs, and have not been prepared under section • give a true and fair view of the state of the 394 of the Companies Act 2006 and are not the institute’s affairs as at 31 December 2015 and of institute’s statutory Financial Statements. its profit for the year then ended; and
This report, including the opinion, has been • have been properly prepared in accordance prepared for and only for the directors for with United Kingdom Generally Accepted management purposes in accordance with our Accounting Practice. engagement letter dated 29 November 2011 and for no other purpose. We do not, in giving this Opinion on other matters opinion, accept or assume responsibility for any In our opinion the information given in the other purpose or to any other person to whom this Annual Report for the financial year for which the report is shown or into whose hands it may come Financial Statements are prepared is consistent including without limitation under any contractual with the Financial Statements. obligations of the Institute, save where expressly agreed by our prior consent in writing. Matters on which we are required to report by exception Respective responsibilities of the directors and auditor We have nothing to report in respect of the As explained more fully in the Statement of board’s following matters which we are required to report Responsibilities within the annual report, the board to you if, in our opinion: is responsible for the preparation of the Financial Statements and for being satisfied that they give a • adequate accounting records have not been kept, true and fair view. Our responsibility is to audit and or returns adequate for our audit have not been express an opinion on the Financial Statements in received from branches not visited by us; or accordance with applicable law and International Standards on Auditing (UK and Ireland). Those • the Financial Statements are not in agreement standards require us to comply with the Auditing with the accounting records and returns; or Practices Board’s Ethical Standards for Auditors. • certain disclosures of directors’ remuneration Scope of the audit of the Financial Statements are not made; or An audit involves obtaining evidence about the amounts and disclosures in the Financial • we have not received all the information and Statements sufficient to give reasonable explanations we require for our audit. assurance that the Financial Statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the institute’s circumstances and have been consistently applied and adequately disclosed; Buzzacott LLP the reasonableness of significant accounting Chartered Accountants estimates made by the directors; and the overall 130 Wood Street presentation of the Financial Statements. In London addition, we read all the financial and non-financial EC2V 6DL
26 Consolidated statement of income and retained earnings for the year ended 31 December 2015
2015 2014
Notes INCOME £’000 £’000
2. Membership income 11,727 11,663
Revenue earning activities 14,171 14,630
Other trading income 1,817 1,938
Interest receivable and similar income 124 242
27,839 28,473
EXPENDITURE
3. Employment costs 12,944 12,717
Direct costs 5,229 6,169
4. Indirect costs 5,489 5,165
Property expenditure 2,352 3,959
Loss on sale of fixed asset - 145
Depreciation 1,431 1,509
27,445 29,664
Surplus before taxation 394 (1,191)
5. Taxation (15) (19)
Surplus/(deficit) after taxation 379 (1,210)
Other comprehensive income Closed defined benefit pension scheme adjustment (31) (81)
Total comprehensive income 348 (1,291)
RECONCILIATION OF ACCUMULATED FUNDS
ACCUMULATED FUNDS AT 1 JANUARY 8,741 10,032
Surplus/(deficit) after taxation 379 (1,210)
Other comprehensive income (31) (81)
Accumulated funds at 31 December 9,089 8,741
All operations in the year and in the comparative year were continuing
27 Consolidated Balance Sheet at 31 December 2015
2015 2014
Notes FIXED ASSETS £’000 £’000
6. Tangible fixed assets 4,781 4,484
7. Intangible fixed assets 1,261 879
6,042 5,363
CURRENT ASSETS
8. Stock 135 146
9. Debtors 2,436 3,104
10. Short term investments - 11,300
11. Cash at bank and in hand 13,468 1,052
16,039 15,602
CURRENT LIABILITIES
12. Creditors – amounts falling due within one year (4,311) (3,858)
13. Provision for liabilities and charges (637) (633)
14. Deferred membership income (6,181) (5,823)
(11,129) (10,314)
Net current assets 4,910 5,288
10,651 Total assets less current liabilities 10,952
28 2015 2014
Notes £’000 £’000
CREDITORS
15. Amounts falling due after more than one year (1,863) (1,910)
Net assets excluding pension liability 9,089 8,741
20. Pension liability – –
Net assets including pension liability 9,089 8,741
Represented by:
Accumulated fund at 31 December 9,089 8,741
The financial statements on pages 27 to 44 were approved by the board on 9 May 2016 and were signed on its behalf by:
Lady Barbara Judge CBE Simon Walker Chris Walton Chairman Director General Non-Executive Director
29 Consolidated statement of cash flows for the year ended 31 December 2015
2015 2014
Notes £’000 £’000
Net cash inflow from operating activities A 3,133 (877) (see reconciliation below)
Cash flows from investing activities Interest received 93 161
Purchase of tangible and intangible fixed assets (2,110) (2,531)
Change in cash and cash equivalents in the year 1,116 (3,247)
Cash and cash equivalents at 1 January 2015 12,352 15,599
Cash and cash equivalents at 31 December 2015 B 13,468 12,352
A Reconciliation of net surplus / (deficit) for the year to net cash flows from operating activities Surplus / (deficit) for the year 379 (1,210) Adjustments for: Taxation change 15 19 Tax paid (8) (92) Depreciation on tangible and intangible fixed assets 1,431 1,509 Loss on disposal of fixed assets – 145 Interest receivable and similar income (93) (161) (Increase) / decrease in debtors 668 (431) Decrease in stock 11 7 Increase / (decrease) in trade creditors 232 (59) Increase / (decrease) in other creditors, accruals and provisions 134 (648) Increase in multiple years’ advance membership over one year (47) (1) Increase / (decrease) in deferred membership income 358 (37) Increase in other deferred income 84 163 Difference between pension charge and cash contributions (31) (81)
Net cash inflow from operating activities 3,133 (877)
B Analysis of cash and cash equivalents Cash at bank and in hand 13,468 (1,052) Short-term investments - (11,300) 13,468 (12,352)
30 Notes to the Financial Statements - for the year ended 31 December 2015
Accounting policies year which is based on the estimate of the useful The Institute of Directors (the “institute”) is not subject economic lives attributed to the relevant assets; and to the Companies Act 2006. However, these financial statements have been prepared in accordance • The provisions made in respect of bad or doubtful with applicable Accounting Standards in the United debts; Kingdom and incorporate the disclosures required by the Companies Act 2006 in respect of directors’ emoluments for a private limited company. Assessment of going concern The board has assessed whether the use of the The principal accounting policies adopted, judgements going concern assumption is appropriate in and key sources of estimation uncertainty in the preparing these financial statements. The board preparation of the accounts are laid out below. has made this assessment in respect to a period of one year from the date of approval of these Basis of accounting and consolidation financial statements. These financial statements have been prepared for the year to 31 December 2015. The board has concluded that there are no material uncertainties related to events or The financial statements comprise the consolidated conditions that may cast significant doubt on accounts of the institute, its wholly owned subsidiaries, the ability of the institute to continue as a going The Director Publications Limited, IoD Management concern. The board is of the opinion that the Limited, iod.com Limited, and Tomorrow’s Directors institute will have sufficient resources to meet its Limited and the net revenue and assets of its branches. liabilities as they fall due. Financial statements for the Institute of Directors alone have not been presented. Membership income Annual membership subscriptions is recognised The financial statements have been prepared under as income on an accruals basis applicable to the the historical cost convention with items recognised membership period, and part of the subscription at cost or transaction value unless otherwise stated in applicable to the following year is carried forward the relevant accounting policies below or the notes to as deferred income. In the case of multiple year these accounts. membership subscriptions, an annual allocation is included within income for the year, the unutilised The financial statements have been prepared in income being carried forward to future years. accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Election fees are accounted for on a receipts basis.
The financial statements are presented in sterling and Revenue earning activities are rounded to the nearest thousand pounds. Revenue earning activities income consists of member services that are recognised when the Reconciliation with previous generally accepted service is provided and risks and benefits have accounting practice been transferred. In preparing the accounts, the board has considered whether in applying the accounting policies required Tangible fixed assets by FRS 102, a restatement of comparative items was Tangible fixed assets are recorded at historic cost, needed. No restatements were required. together with any incidental costs of acquisition. Depreciation is calculated on a straight line basis Critical accounting estimates and areas of judgement over the expected useful economic lives of the Preparation of the financial statements requires assets concerned. The principal annual rates used the board and management to make significant for this purpose are: judgements and estimates. The items in the financial statements where these judgements and estimates Leasehold improvements 10% or have been made include: the period of the lease if lower • The provisions made for dilapidations in respect of Computing equipment, the institute’s properties; furniture, fittings and other equipment 20% • The depreciation / amortisation charge for the
31 Notes to the Financial Statements - for the year ended 31 December 2015
Intangible assets recognised at the amount the charity anticipates The cost of acquired computer software licenses it will pay to settle the debt. They have been is capitalised. These costs are amortised over discounted to the present value of the future cash their expected useful lives - up to five years. payment where such discounting is material. Costs incurred on development projects relating to the design or improvement of systems Expenditure are recognised as intangible assets when the Liabilities are recognised as expenditure as soon recognition criteria set out in FRS 102 are met. as there is a legal or constructive obligation Capitalised development costs are amortised committing the institute to make a payment from the date available for use of the system over to a third party, it is probable that a transfer of their expected useful lives – not exceeding five economic benefits will be required in settlement years. Research expenditure is recognised as an and the amount of the obligation can be measured expense as incurred. reliably. All expenditure is accounted for on an accruals basis and excludes recoverable VAT. Stock Stock is valued at the lower of cost and net Property maintenance realisable value. Under the terms of the various leases held by the institute there is an obligation to keep the Debtors relevant properties in a proper state of repair Debtors are recognised at their settlement together with the rentals are charged as incurred. amount less any provision for non-recoverability. In addition, and where necessary, the institute Prepayments are valued at the amount prepaid. sets aside a provision for expenditure required They have been discounted to the present value to bring the property back to a proper start of of the future cash receipt where material. repair. Such provisions are discounted to the present value of the future cash payment where Cash at bank and in hand such discounting is material. For 116 Pall Mall, Cash at bank and in hand represents such which is held under a lease expiring in 2043, the accounts and instruments that are available on public areas of the building are maintained to a demand or have a maturity of less than three standard which is consistent with their revenue months from the date of acquisition. earning potential.
Short-term investments Leased assets Fixed and floating rate short-term deposits for Rentals applicable to operating leases where more than three months but less than one year substantially all of the benefits and risks of have been disclosed as short term investments. ownership remain with the lessor are charged Cash placed on deposit for more than one year is to the Consolidated Statement of Income and disclosed as a fixed asset investments. Retained Earnings on a straight-line basis over the term of the lease. Foreign currencies Assets and liabilities in foreign currencies are Pension scheme translated into sterling at the rates of exchange The institute operates both a non-contributory ruling at the balance sheet date. Transactions defined contribution pension scheme for benefits in foreign currencies are translated into sterling accruing from 1 January 1997 and a closed at the rate of exchange ruling at the date of the defined benefit pension scheme. Pension costs transaction. Exchange differences are taken to for the former are charged to the Consolidated the statement of income and retained earning in Statement of Income and Retained Earnings arriving at the net surplus for the year. when they are payable to the scheme. For the closed defined benefit pension scheme, Creditors and provisions finance income is credited to the Consolidated Creditors and provisions are recognised when Statement of Income. As the scheme is in surplus, there is an obligation at the balance sheet date the surplus is not carried on the balance sheet as a result of a past event, it is probable that a in accordance with the requirements of FRS transfer of economic benefit will be required in 102. Accordingly, a corresponding adjustment settlement, and the amount of the settlement can equivalent to the finance income is recognised be estimated reliably. Creditors and provisions are within other comprehensive income.
32 2015 2015 2015 2014 Income Expenditure Net Net
2. ANALYSIS OF OPERATING SURPLUS £’000 £’000 £’000 £’000 BY ACTIVITIES
Membership Income Membership Subscriptions 11,255 – 11,255 11,071 Election Fees 302 – 302 445 Overseas Capitations 170 – 170 147
11,727 – 11,727 11,663 Membership Expenses Marketing and Membership 3 (2,107) (2,104) (2,079)
11,730 (2,107) 9,623 9,584 Revenue Earning Activities Hospitality 4,105 (3,893) 212 268 Director Publications 1,406 (1,526) (120) (53) Professional (Director) Development 5,265 (2,349) 2,916 2,668 Office Solutions 323 (114) 209 212 Business Centre 1,575 (522) 1,053 1,145 Director Events 827 (912) (85) (126) Commercial (Product Marketing) 670 (124) 546 490
14,171 (9,440) 4,731 4,604 Member Services Regional Services 1,328 (3,176) (1,848) (1,911) Information and Advisory Services 6 (806) (800) (801)
1,334 (3,982) (2,648) (2,712)
Operating and Overhead Costs Property costs 15 (2,107) (2,092) (3,675) Loss on disposal of fixed assets – – – (145) Depreciation – (1,416)* (1,416) (1,493) IT, iod.com, marketing and new initiatives – (3,271) (3,271) (2,877) Central Administration – (2,973) (2,973) (3,140)
15 (9,767) (9,752) (11,330) Representation and Directorate Policy and directorate 465 (2,017) (1,552) (1,438) Communications – (132) (132) (141)
465 (2,149) (1,684) (1,579)
Interest Receivable 124 – 124 242
(Deficit) / surplus on ordinary activities 27,839 (27,445) 394 (1,191) before taxation
* This excludes depreciation for Director Publications which is charged directly to Revenue Earning Activities. The institute’s activities are managed as one organisation and, as such, operating and overhead costs are not separately identifiable to any particular segment. As a result, no segmental analysis of surplus on ordinary activities before taxation and net assets is provided. Management has decided to provide some voluntary information which is disclosed in the table above.
33 Notes to the Financial Statements - for the year ended 31 December 2015
2015 2014
EMPLOYMENT COSTS £’000 £’000 3. (a) The average number of employees (full-time equivalent) during the year was: 283 283
(b) Salaries 9,279 9,030 Social security 944 933 Pension costs - see note 19 816 801 Contracted and temporary staff 942 993 Subsistence and insurance 297 363 Redundancy, termination & ex gratia payments 54 68 Other 612 529
12,944 12,717 (c) The fees paid to the Chairmen totalled £20,000 during the year (2014: £20,000). The fees were split £6,667 to Ian Dormer and £13,333 to Lady Barbara Judge.
(d) Emoluments paid to the Director General, who is the highest paid £’000 £’000 Director, amounted to: - Salary 306 306 - Payment in lieu of employer pension contribution 37 37 - Bonus 5 - - Benefits 1 2
349 345 - Pension contributions - -
349 345
£’000 £’000 (e) Executive directors’ emoluments Director General - 3(d) above 349 345 2 other directors (2014: 3 directors) - Salaries 216 222 - Bonus 4 – - Benefits 2 1
222 223
Aggregate emoluments 571 568
Aggregate value of pension contributions payable in respect of money purchase benefits Director General - 3(d) above - - 2 other directors (2014: 3 directors) 28 28
28 28
(f) Emoluments paid to key management 7 key management including Director General and other executive £’000 £’000 directors (2014: 8 key management) - Salaries 974 892 - Bonus 22 68 - Benefits 5 6 1,001 898 - Pension contributions 72 68 1,073 966
Directors’ emoluments disclosures have been prepared in compliance with Companies Act requirements for a limited company.
34 2015 2014
INDIRECT COSTS £’000 £’000 4. General Administration 2,172 2,259
Marketing and Promotion 1,258 1,247
Professional fees 1,723 1,354
Financial charges 296 263
Fees in respect of services provided by the auditor: Statutory audit 33 30 Tax advisory services 7 12
5,489 5,165
TAXATION 5. £’000 £’000 Current tax: UK Corporation tax (15) –
Tax reconciliation: Surplus / (deficit) on ordinary activities before taxation 394 (1,191)
multiplied by the standard rate of UK Corporation tax of 20.25% (2014: 23.25%) 80 (256)
Tax effect of: non taxable net income (80) (105) expenses not deductible for tax purposes 4 5 depreciation in excess of capital allowances 2 324 losses carried forward - 32 withholding tax suffered 9 -
15 -
Corporation tax is payable only on the institute’s externally derived sources of income and on activities undertaken by The Director Publications Limited – the institute’s wholly owned subsidiary. The institute’s membership activities are outside the charge to corporation tax.
No provision for deferred taxation is required (2014 - £nil).
35 Notes to the Financial Statements - for the year ended 31 December 2015
Leasehold Funiture & Improvements Fittings Total
6. TANGIBLE FIXED ASSETS £’000 £’000 £’000 Cost: At 1 January 2015 10,604 8,084 18,688 Additions 1,202 262 1,464 Disposals (3,915) (3,227) (7,142)
At 31 December 2015 7,891 5,119 13,010
Depreciation: At 1 January 2015 7,890 6,314 14,204 Charge for the year 640 527 1,167 Disposals (3,915) (3,227) (7,142)
At 31 December 2015 4,615 3,614 8,229
Net book value 2015 3,276 1,505 4,781
Net book value 2014 2,714 1,770 4,484 The institute does not hold any assets under finance leases (2014: £ nil). Computer Software
7. INTANGIBLE FIXED ASSETS £’000
Cost: At 1 January 2015 2,475 Additions 645
At 31 December 2015 3,120
Depreciation: At 1 January 2015 1,595 Charge for the year 264
At 31 December 2015 1,860
Net book value 2015 1,261
879 Net book value 2014
8. STOCK 2015 2014 Food, wines, liquor £’000 £’000 Books and stationery Other stock 111 120 11 14 13 12
135 146
36 2015 2014
9. DEBTORS £’000 £’000
Trade debtors 1,324 1,821 Other debtors and prepayments 1,112 1,283
2,436 3,104 All debtors are due within one year.
Cost Cost 2015 2014
10. SHORT TERM INVESTMENTS Fitch Investor Rating £’000 £’000
Short term i) Arbuthnot Latham & Co Limited none - 4,500
ii) Close Brothers Group plc A * - 1,800
iii) Santander UK plc A * - 2,500
iv) Nationwide (Isle of Man) A * - 2,500
* represents long term stable outlook - 11,300
11. SHORT TERM BANK DEPOSIT, CASH AT BANK AND IN HAND
The analysis of the movement in the balance is as follows: At 31 December At 31 December 2014 Cash flows 2015
£’000 £’000 £’000
Cash at bank and in hand. 1,052 12,416 13,468
Cash at bank and in hand includes £261,000 1,052 12,416 13,468 (2014: £180,000) held in overseas branches.
Short term bank deposit comprises monies held overnight.
37 Notes to the Financial Statements - for the year ended 31 December 2015
2015 2014
12. CREDITORS £’000 £’000 Amounts falling due within one year: Trade creditors 1,122 890 Deferred non membership income 1,815 1,731 Other creditors and accruals 1,367 1,237 Taxation 7 –
4,311 3,858
Property provisions
13. PROVISION FOR LIABILITIES AND CHARGES £’000
Movements in the provisions are as follows: At 1 January 2015 633 Charge in year 4 At 31 December 2015 637 Property provisions comprise the following: dilapidations provision for 120 and 123 Pall Mall.
2015 2014
14. DEFERRED MEMBERSHIP INCOME £’000 £’000
Membership subscriptions received in advance 4,191 4,027 Multiple years’ membership subscriptions expiring within one year 1,990 1,796
6,181 5,823
2015 2014
15. CREDITORS £’000 £’000
Amounts falling due after more than one year: Multiple years’ membership subscriptions received in advance 1,863 1,910
38 2015 2015 2015 Property Other Total
16. LEASE COMMITMENTS £’000 £’000 £’000
At 31 December, the Institute has total future minimum lease payments under non-cancellable operating leases as follows:
Within one year 14 1 15 After one, but within five years 32 26 58 After five years 9,524 – 9,524
9,570 27 9,597
2014 2014 2014 Property Other Other £’000 £’000 £’000
Within one year 26 1 27 After one, but within five years 40 33 73 After five years 9,973 – 9,973
10,039 34 10,073 The property leases are subject to rent reviews.
17 CAPITAL COMMITMENTS
Capital commitments contracted but not provided for in the financial statements amount to £nil (2014 - £20,000 for works in connection with the refurbishment of 116 Pall Mall).
18 RELATED PARTY TRANSACTIONS There were no transactions with related parties during the year.
19 POST BALANCE SHEET EVENT On 14 March 2016, all food and beverage operations within the IoD’s headquarters building at 116 Pall Mall were transferred to Benugo Limited, a well-established catering firm. The transfer was made in accordance with a concession agreement signed by both parties which is expected to have a positive financial effect on the IoD.
39 Pension Costs
20. PENSION COSTS The Institute of Directors operated both a non-contributory defined contribution pension scheme for benefits accruing from 1 January 1997 and a closed defined benefit pension scheme. The assets of both schemes are held separately from those of the institute in independently administered funds. The total pension cost for the year was £816,000 (2014: £801,000). During the year, employer cash contributions were made to the pension schemes of £816,000 (2014: £801,000).
Defined Contribution Scheme Contributions are charged to the Consolidated Statement of Income in accordance with the rules of the scheme.
The charge associated with this scheme was £816,000 (2014: £801,000). Employer cash contributions during the year were £816,000 (2014: £801,000).
Defined Benefit Scheme With effect from 1 January 1997, this scheme became closed to new entrants and ceased to provide any further benefit accrual to the then active members who became entitled to deferred pensions, subject to statutory revaluation as from that date.
The last full funding valuation was carried out as at 1 January 2012. A qualified independent actuary carried out calculations as at 31 December 2015 to obtain the amounts reported under FRS 102.
a. Balance sheet and notes The major assumptions for FRS 102 purposes were:
31 December 31 December 31 December 2015 2014 2013
Rate of increase in salaries n/a n/a n/a
Rate of increase to pensions in payment (Post 88 GMP) 1.8% 1.7% 2.6%
Rate of increase to pensions above GMP in deferment 2.0% 1.9% 2.6%
Discount rate 3.6% 3.3% 4.3%
RPI Inflation assumption 3.0% 2.9% 3.4%
CPI Inflation assumption 2.0% 1.9% 2.6%
No contributions were paid to the scheme during the year (2014: Nil). The amounts charged and credited to the Consolidated Statement of Income and Retained Earnings are detailed in sections b and c below and total £31,000 (2014: £81,000).
No lump sum contributions are due in the coming year in respect of the scheme (2015: Nil).
40 a. Balance sheet and notes (continued) Under FRS 102 the long term expected rate of return is replaced by the discount rate. The assets in the scheme and the expected rates of return were:
Discount rate Value at 31 Discount rate Value at 31 Long term rate Value at 31 at 31 Dec 2015 Dec 2015 at 31 Dec 2014, Dec 2014 of return expected at 31 Dec 2013 restated under Dec 2013 £’000 £’000 FRS 102 £’000 under FRS 17
Equities 3.6% 2,829 3.3% 2,958 6.0% 2,721
Bonds 3.6% 4,180 3.3% 4,452 4.0% 4,106
Cash 3.6% 42 3.3% 41 0.5% 37
Total market value of assets 3.6% 7,051 3.3% 7,451 4.8% 6,864
Present value of scheme liabilities 5,965 6,501 5,772
Surplus in the scheme 1,086 950 1,092
Deemed irrecoverable 1,086 (950) (1,092)
Balance sheet valuation – – –
Reconciliation of present value of scheme liabilities: At 31 Dec 2015 At 31 Dec 2014 £’000 £’000
Opening defined benefit obligation (6,501) (5,772)
Service cost – –
Interest cost (207) (240)
Actuarial (loss) / gain 232 (843)
Benefits paid 511 354
Closing defined benefit obligation (5,965) (6,501)
41 Pension Costs
Reconciliation of fair value of scheme assets: At 31 Dec 2015 At 31 Dec 2014 £’000 £’000
Opening fair value of scheme assets 7,451 6,864
Interest income 238 287
Investment gain / loss (2014 reinstated under FRS 102) (127) 654
Contribution by employer – –
Benefits paid (511) (354)
Closing fair value of scheme assets 7,051 7,451
Current year Prev year 1 Prev year 2 Prev year 3 Prev year 4 2015 2014 2013 2012 2011 £’000 £’000 £’000 £’000 £’000
Defined benefit obligation (5,965) (6,501) (5,772) (5,997) (6,506)
Scheme assets 7,051 7,451 6,864 6,888 7,247
Surplus 1,086 950 1,092 891 741
Experience adjustments on (30) (111) (60) (22) (16) scheme liabilities
Experience adjustments (127) 654 176 475 170 on scheme assets (2014: reinstated under FRS 102) b. Analysis of amount charged to the Consolidated Statement of Income At 31 Dec 2015 At 31 Dec 2014 £’000 £’000
Current service cost – –
Total operating charge – –
c. Analysis of amount credited to other finance income At 31 Dec 2015 At 31 Dec 2014 £’000 £’000
Interest income (2014: reinstated under FRS 102) 238 321
Less: Interest on pension scheme liabilities (207) (240)
Net return (2014: reinstated under FRS 102) 31 81
42 d. Total amounts taken to other comprehensive income At 31 Dec 2015 At 31 Dec 2014 £’000 £’000
Remeasurement - gain / (loss) (127) 620 Return on scheme assets excluding interest income
Remeasurement - gain / (loss) Experience gain / (loss) arising on scheme liabilities (30) (111)
Remeasurement - gain / (loss) Changes in financial assumptions underlying the scheme liabilities – gain / (loss) 171 (483)
Changes in demographic assumptions underlying the scheme liabilities – gain / (loss) 91 (249)
(Increase) / Decrease in irrecoverable surplus (136) 142
Actuarial gain / (loss) recognised in other comprehensive income (31) (81)
As the pension surplus is irrecoverable, the increase of £136,000 has been treated as a pension scheme adjustment in other comprehensive income in 2015
e. Movements in surplus during the year At 31 Dec 2015 At 31 Dec 2014 £’000 £’000
Surplus in scheme at beginning of the year 950 1,092
Movements in the year:
Current service cost – –
Contributions – –
Other finance income 31 47
Actuarial (loss)/ gain 105 (189)
Surplus in scheme at the end of the year 1,086 950
Sensitivity to changes in assumptions:
The assumptions as to discount rate and price inflation have a significant effect on the value placed on the defined benefit obligations. As at 31 December 2015, a 1% pa change to these assumptions would have had the following effects on the closing defined benefit obligation:
1% pa increase 1% pa decrease
Discount rate (£727k) 931k
Price inflation £272k (£243k)
43 Pension Costs
f. Demographic assumptions used are as follows:
Assumption 31 December 2015 (No changes from 31 December 2014, except where noted)
Mortality (pre and post retirement) S2PxA, CMI_2015 [1.5%]
(2014: S2PxA, CMI_2014 [1.5%])
Proportion married 90% for men and 70% for women
Age difference Husbands 3 years older than wives
Age at retirement Normal pension age
Cash Commutation 90% of maximum cash allowance
44 IoD premises
IoD Premises London Pall Mall 116 Pall Mall, London, SW1Y 5ED T. 0207 839 1233 City New Broad Street House, 35 New Broad Street, London, EC2M 1NH Enquiries: 0207 194 7500, Room Bookings: 0870 880 8484, Admin: Mei Sim Lai East Midlands Nottingham Newton Arkwright Building, Nottingham Trent University, Burton Street, Nottingham, NG1 4BU Bookings: 0115 848 6190, Admin: Sue Charlesworth, Director: Ron Lynch East of England Norwich St Andrews House City College, St Andrews Street, Norwich, NR2 4TP Bookings: 0160 377 3731 North West Manchester Lowry House 14th Floor 17 Marble Street Manchester M2 3AW Enquiries: Admin: Andrea Lowe, Director: Rachel Smith
West Midlands Birmingham Library of Birmingham, Centenary Square, Birmingham, B1 2ND Enquiries: Admin: Sue Hurrell (0121 643 7801), Director: John Phillips South Reading (hub) Davidson House, Forbury Square, Reading, RG1 3EU. Bookings: 0845 880 8484, Admin: Rosie Curcio (0118 900 0532), Director: Rodger Broad
South West Bristol The Innovation Centre at Bristol & Bath Science Park, Emersons Green, Bristol, BS16 7FR Bookings: 0117 905 5000, Admin: Sarah Roberts & Debra Baker (0117 907 5050), Director: Simon Face Bristol The Engine Shed, Station Approach, Temple Meads, Bristol, BS1 6QH Bookings: 0117 903 1100, Director: Simon Face Yorkshire Leeds Leeds Beckett University, Old Broadcasting House, City Campus, Leeds, LS2 9EN Bookings: , Admin: Susanne Foxley, Director: Natalie Sykes
Northern Ireland Belfast Riddel Hall, 185 Stranmillis Road, Belfast, BT9 5EE Bookings: 0289 068 3224, Admin: Julie-Anne Clarke, Director: Linda Brown Scotland Edinburgh 10 Charlotte Square, Ebinburgh, EH2 4DR Bookings: 0131 556 4270, Admin: Julie Blackwood & Patricia Huth (0131 557 5488), Director: David Watt Glasgow 200 St Vincent Street, Glasgow, G2 5RQ Bookings: 0141 222 3934, Admin: Julie Blackwood & Patricia Huth (0131 557 5488), Director: David Watt
Wales Cardiff The Park House Club, 20 Park Place, Cardiff, CF10 3DQ Bookings: 0292 038 9900, Admin: Debbie Trotman (0292 038 9990), Director: Robert Lloyd Griffiths Bangor The Park House Club, 20 Park Place, Cardiff, CF10 3DQ Bookings: 0292 038 9900, Admin: Debbie Trotman (0292 038 9990), Director: Robert Lloyd Griffiths
France Paris France-Ameriques, 9-11 Franklin Roosevelt, 75008, Paris General Enquiries: 0207 766 8888
Netherlands Amstelveen Alliance Business Centres, Startbaan 8, Amstelveen, 1185 XR, Netherlands
45 IoD Premises
01 02 Edinburgh Glasgow
12
Belfast
04
03 Leeds
13 Manchester
Bangor 05 11 Nottingham 06 Norwich
Birmingham
07 10 08 09 Cardiff London Bristol Reading
14
Paris
46 47 Institute of Directors For further information on this report or for a copy in large text format, please contact:
The Institute Secretary’s Office 020 7451 3302 [email protected]
Training Events Networks Mentoring The Institute of Directors Research iod.com Influencing