IGEM voluntarily returns £50k claimed from government furlough scheme

30/09/2021 13:03
IGEM_Logo_strapline_CMYK.jpg

IGEM, the engineering institution for the gas industry, has returned over £50,000 it claimed from the government’s Job Retention scheme following a better-than-expected financial performance in 2020-2021.

Like many organisations, IGEM made use of the government’s furlough grants while dealing with the unprecedented circumstances of the Covid-19 pandemic.

Under the scheme, IGEM furloughed a number of employees and claimed a total of £52,382 from the Treasury.

However, thanks to the measures IGEM put in place to continue delivering value for members, despite the effects of national lockdowns and office closures, the institution performed well during the period.  

Turnover in 2020 was higher than had been forecasted, due to the success of its adaptation to virtual activities, such as the introduction of online training courses from August 2020 onwards, and the expansion of its offering on IGEMtv.

Since financial gain is not IGEM’s main purpose as a not-for-profit organisation, the institution decided to return the money it claimed in 2020. It did not claim any funds in 2021.

IGEM’s Head of Finance, Wendy Cheung said: “IGEM’s Finance Committee concluded that although there was no obligation to return the money, there was a moral reason to return the grant because we finished the last financial year with a surplus.

“We have been very prudent in spending and saving throughout the pandemic and the institution felt that we should not burden the government during such a critical time of crisis while we have managed to conduct our activities within budget.”

Related IGEM News

  • Simon.jpg IGEM wishes to extend its heartfelt and deepest condolences to the family and friends of our...