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2023-06-30-accounts

Draft Financial Statements at 26 October 2023 at 10:08:26

Charity registration number 227068

Company registration number 00498619 (England and Wales)

INSTITUTE OF MATERIALS FINISHING

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

LEGAL AND ADMINISTRATIVE INFORMATION

Directors Mr Graham Armstrong
Mr John Burgess
Mr Daniel Chaplin
Dr Trevor Crichton
Dr David Eastham
Mr Barry Gay
Dr Paul Lansdell
Mr David Neal
Mr John Oliver (Appointed 7 July 2022)
Ms Brenda Peters
Prof Karl Ryder
Mr John Torr
Dr Geoffrey Wilcox
Secretary Mr Graham Armstrong
Charity number 227068
Company number 00498619
Registered office New Exeter House Unit 2 Roman Way
Coleshill
Birmingham
B46 1HQ
Auditor BK Plus Audit Limited
2 Highlands Court
Cranmore Avenue
Solihull
West Midlands
B90 4LE
Office manager Helen Wood
Membership manager Karen Yates

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

CONTENTS

Page
Directors' report 1 - 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 20

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2023

The directors present their annual report and financial statements for the year ended 30 June 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Institute of Materials Finishing is a registered charitable company, founded in 1925. Its objective is to provide a focus for Surface Engineering and Finishing activities worldwide through the fulfilment of the technical, educational and professional needs at all levels for both the individuals and companies involved in the coatings industry.

Principal Activity

The Institute is a private company limited by guarantee. Its objectives are to promote the theory and practice of materials finishing and the Institute is exempt from the requirement to use the word 'limited'.

Directors and Management Board

The Directors and Management Board of the Institute are listed on the charity information page contained within the financial statements.

Public Benefit

The directors are aware of the obligations of the charity, which are set out in the Guidance issued by The Charities Commission. They are confident that the work of the charity in pursuit of its objects is delivering Public Benefit.

Achievements and performance

During the year ended 30 June 2023 income from education increased by £14,395. The increase is primarily as a result of improved course enrolments and the development of our tutor led, in person courses. Our strategy over the upcoming year is to continue to provide education services that assist our students and members and ensure our industry develops.

Financial review

Financial position

In the current year, there has been an increase in education and distance learning income; however, with costs remaining high, the increase to income is not significant enough to result in a profit for the year. A deficit of £14,548 has been generated which the directors consider acceptable.

Investment Portfolio

The Institute's portfolio continues to be administered by an independent fund manager. The portfolio provided dividend income of £10,048 and generated realised gains of £1,373. Also, the portfolio’s market value increased to £527,485 as at 30 June 2023 resulting in an unrealised gain of £2,642. Further details of the movements in the portfolio are contained in note sixteen.

Risks and Reserves Policy

The members of the Management Board examine major risks that the Institute faces each financial year when preparing and updating the Strategic Plan. The Institute has developed systems to monitor and control these risks to mitigate any impact that they may have on the Institute in the future.

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Structure, governance and management

Recruitment and appointment of new directors

In selecting individuals for appointment as directors, the directors have regard to skills, knowledge and experience needed for the effective administration of the charity.

With regards the appointment of individuals as Branch officers the Institute’s Management Committee has the power to co-opt to the Committee any member possessing experience or qualifications likely to be of value to the Branch. Co-opted Members of the Committee shall have no voting powers unless co-opted to fill a casual vacancy.

Induction and training of new directors

Directors must make available to each new director on their first appointment: a copy of the Deed and any amendments made to it, a copy of the Charity’s latest report and statement of accounts. They should emphasise the Responsibilities of the Directors detailed in the Report.

Future Plans

Our future plans ensure the Institute will continue to support its stakeholders through the provision of educational, information and networking events whilst maintaining a continued income stream to sustain our ongoing activities.

In October 2023, representatives of the Institute will attend Surface Live World Exhibition with the intention of raising awareness of the charity's objects and existence.

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

DIRECTORS RESPONSIBILTIES

The Directors of Institute Of Materials Finishing for the purposes of the Companies Act, are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Companies Act requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Directors are aware:

Mr Phillip Alexander (Resigned 1 March 2023) Mr Graham Armstrong Mr John Burgess Mr Daniel Chaplin Mr Edward Cotton (Resigned 1 March 2023) Dr Trevor Crichton Dr David Eastham Mr Barry Gay Dr Paul Lansdell Mr David Neal Mr John Oliver (Appointed 7 July 2022) Ms Brenda Peters Prof Karl Ryder Mr John Torr Dr Geoffrey Wilcox

Auditor

The auditors, BK Plus Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Disclosure of information to auditor

Each of the directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The directors' report was approved by the Board of Directors.

.............................. Mr Graham Armstrong Director

Date: .............................................

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INSTITUTE OF MATERIALS FINISHING

Opinion

We have audited the financial statements of Institute of Materials Finishing (the ‘charity’) for the year ended 30 June 2023 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSTITUTE OF MATERIALS FINISHING

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSTITUTE OF MATERIALS FINISHING

Paul Mannion FCCA, FCA (Senior Statutory Auditor) for and on behalf of BK Plus Audit Limited

.........................

Chartered Certified Accountants Statutory Auditor

2 Highlands Court Cranmore Avenue Solihull West Midlands B90 4LE

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Charitable activities
Education income 3 66,876 52,481
Members subscriptions 3 41,049 43,965
Publications 3 5,532 6,066
Other trading activities 4 2,008 4,000
Investments 5 11,823 6,681
Total income 127,288 113,193
Expenditure on:
Raising funds 6 2,423 -
Charitable activities
Education costs 7 79,022 67,775
Members subscriptions costs 7 46,563 47,611
Publication costs 7 17,843 19,488
Total charitable expenditure 143,428 134,874
Total expenditure 145,851 134,874
Net gains/(losses) on investments 11 4,015 (13,278)
Net outgoing resources for the year (14,548) (34,959)
Gain on disposal of tangible fixed assets 13 - 263,099
Net movement in funds (14,548) 228,140
Fund balances at 1 July 2022 877,493 649,353
Fund balances at 30 June 2023 862,945 877,493

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

BALANCE SHEET

AS AT 30 JUNE 2023

Notes
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
20		 2023
£
11,962
82,058
94,020
(27,048)		 £
-
268,488
527,485
795,973
66,972
862,945
862,945
862,945		 2022
£
9,868
111,228
121,096
(31,694)		 £
-
271,503
516,588
788,091
89,402
877,493
877,493
877,493

The financial statements were approved by the Directors on .........................

..............................

Mr John Oliver

Director

Company registration number 00498619

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

Charity information

Institute of Materials Finishing is a private company limited by guarantee incorporated in England and Wales. The registered office is New Exeter House Unit 2 Roman Way, Coleshill, Birmingham, B46 1HQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Intangible fixed assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences 10% SL

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Over 50 years (2% SL) Fixtures and fittings 20% SL

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

3 Charitable activities

Education
income
Members
subscriptions
Publications
2023
2023
2023
£
£
£
Distance/tutored learning
66,876
-
-
Members subscriptions
-
16,075
-
Sustaining members
-
24,974
-
Outsourcing publications income
-
-
4,648
Other publication income
-
-
334
Diaries
-
-
550
66,876
41,049
5,532		 Total
2023
Education
income
Members
subscriptions
Publications
2022
2022
2022
£
£
£
£
66,876
52,481
-
-
16,075
-
16,574
-
24,974
-
27,391
-
4,648
-
-
3,806
334
-
-
1,750
550
-
-
510
113,457
52,481
43,965
6,066		 Total
2022
£
52,481
16,574
27,391
3,806
1,750
510
102,512

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

4 Other trading activities

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Fundraising trading activities - Car park hire - 4,000
Fundraising trading activities-Golf day 2,008 -
Other trading activities 2,008 4,000

5 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 10,048 6,409
Interest receivable 1,775 272
11,823 6,681

6 Raising funds

Unrestricted
funds
2023
£
Fundraising and publicity
Golf day costs
2,423
2,423		 Total
2022
£
-
-

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

7 Charitable activities

Education
costs
Members
subscriptions
costs
Publication
costs
2023
2023
2023
£
£
£
Education Expenses
5,141
-
-
Project Costs
-
-
-
AGM Expenses
1,371
-
-
Database Costs
-
3,060
-
Transactions Costs
-
-
5,659
Publications Costs
-
-
7,350
6,512
3,060
13,009
Share of support costs (see note 8)
66,045
43,503
4,834
Share of governance costs (see note 8)
6,465
-
-
79,022
46,563
17,843		 Total
2023
Education
costs
Members
subscriptions
costs
Publication
costs
2022
2022
2022
£
£
£
£
5,141
3,583
-
-
-
(740)
-
-
1,371
2,585
-
-
3,060
-
-
-
5,659
-
-
6,661
7,350
-
-
9,426
22,581
5,428
-
16,087
114,382
56,547
47,611
3,401
6,465
5,800
-
-
143,428
67,775
47,611
19,488		 Total
2022
£
3,583
(740)
2,585
-
6,661
9,426
21,515
107,559
5,800
134,874

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

8 Support costs

Staff costs
Depreciation
Accountancy
Legal and Professional
Fees
Subscriptions
Postage, Carriage &
Stationery
Bank Charges
Maintenance - Office
Equipment & Property
Travel & Subsistence
Telephone
Sundry Expenses
Irrecoverable Input VAT
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
76,615
-
6,165
-
-
5,500
7,166
965
340
-
3,324
-
603
-
9,677
-
2,529
-
95
-
2,775
-
5,093
-
114,382
6,465
114,382
6,465		 2023

£
76,615
6,165
5,500
8,131
340
3,324
603
9,677
2,529
95
2,775
5,093
120,847
120,847		 Support
costs
Governance
costs
£
£
77,922
-
3,522
-
-
4,950
7,525
850
-
-
3,220
-
689
-
9,453
-
914
-
522
-
3,792
-
-
-
107,559
5,800
107,559
5,800		 2022
£
77,922
3,522
4,950
8,375
-
3,220
689
9,453
914
522
3,792
-
113,359
113,359

Governance costs includes payments to the auditors of £5,500 (2022- £4,950) for audit fees.

9 Directors

Amounts totalling £1,645 (2022 - £nil) were paid to a director for remuneration during the year.

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries		 2023
Number
2
2023
£
76,615		 2022
Number
2
2022
£
77,922

There were no employees whose annual remuneration was more than £60,000.

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

11 Net gains/(losses) on investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Revaluation of investment properties 2,642 (33,845)
Gain/(loss) on sale of investment properties 1,373 20,567
4,015 (13,278)

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Other gains or losses

Other gains or losses
Unrestricted
funds
2022
£
Gain on disposal of tangible assets (263,099)

14 Intangible fixed assets

Patents & licences
£
Cost
At 1 July 2022 and 30 June 2023 8,000
Amortisation and impairment
At 1 July 2022 and 30 June 2023 8,000
Carrying amount
At 30 June 2023 -
At 30 June 2022 -

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

15 Tangible fixed assets

Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 July 2022
272,459
10,921
Additions
-
3,150
At 30 June 2023
272,459
14,071
Depreciation and impairment
At 1 July 2022
3,178
8,699
Depreciation charged in the year
5,449
716
At 30 June 2023
8,627
9,415
Carrying amount
At 30 June 2023
263,832
4,656
At 30 June 2022
269,281
2,222		 Total
£
283,380
3,150
286,530
11,877
6,165
18,042
268,488
271,503

16 Fixed asset investments

Listed
investments
£
Market Value
At 1 July 2022 516,588
Additions 38,175
Disposals (18,104)
Investment cash - movement (13,189)
523,470
Net investment realised gains 2,642
Net investment unrealised gains 1,373
At 30 June 2023 527,485
Investments at fair value comprise:
Securities 475,445
Cash within investment portfolio 52,040
527,485

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

17 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
1,996
4,818
5,148
11,962		 2022
£
-
5,566
4,302
9,868

18 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Accruals and deferred income		 2023
£
-
4,626
22,422
27,048		 2022
£
1,330
700
29,664
31,694

19 Retirement benefit schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

20 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
Unrestricted
funds funds
2023 2022
£ £
Fund balances at 30 June 2023 are represented by:
Tangible assets 268,488 271,503
Investments 527,485 516,588
Current assets/(liabilities) 66,972 89,402
862,945 877,493

21 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 76,615 77,922

Draft Financial Statements at 26 October 2023 at 10:08:26 INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

21 Related party transactions

(Continued)

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Out of pocket expenses
reimbursed to directors
2023
2022
£
£
Professional service: 2023 - 1 (2022 - 0)
-
-
Director' travel: 2023 - 9 (2022 - 8)
4,065
7,507
4,065
7,507		 Purchases
2023
£
1,645
-
1,645		 2022
£
-
-
-