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← Institute Of Materials Finishing

2025-06-30-accounts

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 2025

INSTITUTE OF MATERIALS FINISHING

LEGAL AND ADMINISTRATIVE INFORMATION

Directors

Mr Graham Armstrong Mr Philip Bodycote Mr John Burgess Mr Daniel Chaplin Ms Wendy Chilton Mr Barry Gay Mr Paul Holder Dr Paul Lansdell Mr David Neal Mr John Oliver Ms Brenda Peters Prof Karl Ryder Mr Michael Smith Mr John Torr Dr Geoffrey Wilcox

(Appointed 1 November 2024} (Appointed 1 November 2024)

Secretary Mr Graham Armstrong

Charity number 227068

Company number 00498619

Registered office

New Exeter House Unit 2 Roman Way Coleshill Birmingham B46 1HQ

Accountant Pays Dividends Ltd 22 Ullswater Road Handforth Wilmslow SK9 3NQ

Office manager Helen Wood

Membership manager Karen Yates

Admin Assistant Michelle Tennyson

INSTITUTE OF MATERIALS FINISHING

CONTENTS

Page
Directors’ report 1-3
Accountant’s report 4
Statement offinancial activities 5
Balance sheet 6
Notestothefinancialstatements 7-20

INSTITUTE OF MATERIALS FINISHING

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their annual report and financial statements for the year ended 30 June 2025.

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 2025 income from education increased by £24,064. Timings of course enrolments create fluctuations between years. 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 a increase in education and distance learning income: with costs remaining high, the increase to income has resulted in a small operating profit of £3,324. However after investment gains a surplus of £32,576 has been generated which the directors consider acceptable.

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INSTITUTE OF MATERIALS FINISHING

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Investment Portfolio

The Institute's portfolio continues to be administered by an independent fund manager. The portfolio’s market value increased to £613,980 as at 30 June 2025.

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 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.

2

INSTITUTE OF MATERIALS FINISHING

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

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:

There is no relevant information of which the charitable company’s accountant is unaware; and - the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant accounting information and to establish that the accountant is aware of that information.

Mr Graham Armstrong Mr Philip Bodycote Mr John Burgess Mr Daniel Chaplin Ms Wendy Chilton (Appointed 1 November 2024) Dr David Eastham (Resigned 1 November 2024) Mr Barry Gay Mr Paul Holder (Appointed 1 November 2024) Dr Paul Lansdell Mr David Neal Mr John Oliver Ms Brenda Peters Prof Karl Ryder Mr Michael Smith Mr John Torr ; Dr Geoffrey Wilcox ( — " The directors' report waslepprert? by the Board of Directors. Mr Graham Armstrong — ~~ : Director | . Date: \3\ \ te 3

INSTITUTE OF MATERIALS FINISHING

INDEPENDENT ACCOUNTANTS REPORT

FOR THE YEAR ENDED 30 JUNE 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of INSTITUTE OF MATERIALS FINISHING for the year ended 30 June 2024 as set out on pages 6 - 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

Our work has been undertaken in accordance with AAF 7/16 as detailed at icaew.com/compilation.

Pays Dividends Ltd

22 Ullswater Road Handforth Wilmslow SK9 3NQ

4

INSTITUTE OF MATERIALS FINISHING

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Incomefrom:
Charitable activities
Education income 3 87,069 67,905
Members subscriptions 3 45,159 41,225
Publications 3 - 5
Othertrading activities 4 1,920 11,067
Investments 5 191 526
Total income 134,339 120,728
Expenditure on:
Raising funds 6 8,636 3,659
Charitable activities
Education costs 7 92,900 83,626
Members subscriptions costs 7 32,720 49,842
Publication costs 7 (1,615) 1,486
Total charitable expenditure 124,005 134,954
Total expenditure 132,641 138,613
Net gains/(losses) on investments 10 30,882 55,613
Net outgoing resources forthe year 32,576 37,728
Gain on disposal oftangible fixed 12 - -
assets
Net movement in funds 32,576 37,728
Fund balances at 1 July 2024 900,549 862,821
Fundbalancesat30 June2025 933,125 900,549

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.

5

INSTITUTE OF MATERIALS FINISHING

BALANCE SHEET

FOR THE YEAR ENDED 30 JUNE 2025

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2025 2024
Notes £ £ £ £
Fixed assets
Intangible assets 12 -
Tangible assets 13 258,039 264,265
Investments 14 613,981 583,099
872,020 847,364
Current assets
Debtors 15 26,408 22,907
Cash at bank and in hand 39,280 44,547
65,688 67,454
Creditors: amounts falling due 16 (4,583) (14,269)
within one year
Net current assets 61,105 53,185
Total assets less current liabilities 933,125 900,549
Income funds
Unrestricted funds 18 933,125 900,549
933,125 900,549
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For the year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by f= Mr John Oliver Director

Company registration number 00498619

6

INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

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.

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.

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.

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

7

INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

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).

8

INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies (Continued)

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.

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.

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.

9

INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies (Continued)

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.

10

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INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

4 Othertradingactivities Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraisingtrading activities-Golf day 1,778 -
Refund (1,630) 6,250
Sales 621 878
Royalties 1,151 3,939
Othertrading activities 1,920 11,067
5 Investments Unrestricted Unrestricted
Funds Funds
2025 2024
£ £
Income from listed investments - -
Interest receivable 191 526
191 526
6 Raisingfunds Unrestricted Unrestricted
Funds Funds
2025 2024
£ £
Golfday costs 1,974 -
Exhibition Costs 6,662 3,659
8,636 3,659

12

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INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

8 Support costs
Support
costs		 Governance
costs		 2025 Supportcosts Governance
costs		 2024
£ £ £ £ £ £
Staffcosts 78,605 - 78,605 82,779 - 82,779
Depreciation 6,651 - 6,651 6,651 - 6,651
Accountancy - - - - 6,010 6,010
Legal and Professional
Fees 2,744 . 2,744 5,825 - 5,825
Subscriptions 427 - 427 608 - 608
Postage, Carriage&
Stationery 4,379 - 4,379 5,968 - 5,968
Bank Charges 790 - 790 2,570 - 2,570
Maintenance— Office
Equipment& Property 9,364 - 9,364 7,776 - 7,776
Travel& Subsistence 4,587 - 4,587 4,925 - 4,925
Telephone 390 - 390 337 - 337
Sundry Expenses 5,933 - 5,933 184 - 184
irrecoverable InputVAT 2,507 . 2,507 2,915 - 2,915
116,377 - 116,377 120,266 6,010 126,276
Analysed between
Charitableactivities 116,377 - 116,377 120,266 6,010 126,276

9 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Employment costs 2 2
2024 2023
£ £
Wagesandsalaries 78,605 82,779

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

14

INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

10 Netgains/{losses) on investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Revaluation ofinvestment properties - :
Gain/(loss)onsaleofinvestmentproperties - -

11 ~~‘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 Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Intangible fixed assets

Intangible fixed assets
Patents & licences
£
Cost
At 1July 2023 and 30June 2025 8,000
Amortisation and impairment
At 1July 2023 and 30 June 2025 8,000
i
Carryingamount
At 30June 2024 -
;
At30June2025 -

15

INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

13 Tangible fixed assets

13 Tangible fixed assets
Freehold land Fixtures and Total
and buildings fittings
£ £ £
Cost
At 1July 2024 272,459 16,499 288,958
Additions 203 221 424
At 30June 2025 272,662 16,720 289,382
Depreciation and impairment
At 1 July 2024 14,076 10,617 24,693
Depreciation charged in the year 5,448 1,202 6,650
At 30June 2025 19,524 11,819 31,343
Carryingamount
At 30June 2025 253,138 4,901 259,039
At 30June 2024 258,383 5,882 264,265
14 ‘Fixed asset investments
Listed
investments
£
Market Value
At 1July 2024 583,099
Additions -
Disposals -
Investmentcash - movement 583,099
Net investment realised gains -
Net investment unrealised gains 30,882
At 30 June 2025
613,981

16

INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

15 Debtors
2025 2024
Amountsfalling due within one year: £ £
Trade debtors 1,713 990
Other debtors 23,195 14,474
Prepayments and accrued income 1,500 7,443
26,408 22,907
16 Creditors:amountsfalling duewithin one year
2025 2024
£ £
Other taxationand social security 1,552 1,275
Trade creditors 13 820
Accruals and deferred income - 12,174
Other Creditors 3,018 -
/
4,583 14,269

17 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.

18 Analysis of net assets between funds

18 Analysis of net assets between funds
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fund balances at30June 2025 are represented by:
Tangible assets 258,039 264,265
Investments 613,981 583,099
Current assets/(liabilities) 61,105 53,185
933,125 900,549
19 Related partytransactions
Remuneration ofkeymanagement personnel
The remuneration ofkeymanagement personnel is asfollows.
2025 2024
£ £
Aggregatecompensation 78,605 82,779

17

INSTITUTE OF MATERIALS FINISHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

20 ——* Related party transactions

(Continued)

Transactions with related parties

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

Out ofpocketexpenses Purchases
reimbursed to directors
2025 2024 2025 2024
£ £ £ £
Professional service: 2025 - 1 (2024 - 1) - - - -
Director’ travel: 2025 -9 (2024 - 9) 271 1,000 - -
271 1,000 - -

18