Charlty regl$tration number 260380 INSTITUTE OF CAST METALS ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
INSTITUTE OF CAST METALS ENGINEERS LEGAL AND ADMINISTRATIVE INFORMATION Tru$tè&s T Stevenson T Ayre S Alexander A Evans M Dudley T Carannanle W Bennell A Laing A Rimmèr D Prilchard R Cairns (Appointed 18 May 20241 Charlty numbgr {England and Wales) 250380 Reglstered office National Foundry Training Centre ECMS Tipton Road West Midlands DY4 7UW Audltor Price Pearson Limited Finch House 28-30 Wolverhampton Street Dudley Wesl Midlands DY1 1DB Bankers Lloyds TSB 134 New Street Birmingham W8sI Midlands B2 4QZ
INSTITUTE OF CAST METALS ENGINEERS CONTENTS Pagg Trustees report Independ&nt audilorfs report Slalement of financial activities Balance sheet 10 Notes ltr the financial slal&menls
INSTITUTE OF CAST METALS ENGINEERS TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Iruslees presenl their annual report and financial statements for the year ended 31 December 2024. The fin8ncial stalemenls have been prepared in accordance with the accounting poli¢ies sel out in note 1 to the financial slalemenls and comply w((h the chaty'S governing document, th8 Chartties Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP PLeounting and Reporting by Ch2ri1ies'. Statement of Recommended Practice applicable lo Charities preparing their accourEls in accordance with the Financial Reporting Stan(Jard applicable in the UK and Republi¢ of Ireland (FRS 1021" The legal and adminislrab've information fomis part of this report. Prlnclpal actlvlty The PTincipal activity of the company in the year under review was that of bringing together people from cast mel81s and allied industries, to offer help and advice. networking opportunities, technical information, training and professional development opportuniUes. in order lo help the instilultss members lo make most of Ihair careers. Objectlvgs and activities The objectives of the chaiily are to:_ Slimulale science and technology in the cast metals and allied industries. Promote professional developmenl, leaming and education in the cast metals and allied industries. Confer professional qualifications tjp lo the level of Chartered Engineer IhrDugh ils Membership Committee. The charity is now an Affiliate of the Engineering CoL¢ncil lo achi8ve these objectives. 11 al80 promol&s lecluros, webinars and seminars lo members. The Inslilut& of Cast Metals Engineers is recognised End Point Assèssment OrgarTrisalion IEPAO}. Throughout 2023 and 2024 a number of End Point Assessments for Apprents'¢es were carried out for apprentices in the industry who had completed the standard for Metal Casting, Foundry and Patteinmaking. A number of the apprentices received the grade of distinction during thèsè assessments. Over 16 18chnical short courses were delivered during 2024. in addition lo leadership and management cours88. Plus, the inslilule was able lo deliver several bespoke courses to companies and Individuala during the course ol the year, as well as delivery of a1evel 3 EAL Diploma lo groups of learners, This represented increased activity in Iralning and il is hoped that this wlll continue durfng 2025 and help lo address future skills needs for the UK industry, By &ngaging with employets from the sector ICME supporting a révision ol the level 3 metals casliw apprentice standard, due to be completed during 2025. As part of their annual subsciiplion , and in addition lo a regular newsletter, all members re1ve a regular copy ol the Foundry Trade JoLbrnal. a technical and news publicatlon for the global foundry and castings industry. An awards luncheon was held al the National Heritage Motor Museurn lo celebrate and honor the contributions and achievements of many of the Inslilules, M8mbers. A number of regional technical events were held, some with on- line access. on a range of technical topics, enabling members and individual from the wider industry, to theel and nelwoik with like-minded people. Recordings ol some were also made available lo members. The Iruslees are grateful lo all those who have organised events, hosted meetings ar made presentations to our membeis and the wider casting industry communily on behalf of the Inslitule. Publlc beneflt In shaping our objectives for the year and planning our activities. the trustees have consideied the Charity Commissions guidance on public benefit , in particular. the Iruslèes consider how specific projects will contribute lo thèir objectives.
INSTITUTE OF CAST METALS ENGINEERS TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢hlgvements and pgrformance Charitable actlvltes The Inslilule of Cast ANelals Engineers Dffers End Point Assessment of apprenlSces for the ft)undry. casllng and patlernmaking indL4slries apprenlicoship programme. As part of the commitment to trainiw and upskilling, tho inslitule's Education, Training and Profe8sional Development Committee mee15 regularly lo oversee work lo increase the training offer for individuals in the industry and lo work on a programme of promDlion of STEM and careers in Casting lo addr8ss the on-going skills and re¢ruilmenl issues in the casting and foundry industry. Membershlp Promollon and and Apprentices 59 new members were recruited lo ICME during 2D24. As part of ils commitment lo support young apprentices, tethnicians and their companies. ICME ofFers free membership lo appr8ntices. TTuslees are curienlly workin9 on inilialives lo promote new membership lo the inslilule. Flnancial revl8W Accounts and financlal posltlon The attached financial statements Comply with current slalutory requirements, the charily's goverr4ng document, and the FRS102 SORP Istalemenl of Recommènded Practice foiAccounling and Reporting by Chaiiliesl 2019. The Statement of Financlal Activities summ8rSses the income sources and main areas ol expendrfLure. Opportunilie lo control costs and raise income are ?clively sought by Investmenu Finance and General Purposes committeè. the council continues lo invèsligale opportunities to work with like-minded organisations lo ensure that the Inslilul8 continues to meet its aim5 and objectives for the benefit of the castings industry. Prlnclpal fundlng sources The investment Powers are unreslricled but are managed under the advice of an investment Advisory Committee lo the Council. Baillie Gifford & Co. is employed as the investment advisor. Capital withdrawals are made lo either acquire or to give additional support in times of financial uncertainty. The Institute's Principal source of during is membership subscriptlons amounting lo £57k training income amounting to £212k for the year lo 31 sl of Décomber 2024. Thère was also income of £8.9k from investment retuins. Reserve$ policy The Charity holds reserves lo support the long-term learning and educational needs of the sector and will continue lo hold these reserves lo allow il lo gen@rale income to meet these objectives. The reserves policy is reviewed each year by the Trustee's. The Trustees estimate that a sufficient level ol resetves lo hold would b8 equivalent lo 6 months of expenditure, laround £150k}. The Iruslees have agreed that if income levels allow, the Teserves will be increased Ilo a maximum of £1 M) and any cash suiplus would be held in cash. in interest bearing acCnts. for projects. At the year end the charity held resvrves IDlaling £482,175 comprising of reslricled reserves of £12,713 and unreslricled reserves of £469,462. The trustees consider the 18vel ol reserve5 cuirenlly held lo be of a sufficient level lo support the charity moving forward. Inv0ment policy The investrnenl policy has beèn to continue to invosl in any stocks and bond consid8r@d by the investment m8nagers lo form a sound basi5 foi stable long-lerm growth and reasonable income. The overall purpose of the investment Is lo facililale additional income Tesources for the Charity. The laTgel for the splil of the current holding remains at 100/0 Invested in bonds and 90tyk invested in equities and at the year end this was 15% and 85% respoclively.
INSTITUTE OF CAST METALS ENGINEERS TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future perlods The aim of the Inslilule is to continue to support and develop professional development opportunities for those In the industry. The industry continues lo have 8 particular need for training and professional development provision for new apprentices 2nd graduates entering this sector. ICME continues to Dff8r an End Point Assessment service for apprentices completing their Level 3 Metal Casting, Foundry and Patlernmaking and now also offers a wide range of additional le¢hni¢al short courses, leadership and management courses and a diploma in casting lo anyone seeking lo leam more abDUt the indu81ry and castings as a roule lo manufacturing. 11 Is recognised th81 the Instilute's finances are underpinned by the Investment portfotio bLtrt investment in staff has mèant that the level of incom8 derived from training and EPA aclivilies has been improved. ICME is currently working on implementing strategies lo improve future membership subscriptions, such as more flexible paywnenl options and developlng new incentives lo promote new members. structure. governance and management Governlng document The Charity is an Institute incorporated by Royal Charter, wilhoul shale capital. 11 operates under the name of Institute of Cast Metals Engineers. The Inslilule of Cast Metals Engin8ers is a UK professional engineering Institution founded in 1904 as the 'Brilish Foundrymen's Association,. It was granted Royal Charter on the 25th of November 1921. On lh8 11th of October 2000 il changed its name lo Inslilule of Cast Metals Engineers. The Institute is registered as a charity under the Charities Act 196L), number 250380. Organlsatlon strueturo Th& charity has three part.lime staff and around 18 volunteers who occupy positions al both regional and national level. Some bought in secretaii81 support is provided thiough an SLA by staff from the Casts Federation, the trade asso¢i&lion for the UK Csstings Industry. A combination of regional officers and national officers conslitules the council who ratify all decisions at meetings held thrèe limes a year. The members of staff hav8 d8y-lo-day responsibility wthin strict operating rules 2nd the Finance and gèneral Purposes Committee, IF&GPI, consisting ol the national officers. plus branch represenlives and elecled meetings, meet on a regular basis lo give support. Risk managoment The Iruslees have a duty to identify and review the rlsks lo which the ch8rfly is exposed 8nd to ensure appropriale controls are in place to provide reasonable assurance against fraud and error. Risks, both operational and financial, are r6gularly reviewed by the Council. the F&GP and the Investment Advisory Commilloe. Th& major risks lo which the charity are exposed, as identified by the Iruslees, have been reviewed and systems eslablishÈd to manage those risks. Pam Murrell, alongside Dlhers in the Cast Metals Federation team, overseas the day lo day running of the Institute, via a support contract. Amy Worrallo 15 the En&Point Asses5rnenl and Training Marnagor, Kale Brown provldtss adminislraliv8 SUPPOrt for the day-to-day bookkeeping and Trudi Skidmore is Tiaining Adminislralor.
INSTITUTE OF CAST METALS ENGINEERS TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 34 DECEMBER 2024 The trustees who servecl during the year and up lo the dale of signature of the financial slalements w8r8'. T Stevenson T Ayre S A5exandèr A Sartorious A Evan$ M Dudley T Carannanle W Bennell A Laing A Rimmer D PrilGhard R Cairns (Resigned 18 May 20241 IAppointed 18 May 20241 Recrultment and appointment of naw trustees The Trustees are elecleol by Council, on one- two-. or Ihree-year terms.. these are the Branch Represenllves and the Elected Members. Other Trustees are the office bearers of the Inslilule. namely the President, the Senior Vice President, thè Junior Vice president and the Honorary Treasurer. The trustees are ele¢l8d to Council in accordanc8 th th& Inslilule Charter and By-Laws. 11 is the Council who is the Goveining Body of the Inslilule. statement of trustee$ Tespon51bllltle$ The Iruslees are responsible foi preparing the Trustees Report and the fi'nanclal Statements in accordancé wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. The law applicable lo charities in England and Wales requiTes the trustees lo prepare financial slalemenls lor @ach financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resourc&s of the Charity for th81 year. In prepang those financial ststemenls, the trustees 8re required to.. select suitable accounting policios and then apply them consistently., obsetve the methods and principlgs in the Charities SORP., make judgeménts and eslimales that are reasonabl& and prudent., slate whether applicablè accounting standards have been followed, subject lo any material departLsres disclosed and explained in the financial slalem8nls', and prepare the financial slalements on the going concern basis unless il is inappropriate to presum@ that the charity 11 continue in operation. The trustees are responsible for keeping suffi¢ienl accounting records that disclose with reasonable accuracy al any Ilme the financial position of the Charity and enable them to ensure that the financial Statements Comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. Th&y are also responsible for safeguarding the assets of the Charity and hence lor taking reasonable steps for the prevention and dele¢lion of fraud and trlher irregularities. Websits The TTUStegs are responsible for the maintenance and in18grity of the corporat8 and financial information included on the chari18bl@ company's website. It is important lo bear in mind that legislation in th8 United Kingdom goveming the preparation and dissemination of financial slatÈm@nls may differ from legislation in olherjurisdicliDns. Audltor Price Pearson Limited were appointed as auditor lo the company and 8 resolution proposing that they be re- appointed will bo pul al a Gener81 Meeting.
INSTITUTE OF CAST METALS ENGINEERS TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of Information to auditor Each of the IrLJStees has confirmed that there is no information of which Ihey are aware which is relevsnl lo the audil. bul of whiGh the audilor is unawa. They have further confirmed that théy have taken appropriate slep5 10 identify such relevant information and lo establish that the aLKlllor is aware of such intormation. The trustees report was approved by the Board ol Trustees. ON BEHALF OF THE BOARD leven50n Truste8 Date..
INSTITUTE OF CAST METALS ENGINEERS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INSTITUTE OF CAST METALS ENGINEERS Oplnlon We have audiled the financial statements of Institute ol Ca81 Metals Engineers Ilhe 'Charity'l for the year ended 31 December 2024 which comprise the statement of financial sclivilies, the balance sheet and notes lo the financlal slalements, including significant ac¢ounlin9 policies. The financial reporting framework that has been applied In their preparation is applicable 18w and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FinanGial Reporting St8ndard appliGable in Ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opiniL)n, the finan¢Fal statements.. give a true and fair view of the slate of the charity's affaiTS as al 31 De¢ember 2024 and of its incoming resources and application of resource5. for the year then enéed,, have been properly prepared in accordanGe with United Kingdom Gen•rally Accepted Accounting Practice.. and have been prepared In accordance with the CharitiesAcl 2011. 8asls for opinion Vve condLrcled our audit in accordance with International SlanLlards on Auditing {UKI IISAg IUKII and applicable law. Our responsibilities under those stsndard5 are further described in the Auditors responsibilities for th8 audil ol Ihe financial slal8ments section of our report. Wè are independent of the Charity in accordanc& with the ethical requirements that are relevant to OLJr audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and wè have fulfilled our other ethical responsibilities in accordance with these reouiromenls. We belÈeve that the audlt evidenc8 we have obtained is suffitienl and appropriate lo provide a basis for 0r opinion. Concluslon$ relating to golng concern In auditing the linancial slatemenls, we have concluded thal the trustees use of the golng concem basis ol accounting in the preparation of the financial slalemenls is appropriate. Based Dn the woik we have performed, we have not id8nlified any materlal unrtaInlieS relating lo events or conditions that, individually or collectwely, may cast significant doubt on the Charity's ability to continue as 8 going concern for a pe111 of al least twelve months from when the financial 8lal&menls ar& authorised for issue. Our responsibilities and the responslbilities of the Iru51ees wÈth respect lo going concern are described in the relevant sections of this report. other Intortnatlon The other information comprises the information included in th8 annual report other than the finartÈal statements and our audilorfs report Ih8reon. The Iruslees are responsible for the other information contained w¢lhin the annual report. Our opinion on the financial slalemenls does not cover the other information and we do not express any form of a55uranc8 conclusion thereon. Our responsibility is lo read the Other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the couise of the audit, or othenwise appears to be materially misstaled. If we identify such material inconsistencies or apparent material misstalemenls, we 8re required lo determine whether this gives rise lo a material misstalemenl in the financial slalemenls Ihomselves. 11. based on the work we have performed. we conclude that there is a material misstslemenl of this other infortllalion, we are required lo report Ihal fact. We hav& nothing to report in this regard. Mattgrs on whlch we are requir¢d to report by oxcoptlon We have nothing lo reSrt in respect of the ftillowing mallers in relation to which thè Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the inforrnalion given in the financial slalements is inconsislenl in any material re5Ct wth the INs18èS report- or sufficient accounting records have nDI been kept., OT the financial statements are not in agreement with the accounting records.. or we have nal received all the information and explanations we require for our 8udil.
INSTITUTE OF CAST METALS ENGINEERS INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF INSTITUTE OF CAST METALS ENGINEERS Re5ponslbllltles of trustees As explained more fully in the slalemenl of trustees responsibilities, the Iruslees are iesponsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view. and for such internal control as the Iruslees determine is necessary lo ènable the preparatign of financial statements that are free from material mlssl8temenl, whether due lo Iraud or euor. In preparing the financial slalemenls, the Iruslees are ¥esponsible foi assessing Ihe Charity's ability lo continue as a going concern. disclosing, as applicable, mallers related lo going concern and using the going concem basis of accounting unless the Iruslees either intend to cease operations, or have no realistic 211ernatsve bul lo do so. Auditorfs responslbllltles for thg audlt of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and rèpert In accordancè wllh the Aet and relevant regulations made or having effect thoreunder. Our objectives are to obtsin reasonable assuran about whether the fi'nanclal Statements as a whole are free from material misslalement, wheth&r due lo fraud or error. and to Issue an auditor's port 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 IUKI will always delecl a materi31 misstalemenl when it exists. Misstaternenls can arise from fraud 01 error and are considered maleiial if. intjlvidually or in the aggregate, they could reasonably be expected to influence the oconomic decisi$ of users taken on the basis of these financial stalemenls. Irregularities, Including fraud, are instances of non-compliance with laws and rogulalions. Vve design procedures in line with our respon5ibililies, outlined above, Its detect material misslatemenls in r8sp@cl of irregularities, including fraud. Based on our understanding of the chaiity and the environment in which il opewales, we identified that the principal risks of non-compli?nce with laws and regulations related to health and safely and employment (including lax8lioril, and we ¢onsider&d the exlenl lo which non-compliance may have a material effect on the financial slalements. We also considered those laws and regulations that have a direct impact on the preparation of the finan¢i81 slalements Such as th& Charities Act 2011. We evalu?led managements incentives and opportunities for ffaudulenl manipulation of the financial stslements and determined that Ihe piincipal risk included revenue recognition and grant making. Audit procedures performed by the engagement team included.. Erbquiry of management and those charged with governance regarding known or suspe¢ted fraud or irregularity and the existence of actual or potential litigation. Enquiry of staff in finance and management functions lo identify any instances of non-compliance with laws and regulation5. Performing audit work over the risk of management overtide of controls, including testing of journal entri88 for appropriateness, evaluating the business rationale of significant Irans8clion5 outside the nomial course of business and reviewing eslimales for bias. Agreeing financial slalemenl disclosures lo underlylng supporllng documenl8110n. Because of the inherent limitations of an audit, there is risk that we will not delecl all irregularities, including those leading 10 8 malerial misslalemenl in th6 financial statements or noEFcompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflècted in the financial $18lÈm8nts, as we will bè less likely lo become aware of instances of non-compliance. The risk is also giealer regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment. forgery, collLssion, omission or misrepr8sÈntalion. A further description of our responslbllilles is available on the Financial Reporting Council's website at.. hllps',11 www.frc.org.uklaudllorsresponsibililies. This description forms part of our auditor's report.
INSTITUTE OF CAST METALS ENGINEERS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INSTITUTE OF CAST METALS ENGINEERS oth8r matters Your allenlion Is drawn lo the fact that the ch8rity has prepared financial statements in accordance with A¢¢ounling and Reporting by Charilies.. Slalemenl of Recommgnd8d Practice applicable lo charities preparing their accounts in awordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended) in preference lo the Accounting and Reporting by Charities.. Slalement of Recommended Practrce issued on 1 April 2005 which is referred lo in the extant regu5alions but has now beèn withdrawn. This has been don8 in order for the financial slalements lo provide a true and fair view in accordance with current Generally Accepted Accounting Practice. Use ofour report This report is made solely to the charity's trustees. as a body, in accordance with Part 4 of th? Charilles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those mallers we are requlred lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not sccepl or assume responsibility to anyone other than the charity and the charity's Iru8lees as 8 body, for our audit work, for this report, or for Ihe opinions we hav8 fomi&d. Chrlstopher Cooper FCA FCCA IS9nlor Statutory Audltorl For and on behalf of Price Pearson Limited, StaluloryAudilor Chartered A¢counlanls Finch House 28-30 Wolverhampton Street Dudley West MKllands DY11DB 28April 2025 Pri Pearson Limited is eligible for appoinlmenl as auditor of the Charity by virtu8 of ils eligibility for appoÈnlmenl as auditor of a company under section 1212 of the Companies Act 2006.
INSTITUTE OF CAST METALS ENGINEERS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unreytrlct&d Restrlcted funds funds 2024 2024 Total Unrestrlcted Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Income from.. Donations and legacies Charitable activities Investments 5,999 269,932 8,932 10,764 16,763 269,932 8,972 2,700 288,737 9,720 10,281 12,S81 288,737 9,932 40 212 Total Incomg 284,863 10,804 295.667 301,157 10,493 311,650 Expendlture on: Charitable activities 327,366 11,676 339.042 286,721 10,986 297,707 Total 8xpendlture 327,366 11,676 339,042 286.721 10,986 297,707 Nel g8insl{lossesl on investments 10 9,858 13.4871 6,371 36,108 370 36.478 Net Incomgllexponditurel and movement In funds 132,6451 14.3591 {37,0041 50,544 {1231 50,421 RoconGlllatlon of funds: Fund balances al 1 January 2024 502,107 17,072 519,179 451,563 17,195 488,758 Fund balanc88 at 31 December 2024 469,462 12.713 482,175 502.107 17,072 519,179 The slalemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
INSTITUTE OF CAST METALS ENGINEERS BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixod assets Intangible assets Tangible assets Inve51menls 12 13 14 8,1 2,868 436,567 10,8QO 5,179 446,224 447,535 462,203 Current assets Stocks Debtors Cash al bank and in hand 15 16 1.930 47,096 43,231 2,290 63,538 33,681 92.257 99,509 Creditors: amounts falllng due within an8 yaar 157.8171 {42,533) Net current as$èts 34,640 56,976 Totsl assets less current liabllltl8s 482.175 519,179 The funds of th• Charlty Restricted incorne fijnds Unrestricted fUrS 19 20 12,713 469,462 17,072 2,107 482,175 519,179 The financial stalemgnts were approved by the trustees on ..S.Lk.-.0..4.- 401 T Stevenson Trustee 10-
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcies Char5ty Informatlon Inslilule of Casl Metals EngineÉrs is an InslFtule incorporated by Royal Charter. It operales under Ihe name of Inslilule of Cast Metals Engineers and constltules a registered Charity und@r the Chaiilies AGI 1960, number 250360. 1.1 Accountlng conventlon The financial slalemenls have been prepared in accordance with the Charivs governing document, the Charities Act 2011, FRS 102 "The Financial Reporiing Slandar(S applicable in the UK and Republic of Ireland" and the Charities SORP 'Accounling and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in 8¢cordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021" The CharSty is a Public Benefit Enlily as d&fined by FRS 102. The Charity has lak8n advantage of the prov181ons In the SORP for charities not lo prepare a statement ol cash flows. The financial slalemenls have departed from the Charities {AccotJnts and Reports) Regulations 2008 only lo the extent required lo provide a true and fair view. This departure has involved followng the Slalemenl ol Recomrnended Practice for charities applying FRS 102 rather than the version of the Statement ol Recommended Practi which is raf@rred to in the Regulations bul which has since been withdrawn. The financial slalemenls are prepared in sterling, whlch is the functional currency of the Charity. Monetary amounts in th&se financial statements are rounded lo the nearest £. The financial slalerllenls have been prepared under the historical ¢osl convention modified to include the revaluation of certain financial instruments al fair value. The principal accounting policies adopted are sel out below. 1.2 Golng concern Al the lime of approving the finan¢ial slalements, the trustees hav& a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trus18eS continue to adopt the going concern basis of accounling in preparing the financial slalement8. 1.3 Charitable funds Unreslricled lunds are available for usa 81 the discretion of the trustees in furtherance of their ¢harilable objectives. Restricted funds are subject to speclfic conditions by donor8 or grantors as lo how they may be used. The purposes and uses of the reslricled funds are sal out in the notes lo the financi81 slalements. 1.4 Income Income is recognised when th8 Charity is legally enlill@d to il after any performance conditions have been mel, the amounts can be measurèd reliably. and it is probable that incomo will be reGeived. All income including membership subscriptions is recognised in the Statement of financial Activities once tho charity has enlillement lo the funds, any performan conditions attached have been met, il is probable th81 the income will be received, and th8 arnounl b& reliably measured. Income from grants is rècognised on an accruals basis and are recognised in income in Ihe period the rolatsd Gosls are incurred by the enlily lor which the grant is likely lo compensate.
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcl&s (Continued) 1.5 Expendlture Expenditure is Tecognised On ther& is a legal or conslruclive obligation lo transfèr economic benefil lo a third party, il is probable that a transfer ol economlc benefits will be required in setllemenl, and th8 amount of the obligalh)n can be m98sured reliably. Expenditure is elassified by activity. The costs of each activity are made up of the lolal trf di1 costs and shaied costs. including support costs involved in undertaking each aclivlly. Diie¢t costs attributable lo a single activity are allocated directly lo that 8clivily. Shaied costs which conliibule lo more than one activity and support costs which are not alliibulable lo a single activity are apportioned betw&en those activities on a basis consislant with the use of resources. Central staff costs are allocated on the basis of limé spent, and depreciation charges are allwaled on the PDrtion ol the assel's use. Costs of charitable activlties comprise all costs incurr&d in pursuit of the charitable objects of the company. Governance costs Include those costs associated with meeting the conslilulional and statutory requirements of the charity such as the cost of board meetings, statutory complianc6 and costs Ilnked lo th? strategic managemént ol the ch8rily. 1.6 Intanglble flxed assèts oth&r than goodwlll Amortisalion is charged on Publisalion Titles to the Statement of Flnancial Activities on a slraighl-line basis over a period of 10 years which expired in 2013. Amortisation on the database 50ftware 15 Charged on a slraighl-line basis over a period of five years commenclng l January 2023 when th@ database came into use. 1.7 Tanglble fixed assets Tangible fixed assets are initially measured al cost and subsequently m8asured al cost OT valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their usefvl lives on the following bases.. Fixiur6s and fillings 330h120%110Yo P.8 straight line basis The gain or loss arising on the disposal of 8n asset is determined as the difference between the sale proceeds and the catrying value of the asset, and is recognised in the statement of financial aclivilies. 1.8 Flxed asset Investments Fixed asset investments are initially measured al IransacliDn price excluding transaction c0818, and are subsequently measured al fair value at each reporting date. Changes in falr value are iecognised in n81 incomellexpendilurel for the year. Transaclion costs are expense(l as incurred. 1.9 Impalrment of flxed assets Al each r@porling end dale. the Charity reviews the carrying amounts of ils tangible and intangibl& asse15 to determine whether Ihare 15 any indication that those assets have Suffered an impairment loss. If. any such indication exists, the recoverable amount of the asset is eslimaltsd in order lo determine the exlenl of the impairfflenl loss lif any). 1.10 Stocks Stocks are slated at the lower of cost and nel realisable value. after maklng due allowance for obsol&le and slow moving items. 12-
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policles Icontlnuodl 1.11 Cash and cash equivalents Cash and cash equivalents in¢lude cash in hand. deposits held at call wlth banks, other short~term liquid investments with original malurilies of three mc•nlhs or loss, and bank overdrafts. Bank ov@rdrafts are shown within borrowings in current liabilities. 1.12 Flnanclal Instruments The ChatY has elected to apply the provisions of Section 11 'Basic Financial ItbStruments' and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial inslrijmenls. Financial Instrum1$ are recognised in the Charity's balance sh8$1 when the Charity becomes party lo the conlraclual provisions of the inslrumenl. Financ¢al assets and liabilities are offs@I, with the nel amounts presenled in the financial slalemonls, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a net basis or lo realise the asset and sellle the liabilily simultaneously. Ba51c finan¢lal assets Basic financial assets, which Indude deblois and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effacliv interest method unless th8 arrangem6nl ¢onslilules a financing Ir8nsaclion, where the transaction is measured at the PTesenl value of the future receipts discoL5nted al a market rale of interest. Financial assets classified 8s receivable wlthin one year are not amortised. Basic tlftanclal liabilltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the ariangemenl constitutes a financing transaction. where the debt instrument is measured al the present value of th8 future payments discountèd al a market rale of interest. Financial liabilities classified as p8yable within one year are not amortised. Debt instruments are sub8equgntly rrIed al amortised ¢osl, using the effe¢liv& interest rate method. Trade creditors are obligations lo pay for gooLls or services Ihal have been acquired in th6 ordinary course of Dperalions from suppliers. Amounts payable are classified as current liabilitlès if payment is due wrthin one year or less. If not, they are pres8nted as non-Gurrenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortisÈd cosl using the effective interest method. Derecognitioft olflnanclal liobilities Finan¢ial liabilities are derecognised when the Charity's contractual obligation8 expire or are discharged or cancelled. 1,13 Taxatlon The charity is an exempl charity within the meaning of Schedule 3 of the Charities Act 2011 and is considered to pass the lest5 sel out in Par8graph 1 Schedule 6 Finance Act 201 D and therefore il meels th8 deJfnilk)n of a charitable company for UK corporation lax purposes. 1.14 Employ&e benefits The cost of any unus8d holiday enlillemenl Is recognised In the period in whlch the employee's Sa1c@S are receivecs. Tenninalion benefits are recognised immediately as an expense when the Charlly is demonstrably Commilled lo lerminale the employment of an employee 01 lo provide temiinalion benefit8. 13
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policlès {Continuedl 1.15 Operating leases Rentals applicable lo operating leases where SLEbstantially all ol the benefits and rfsks of ownorship remair¢ with the lessor are charged against profits on a slralghl-line basis over the period of the lease. 1.16 Value added Tax The charity is registered for VAT and is parb'ally exempl. All income and expenditure 18 shown nel of VAT where appropriate and disallowed input lax is inctuded within the asso¢i81ed costs. 1.17 Penslon costs and other post.r8tlrement beneflts The charitable cornpany operates a defined conlribulion ptsnsion sch8m&. Contributions payable lo th& charitable company's pension scheme are charged to the Statement of Financial Activities in the perlod lo which they rélate. The contribution paid are shown in note g. Income from donations and lega¢lgs Unrestrlctèd Rgstrlcted funds funds 2024 2024 Total Unrestrlctgd Restrlcted funds funds 2023 2023 Totsl 2024 2023 Sponsorship 5,999 10,764 16,763 2,700 10,281 12,981 Income from charltabl& actlvltles Unrestricted Unrestrlcted funds funds 2024 2023 Charltable activltles Membership subscriptions Training services End point assessments Miscellaneous income 57,056 189,448 18,900 4,528 67.945 169,785 37,600 13.407 269,932 288,737 Incomg from Investments Unrestrlcted Rtrstrlcted funds funds 2024 2024 Total Unrestrlcted Restrictèd funds funds 2023 2023 Total 2024 2023 Quoted securities 8,932 40 8,972 9.720 212 9,932 14-
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendtture on ¢haritable actlvltigs ChaTitable activlties 2024 Charltable actlvltles 2023 Dlrect costs Staff costs Depreciation and impaimienl Postage. stationary and telephone Piofessional and consu118ncy Engineering council fees Contributions lo branches Training Sèrvices Eslablishmenl expenses Othèr offices expenses EPA development costs Prizes and medals Inslilule awards Exhibition and travel Cost of FTJ journal Secretarial Support costs Amortisalion Trustees expenses 56,219 2,311 7,428 11,232 1,207 2,266 116,559 14,144 8,201 13,751 337 2,793 869 48,046 26,500 2,700 42,246 2,494 15,171 11,235 4.509 1.192 108,380 21,431 19,420 14.419 472 8,942 203 52,051 25,000 2,700 1,783 314,563 331,648 Share of support and govgrnance ¢osts Isee note 61 Governance 24,479 (33,9411 339,042 297,707 Analysis by fund Unreslricled funds Restricted funds 327,366 11,676 286,721 10,986 339,042 297,707 Support costs allocated to actlvlties 2024 2023 Bank charges Governance costs Bad debts 2.989 8,136 13.354 2,887 8,358 (45,1861 24,479 (33,941)
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocated to actlvltiès IContinu8dl Included within governance costs are audit fees amounting lo £5,000 (2023.. £6,000), Bad debts in 2023 include £5D,000 bad d8bl provision which was brought forward from 2022 that has now been recoveied. N¢t movèment In funds 2024 2023 The ng1 movernenl in funds is stated after chargingllcredlllngl.. F8es payable for the audit of the charity's financial st816ments Depreciation of owned tangibl8 fixed assals Amortisalion of intangible assets 5,000 2,311 2,700 6.000 2,494 2,700 Trustees Non8 of the trustees lor any persons connected wth th8ml received any remuneration or benefits from the Charity during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries 56,219 42.246 Employer pension contributions amounted lo £4,349 {2023 ', £3,309>, and thè balance oulstanding al the year end is £41812023 £5411. There were no 6mploy8es whose annual remuneration was more than £60,000. 10 Galns and losses on Investments Unr8strlcted Restricted funds funds 2024 2024 Total Unrestricted Restrlctgd funds funds 2023 2023 Total 2024 2023 Gainslllossesl arising on.. Sale of investments 9,858 13,4871 6,371 36.108 370 36,478 11 Taxatlon The charity is exempt from tsxation on ils aclivlties because all ils incorne is applied for charitable purpose5.
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Intanglble flxed assets Publlcatlons titi ComputeT softwartr Tot81 Cost Al 1 January 2024 and 31 Decembgr 2024 73,808 13.500 87,308 Amortlsation and Impalrment Al 1 January 2024 Amortlsation charged for the year 73,808 2,700 2,700 76,508 2,700 At 31 December 2024 73,808 5.400 79,208 Carrylng amount At 310ecembe(2024 8,100 8,100 Al 31 Decemb 2023 10,800 10.800 13 Tanglble flxed assets Flxtur88 and flttlngs Cost Al 1 January 2024 17,138 Al 31 December 2024 17,138 Depreclatlon and Impalrmenl Al l January 2024 D8precialion charged in the year 11,959 2,311 At 31 December 2024 14,270 Carrylng amount At 31 December 2024 2,868 Al 31 December 2023 5,179 17-
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Fixed asset Inveytments Invostments Cost or valuatlon Al 1 January 2024 Valuation changes Disposals 446,224 18,955 {28.6121 At 31 D¢mber 2024 436,567 Carrylng amount Al 31 December 2024 436,567 Al 31 December 2023 446,224 2024 2023 Investments al fair value compri5&'. Uninvesled cash Prize & medal fund investm8nl BG fund 8 investments 1,284 6,735 438,205 3,288 431,279 434.567 446,224 There re no investments assets outsid8 the UK. The Managed unil trust lund which was neither li81ed or unlisted had a valuè as 81 the 31 December 2024 of £3,288 (2023 .. £6,735). 15 Stocks 2024 2023 Stock 1.930 2,290 16 Debtors 2024 2023 Amounts falling dug withln one year: Trade debtors Other debtors Prepayments and ac¢ru6d income 33,552 5,733 7,811 53,341 6.906 3,291 47,0 63,538 18
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEfvIENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 17 Credltors: amounts falling due wlthln on8 year 2024 2023 Notes Other laxalion and social security Deferred income Trade credltors Other creditors Acctuals 4.485 37,684 2,981 313 12,154 9.675 11.342 9.000 854 11,662 18 57,617 42,533 18 Deferred income 2024 2023 Other deferred Income 37,684 11,342 Deferred iome Is IncludeLI in the financial slalemenls as follows.. 2024 2023 Deferred income is included within.. Cuirent liabilitie8 37.684 11,342 Movements in the year.. Delerred income at 1 January 2024 Released from previous peiiods Resources deferred in the year 11,342 (11.3421 37,684 34.550 134.5501 11,342 Deferred InMe al 31 December 2024 37,684 11,342 Deferred income consists of fees received for courses laklng place in the next fi'nancial year end 31st December 2025. 19-
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Restrlcted fun(Is The reslficted funds ol the charity comprise the unexpended Income held on trust subject to specific conditions by donors as lo how they may be used. At 1 January 2024 Incomlng resoLErces Resources expended Golns and 105ses At31 December 2024 Prize & Medal fund The John Campbell Fund The Foundry Training Trust 11,925 5,147 40 {9121 13,4871 7,566 5,147 10.784 110,7641 17,072 10,804 111,676 (3,4871 12,713 Prgvlous year: At 1 January 2023 Incomlng resources Resourcas expèndgd Gains and losses At31 Dècember 2023 Prize & Medal Fund The John Campbell Fund The Foundry training Trust 12,332 4.863 119 93 10,281 {7051 179 191 11,925 5,147 110,2811 17,195 10.493 (10,986) 370 17,072 Prlze & Medal Fund This fund was set up lo facilitate the awarding of prizos and mèdals lo members on an annual basis. The fund provides the financing elewnenl of Ihls project and ensures that efficient resour¢8s are available lo meet the annual demands of the awards proce8S. Thè John Campbell fund The fund originates from a fellow of the inslilule who had significant links to the Aluminum se¢lor. It is a specific fun(Lsel up to facilitate and finance the awarding of recognition within the Aluminum field. The Foundry Tralnlng Trust This fund was s81 up to cover the cost of an individtjal employed lo bring in more candidates on ITaining courses run by the Institute in order lo generate more income from the running of these cours&s,
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Unrèstrlcted funds The unreslricled funds of the charity comprise the unexpgnded balances of income which are not sublect to specific conditions by donors and grantors as lo how they may be used. At 1 January 2024 Incomlng resources Resources expended Galns and losses At31 December 2024 General funds 502.107 284,863 1327.3661 9,858 469,462 Prevlous year: At 1 January 2023 Incoming Resources resources expended Galns and losses At31 Decembgr 2023 General ftjnds 451,563 301.157 1286,721 36.108 502,107 21 Analysis of net assets betwgon funds Unrestrlcted fundy 2024 Restrlcted funds 2024 Total 2024 At 31 December 2024: Intangible fixed assets Tangible assets Investments Current assetsllliabililiesl 8,100 2,868 433,279 25,215 8,100 2,868 436,567 34,640 3,288 9,425 469,462 12,713 482,175 Unrestrlcted funds 2023 Restrlctod funds 2023 Total 2023 At31 December 2023: Intangible fixed assets Tangible 8ssels Investments Curlenl assel81lliabililies) 10,800 5,179 439,489 46,839 10,800 5,179 446,224 56,976 6,735 10,337 502.107 17,072 519,179 21
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Operatlng lease commltments Lessee Al the reporting end dale the Charily had oulslanding commitments for future minimum lease payments under non-cancellable operating18ases, which fall due 8s follows.. 2024 2023 Within olle year Between two and five years 1,845 5,537 7,382 23 Related party transactlons Tran5actlons with rglated parties During the year the Charity entered into the fo11owlng transactions with related parlies.. During tho year membership 8ubscriplion f8 lotaling £1,836 12023 £2,516), which include Iroe subscriptions lo the value of £16512023.. £175) were réceived from the Trustees ol the Charity. This was in accordance wilh the nomal specific membership rates for each individual. The charity rec@ived £1,036 12023.. £6801 from the Tiustees of the Charity from ticket sales lo the Awards Ceremony held in the year. In addition, Ihere were 3 free lickels lolaling £204 {2023.' £420 - 7 free lickels) available lo thre& Iruslees of the charity. Travel expenses lolaling £NII 12023: £1,783) were pa1d lo a trustee and the balance oulstandSng as a131sl December 2024 is Nil12023.' £Nill. Foundry Equlpm&nt and Supplles Assoclatlon Ltd A company in which S Hill and Ms L Poslle, folmer l(uslees of th8 charity whD resigned on the 24th June 2023. and A Turner,a spouse of Mrs L Postle, are directors. During the year the charity paid membership fees of £37512023 . £3501 lo th& related party. 22-
INSTITUTE OF CAST METALS ENGINEERS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2024 23 Related party transactlons Icontlnugdl Foundry Trade Journal Ltd A company in which Ms Postle. former Iruslee of the charity who resigned on tt)e 24th June 2023, 15 a dlreclor and shareholder. During the year the charity paid £48,04612023 . £52.0511 lo Foundry Tre Journal Ltd. The$8 monies were pald in relation lo the production and dislribulKsn of the Foundry Trade Journal and advertising in the yearbook. This transaction was conducted on an arm's length basis and ralilied by all Iru81ees. Foundry Trade Journal Ltd also gave sponsorship of £1,200 to the charlty in the ye8r12023'. £Nill. Thomas Dudley Ltd A company in which M J Dudley, a Irusteo of the Charity. 1$ 8 dlreclor. During 2022 the charity invoiced Thomas Dudley Limited, course fees lola1ing £10,000 of which £4,286 was deferred to the financial y&ar ended 3151 December 2023. During 2024 the charity invoiced Thomas Dudley L1mited, course fees lolaling £5,250 of which £3,000 was deferred lo the financial year ended 31st December 2025. fickels and sponsorship lolaling £88612023 '. £Nill was also received during 2024. William Lee Ltd A company in which S Alexander, a trustee of the Charity, is a director. During 2022 the charity Involced William Lee Ltd, urse fees lolaling £10,000 of which £4,286 was deferred to the financial yegr ended 31$1 December 2023. Further course fees wer8 invoiced in the year tolaling £2,250. During 2024 the charity invoiced Wlliam Lè8 Limited. course fees lotaling £5,200. Ticket fees lolaling £21712023 '. £Nill was alsci re¢eived dursng 2024. Foundry Tralnlng Trust A charity in which A Turner. spouse of a fomier Iruslee Ms Poslle who resigned on the 24th June 2023. is a trustee. During th6 previous year the charity receivad donations from FTT lolaling £5,000 of which £1,073 was deferred lo the current financial yè8r ended 31st December 2024. Further donations were received during the year totaling £14,832 of which £5,142 ha5 been deferred in the financial slatem8nls as at 31 st December 2024. TCAST Ltd A company 18 which T Ayrè, a trustee of the chartty, 18 a director. During th8 year the Charity invoiced the related party. course income tolaling £Nil12023.. £3,000). Foundry Tralning Sorvl¢es Ltd A company in which D Prilchard. a trusteè ol the charity, is a director. During the y@ar the related party invoiced the charity £Nil12023.. £38,567} for course training material and re50urctss. Recharges of £Nil1£208) wer8 made by the charity for thè use of the photocopier by the related party. 23-