REGISTLREI D COMPANY NIIMBF.R., 02348358 (EnglAnd and Wales) REC.ISTb:RLD CHARITY IYUMBER: 801207 Report of the Trustees and Audited Financial Statements for the Year Ended 30 June 2024 foi. The Safety and Reliability Society {Liniited by Guarantee)
The SAfety ReliAI)ility Society (Liniited by Guar#iitee) Contents of the Financial .Statements for the Year Ended 30 June 2024 Pa%e Report of the Trustees Report of the Indepei)deiit Auditors Statement of Finaiicial Activities Balance Sheet Notes to the FinanciAI StAtements 12 10 18 DetAiled Statement of FinanciAI Activities 19 to 20
The Safety and Reliability Society
(Limited by Gua I'antee) (Reuistered nuiiibei.: 02348358)
Repoi-t of the Trustees
for the Year Elided 30 June 2024
The tru.qtees wl)o al'e also director.s of tlie charity for the purposes of tlie Coinpanies Act 2006, pre5eiit tlieii. report witl) the
financial st
I'he Safety And Reliability Society (Limited by Guai'aiitee) {Registered numbei.: 02348358) Report of the I'rustees for the Year Elided 30 June 2024 FINANCIAL REVIEW Investiiient policy 'I'he Council invests the Society's fl'ee reserves in building society deposits and liigher interest bank deposit accoiints so as lo earn where possible iiiterest on surplus reserves whilst also iiiainlaii)ing a higli degree of liquidity lo eiisui'e tl)e Society remains solvent at all tiines. Resei'ves policy The '] I'Lislees Iiave established a policy whei'eby tlie accuinulated funds not comnii(ied or invested in tangible fixed assets al'e held as a resei've against any possible shorifall in incoiiie in fiiliire periods. As a result of the sui'plus iiicomc in the ¢ui'rent year. al the balance sheet date the cl)ai'ity had reserves of £175,384 (2023 £159,532). Going concei'ii 'lie -1 ruslees al'e conlinually I'eviewing tlie opei'alions of Ilie cliai'ity and ils ability lo delivei. its objects. -I'rustee Ineelings are held quartei'ly io discuss goveriiaiice, strategy aiid fiiiaiice. The Triistecs operate a Risk Register lo Inonitoi. upcoi)iing issiies and problcins and are curi'ently working on a Vision 2030 strategy to eiisui'e the structure and I'esources lo ensure Ilie C.hai'ity I'einaiiis a going coi)cern. Page 2
The Safety and Reliability Society (Limited by Csuai'aiitee) (Registei'ed nuiiibei.: 02348358) Repoit of the Ti'ustces for the Year F.nded 30 June 2024 FINANCIAI. RF.VIEW Publie Benefit Tlie Safety aiid Reliability Society is & Registei'cd Chai'ity (niiiiibei. 801207). The IrLlStees have considei'ed the Charity Commissioii's guidaiice on public benefit, iiicluding the guidance 'pLiblic beiiefit.. rLiniiing a charity (PB2)' when setting out the aims, whicl) are stated as.. 'To advance education aiid piDmote the scientific study of safety and reliability and associated disciplines. Inaiiitainabilily, availability, risk assessiiient and life cycle costing, in I'elation to tlie design of plant, systeims aiid equipnient for tlie benefil of tlie Pliblic and thereby lo pioinole indiistry and coinmei'ce. and to piiblish the results of SLiclI sliidies worldwidc., (Cliai'itable Aiins) and in an excerpt froin the Society bylaws.. to establish pi'ofessional and ediicational standards foi. safety and reliability engineei's to provide a cenli'al oi'ganisalion dedicated lo the sliiiiiilation and advdncenienl of safety and reliability tcchnology Ilic benefit of industry and the public lo provide an intei'iiational forun) for the exchange Jf inforniation on safL&ly 8nd reliability engineering to eslablisli stai)dard techniques aiid eiicourage consistency in Ilicii. applicalioii to encolirage orgai)isations aiid government deparlinent.4 to apply salely aiid rel lability eiigiiieering ¢¢chniques foi. (Society Bylaws) I'he SoLiety operates a Codc of Conduct so tliat no hai'm cai) Come lo anyone in contact with or uses Ilie seivices of tlie organi5ation. Tl)e Society work8 with ali awai'eness of the Equalities Act and sti'ives to ensui'e that all equality criteria are n)el. Anyone can join tl)e Safety and Reliability Society. The fee strLlCtui'e for joining is agreed by Ilie ti'iislees of Il)e Society al the Annual General Meeting and eon)munieated lo members and the gcneral public iegularly IhroLigh Inai liiigs and tlie website. A programiiie of I'educed fees is in place for those in need. Thc Ineinbersl)ip benefits for those who are Inembcrs are a I'elaled iiewslelter and a Joui'nal. Anyone wl)o is iiileresled in Ilie Society can visil tlie Society offi¢e free of cl)arge and Ilie Society lias braiicli events wliere Ineiiibei-s and Iioii Inenibei's Cdn allcnd al no cost. Tlie So¢icty I'uns a piiblic websilc witl) a fi'ee-lo-use Body of Knowledge. 'riie public Charitable benefit nf the Satety ai)d Reli1È bilily Society is ilie provision of a service Ili<lt proiiiotes satety and reliabilily for evei'yonc. The beneficiaries al'e anyoiie wlio benefits froin the provision of awai'eness and edLJcatioi) regai'ding safety and r¢liability, both n)embers and iion-lneiiibers. STRUCTIIRE, C.OVERNANCF. AND MANAGEMLNT xoverning document l-l)e organisatioi) is a cliarilable coinpany liinited by giiarantee, incorpoi'ated on 15th Febi'uaiy 19519 and registei'ed as a cliai'ity on 29ih March 1989. The coinpaiiy was establislicd Lll)der a Meinoranduim of Associatii)n whicli estdblished the objccls and powers of the charitable conipany aiid is governed undei. ils Ai'licles of Association. In tlie event of the coiiipany beiiig would up niembers are required (o conti'ibute ali aniount not exceeding £ l if Ilie conipany is wound up wl)ilst still a Inember or witliin one yeai. aftcr Ineiiibersliip lias ceased. Recruitment and appointment of new trustees Under the requirements of the Meinorandutn and Articles of Association and tlie By-Laws the CoLincil Ineinbers of tl)e Society are elected to be appointed as a Ineiiiber of the Couiicil eithcr lo fill a casual vacancy or as ali additioi)&l nien)ber of the Couiicil. The oificers of the Council of mllnatsement who served durin£* the year are listed above. Page 3
The .Safety aiid Reliability Soeiety (Limited by Guai-Aiitee) (Registered nuinbei.: 02348358) Repoi't of the I'rustees for the Year Ended 30 June 2024 s'rRUCTURE, GOVERNANCE AND MANAGEMEI NT Risk iii&nAgement Tlie Council liave adopted a I'isk averse strategy to Il)eii' investiiient plans with focus on retaining access to cash resources to Ineet expeiises as aiid when reqliired. It is the Council's aim to enslire the continiied existeiice of The Safety and Reliabil ity Society lo tlie benefit of its iiienibers and ti)is has a large influence on tlie decision iiiaking of tlie Council. RLP LRLNCE AND ADMINISTRAI'IVE DETAILS Regislere(I Company nuiiiber 02348358 11.:ngland and Wdles) Registered CIIArity nunJbeT' 801207 Registered office Hollinwood Business Centre Albert Street Oldliani MANC.HESTER OL8 3QL Trustees Mi. A B Buchaii Past Chair, EAC, Cliair (resigned 5.10.2Jl Mi. P Stanton l-"inaiice l)ireclor Mi. R Dennii)g President Mi's L A Wliiling Meinbeisliip Cliaii. Mi. C Hari'ison Cliair F.lecl Mi. P Lang (appointed 8.1.24) Compaiiy Secretai'y Dr J A Wai'd MBE Auditors Voiscy & Co LLP 8 Wii)Inarlcigh street Wari'iiiglon Cliesliir¢ WAI IJW STATLMLN"r OF I'RUSTEES, RESPONSIBILI'I'IES 'I'he Iriislees {who are also the d ireclors of Tlie Safety and Reliability Society (Liiniled by Giiai'anlee) for the purposes of conipany law) are respoiisiblc foi. preparin(F the Report of the I'rLlStees and the fiiiaii¢ial slateinents iii accordaiic¢ with applicable law and United Kingdoiii Accounting Siar]dards (United Kingdoin Generally Accepted AccountinLT Prdcticel. Page 4
The Safely aiid Reliability Soeiety (Limited by Guai'Antee) (Reaistered iiuiiibei.: 02348358) Report of the Ti'ustecs for the Year Ended 30 June 2024 S'l'A'fEMENT OTr"'I'RUS'I'EES' RF.SPONSIBII.,ITILS- continued Company law requires tlie Ii'uslees lo pi'epai'e financial staleiiients for eacli financial year wl)icli give a Ii'ue and fail. view of tlie state of affaii's of tl)e cliarilable ¢ompany and of the iiiconiing resources and application of I'esoiii'ees, iiicluding the in¢oine and expenditiii'e, of the chai'itable coinpany for that pei'iod. In preparing those tinancial slateinents, Ilie trustees dre required lo select Sultable accounting policies and tlien apply Ilieni consistently. obseive Ilie Inethods and pi'ineiples in the Chai'ity SORP.. make jiidgeinents and estimates tliat are reasonable and pi'iident. prepare the financial statements on the going concei-n basis unless it is iiiappropriate to presuine that the charitable conipany will continue in business. Tlie trustees are respoiisible for keepiiig pi'opei. accountinu record5 wliicli disclose willi I'easoiial)le acciii'acy at any liiiie tl)e fiiianeial positioi) of Ilie Ll)ai'ilable coi)Ipany and lo ei)able tliciii to en.8ure Ilial tlie financial statements eoiiiply willi ihe C.oiiipanies Act 2006. Tliey ai'c also I'esponsible f()r Sdfetsliarding the assels of the charitable COliiP4iny and lience for taking I'easonable steps for the pi'cventiun and detection of fraud and oiliei. iri'egularities. In so far as Ilie Ii'ustees al'e awai'e.. tliei'e is no relevaiil audit inlormation of whicli the charitable company's aiiditors al'e unawai'e.. and Ili¢ trustees have taken all steps tlidl Iliey ouglit to l)ave taken lo Inake themselves awar¢ of any relevant aLidit information and to establish (lia( tlie auditors at'e awai'e of Iliat iiiforinalioii. AIIDITORS 'I'lie aud itors, Voisey & Co LLP, will be proposed for rc-appointnienl al tlie forthcoiniiig Aniiual Genei'al Meeting. 'I'liis repoit l)as been pirpared in accoi'daiice with Ilie SPLLial provisions of Pait 15 of tl)e Companies Ael 2006 relating to sinall companies. Approved by oi'dei. of the board of tru.%lee5 on ...?.,.....q.3. and si&)ncd oli its behalf by.. C.liief Exc Dr J A Wai'd MBF.- Secreiary
Repoi't of the Indepeildeiit ALEditoi-s to the Membei's of The Safety and Relixbility Soeiely (Limited by Guai'antee) (Registered number: 023483.$8) Opiiiion We liave audited the financial statements of The Safety and Reliability Society (Liinited by Guarantee) (the 'choritable con)pany'l for tl)e year ended 30 June 2024 wliich eonipi'ise tl)e Staleii)ent of Financial Activities, tlie Balance Sheet and notes to Il)e financial slaleinenls, including a suminary of Sigiiificant accounting policies. Tlic financial I'epoi'ling fraiiiework tliat has been applied in Iheii. prepai-ation is applicable law and United Kingdom Accounting Siandai'ds (United Kingdoin Generally Accepted Accoiinling Practice). In oiii. opinion tlie fiiiancial stateinciits.. give a true and fair view of the state of tl)e chai'ilable company's affaii's as al JO Jui)e 2024 and of its inconiing resources and application of resuurces, including its ii)coiiie and expenditurc, for Ilie year tlien ended: have been properly pi'epared in accordance with United Kingdoii) Genei'ally Accepted Accoui)ting Practice. and have been pi'epared in accoi'dance willi the I'equirements of the Conipanies Act 2006. Ilasis for opinion We conducted our audit in accordan¢e willi Inlei'nalional Standards on Auditing {UK) (ISAS (UKII and applicable law. Our I'espoiisibilities under those standards are fLirilier described in il)e Auditors, responsibilities for tlie audit ot tlie financial Staleinenls section of oiir repoil. We are iiidependent of the cliai'itablc LOIIIPdny iii accoi'daiiLe witli the etliical I'eqLllI'emeiils tl)al are I'elevaiit to oui. aLidit of Il)e financial slateinents in the UK, including Il)e FRC'S F.tliical Siaiidard, and we have fulfilled our other elhical responsibilities in accordance with these requireincnls. We believe that the audit evidence we have obiained is sufficient and appropi'iate lo provide a basis for our opiiiion. Conclusions i'el#ting to 20ing coneei'n In auditing the financial stateiiients, we have conLILided that the trustees, usc of the going concern basis of accouiiling in the prcparation of the financial statements is appropi'iate. Rased on the woi'k we have perfoi'ined, we have not identified aiiy niaterial uncerlaiiilies relating to events or condiiions Ilial, ii)dividually or ¢olle¢tively, iiiay cast significant doubt on the charitable conipany's 2bility lo continue as a going concern for a period of al least twelve nionilis froin wlien Il)e financial slateiiients are auiliorised foi. 15sue. Oui. responsibilities and the I'esponsibilities of Ilic tl'l15tees witli respect lo going concern are desci'ibed in the I'elcvant sections of Il)is I'eport. Other information 'lie IrLlStees are responsible foi. tlie otlier inforinatioii. 'I'lie other inforiiiation coiiiprises Ilie iiifoi'ination included in tlie Aniiual Report, oil)er than the financial stateinents and oui. Report of the Independent Auditor5 tliereon. Our opinion on the financial stal¢ments does not covcr tlie other iiifoi'malion and, ex¢ept lo tl)e extent oiherwise explicitly staled in oui. I'epoit, we do not express any foriii of assuraiice ¢on¢lusioii thereon. In eoi)nectioi) witli oiii. audit of Ilic financial slateinents, Olir responsibility is to read the other infornialioi) and, in doii)g so, Loiisidei. whethei. Il)e othei. inforinalion is matei-ially in¢onsislcnl with the financial stutenients oi. our knowledge obtained in tl)e audit or otl)erwise appcars lo be Inatei'ially Inisslated. I f we identify such Inaterial inconsistencies or appai'ent Inaterial iiii.%stalemenls, we are rcquii'cd to determine whether tliis gives rise to a Inalcrial misslateiiient in the financial staleinenls theiiiselves. If, based on Ilie woi'k we Iiave perforined, we conclLide that there is a material Imisslaleiiienl of this other inforniation, we are required to repoit Ilial fact. We liave notl)inu to report in Iliis regai'd. Opinions on other matter$ presei'ibed by the Companies Aet 2006 In oiii. opinion, bascd on Il)e work Iinderlaken in tlie course of Ihe aLidit'. the inforiiiation given in the Report of the Triistees for the financial year for whicli the financial stateinei)ts are prepared is consistent with the fiiiaiicial statei)ieiils; and tlie Reporl ot tl)e Trustees lias been prepared in accoi-dance with applicable legal requirements. Page 6
Report of tlie In(lependeiit Auditoi's to the Metnbei's of Tlie Safely And Reliability Society (Limited by Cjuai'antee) (Regi5tei-ed numbei.: 1i2348358) Matters on whieli we are required to report by exception In Il)e li(Nht of tl)e kiiowledge and ui)derstandinir of tlie charitable company and its envii'oiiiiieiit obtained in the course of Il)e audit. we have not identified matei'ial Inisstateiiients in tl)e Report of the Trustee5. We liave nothing to report in respect of the following mattels W)ere the Companies Act 2006 reqliires lis to I'epoit to yoii if. in oui. opinion.. adequate accoiinting records have not been kept or returns adequate for oui. audit have not been received from branches iiot visited by ug. 01. tlie financial statements are not in agrecn)ent witl) tlie ac¢ouiiling records and returns. or ertain disclosures of tl'LlStees' I'emuneration specified by law al'e not made; 01- we have not I'eceived all the inforination and explanations we reqiiire for oiii. audit., oi. the trustees were not entitled lo take advantage of tl)e small companies exemption fiom the I'equireiiient to prepare a Sti'ateg)i¢ Report oi. in preparing Ilie Repoi1 of the Trustees. Responsibilities of ti'ustees As cxplained Inoi'e fully in the Statement of Ti'ustees, Responsibilities, tlie ti'ustees (who al'e also the dii'ecloi's of the cliai-itable company foi. the purposes of con)pany lawl are I'esponsible foi. the pi'eparalion of the findncial slateinenls and for being satisfied ihal they give a true aiid fair view, and for such iiilei'nal conti'ol as the ii'uslees determii)e is necessary to enable the preparation of finaiicial staieiiieiils iliat are fl'ee fron) material niisslalement, wheilier due lo fraud or eri'or. In prepai'iiig Ilie financial stateinents, Ilie trustees al'e responsible for assessing Ilie Cliaritable ¢on)pany's ability lo continue as a going concei'n, disclosing), as applicablc, iiiatters I'¢lat¢d to going concei'n and Lising Ilie g?oing con¢ei'n basis of aLcoLinling Iinless Ilie ti'ustecs eitliei. intend lo IiqLiidate the charitable company oi. lo cease op¢i'alions, or l)ave no I'ealistic aliei'native bLII lo do so, Page 7
Repoi't of tlie liidepeiideiit Auditors to the Membei's of "rhe Safety and Reliability Society (Limited by Guaranlee) (Registered numbei-: 02348358) Our responsibilities for the audit of the financial statements Our objcctlVCS 3re lo obtain reasonable assuraiice about whetliei. the financial staleiiieiils as a whol¢ are free fi'on) nialerial niisqtatement, wl)etlier due to fraud or error, and to is.que a Report of tlie Independent Audiloi's tliat includes oui. opinion. Reasonable assui'ancc is a liigh level of assui'ance, but is not a giiai'anlee that an audil condueted in aecoi'dance witli ISAS (UK) will always detect a matei'ial Inisstatement wlien it exists. Misstalenients can ai'ise froni fi'aiid oi. ei'ror and are considered material if, individually or in the aggi'egate, tl)ey could reasonably be expected to influence tlie econotnic decisions of users taken on Ilie b&8is of these financial statements. 'I'lie exteiit to wl)ich oui. pi'ocedures are capable of detecting iri'egularities, ii)cluding fralid 15 detailed below.. Ii'i'egulai'ilies, inclliding fi'aiid, al'e instances of non-compliance with laws and I'egulations. Wc design pi'ocediii'es in line with our i-esponsibililies, ouil ined above. lo detcct malei'ial Inisstateinents iii re4pecl of iri'egularilies, including fraud. 'fhe exlenl to wliieh oui. procedures al'e capable of deiectii)g irregLilarilies, including fi'aud is detailed below.. We ei)qiiired of i))aiiageiiieiil and Iliose cl)arged witli goveriiance about actual and potential litigation and claims, including i'eview of I'elevant nominal ledgei. accounts. We obtained an understanding of laws, reguldtions and 8uiddnce that afiect the Compaiiy, focusing on tliose that l)ad direct effect oli the fii)ancial .slatements or that had a fundanieiilal effect oli ils opei'atlOl)s. Key laws, I'egFulations and guidance tl)at we identified included tlie Coiiipanies Act 2006. liealtli and safety le(Fislaiion and ei)Iployinenl legislalioii. 3 - We enqiiired of manabTeinenl and those cliai-ged with govei'niince io idenlify £tny instances of non-coiiiplianee with laws and regulations. We also reviewed meeliiig iiiiiiutes for evideiice of i)oii-¢ompliaiice willi relevaiit laws and regulations, We reviewed the Conipany's financial slateinenl disclosures and agi'eed to supporting documentation to assess coiiipliance will) tlie applicable laws and I'egulations discLl88ed above. 5 We gained an undeislanding of the conliols Ilial Inanageinent have in pla¢e to prevent aiid detect fraud. We enqiiii-ed of Inanageinent clbout any incideiice5 of fraud tliat h1< d takeii place dLlI'ill&> Ilie accounting period. 6 - Tli¢ risk of fraiid aiid non-cnmpliaiice wilh laws and I'cgulalions was discussed witliin tlie audit teaiii and tests were planned and pei'forii)ed to address iliese risks. 7 - In addressingJ Ilic I'isk of fraLid diie lo Inaiiclb)einenl ovei'i'ide of coiiti'ols. we pei'foi'nicd lestiiig of joiii-nal enli'ies and othei. adjiistineiits foi. appropriateiiess, ¢valuatiiig the busii)cs5 l'alionale ot. sigynificaiit ti'aiisactions oulsidc the noi'i)i&l course of business and reviewing accountiiig esliinales for bias. 8 We also clial lenge nianageiiient assuinplions witli regai'd lo accouiiling esliinales. Despite appiopi'iale planning and pei'forming oiii. woi'k in accordance with Inlernational Aiiditing Standai'ds, there are always inherent liinilations that non-coiiipliance is not detected. Non-¢ompliaiice with laws and I'cglilations is often fiiiiher reinoved froin the events and transactions reflected in the finaiicial slalemcnls and iiialerial Inis5tatenients due lo fraud can be deliberately coiicealed froni audiloi's, for exaniple Ihi'ough niisi'epi'e5¢1ltatioi), foi-oery or collusion. A fuither desci'iplion of our respoiisibilitiLs for the audit of tlie financial statements is locatcd on the Finaiicial Repoiting CoLincil's website al www.frc.oi.g.uklauditorsi.esponsibililies. This desci'iption foi'iiis parl of our Repoit of the Indepeiidenl Audiloi's. Page 8
Repoi't of tlie Iiidependeiit Auditoi's to the Meinbei-s of The ,Safety and Reliability .Society (Liniited by Guxi'antee) (Registei-ed iiumber: 02348358) Use of our rei)ort T'his report is made solely to the charildble con)pany's men)bers, as a body, in accordance with Cl)apter 3 of Part 16 of t])e Compaiiies Act 2006. Oiir audit woi'k lias been iiiidertaken so Il)at we Inigl)I slate lo tlie eliai'itablc coinpaiiy's nieinbers tliose niatters we al'e I'equircd to slalc to theni in an auditoi's, repoit and foi. no otlier pui'posc. To tlie fullest extent pcrinitted by law, we do not accept 01- assuiiie responsibility to anyone otlier than Ilie charitable coinpany ¢ind the cliarilable coinpaiiy's mcmbers as a body, for oui- audit work, foi. this I'epoit, or for the opinioiis we liave formed. Jonatl)an Urinston ACA (Senioi. Siatiilory Aliditor) foi and on behall'of Voisey & Lo LLP 8 Wini)iarleigJli Street W3ri'inLJlon C.lie.81)ire WAI IJW Page 9
The Safety aiid Reliability Society (lJimited by Guai'antee) Statement of Financial Activities for the Year Endcd 30 June 2024 30.6.24 30.6.23 Total funds Uni'esti'ieted fund Notes INCOME AND FNDOWMENTS FROM Donatioiis and legaLies 25,300 19,492 Ch#rit#ble activities Iiiconie fiom cl)ai'itable activities Slibsci'iplions Other income {5,700) 98,640 2,427 116,974 2,995 Inveslnieiit income 1.597 715 Total 122,264 140,176 EXPLNDI'I'UIIL ON ClIAI'ilable activities Cliaritable activilies 106.412 94,591 Other 1,901 Tolal 106.412 96,492 NET INCOMF. 15,852 43,684 RF.C.OIYC.11.IATION OTr D'UNDS Total funds brougl)I forward 159.532 115,848 I'O'I'AI, VIINDS C.ARRlb.D FORWARD 175,384 159.532 'riie i)otes form part of these financial staleiTrenls Page 10
"rhe Safety and Reliability Society (lJlmited by Guai'Antee) (Re%istered iiuinber: 02348358) Balanee Sheet 30 June 2024 30.6.24 Total funds 30.6.23 Total funds Notes FIXED ASSETS Investineiits 100 100 CURRENI. ASSETS Debtors Cash at bank and in hand 56,302 186?49 60,265 169,146 242,551 229,411 CREDITORS Aiiiounts lalliiig diie witliin oiie yeai. {67,2C)7) (69,979) NE'I. CURRF.NT ASSETS 175,284 159,432 'I'OI'AL ASSETS LISS CURRENT LIABlI.i-rivs 175,384 159,532 NF.'I' AS'SETS 175,384 159,532 II UNI)S Unreslrictcd funds 10 175,384 159,532 TOTAL FUNDS 175,384 159.532 'I'liese fiii2neial slatcinenls liave been pi'eparcd iii accoi'dance will) tl)e pr()visioi)s applicable to cliarilable coiiipanies subject lo Ilie siiiall companies regime. Tlie financial stateinents were approved by tl)e Board of .1 rustees and aiiiliorised for issue on and were signed on its behalf by.. Mi. C Harrison - Trustee Mi. P Stanton - .1 ru5tee Tlie iiotes form pait of tliese fiiiancial stateinents Page I
Tlie Safety and ReliAbility Society {LiJnited by Guaraiitee) Notes to the Financial Statemcnls for the Year Ended 30 June 2024 ACCOUNTING POLICIF.S Bssis of preparing the financial statements The finaiicial slateiiients of Il)c ehai'ilable coiiipany, which is a piiblic benefit entity Linder FRS 102, have been prepared in accordaiice with the Charities SORP {FRS 102) 'AeLounting and Reporting by C.h¢iritie5.' Stateinent of Recoiniiiended Practice applicablc to cliai'ilies preparing tl)eir accounts in accordance with the Financial Reporting Siandai'd applicable in tlie UK and Republic of Ireland (FRS 102} (cffeclive l January 2019),, Finaiicial Reportino Siandai'd 102 'Tlie Financial Reporlingi Standard appli¢ablc in tlie UK and Republic of Ii'elaiid, and tlie Companies Act 2006. Tlie financial staleinents liave been prepai'ed under tlie hisloi-ieal co.st convention, willi Il)e exception of investinents which aj'e included at niai'ket valiie. Tlie pi'esenlation cui'rency is £ sterling. Moiietary ainounls in these finan¢ial slaienienls are rounded to the iiearest £. Tlie cliaritable coiiipany lias taken advantage of tlic following disclosiire exeinptions in preparing tliese financial statements. as permitted by FRS 102 'The Financial Repoi'ling Siandai'd applicable iii Ilie UK and Kepiiblic of Ii'eland,: tl)e I'equirenienls of Section 7 Stalenienl of Cash l.'lows' tlic I'cquirenienl of paragraph 3.17ld)' tl)e I'eqliireinents of paragraplis 11.42, 11.44, 11.45, 11 .47, 11 .4818)(iii), 11.48lalliv), 11.48{bl and I1.48(c)' th¢ I'equireinenls of paragi'aphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A. Income Al l inLome is recognised in the Staten)¢nt of Financial Activitics once the charity has enliilemenl to the funds, 1¢ IS probable that Il)¢ income will be I'cceived and tlie an)ount can be i)ieasui'ed I'eliably. Expenditure Liabilities al'e recognised as expendilui'e as soon as thcre is a legal vr constructive obligation ¢oimmittiiig the Cliarity to tl)at expeiiditure, it is probable Iliat a traiisfei. of economic bei)efits will be I'eqLiired in seltlcineiil aiid tl)e amount of Il)e obligalioii cai) be measui'ed reliably. F.xpeiiditure is accoiinted for oli an acci'uals basis and has been classified uiider lieadii)gs tlial aggi'egate all cost related to tl)e categyory. Wliei'e c051s caiii)ol be directly allribuled io particular )eadii)gs Iliey liave been allocated to activities on a basis Consistcnl will) tlie use of I'esoiirces. l-Axation 'I'he cliarity is exempl from corporatioii lax oil its charitable a¢tivilies. Fund Accounting Unrestricted fui)ds cali be used in accordance with tlie charilable objecliv¢s at the discretion of tlie trustees. Resli'icted fiinds can only be iised foi. particiilar restriclcd piirposes within the objects of the charity. Resti'ictions arise when specified by Ilie donoi. or when funds ai'c raised foi- particular iestricted purposes. Further explanatioii of the nature and purpose of each fund is included in the notcs lo the financial stalemenls. Pension costs and other post-i-etirenient benefits The chai'itable coimpany operates a defined contriblltion pension s¢heme. ContribLltions payable to the charitable coinpany's pension sclieime al'e Charged to the Siateineiit of Fiii<in¢ial Activities in the period to whicli they relate. Going Concern Ai the time of approvina tlie financial statenients, the Irustee.q have a reasonable expectatioii d)al tlie cliarity lias adeqLl8te i'esoui'ces to conlinLie in opei'alional existenee for Ilic foreseeable future. Thus tlie trustees continue to adopt the going concerii basis of accountiiig in prepariiig ilie financial stateineiits. Page 12 ¢ontinued...
The Safety aiid Reliability Society (Limited by Guai'aiitee) Notes to the FinAnci#l StAtements - Continued for the Year Ended 30 June 2024 ACCOUP4TING POLICIES- continued Debtoi's Ti'ade and other debtors are recognised at the seltleinent ai)iounl due after any trade discoiint offered. Prepayments are valiied at the ainouiil pi'epaid iiet of aiiy trade discouiits dLIe. Cash At bank and in hand Casli at bank and casli in hand includes casli and sliort terin higl)ly liquid investments with a sliort Inaturity of tliree i))onil)s or less fiom tlie date of acquisilioii oi. opei)ii)g of Ilie deposit Creditoi's Ajid provisions Creditors aiid pi'ovisioiis are recogiiised where the charity has a present obligaiion resulting from a past event Iliat will probably r¢suIt in the traiisfer of funds to a Iliird party aiid the aniouiit due to settle Il)e obligation can be nieasured oi. estiinated reliably. Creditors aiid provisions are noi'siially recognised at Ilieii. seltleinent aiiiount after allowing foi. any Ii'ade discounts due. Tr"in&Ji¢i91 insti'uments Tl)e trust oiily lias financial assets and financial liabilities of a kind that qualify as basic financial inslruineiits. Basi¢ financial instruments are iiiilially recogiiised al traiisaclioi) value aiid subsequently nieasui'ed at tl)eir settlement value. Govej'nment grAnts Thc acci'ual model h&8 been adopted lo recognise government grdnts in the year and are measiii'ed at the fair vallie of tlie asset received or receivable. Where a grant becoines repayable il is re¢ogni5ed as a liability wheii the I'epaym¢nt nieets the definition of a liability. SIAlutoiy Infoi'mAtion Thc Safcly and Reliability Society, a company limilcd by guarantee, is domiciled in Lngland & Wales, I'e8iStration niimber 0234835 8. The regisiei'ed office is Hollinwood Biisincss Ccnli'e, Albert Sti'eet, Oldham, Mancl)ester OL8 3QL. INVESTMENT INCOME 30.6.24 Bank interest 1,599 714 1,599 714 Page 13 continued...
The Safety Mvtd Reliability Society {lJimited hy Guarantee) Notes to the Financial Statements- eontirtued for the Ye&r Eiided 30 June 2024 NET INCOMEI(EXPENDITURE) Net in¢oiiiellexpendilui'e) is slated aftei. eliargin<CredltIngj'. 30.6.24 30.6.23 Auditors, remunei'ation 2.771 2,640 'rRUSTEES' RLMUNERATION AND BkNLbl'l'S Tliere were no Iruslees, remuneration or other benefits foi. the year ended 30 Julie 2024 nor for Ilie year elided 30 June 2023. ReinunerAtion of Key Management Personnel Tlic cliarily considcrs its key i)ianageinenl pei'sonnel lo comprise its Ti-LlStecs and Chief Execiitive. 'fhe total employinenl benefits iiicludin&Y employer pensioii coiili-ibutions ai)d eiiiployers nalioiial iiisiiraiice of Ilie key Inanageinenl pei'sonnel were £42,774 {2023 £38,342). Trustees, expenses 'hei'e werc nu trustees, exp¢nscs paid for the yeai. ended 30 June 2024 noi. for tl)e year elided 30 Jiine 2023. SI'A Tr'F COSTS Tlie average montlily niimber of eniployees dLlI'ing Ilie year was as follows.. 30.6.24 30.6.23 Admiiiislralion No employee% received einolLiinenL8 in excess of £60,000. COMPARATIVLS FOR TIIE STA"I'EMENT or Tr INANCIAL Arrivi'i'iF.S Uiirestricted fund INCOME AND F.NDOWMLNTS FROM Doiiatinii.q and legacics 19.492 Chai'ilable activities Subscriplioiis Other incoine 116,974 2,995 Iiive%tnienl income 715 Total 140,176 EXPENDITURE ON C.liai'itable activities Cliaritable activities 94,591 Patse 14 contiiiued...
The Safety aiid ReliAbilily Society {Lirnited by Guarantee) Notes to the Financial Statements - continued for the Ycar Ended 30 June 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted nd Other 1,901 Total 96,492 NLI. INCOME 43,684 RFCONCILIATION Ob Tr UNDS 'I"otal funds brougl)I forward 115,848 TOTAI. FUNDS CARRIED FORWARD 159,532 II IXED ASSET INVESTMkN'rs Sliares ii) gi'oup undenakings MARKf.T VAI,IIF, Ai l July 2023 and 30 June 2024 100 NET BOOK VALUL AI 30 June 2024 100 AI 30 June 2023 100 Thei'e were no investment assel.% outside the 11 K. Tlie Coiiipany holds i aoo/o of the Ordiiiaiy Sharc Capital of SaR8 Liinited, inLorpoi'aled in England aiid Wales. 'fhe regyislered office address is Holl inwood Busincss Ceiitre, Albert Streel, Oldhani, 01.8 3QL. .SaRS Limited Liiiderlake tjie promotion of scientific study of safety and relial)ilily aiid associated discipliiies. Tl)e results for Ilie year are as follows.. 30.06.24 30.06.23 Assets Liabilities 12,643 16,687) 8,812 (6,917) Shareholders, Funds 5,956 1,895 Paoe 15 continued...
The Safety and Relisbility Society (Limited by Guarantee) Notes to the Fiiiancial Statements- continued for the Year Ci nded 30 June 2024 FIXED ASSET INVESTMENTS- continued 3a.06.24 30.06.23 Turnover Expenditure 21,6?] 17,560 22.694 ProfitJ{L055) foi. the yeai. 4,061 29 DEBTORS: AMOUNTS FALLING DUE WITHIN ONL YEAR 30.6.24 30.6.23 Trade debtor5 Ainounls owed by group und¢i'takings oihei. debtoi's Prepayments and accrued income 39,584 3.723 1,296 11,699 40,357 3,797 1,296 14,815 56,302 60.265 CRLDII'ORS: AMOUNTS FALLING DUF WITFIIN ONE YEAR 30.6.24 .30.6.23 Sub.qcrii)tions in advance Social security and oilier taxes oiliei. ¢i'editors Aeci'uals and deferi'ed incoine 63,610 893 244 2,520 66,700 7.34 2,545 67,267 69,979 10. MOVF.MENT IN FIJNDS Net Inovemeiit in funds At 30.6.24 At 1.7.23 Iliirestricted fuiids Geiieral fund 159,532 15,852 175,384 TOTAL FUNDS 159,532 15,852 175,384 Paue 16 continued...
The Safety ai)d Reliability Society (LiInited by Guarantee) Notes to the FinanciAI .Stgtements- continued for the Year Ended 30 June 2024 10. MOVEMENT IN FUNDS- continued Net Inoveinent in funds, iiicluded in the above are as follows.. Incoming resources Resoiirces expended Moveinent in funds Unrestricted funds General fund 122,264 (106,412) 15,852 TO'I'AI, FUNDS 122.264 (106,412) 15,852 CoJnpai'ative5 foi. movement in funds Net mov¢iiiei)t in fund5 Ai 30.6.23 Ai 1.7.22 Uni'esti'icted funds Genei'al fuiid 115,848 43,684 159,532 TOTAL FUNDS 115,848 43,684 159,532 Comparalive nel Inoveincnt in funds, included in the dbove are as follows.. Incoining I'esoiirces Re%oui'ces expended Movcmenl in funds Uni'esti'icted funds (iei)ei'al fuiid 140,176 {96,492) 43,684 TOTAL Tr"UNDS 140,176 {96,4921 43,684 Page 17 conlinued..-
The Safety And Reliability Society (Lin)ited by Guayantee) Notes to the Financial Statements- continued for the Year Ended 30 June 2024 EMPLOYF.E BENEFIT OBLIGATIONS The cliarity opei'ates a defined conli'ibulions pension Scheiiie. I'l)e assets of tl)e scheme are Iield separately fi-oni tl)ose of tlie chai'ity in an independently adiministei'ed fund. The pension cost chai'ge I'epi'esents conti'iblilions payable by the charity to the fLind aiid ainounted to £2,161 (202) £1,522). There wei'e no outstanding coiilribulions at the balance sheet dale. 12. RELATED PARTY DISCLOSURES The company lias a wholly owiied operating siibsidiai'y, SaRS Limited, wlii¢l) reehai'ges to Ilie conipany a pi'oportion of its adit)inislralion expenses and staff costs. During) tli¢ year, the recliarges amouiited to £25.930 (202J'. £27,267). At tlie balancc slicct ddte, tlie balance owed by SaRS Liiiiiled to the coiiipaiiy aii)ounled to £3,72312023 £3,797). 13. DF.FERRED INCOME Deferi'ed incoiiie comprises of subscription incoine I'ecieved wliich relates lo fLlture periods. Balance as at I st July 2023 Amount released lo iiiconie earned from otl)ei' tradints activities Ainount deferred iii tlie year 66,700 (66,700) 64,560 Balance as at )Oih Jiine 2024 64,560 14. s'rATUS OF COMPAP4Y I'he Company is liinited by guarantee without sl)are capilal. Ai Il)e yeai. end date tliere were five guai'antors and each guai'anlor is limited by gliaranlee to £ l. 15. TAXATION As a charity, 'I'he Satety and Reliability Society Limited is exempt from lax on incoiiie aiid gvaiiis falling) withiii S505 of tlie Taxes Act 1988 or S?56 of tl)c Taxation ot. Cliai'geable Gains Act 1992 to Il)e exlenl tlial tliese are applied to ils cl)arilable objccls. No cliai'ges have ai'iscn in the cliarity, l-ax I'ecovercd oil donations and siib.8criplions I'eceivcd Linder Gift Aid iii the year aiiiouiiled to £11,908 (202.) £12,419). Page 18
The Safety aiid Reliability Society (Limited by Guurmiitee) Detailed Statement of Financial Activities ror the Year Ended 30 June 2024 30.6.24 30.6.23 INCOME AND ENDOWMENTS Donations and legacies Donations 25,300 19,492 Investment income Deposit account interest 1,597 715 ChAriiable activities SLibsci'iptions Other income 92,940 2,427 116,974 2,995 95,367 119,969 I'otAI incoming i'esoiii'ces 122,264 140,176 F.XPINDITIIRE Clia I'itable activities Wages Pensions Rates and water Insurance Postage and slalionery Advertising Lxpenses I'ecliargyed fi'oi)I SaRS Journal expenses 50,917 2,161 968 407 2,049 776 25,930 9.354 40,813 1,522 206 382 1,964 27,267 7,350 92,562 79,504 Oilior E3<id debts 1,901 Support costs Finaiice Bank cliarges Otliei. taxation interest 2.530 2,781 2,541 2,781 Otlier Suiidries Cari'ied forwai'd 3,061 3.251 3,251 Tl)is page does not foi'm pail of tlie statutory financial statemcnts Pae 19
The Safety and Reliability Society (Limited by Guarantee) Detailed Statement of Fiii#neiAI Activities for the Year Elided 30 June 2024 30.6.24 30.6.23 Other Brouglil foiTrvard Bl-anch Grants 3.061 85 187 3,146 3,438 Govei'nance costs Auditoi's, I'einuneralion F.n&pineering Coiincil and Ha£ard Foriim fees 2,771 5.392 2,640 6,228 8,163 8,868 Total resources expended 106,412 96,492 Net income 15,852 43,684 Tliis page does not foi'm pait of tlie statLltory financial statctnenls Page 20