REGISTERED COMPANY NUMBER: 02348358 (England and Wales) REGISTERED CHARITY NUMBER: 801207
Report of the Trustees and
Audited Financial Statements for the Year Ended 30 June 2025
for
The Safety and Reliability Society (Limited by Guarantee)
The Safety and Reliability Society (Limited by Guarantee)
Contents of the Financial Statements for the Year Ended 30 June 2025
| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 5 |
| Report ofthe Independent Auditors | 6 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Balance Sheet | lt | ||
| Notes to the Financial Statements | 12 | to | 18 |
| DetailedStatementofFinancialActivities | 19 | to | 20 |
The Safety and Reliability Society (Limited by Guarantee) (Registered number: 02348358)
Report of the Trustees
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2025. The trustees have adopted the provisions of 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
Objectives and activities The company's objects and principal activities are:
a) To advance education and promote the scientific study of safety and reliability and associated disciplines, maintainability, availability, risk assessment and life cycle costing, in relation to the design of plant, systems and equipment for the benefit of the public and thereby to promote industry and commerce.
b) To publish the results of such studies worldwide in the interests of education.
Grantmaking policy
The Society makes grants to its branches and to the subsidiary company SaRS Limited to help promote and support the aims of the Society.
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The Safety and Reliability Society (Limited by Guarantee) (Registered number: 02348358)
Report of the Trustees
for the Year Ended 30 June 2025
FINANCIAL REVIEW
Financial position
The Society remains a dynamic forum for advancing the scientific study of safety, reliability, and related fields. Over the past year, we have actively pursued strategic initiatives aimed at enhancing both member recruitment and retention for sustainable growth as well as looking at how we can advance this in line with our growth strategy. Key areas of focus included expanding collaboration with other organisations, strengthening governance but the main focus of the year was how to improve the membership experience and advance digital systems in SaRS.
This financial year, recruitment and retention remained steady, with professional registration playing a pivotal role in attracting new members. Trustees will continue to closely monitor these trends in the coming year, ensuring we adapt effectively to evolving needs.
In alignment with our aims and objectives to disseminate knowledge, we maintained a robust schedule of online and in-person events, including our popular webinar series. These sessions, curated by the Webinar Committee, featured valuable technical insights that sparked increased interest in Society membership among professionals and stakeholders. Our webinar programme passes 120 archives events in 2024/25 which continue to be popular in the industry.
Our Journal Committee delivered four volumes of the peer-reviewed Safety and Reliability Journal, and readership metrics reveal a fourth consecutive year of growth in external engagement, advancing our charitable purpose. Additionally, we published eight newsletters containing technical articles and updates. Notably, the Journal's recent indexing on SCOPUS, with support from Taylor & Francis Publishers, will enhance its visibility significantly.
Quarter one of 2025 was focused on the five-year review of the Engineering Council Licence. The Board, along with SaRS EMC Committee assisted the CEO and EMC Chair to prepare the audit programme. A meeting with the Engineering Council was held on April Ist 2025 and the licence was granted for a further 5 years with no issues.
Committee work continues to thrive online, with select meetings resuming in person at SaRS HQ. We also celebrated the addition of three new affiliate members in 2024/24, introducing them through promotional features in our newsletter and journal.
Plans for the next five years include a new website and CRM system, and digital enhancement.
As we look ahead, the Society remains dedicated to operating within a balanced budget while fulfilling our charitable mission and supporting the professional growth of our members.
Investment policy
The Council invests the Society's free reserves in building society deposits and higher interest bank deposit accounts so as_ to earn where possible interest on surplus reserves whilst also maintaining a high degree of liquidity to ensure the Society remains solvent at all times.
Reserves policy
The Trustees have established a policy whereby the accumulated funds not committed or invested in tangible fixed assets are held as a reserve against any possible shortfall in income in future periods.
As a result of the surplus income in the current year, at the balance sheet date the charity had reserves of £186,350 (2024 £175,384).
Going concern
The Trustees are continually reviewing the operations of the charity and its ability to deliver its objects. Trustee meetings are held quarterly to discuss governance, strategy and finance. The Trustees operate a Risk Register to monitor upcoming issues and problems and are currently working on a Vision 2030 strategy to ensure the structure and resources to ensure the Charity remains a going concern.
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The Safety and Reliability Society (Limited by Guarantee) (Registered number: 02348358)
Report of the Trustees for the Year Ended 30 June 2025
FINANCIAL REVIEW
Public Benefit
The Safety and Reliability Society is a Registered Charity (number 801207). The trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’ when setting out the aims, which are stated as:
'To advance education and promote the scientific study of safety and reliability and associated disciplines, maintainability, availability, risk assessment and life cycle costing, in relation to the design of plant, systems and equipment for the benefit of the public and thereby to promote industry and commerce, and to publish the results of such studies worldwide.’ (Charitable Aims)
and in an excerpt from the Society bylaws:
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to establish professional and educational standards for safety and reliability engineers
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to provide a central organisation dedicated to the stimulation and advancement of safety of safety safety and reliability technology the benefit of industry industry and the public - to provide an international forum for the exchange of[[information]][[on]][[safety]][[and]][[reliability]][[engineering]]
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to provide a central organisation dedicated to the stimulation and advancement of safety of safety safety and reliability technology for the benefit of industry industry and the public - to provide an international forum for the exchange of[[information]][[on]][[safety]][[and]][[reliability]][[engineering]] - to establish standard techniques and encourage consistency in their application : - to encourage organisations and government departments to apply safety and reliability engineering techniques (Society Bylaws) The Society operates a Code of Conduct so that no harm can come to anyone in contact with or uses the services of the organisation. The Society works with an awareness of the Equalities Act and strives to ensure that all equality criteria are met. Anyone can join the Safety and Reliability Society. The fee structure for joining is agreed by the trustees of the Society at the Annual General Meeting and communicated to members and the general public regularly through mailings and the website. A programme of reduced fees is in place for those in need. The membership benefits for those who are members are a related newsletter and a Journal.
Anyone who is interested in the Society can visit the Society office free of charge and the Society has branch events where members and non members can attend at no cost. The Society runs a public website with a free-to-use Body of Knowledge. The public charitable benefit of the Safety and Reliability Society is the provision of a service that promotes safety and reliability for everyone. The beneficiaries are anyone who benefits from the provision of awareness and education regarding safety and reliability, both members and non-members.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The organisation is a charitable company limited by guarantee, incorporated on [5th February 1989 and registered as a charity on 29th March 1989. The company was established under a Memorandum of Association which established the objects and powers ofthe charitable company and is governed under its Articles of Association. In the event of the company being would up members are required to contribute an amount not exceeding £1 if the company is wound up whilst still a member or within one year after membership has ceased. Recruitment and appointment of new trustees Under the requirements of the Memorandum and Articles of Association and the By-Laws the Council members of the Society are elected to be appointed as a member of[the][Council][either][to][fill] a casual vacancy or as an additional member of the Council. The officers of the Council of management who served during the year are listed above.
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The Safety and Reliability Society (Limited by Guarantee) (Registered number: 02348358)
Report of the Trustees for the Year Ended 30 June 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The Council have adopted a risk averse strategy to their investment plans with focus on retaining access to cash resources to meet expenses as and when required.
It is the Council's aim to ensure the continued existence of The Safety and Reliability Society to the benefit of its members and this has a large influence on the decision making of the Council.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 02348358 (England and Wales)
Registered Charity number 801207
Registered office Hollinwood Business Centre Albert Street Oldham MANCHESTER OL8 3QL
Trustees Mr P J Stanton Finance Director Mr R Denning (resigned 12.11.24) Ms LA Wilson President Mr C Harrison Publication Committee Chair Mr P Lang Chair DrJ Lewis Chair Elect (appointed 12.11.24)
Company Secretary DrJ A Ward MBE
Auditors Voisey & Co LLP 8 Winmarleigh Street Warrington Cheshire WAIL IJW
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Safety and Reliability Society (Limited by Guarantee) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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The Safety and Reliability Society (Limited by Guarantee) (Registered number: 02348358)
Report of the Trustees
for the Year Ended 30 June 2025
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the trustees must not approve the financial statements unless they are satisfied that they 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 that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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 trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of[that][information.]
AUDITORS
The auditors, Voisey & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order ofthe board oftrustees on WLmh Nave. 822.... and signed on its behalf by: 261.
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Dr J A Ward MBE- Secretary
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Report of the Independent Auditors to the Members of The Safety and Reliability Society (Limited by Guarantee) (Registered number: 02348358)
Opinion
We have audited the financial statements of The Safety and Reliability Society (Limited by Guarantee) (the ‘charitable company’) for the year ended 30 June 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements: - give a true and fair view of[the][state][of][the][charitable][company's][affairs][as][at][30][June][2025][and][of][its][incoming][resources] and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation ofthe financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections ofthis report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of[the][audit:]
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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Report of the Independent Auditors to the Members of The Safety and Reliability Society
(Limited by Guarantee) (Registered number: 02348358)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
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We have nothing to report in respect ofthe[following][matters][where][the][Companies][Act][2006][requires][us][to][report][to][you] if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of[trustees'][remuneration][specified][by][law][are][not][made;][or]
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and_ for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Members of The Safety and Reliability Society (Limited by Guarantee) (Registered number: 02348358)
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of[these][financial][statements.]
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
1 - We enquired of management and those charged with governance about actual and potential litigation and claims, including review of[relevant][nominal][ledger][accounts.]
2 - We obtained an understanding of laws, regulations and guidance that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws, regulations and guidance that we identified included the Companies Act 2006, health and safety legislation and employment legislation.
3 - We enquired of management and those charged with governance to identify any instances of non-compliance with laws and regulations. We also reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations.
4 - We reviewed the Company's financial statement disclosures and agreed to supporting documentation to assess compliance with the applicable laws and regulations discussed above.
5 - We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any incidences of fraud that had taken place during the accounting period.
6 - The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks.
7 - In addressing the risk of fraud due to management override of controls, we performed testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
8 - We also challenge management assumptions with regard to accounting estimates.
Despite appropriate planning and performing our work in accordance with International Auditing Standards, there are always inherent limitations that non-compliance is not detected. Non-compliance with laws and regulations is often further removed from the events and transactions reflected in the financial statements and material misstatements due to fraud can be deliberately concealed from auditors, for example through misrepresentation, forgery or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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:
Report of the Independent Auditors to the Members of The Safety and Reliability Society
(Limited by Guarantee) (Registered number: 02348358)
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Urmston ACA (Senior Statutory Auditor)
for and on behalf of Voisey & Co LLP
8 Winmarleigh Street
Warrington Cheshire WAI IJW
Date: a BELO (2U76.....
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The Safety and Reliability Society (Limited by Guarantee)
Statement of Financial Activities for the Year Ended 30 June 2025
| 30.6.25 | 30.6.24 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 18,600 | 4,383 | 22,983 | 25,300 | |
| Charitable activities | |||||
| Subscriptions | 112,553 | - | 112,553 | 92,940 | |
| Other income | - | - | - | 2,427 | |
| Investment income | 2 | 1,490 | - | 1,490 | 1,597 |
| Total | 132,643 | 4,383 | 137,026 | 122,264 | |
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| Charitable activities | 126,060 | - | 126,060 | 106,412 | |
| NET INCOME | 6,583 | 4,383 | 10,966 | 15,852 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 175,384 | - | 175,384 | 159,532 | |
| TOTALFUNDSCARRIEDFORWARD | 181,967 | 4,383 | 186,350 | 175,384 |
The notes form part of these financial statements
Page 10
The Safety and Reliability Society (Limited by Guarantee) (Registered number: 02348358)
| Balance Sheet | |||
|---|---|---|---|
| 30 June 2025 | |||
| 30.6.25 | 30.6.24 | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 7 | 100 | 100 |
| CURRENT ASSETS | |||
| Debtors | 8 | 57,813 | 56,302 |
| Cash at bank and in hand | 194,065 | 186,249 | |
| 251,878 | 242,551 | ||
| CREDITORS | |||
| Amounts falling due within one year | 9 | (65,628) | (67,267) |
| NET CURRENT ASSETS | 186,250 | 175,284 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 186,350 | 175,384 | |
| NET ASSETS | 186,350 | 175,384 | |
| FUNDS | 11 | ||
| Unrestricted funds | 181,967 | 175,384 | |
| Restricted funds | 4,383 | - | |
| TOTALFUNDS | 186,350 | 175,384 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
Rn _ The financial statements were approved by the Board of Trustees and authorised for issue on LM ovanhee..262'S and were signed on its behalf by:
Mr C Harrison - Trustee
Mr P J Stanton - Trustee
The notes form part of these financial statements
Page 11
Notes to the Financial Statements for the Year Ended 30 June 2025
The Safety and Reliability Society (Limited by Guarantee)
ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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 | January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The presentation currency is £ sterling. Monetary amounts in these financial statements are rounded to the nearest £.
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
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the requirements of Section 7 Statement of Cash Flows;
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¢ the requirement of paragraph 3.17(d); ¢ the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 1 1.48(a)(iv), 11.48(b) and 11.48(c); * the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of[the][trustees.]
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of[the][nature][and][purpose][of][ each][fund][is][included][in][the][notes][to][the][financial][statements.]
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Going Concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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continued...
Notes to the Financial Statements - continued for the Year Ended 30 June 2025
- ACCOUNTING POLICIES - continued
The Safety and Reliability Society (Limited by Guarantee)
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of[the][deposit]
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The trust only has financial assets and financial liabilities ofa kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Government grants
The accrual model has been adopted to recognise government grants in the year and are measured at the fair value of the asset received or receivable. Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.
Statutory Information
The Safety and Reliability Society, a company limited by guarantee, is domiciled in England & Wales, registration number 02348358. The registered office is Hollinwood Business Centre, Albert Street, Oldham, Manchester OL8 3QL.
- INVESTMENT INCOME
| 30.6.25 | 30.6.24 | ||
|---|---|---|---|
| £ | £ | ||
| Bank | interest | 1,490 | 1,597 |
| 1,490 | 1,597 |
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continued...
The Safety and Reliability Society (Limited by Guarantee)
Notes to the Financial Statements - continued for the Year Ended 30 June 2025
3. NET INCOMEKEXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 30.6.25 | 30.6.24 | ||
|---|---|---|---|
| £ | £ | ||
| Auditors’ | remuneration | 3,000 | 2,771 |
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 30 June 2025 nor for the year ended 30 June 2024.
Remuneration of Key Management Personnel The charity considers its key management personnel to comprise its Trustees and Chief Executive. The total employment benefits including employer pension contributions and employers national insurance of the key management personnel were £43,659 (2024 £42,774).
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2025 nor for the year ended 30 June 2024.
- STAFF COSTS
The average monthly number of employees during the year was as follows:
| 30.6.25 | 30.6.24 | |||
|---|---|---|---|---|
| Administration | 3 | 3 | ||
| No employees received emoluments in excess of£60,000. | ||||
| 6. | COMPARATIVES FORTHE STATEMENT OF FINANCIAL | ACTIVITIES | ||
| Unrestricted | Restricted | Total | ||
| fund | fund | funds | ||
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 25,300 | - | 25,300 | |
| Charitable activities | ||||
| Subscriptions | 92,940 | - | 92,940 | |
| Other income | 2,427 | - | 2,427 | |
| Investment income | 1,597 | - | 1,597 | |
| Total | 122,264 | - | 122,264 | |
| EXPENDITURE ON | ||||
| Charitable activities | ||||
| Charitableactivities | 106,412 | - | 106,412 |
continued...
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The Safety and Reliability Society (Limited by Guarantee)
Notes to the Financial Statements - continued for the Year Ended 30 June 2025
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| fund | fund | funds | ||
| £ | £ | £ | ||
| NET INCOME | 15,852 | - | 15,852 | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 159,532 | - | 159,532 | |
| TOTAL FUNDS CARRIED FORWARD | 175,384 | - | 175,384 | |
| 7. | FIXED ASSET INVESTMENTS | |||
| Shares in | ||||
| group | ||||
| undertakings | ||||
| £ | ||||
| MARKETVALUE | ||||
| At |
July 2024 and 30 June 2025 | |||
| NET BOOK VALUE | ||||
| At 30 June 2025 | 100 | |||
| At30June2024 | 100 |
There were no investment assets outside the UK.
The Company holds 100% of the Ordinary Share Capital of SaRS Limited, incorporated in England and Wales. The registered office address is Hollinwood Business Centre, Albert Street, Oldham, OL8 3QL.
SaRS Limited undertake the promotion of scientific study of safety and reliability and associated disciplines. The results for the year are as follows:
| 30.06.25 | 30.06.24 | ||
|---|---|---|---|
| £ | £ | ||
| Assets Liabilities |
12,528 (5,914) |
12,643 (6,687) |
|
| Shareholders’ | Funds | 6,614 | 5,956 |
| 30.06.25 | 30.06.24 | ||
| £ | £ | ||
| Turnover | 25,031 | 21,621 | |
| Expenditure | 24,373 | 17,560 | |
| Profit/(Loss) | fortheyear | 658 | 4,061 |
Page 15
continued...
Notes to the Financial Statements - continued for the Year Ended 30 June 2025
-
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
The Safety and Reliability Society (Limited by Guarantee)
| 30.6.25 | 30.6.24 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Trade debtors | 37,633 | 39,584 | |||
| Amounts owed by group undertakings | 3,723 | 3,723 | |||
| Other debtors | 1,296 | 1,296 | |||
| Prepayments and accrued income | 15,161 | 11,699 | |||
| 57,813 | 56,302 | ||||
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 30.6.25 | 30.6.24 | ||||
| £ | £ | ||||
| Subscriptions in advance | 61,890 | 63,610 | |||
| Social security and other taxes | 854 | 893 | |||
| Other creditors | - | 244 | |||
| Accruals and deferred income | 2,884 | 2,520 | |||
| 65,628 | 67,267 | ||||
| 10. | ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||||
| 30.6.25 | 30.6.24 | ||||
| Unrestricted | Restricted | Total | Total | ||
| fund | fund | funds | funds | ||
| £ | £ | £ | £ | ||
| Investments | 100 | - | 100 | 100 | |
| Current assets | 247,495 | 4,383 | 251,878 | 242,551 | |
| Current liabilities | (65,628) | - | (65,628) | (67,267) | |
| 181,967 | 4,383 | 186,350 | 175,384 | ||
| 11. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.7.24 | in funds | 30.6.25 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 175,384 | 6,583 | 181,967 | ||
| Restricted funds | |||||
| ESSS Restricted Income | - | 4,383 | 4,383 | ||
| TOTALFUNDS | 175,384 | 10,966 | 186,350 |
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continued...
The Safety and Reliability Society (Limited by Guarantee)
Notes to the Financial Statements - continued for the Year Ended 30 June 2025
11. MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 132,643 | (126,060) | 6,583 |
| Restricted funds | |||
| ESSS Restricted Income | 4,383 | - | 4,383 |
| TOTAL FUNDS | 137,026 | (126,060) | 10,966 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| At 1.7.23 | in funds | 30.6.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 159,532 | 15,852 | 175,384 |
| TOTAL FUNDS | 159,532 | 15,852 | 175,384 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 122,264 | (106,412) | 15,852 |
| TOTALFUNDS | 122,264 | (106,412) | 15,852 |
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continued...
The Safety and Reliability Society
Notes to the Financial Statements - continued for the Year Ended 30 June 2025
- EMPLOYEE BENEFIT OBLIGATIONS
(Limited by Guarantee)
The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £2,305 (2024 £2,161). There were no outstanding contributions at the balance sheet date.
- RELATED PARTY DISCLOSURES
The company has a wholly owned operating subsidiary, SaRS Limited, which recharges to the company a proportion of its administration expenses and staff costs. During the year, the recharges amounted to £30,037 (2024: £25,930). At the balance sheet date, the balance owed by SaRS Limited to the company amounted to £3,723 (2024 £3,797).
14, DEFERRED INCOME
Deferred income comprises of subscription income recieved which relates to future periods.
| £ | ||
|---|---|---|
| Balance | as at Ist July 2024 | 64,560 |
| Amount | released to income earned from other trading activities | (64,560) |
| Amount | deferred in the year | 61,890 |
| Balance | asat30thJune2025 | 61,890 |
- STATUS OF COMPANY
The Company is limited by guarantee without share capital. At the year end date there were five guarantors and each guarantor is limited by guarantee to £1.
- TAXATION
As acharity, The Safety and Reliability Society Limited is exempt from tax on income and gains falling within S505 of the Taxes Act 1988 or S256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No charges have arisen in the charity. Tax recovered on donations and subscriptions received under Gift Aid in the year amounted to £12,826 (2024 £11,908).
- FUNDS
ESSS Restricted Income
European System Safety Society (ESSS) former charity number 1084937 dissolved their charity organisation in 2021 and donated £4383.03 remaining funds to Safety and reliability Society (Received in 2024/25). Following discussions between Safety and Reliability Society (SaRS) and European System Safety Society (ESSS) the donation will be ringfenced in order to organise activities and/or events to enable early career safety and_ reliability practitioners to present and showcase their work.
Page 18
The Safety and Reliability Society (Limited by Guarantee)
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 30 June 2025 | |||
| 30.6.25 | 30.6.24 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 22,983 | 25,300 | |
| Investment income | |||
| Deposit account interest | 1,490 | 1,597 | |
| Charitable activities | |||
| Subscriptions Other income |
109,499 3,054 |
92,940 2,427 |
|
| 112,553 | 95,367 | ||
| Total incoming resources | 137,026 | 122,264 | |
| EXPENDITURE | |||
| Charitable activities | |||
| Wages Social security |
63,995 514 |
50,917 - |
|
| Pensions | 2,305 | 2,161 | |
| Rates and water | 359 | 968 | |
| Insurance | 455 | 407 | |
| Postage and stationery Advertising Expenses recharged from SaRS Journal expenses |
4,187 1,044 30,037 11,731 |
2,049 776 25,930 9,354 |
|
| 114,627 | 92,562 | ||
| Support costs | |||
| Finance | |||
| Bank charges | 2,679 | 2,530 | |
| Other taxation interest | - | 11 | |
| 2,679 | 2,541 | ||
| Other | |||
| Sundries Branch Grants |
3,312 211 |
3,061 85 |
|
| 3,523 | 3,146 |
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Page 19
The Safety and Reliability Society (Limited by Guarantee)
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 30 June 2025 | ||
| 30.6.25 | 30.6.24 | |
| £ | £ | |
| Other | ||
| Governance costs | ||
| Auditors’ remuneration | 3,000 | 2,771 |
| Engineering Council and Hazard Forum fees | 2,231 | 5,392 |
| 5,231 | 8,163 | |
| Total resources expended | 126,060 | 106,412 |
| Netincome | 10,966 | 15,852 |
This page does not form part of[the][statutory][financial][statements]
Page 20