## **The Scottish Association for Metals** ## **Financial statements** **For the year to 30 September 2025** **Scottish Charity Number: SC014102** **The Scottish Association for Metals** **Index to the financial statements** **For the year to 30 September 2025** |**Index**|**Page**| |---|---| |Trustees’ Annual Report|1| |Independent Examiner’s Report|5| |Statement of Receipts and Payments|6| |Statement of Balances|7| |Notes to the accounts|8| 1. ## **The Scottish Association for Metals** **Trustees’ Annual Report** **For the year to 30 September 2025** ## **Reference and Administrative Information** **Charity No** SC014102 ## **Address** 5 Standalane Way Pebbles EH45 8LR ## **Trustees (Councillors)** President: Prof Brad Wynne (elected 8 October 2025) Vice President: Dr Tatyanna Konkova (elected 8 October 2025) Secretary: Dr John Wilcox Treasurer: Dr Neil Shearer Councillors: Dr Peifeng Li (resigned 8 October 2025) Prof Nadimul Faisal Dr Faezeh Shalchy Dr Alireza Valizadeh Chibuzor Nwanebu Prof Stuart Lyon (elected 8 October 2025) Dr Amir Siddiq (elected 8 October 2025) Young member: Obey Suleyman Past Presidents: Dr Tiziana Marrocco Prof Robert Reuben Dr Salah Rahimi Iain MacLeod Dr Norrie McPherson **Investment Advisors** : Affluent Financial Planning **Bankers** Royal Bank of Scotland 158a Fenwick Road Giffnock, G46 6XB **Independent examiner** John G O’Hara CA O’Haras, Chartered Accountants Radleigh House 1 Golf Road Clarkston Glasgow, G76 7HU 2. ## **The Scottish Association for Metals** **Trustees’ Annual Report** **For the year to 30 September 2025** ## **Structure, Governance and Management** ## **Constitution** The Scottish Association for Metals is an unincorporated charity. It is governed by its constitution, which was adopted on 5 July 1974 and amended on 27 September 2022. ## **Appointment of trustees** The structure of the organisation consists of the charity’s trustees, who are also the organisation’s only councillors and comprise of the organisation’s board (‘council’). The board must arrange an annual general meeting (‘AGM’) in each year, reporting on the preceding financial year of the organisation. At each AGM, two trustees retire by rotation and are eligible for re-election for a further three-year term. ## **Administration** The board may delegate any of their functions or powers to sub-committees; a sub-committee must include at least one charity trustee. The board may also delegate to the Convenor (‘President’) of the organisation (or holder of any other post) such powers (but not their responsibilities) as they may consider appropriate. When delegating powers, the board must set out appropriate conditions (which must include an obligation to report regularly to the board). Any delegation of powers may be revoked or altered by the board at any time. The rules of procedure for each sub-committee and the provisions relating to membership of each sub-committee, shall be set by the board. ## **Objectives and Activities** ## **Charitable purposes** The organisation is established for charitable purposes only and the objective is: 1. To promote the advancement of the science and technology of metals, alloys and allied materials. 3. ## **The Scottish Association for Metals** **Trustees’ Annual Report** ## **For the year to 30 September 2025** ## **Principle Activities, Achievements and Performance** The organisation of a programme of technical meetings, currently between six and eight each year. The consideration of requests for financial support from young scientists and technologists wishing to travel to technical conferences in the furtherance of their training or research or to present research results at such conferences. Grants to support project work being undertaken by young scientists and technologists. The funding of prizes for best students in materials courses at two local universities. Six lecture meetings took place, one of which was organised by a similar organisation and one site visit. All the lectures were held on-line to enable scientists and engineers from across Scotland and further afield to attend. This meetings programme was funded by a grant provided by the Institute of Materials, Minerals and Mining. Three postgraduate travel grants totalling £1,250 were awarded. A total of £6,750 was provided to eight undergraduates engineering societies to support extra mural studies. Final year project prizes totalling £1,250 were awarded to students submitting the best engineering materials projects. Thus a total of £9,250 in charitable support was provided by SAM this year. This was funded by investment income from the charity's asset portfolio. ## **Financial Review** Our main source of income is from our investment portfolio. Unrestricted funds: During the year, the charity received dividends of £3,527 (2024: £6,778) and grants of £642 (2024: £525). Expenses of £14,192 (2024: £12,199) were incurred during the year. Movement in selling and purchasing investments this year was £865 (2024: nil). This left the charity with an overall deficit of £7,805 (2024: deficit of £4,407). There are no restricted funds. 4. ## **The Scottish Association for Metals** ## **Trustees’ Annual Report** ## **For the year to 30 September 2025** ## **Reserve Policy** The primary objective is for SAM to have sufficient funds to continue its grant making activities. Income received from membership subscriptions and other sources is used to support grant making activities. However, expenditure may exceed income in any given year. Where a deficit arises, reserve funds may be used to meet the deficit. The investment objective is to achieve protection against inflation over time. The target return is inflation plus 3% per year net of costs. ## **Trustees** All trustees are unpaid volunteers. Expenses are paid to cover actual costs in travelling to events and meetings. ## **Plans for Future Periods** The trustees continue to look for opportunities to support the training and development of materials engineers and technologists in Scotland. We will also continue to offer a wideranging programme of technical events to aid that development with the events being approved by the Institute of Materials Minerals and Mining as satisfying the requirements for the continuing professional development of its members where appropriate. ## 10/6/2026 Approved by the Trustees on ………………. and signed on their behalf by:- ................................................................ Dr John Wilcox Hon Secretary 5. ## **Independent Examiner’s Report to the Trustees of** ## **The Scottish Association for Metals** ## **For the year to 30 September 2025** I have examined the financial statements of The Scottish Association for Metal for the period ended 30 September 2025 which are set out on pages six to eight. ## **Respective responsibilities of trustees and examiner** The charity’s Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10 (1) (d) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44 (1) (c) of the Act and to state whether particular matters have come to my attention. ## **Basis of independent examiner’s statement** My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. ## **Independent examiner’s statement** In the course of my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with Section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and - to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations have not been met, or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. John G O’Hara Chartered Accountant Radleigh House 1 Golf Road Clarkston Glasgow G76 7HU 16 June 2026 6. **The Scottish Association for Metals** ## **Statement of Receipts and Payments** ## **For the year to 30 September 2025** ||||**30.09.25**|**30.09.24**| |---|---|---|---|---| ||||**Total**|**Total**| ||**Notes**|**Unrestricted**|**Funds**|**Funds**| |||**Funds**||| |||£|£|£| |**Receipts**||||| |Grants received|3|642|642|525| |Other charitable income:||||| |Subscriptions||92|92|67| |Investment income||4,788|4,788|7,200| |||---------|----------|----------| |||5,522|5,522|7,792| |**Receipts from investment**||||| |**sales**||||| |Proceeds from sale of||||| |investments||108,085|108,085|-| |||---------|---------|---------| |**Total Receipts**||113,607|113,607|7,792| |||---------|---------|---------| |**Payments**||||| |Cost of charitable|4|4,942|4,942|5,949| |activities||||| |Bursaries and prizes||9,250|9,250|6,250| |||----------|----------|----------| |||14,192|14,192|12,199| |**Receipts from investment**||||| |**sales**||||| |Purchases of investments||107,220|107,220|-| |||----------|----------|----------| |||121,412|121,412|12,199| |||----------|----------|----------| |**Net receipts/(payments)**||(7,805)|(7,805)|(4,407)| |Transfer between funds||-|-|-| |||--------|----------|----------| |**Surplus/(deficit) for year**||(7,805)|(7,805)|(4,407)| |||--------|----------|----------| The accompanying notes form part of these financial statements. 7. ## **The Scottish Association for Metals** ## **Statement of Balances** ## **At 30 September 2025** ||**30.09.25**
|**30.09.25**|**30.09.24**|| |---|---|---|---|---| ||**Unrestricted**
|**Total**|**Total**|| ||**Funds**
|**Funds**|**Funds**|| ||£
|£|£|| |Cash and bank balance at start||||| |of year|26,934|26,934|31,341|| |Surplus/(deficit) for year|(7,805)|(7,805)|(4,407)|| ||----------|----------|---------|| |**Closing cash and bank**||||| |**balance**|19,129|19,129|26,934|| ||----------|----------|---------|| |**Investments (at market value)**||**2025**|**2024**|| |Investment portfolio||||| |(unrestricted)||330,287|310,177|| ||======|**====**==
==|**=====**=|==| Approved by the Trustees on …………… and signed on their behalf by:- 10/6/2026 ................................................................ Dr John Wilcox Hon Secretary 8. ## **The Scottish Association for Metals** ## **Notes to the financial statements For the year to 30 September 2025** ## **1 Basis of accounting** These accounts have been prepared on the Receipts and Payments basis in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). ## **2 Nature and purpose of funds** Unrestricted funds are those that may be used at the discretion of the trustees in furtherance of the objects of the charity. The trustees maintain a single unrestricted fund for the day to day running of the charity. Restricted funds may only be used for specific purposes, Restrictions arise when specified by the donor or when funds are raised for specific purposes. There are no restricted funds. ## **3. Grants** |The Institute of Materials, Minerals and||| |---|---|---| |Mining (unrestricted)|£642|| ||=====|| |**Cost of charitable activities**||| ||**30.09.25**|**30.09.24**| ||**£**|**£**| |Lecture costs|276|507| |Investment portfolio fees|4,021|4,962| |Independent examiners fees|510|480| |Website costs|135|-| ||---------|---------| ||4,942|5,949| ||=====|=====| ## **4. Cost of charitable activities** ## **5. Trustees remuneration** No expenses were paid to the charity’s trustees in the period.