Charity registration number 261128
Company registration number 00961970 (England and Wales)
DIECASTING SOCIETY LIMITED (THE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
DIECASTING SOCIETY LIMITED (THE)
LEGAL AND ADMINISTRATIVE INFORMATION
Directors (Trustees)
S Hanson
P Wara
J Swift
J Mitchell
S Wood
(Appointed 24 April 2024)
Trustees (Non-Directors)
C Gough
(Appointed 24 April 2024)
Secretary
Mrs A Mason
Charity number
261128
Company number
00961970
Registered office
National Foundry Training Centre
ECMS
Tipton Road
Tipton
West Midlands
DY4 7UW
Accountants
Price Pearson
Finch House
28-30 Wolverhampton Street
Dudley
West Midlands
DY1 1DB
Bankers
Lloyds TSB
Birmingham Edgbaston
Ariel House
2138 Coventry Road
Birmingham
B26 3JW
DIECASTING SOCIETY LIMITED (THE)
CONTENTS
Page
Trustee's report (including Directors' report)
1 - 3
Accountants' report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 15
DIECASTING SOCIETY LIMITED (THE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The Trustees, who are also Directors present their annual report and financial statements for the year ended 31 August 2024.

 

The legal and administrative information forms part of this report.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Objectives and aims

The Society's main objective continues to be the provision of opportunity for its members to widen their knowledge and experience of the diecasting industry through the promotion of technology, while providing forums for discussion and debate.

 

It achieves its aims by working with further education establishments to better knowledge and push boundaries. It also markets the diecasting process and provides members with a medium through which to promote a healthy business environment. The society also provides a healthy yet balanced social scene, where industrialists share a unique experience of being amongst friends rather than competition.

 

The Diecasting Society has close links with the Aluminum Federation, the Institute of Cast Metals Engineers, the Cast Metals Federation and the Aluminum Times as well as working in close partnership with other industry organisations to provide technical and social events for members.

 

Public Benefit

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, in particular, the trustees consider how specific events will contribute to their objectives.

Achievements and performance

The Charity's objectives continue to be met as demonstrated by the increasing subscriptions and the continued success of the society's newsletter.

Financial review

Reserves policy

The Society maintains the unrestricted reserves at a sufficient level for it to meet its management administration and support costs. At the end of the year these amounted to £66,884 (2023: £67,066). The society will ensure that the level maintained is sufficient for the society's current needs and to cover any reduced subscription income should any members be lost, ensuring the continuation of the charity.

 

Principal funding sources

The Society's principal source of funding is from company member subscriptions £6,299 (2023: £5,685), followed by fundraising events £4,127 (2023 - £6,397).

 

Investment Policy and objectives

The investment policy has been to invest in any stocks and bonds which the investment managers consider to be of good quality with a view to stable long-term growth and reasonable income. The overall purpose of these funds is to facilitate additional resources for the charity.

 

Accounts and financial position

The attached financial statements comply with current statutory requirements, the charity's governing document, and the FRS102 SORP (Statement of Recommended Practice, Accounting and Reporting by Charities) issued in 2019 (THE SORP).

 

The Trustees continue to raise income from charitable activities, in particular the members' newsletter.

DIECASTING SOCIETY LIMITED (THE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Plans for future periods

The Society is continuing to arrange technical visits and promotion of training opportunity in its industry. A Diecasting Society Apprentice Award for any person participating in a formal Diecasting Apprentice Scheme has been set up in order to encourage young people to join the Society and further their development.

Structure, governance and management

Governing Document

The charity is a company limited by guarantee and registered in England and Wales and is governed by its memorandum and articles of association. The members of the company are the trustees named within the legal and administrative information, which forms part of this report. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

 

The Society, was constituted as a company limited by guarantee on 15th September 1969, and it became a registered charity on 19th May 1970. It operates under the name of The Diecasting Society Limited.

 

Recruitment and appointment of new trustees

The trustees of the charity are listed below. One third of the trustees retire by rotation each year at the Annual General meeting. Where a casual vacancy arises during the year, the trustees may appoint a person to fill that position until the next Annual General Meeting, where the person will be eligible for re-election. All appointments and re-elections are decided by members of the society.

The Trustees, who are also Directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

S Hanson
P Wara
S Gregory
(Resigned 24 April 2024)
J Swift
S Gill
(Resigned 24 April 2024)
J Mitchell
S Wood
(Appointed 24 April 2024)

Risk management

The trustees identify and regularly review the risks to which the charity is exposed and ensure appropriate controls are in place.

Organisational structure

The Diecasting Society consists of one single national branch (however was previously split into three regional branches - Midlands, Northern and Southern). A national council steers the Society and offers support to the national branch and takes responsibility for the organisation of national events. The Secretariat for the Die Casting Society is provided by the Institute of Cast Metals Engineers.

DIECASTING SOCIETY LIMITED (THE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Statement of Trustees' responsibilities

The Trustees, who are also Directors, who are also the directors of Diecasting Society Limited (The) for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the Trustees, who are also Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees, who are also Directors are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The Trustees, who are also Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The Trustees' report was approved by the Board of Trustees, who are also Directors.

On behalf of the board
J Swift
Trustee
11 February 2025
DIECASTING SOCIETY LIMITED (THE)
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES, WHO ARE ALSO DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DIECASTING SOCIETY LIMITED (THE) FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Diecasting Society Limited (The) for the year ended 31 August 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made to the charity's Trustees, who are also Directors, as a body, in accordance with the terms of our engagement letter dated 4 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Diecasting Society Limited (The) and state those matters that we have agreed to state to the charity's Trustees, who are also Directors, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Diecasting Society Limited (The) and the charity's Trustees, who are also Directors as a body, for our work or for this report.

It is your duty to ensure that Diecasting Society Limited (The) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Diecasting Society Limited (The). You consider that Diecasting Society Limited (The) is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Diecasting Society Limited (The). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Price Pearson
11 February 2025
Chartered Accountants
Finch House
28-30 Wolverhampton Street
Dudley
West Midlands
DY1 1DB
DIECASTING SOCIETY LIMITED (THE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Charitable activities
2
11,565
13,262
Investments
3
776
675
Total income
12,341
13,937
Expenditure on:

Training Activities

4
14,990
20,764
Net gains/(losses) on investments
8
2,467
(5,076)
Net expenditure for the year/
Net movement in funds
(182)
(11,903)
Fund balances at 1 September 2023
67,066
78,969
Fund balances at 31 August 2024
66,884
67,066

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
DIECASTING SOCIETY LIMITED (THE)
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
9
20,878
17,759
Current assets
Debtors
10
5,083
3,592
Cash at bank and in hand
42,740
46,728
47,823
50,320
Creditors: amounts falling due within one year
11
(1,817)
(1,013)
Net current assets
46,006
49,307
Total assets less current liabilities
66,884
67,066
Income funds
Unrestricted funds
66,884
67,066
66,884
67,066

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees, who are also Directors on 11 February 2025
J Swift
Trustee
Company registration number 00961970
DIECASTING SOCIETY LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
1
Accounting policies
Charity information

Diecasting Society Limited (The) is a private company limited by guarantee incorporated in England and Wales. The registered office is National Foundry Training Centre, ECMS, Tipton Road, Tipton, West Midlands, DY4 7UW.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees, who are also Directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees, who are also Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees, who are also Directors in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income

Turnover represents members' subscriptions and services in relation to the year under review, net of value added tax. All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. All income receivable by the charitable company falls within the charitable company's activities, including donated services.

DIECASTING SOCIETY LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 8 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

DIECASTING SOCIETY LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 9 -
Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

 

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9
Taxation

The company is exempt from corporation tax on its charitable activities.

2
Charitable activities
2024
2023
£
£

Fundraising events

4,127
6,397

Company members' - subscriptions

6,299
5,685

Individual members' - subscriptions

1,139
1,180
11,565
13,262
DIECASTING SOCIETY LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
3
Investments
2024
2023
£
£

Income from listed investments

652
626

Bank interest

124
49
776
675
4

Training Activities

2024
2023
£
£

Website costs

654
850

Newsletter

3,700
3,640

Fundraising events

3,049
6,302

Sundry expenses

14
18
7,417
10,810
Share of governance costs (see note 5)
7,573
9,954
14,990
20,764
DIECASTING SOCIETY LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
5
Support costs
Finance costs
Governance costs
2024
Finance costs
Governance costs
2023
Basis of allocation
£
£
£
£
£
£
Accountancy
-
1,555
1,555
-
1,100
1,100
Governance

Secretarial fees

-
5,737
5,737
-
4,869
4,869
Governance

Bad debts

-
281
281
-
3,985
3,985
Governance
-
7,573
7,573
-
9,954
9,954
Analysed between
Training activities
-
7,573
7,573
-
9,954
9,954
DIECASTING SOCIETY LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
6
Trustees, Who Are Also Directors
None of the Trustees, who are also Directors (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7
Employees

There were no employees during the year.

8
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Gain/(loss) on sale of investments
2,467
(5,076)
9
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 September 2023
17,759
Additions
652
Valuation changes
2,467
At 31 August 2024
20,878
Carrying amount
At 31 August 2024
20,878
At 31 August 2023
17,759
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,058
2,832
Other debtors
25
322
Prepayments and accrued income
-
438
5,083
3,592
DIECASTING SOCIETY LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
11
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,817
1,013
DIECASTING SOCIETY LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
12
Unrestricted funds
Net movement in funds is as follows:
Balance at
1 September 2023
Incoming resources
Resources expended
Transfers
Revaluations, gains and losses
Balance at
31 August 2024
£
£
£
£
£
£
General Fund
67,066
12,341
(14,990)
-
2,469
66,886
-
Balance at 1 September 2022
Incoming resources
Resources expended
Transfers
Revaluations, gains and losses
Balance at 31 August 2023
Comparitive movement in funds:
General Fund
78,969
13,937
(20,764)
-
(5,076)
67,066
-
DIECASTING SOCIETY LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
13
Analysis of net assets between funds
Unrestricted funds
Unrestricted funds
2024
2023
£
£
Fund balances at 31 August 2024 are represented by:
Investments
20,878
17,759
Current assets/(liabilities)
46,006
49,307
66,884
67,066
14
Related party transactions

During the year membership subscription fees were received from the Trustees of the Charity. This was in accordance with normal specified membership rates for each individual.

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