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Registered number: 00154271
THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2025
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
MTA BOARD
FOR THE YEAR ENDED 30 JUNE 2025
MEMBERS
Mr Tony Bowkett (President)
Mr Dave Burley (Immediate Past President and International Trade Commitee Chairman)
Mr Marcus Burton OBE (Board Member)
Mr Simon Pollard (Honorary Treasurer)
Mr Stewart Lane (Vice President)
Mr C. Mark Ridgway OBE, DL (Board Member)
Mr Mike Wilson (Board Member)
Mr Christopher Pockett (Exhibition Committee Chairman)
Ms Rosa Wilkinson (Board Member) (resigned on 1 July 2024 and reappointed on 28 November 2024)
Mr Matthias Meyer (Board Member) (resigned on 29 August 2024)
Ms Lynn Kerfoot (Board Member)
Mr Thomas Bouchier (Board Member)
Mr Kevin Gilbert (Board Member)
Mr James Selka DL (Chief Executive Officer)
Ms Sarah Black-Smith (Board Member) (appointed on 28 November 2024)
Mr Stephen Totty (Board Member) (appointed on 28 November 2024)
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
REGISTERED NUMBER: 00154271
BALANCE SHEET
AS AT 30 JUNE 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Property revaluation reserve
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Investment revaluation reserve
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
REGISTERED NUMBER: 00154271
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2025
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 October 2025.
The notes on pages 5 to 16 form part of these financial statements.
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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Property revaluation reserve
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Investment revaluation reserve
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Transfer to/(from) profit and loss account
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Surplus/(deficit) on revaluation and revaluation surplus/(deficit) now realised
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Release/(addition) of deferred tax liability
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Transfer to/(from) profit and loss account
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Surplus/(deficit) on revaluation and revaluation surplus/(deficit) now realised
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Release/(addition) of deferred tax liability
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The notes on pages 5 to 16 form part of these financial statements.
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
The Manufacturing Technologies Association is a private company, limited by guarantee, domiciled in England and Wales, registration number 00154271. The registered office is 62 Bayswater Road, London,United Kingdom, W2 3PS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have considered the ability of the Company to continue as a Going Concern. In making their assessment, the Board have prepared and critically reviewed the Company's cash flow forecast for the next 12 months and beyond and ensured that this forecast is modelled on a suitably cautious basis. Taking those forecasts into account and given the relative strength of the Company’s Balance Sheet and the level of its liquid and other reserves, the Board have concluded that the Company remains a Going Concern and have accordingly prepared the accounts on that basis.
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due; and
- the costs incurred or to be incurred in respect of the contract can be measured reliably.
The Company generates revenue by charging subscription fees to its members, by organising a MACH exhibition every other year, receiving property rental income and receiving investment income from a portfolio of investments.
Subscription revenue
Subscription revenue is charged to the members on 1 April annually. If a member decides not to renew their subscription a credit note is issued. The subscriptions year runs from 1 April to 31 March with an appropriate adjustment for deferred income at 30 June. For any member subscribing for less than 12 months then their subscription is charged on a pro-rata basis.
MACH exhibition revenue and expenditure
MACH revenue and expenditure is recognised in the year the exhibition takes place. Any revenue collected and expenses incurred before the exhibition takes place is appropriately deferred in the Balance Sheet. Deferred income and expenditure is then reversed in the year the MACH exhibition takes place to the statement of comprehensive income.
Rental income
Rental income is invoiced in advance on a monthly basis based on the contract and deferred where appropriate.
Income from fixed asset investments
Income received from fixed asset investments is accounted for when received.
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Defined benefit pension plan
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The funding method used for this valuation is the “Defined Accrued Benefit Method”.
Under this funding method, liabilities are calculated at the valuation date on the assumption that the Scheme will be discontinued on that date. When assessing the benefits, it is assumed that all members will be entitled to the discontinuance benefits which are specified in the Rules of the Scheme, before reduction of benefits under the application of any priority rules resulting from a shortfall in assets.
The method used to calculate the liabilities uses discounted cashflow techniques to assess the liabilities for each individual member, and then totals these. These liabilities are compared with the assets. Where benefits can be taken unreduced before the member’s Normal Retirement Age, each tranche of benefit is valued as if it comes into payment at the earliest age at which it could be taken without reduction.
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
The cost of the defined benefit plan is recognised in Statement of comprehensive income as employee costs within administrative expenses.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual bases:.
Depreciation is provided on the following basis:
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Office fixtures & equipment
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Revaluation of tangible fixed assets
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Freehold property is held at its revalued amount less subsequent depreciation and impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date. Any accumulated depreciation at the date of revaluation is reversed against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Stock exchange investments are treated as a single income generating unit and are included in the accounts at the middle market value excluding net interest accrued on fixed interest securities, with unrealised gains and losses arising on revaluation included in the investment revaluation reserve. Realised gains and losses arising from the disposal of investments and any overall net deficit in the investment revaluation reserve are included in the Statement of comprehensive income.
Short-term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price.
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition offinancial assets and liabilities like trade and other debtors and creditors, loans from banks and otherthird parties, loans to related parties and investments in ordinary shares.
Investments in non-derivative instruments that are equity to the issuer are measured
∙at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
∙at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
Property valuations
The Company has a freehold property which has been previously revalued on an open market basis by a reputable firm of Chartered Surveyors. However, there are a number of estimates and external factors which influence the valuation of property and management have reviewed the accuracy of these estimates and reviewed other external factors when determining the value of the freehold property shown within the financial statements. It is management’s view that the accuracy of these estimates has a significant impact on the overall property valuation shown within these financial statements.
Defined benefit pension scheme
The Company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the Balance Sheet. The assumptions reflect historical experience and current trends. It is management's view that the accuracy of these estimates have a significant impact on the overall pension scheme surplus/deficit reported in these financial statements. See note 13 for further information.
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The average monthly number of employees, including directors, during the year was 19 (2024 - 17).
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Office fixtures & equipment
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Charge for the year on owned assets
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The freehold property at 62 Bayswater Road, London W2 3PS was valued by Glenny LLP, Chartered Surveyors, in June 2023 at £4,860,000 on an open market basis. The property was previously revalued in August 2016 at £4,310,000. No further valuation has been completed as the directors have concluded the the value has not materially changed.
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Cost or valuation at 30 June 2025 is as follows:
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
5.Tangible fixed assets (continued)
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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The cost of listed investments at 30 June 2025 was £1,662,190 (2024 - £1,589,829).
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Prepayments and accrued income
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Exhibition income received in advance
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss and other comprehensive income
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The provision for deferred taxation is made up as follows:
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Deferred tax on investment portfolio held at market value - liability
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Deferred tax on revalued properties - liability
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Property revaluation reserve
Included in the property revaluation reserve are the accumulated revaluation uplifts of freehold property, less deferred tax.
Investment revaluation reserve
Included in the investment revaluation reserve are the accumulated revaluation uplifts of listed investments, less deferred tax.
Profit and loss account
The profit and loss account contains accumlated retained earnings.
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Pension commitments: Defined contribution scheme
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The Company operates a defined contibution pension scheme. Contributions made by the Company to the scheme during the year totalled £50,201 (2024 - £45,412).
At the year end there were no contributions outstanding to pay (2024 - £Nil).
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Pension commitments: Defined benefits scheme
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The Company operates a defined benefit pension scheme, providing benefits based on final pensionable salary. The assets of the Scheme are held separately from those of the Company, in an independently administered insured fund. The Scheme is closed to new entrants. Contributions to the Scheme are charged to the Statement of comprehensive income. The contributions are determined by a qualified actuary using appropriate actuarial standards.
On the proposed assumptions, the Scheme has a surplus of £358,000. The Association does not have an unconditional right to realise the surplus.
None of the fair values of the assets shown below include any of the Company’s own financial instruments or any property occupied by, or other assets used by the Company.
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Fair value of plan assets
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Present value of plan liabilities
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THE MANUFACTURING TECHNOLOGIES ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Commitments under operating leases
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At 30 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The auditors' report on the financial statements for the year ended 30 June 2025 was unqualified.
The audit report was signed on 24 October 2025 by Simon Liggins (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.
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