The Trustees, who are also Directors present their annual report and financial statements for the year ended 31 August 2025.
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 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.
The Charity's objectives continue to be met as demonstrated by the increasing subscriptions and the continued success of the society's newsletter.
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 £61,377 (2024: £66,884). 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 £4,625 (2024: £6,299).
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.
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.
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:
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.
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.
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 2025, 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.
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) is a private company limited by guarantee incorporated in England and Wales. The registered office is Offices C5 & C, Barn 7, Dunston Business Village, Stafford, West Midlands, ST18 9AB.
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.
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.
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.
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.
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.
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.
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.
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, 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, 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.
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.
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, 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The company is exempt from corporation tax on its charitable activities.
Investments
Income from listed investments
Bank interest
Secretarial fees
Bad debts
There were no employees during the year.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
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.