Company registration number 02994115 (England and Wales)
INTERNATIONAL TIN ASSOCIATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
INTERNATIONAL TIN ASSOCIATION LIMITED
COMPANY INFORMATION
Directors
A J Y Turner
M Y Marcussen
M I Pero Taborga
J L Kruger
M T Yong
A J Davies
Y Yang
P A Mendes Amparo
M J F van Loon
H Chag
R Widiyantoro
(Appointed 21 July 2025)
R Marinho Lasmar
(Appointed 26 March 2026)
Secretary
Ms X Li
Company number
02994115
Registered office
Unit 3, Curo Park
Frogmore
St Albans
Hertfordshire
AL2 2DD
Auditor
Rayner Essex LLP
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
INTERNATIONAL TIN ASSOCIATION LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income and expenditure account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
INTERNATIONAL TIN ASSOCIATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be to defend and grow the uses of tin, with a strong focus on sustainability.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A J Y Turner
M Y Marcussen
M I Pero Taborga
J L Kruger
M T Yong
A J Davies
Y Yang
P A Mendes Amparo
M J F van Loon
M A Recklies
(Resigned 24 November 2025)
H Chag
A D Virsal
(Resigned 10 July 2025)
R Widiyantoro
(Appointed 21 July 2025)
R Marinho Lasmar
(Appointed 26 March 2026)
Future developments

Market fundamentals for tin are expected to remain positive, supported by demand from electronics and energy transition technologies, although subject to global macroeconomic uncertainty and geopolitical developments.

The International Tin Association's TIN2030 strategy continues to guide the organisation's activities, with increasing focus on implementation through market intelligence, innovation, and responsible sourcing initiatives, including the Tin Code.

The regulatory and stakeholder environment is evolving, with growing expectations around transparency, traceability and ESG performance, and ITA is positioning its programmes to support alignment with international standards.

In May 2026, the ITSCI Programme transitioned to an independent organisation, The ITSCI Organisation, a UK not-for-profit company limited by guarantee, which now acts as a Programme's Secretariat. ITA is no longer responsible for the administration of the programme and will continue to engage as appropriate.

ITA continues to work with the Trustees of the ITRI Retirement Benefit Scheme to access the funding postition and agree an appropriate strategy to manage the deficit.

Auditor

The auditor, Rayner Essex LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors 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 directors 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 company and of the surplus or deficit of the company for that period.

INTERNATIONAL TIN ASSOCIATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M I Pero Taborga
Director
19 May 2026
INTERNATIONAL TIN ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTERNATIONAL TIN ASSOCIATION LIMITED
- 3 -
Opinion

We have audited the financial statements of International Tin Association Limited (the 'company') for the year ended 31 December 2025 which comprise the income and expenditure account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its surplus 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors' use of the going concern basis of accounting in the preparation of the 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

INTERNATIONAL TIN ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTERNATIONAL TIN ASSOCIATION LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors 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 directors 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

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.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with the directors and other management, and from our commercial knowledge and experience of the industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and other relevant regulations;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

INTERNATIONAL TIN ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTERNATIONAL TIN ASSOCIATION LIMITED
- 5 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the 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 company's members those matters we are required to state to them in an auditor's 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Antony Federer FCA FCCA CF (Senior Statutory Auditor)
For and on behalf of Rayner Essex LLP
27 May 2026
Chartered Accountants
Statutory Auditor
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
INTERNATIONAL TIN ASSOCIATION LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2025
2024
Notes
£
£
Income
8,982,040
9,309,845
Cost of sales
(5,933,142)
(6,458,389)
Gross surplus
3,048,898
2,851,456
Administrative expenses
(3,248,257)
(3,353,299)
Other operating income
292,355
152,647
Operating surplus/(deficit)
92,996
(349,196)
Interest receivable and similar income
427,475
479,195
Interest payable and similar expenses
(392,000)
(404,000)
Surplus/(deficit) before taxation
128,471
(274,001)
Tax on surplus/(deficit)
-
0
-
0
Surplus/(deficit) for the financial year
128,471
(274,001)

The income and expenditure account has been prepared on the basis that all operations are continuing operations.

INTERNATIONAL TIN ASSOCIATION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
£
£
Surplus/(deficit) for the year
128,471
(274,001)
Other comprehensive income
Actuarial gain/(loss) on defined benefit pension schemes
292,000
(70,000)
Tax relating to other comprehensive income
(70,500)
(39,000)
Total other comprehensive income for the year
221,500
(109,000)
Total comprehensive income for the year
349,971
(383,001)
INTERNATIONAL TIN ASSOCIATION LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
112,227
146,552
Investments
5
1
1
112,228
146,553
Current assets
Debtors
6
1,544,184
782,334
Cash at bank and in hand
5,822,427
7,121,748
7,366,611
7,904,082
Creditors: amounts falling due within one year
7
(4,025,218)
(4,664,985)
Net current assets
3,341,393
3,239,097
Total assets less current liabilities
3,453,621
3,385,650
Creditors: amounts falling due after more than one year
8
(45,000)
(45,000)
Provisions for liabilities
(1,030,719)
(1,312,719)
Net assets
2,377,902
2,027,931
Reserves
Income and expenditure account
2,377,902
2,027,931
Total members' funds
2,377,902
2,027,931

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 board of directors and authorised for issue on 19 May 2026 and are signed on its behalf by:
M I Pero Taborga
Director
Company registration number 02994115 (England and Wales)
INTERNATIONAL TIN ASSOCIATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Income and expenditure
£
Balance at 1 January 2024
2,410,932
Year ended 31 December 2024:
Deficit
(274,001)
Other comprehensive income:
Actuarial gains on defined benefit plans
(70,000)
Tax relating to other comprehensive income
(39,000)
Total comprehensive income
(383,001)
Balance at 31 December 2024
2,027,931
Year ended 31 December 2025:
Surplus
128,471
Other comprehensive income:
Actuarial gains on defined benefit plans
292,000
Tax relating to other comprehensive income
(70,500)
Total comprehensive income
349,971
Balance at 31 December 2025
2,377,902
INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
1
Accounting policies
Company information

International Tin Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 3, Curo Park, Frogmore, St Albans, Hertfordshire, AL2 2DD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 383 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Income and expenditure

Turnover represents amounts receivable for membership fees, levies and services provided net of VAT and trade discounts.

Membership fees are invoiced annually and are recognised upon invoicing and levies are charged to members on shipment of products. Services are invoiced and recognised upon completion of the service provided.

Certain project funds are received and held during the project process and these funds are held in ring fenced bank accounts.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
3 - 5 Years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.8
Financial instruments

The company 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 company's balance sheet when the company 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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 business from suppliers. A m ounts 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.

1.9
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Until 31 December 2004 the company operated a pension scheme that provided benefits based on final pensionable pay. With effect from 1 January 2005 this arrangement was closed to future accrual and replaced by a Group Personal Pension Plan. Contributions to the scheme are charged to the profit and loss account as they become payable. Additionally contributions continue to be paid by the company in respect of the discontinued final salary scheme in order to maintain the necessary funding of that scheme to cover future liabilities.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in surplus or deficit as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14
Maintenance agreements
Maintenance agreements are treated as expenditure when paid and are not spread over the life of the agreement.
1.15
Research and development
Expenditure on research and development is written off against profits in the year in which it is incurred.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
24
24
INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2025
1,566,257
Additions
2,060
Disposals
(4,389)
At 31 December 2025
1,563,928
Depreciation and impairment
At 1 January 2025
1,419,705
Depreciation charged in the year
36,385
Eliminated in respect of disposals
(4,389)
At 31 December 2025
1,451,701
Carrying amount
At 31 December 2025
112,227
At 31 December 2024
146,552
INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
5
Fixed asset investments
2025
2024
£
£
Investments
1
1
Fixed asset investments not carried at market value

Investments in subsidiary undertakings are initially recorded at cost and reduced for any impairment adjustments.

The investment in subsidiary undertakings is detailed in note 16 to the financial statements.

Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2025 & 31 December 2025
1
Carrying amount
At 31 December 2025
1
At 31 December 2024
1
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,040,005
321,030
Amounts owed by group undertakings
26,244
-
0
Other debtors
220,255
133,124
1,286,504
454,154
Amounts falling due after more than one year:
Deferred tax asset
257,680
328,180
Total debtors
1,544,184
782,334
INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
3,587,867
4,187,067
Amounts owed to group undertakings
1,995
35
Other creditors
435,356
477,883
4,025,218
4,664,985
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
45,000
45,000
9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Assets
Assets
2025
2024
Balances:
£
£
Retirement benefit obligations
257,680
328,180
2025
Movements in the year:
£
Asset at 1 January 2025
(328,180)
Charge to other comprehensive income
70,500
Asset at 31 December 2025
(257,680)

The deferred tax liability set out above is provided in relation to the retirement benefit assets as set out in note 10 of the financial statements.

10
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
132,449
127,672

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Retirement benefit schemes
(Continued)
- 18 -
Defined benefit schemes

The company operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company and are invested in a variety of investments such as equities and bonds. The process is managed by an investment company . The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The most recent valuation was carried out at 1 January 2025 by Broadstone Pensions, Fellow of the Institute and Faculty of Actuaries, and was signed off on 27 March 2026. As the scheme ceased accrual on 31 December 2004 there are no further employee contributions to this arrangement. The company will contribute monthly sums and additional amounts, as seen necessary, to cover the shortfall of the deficit in accordance with the Schedule of Contributions and recovery plan. The annual contributions to the scheme have been set at £165,000 per annum until 2033.

Valuation

An actuarial valuation was also prepared for the purpose of applying FRS1 02.28 (Retirement Benefits) as at 31 December 202 5. The actuarial valuation showed that the market value of the scheme's assets was £6,861,281 and that the actuarial value of those assets represent s less than the benefits that had accrued to members, after allowing for expected future increases in earnings.

The Trustees continue the process of winding down the Scheme.

2025
2024
Key assumptions
%
%
Discount rate
5.3
5.4
Expected rate of increase of pensions in payment
2.9
3.3
Expected rate of salary increases
2.8
3.8
Deferred pension revaluations
1.8
2.8
Mortality assumptions
2025
2024

Assumed life expectations on retirement at age 60:

Years
Years
Retiring today
- Males
25.9
25.9
- Females
28.5
28.7
Retiring in 20 years
- Males
27.1
27.1
- Females
29.7
29.9
2025
2024

Amounts recognised in the profit and loss account

£
£
Net interest on net defined benefit liability/(asset)
69,000
62,000
Other costs and income
106,000
321,000
Total costs
175,000
383,000
INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Retirement benefit schemes
(Continued)
- 19 -
2025
2024

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(1,139,000)
1,078,000
Less: calculated interest element
323,000
342,000
Return on scheme assets excluding interest income
(816,000)
1,420,000
Actuarial changes related to obligations
47,000
(518,000)
Total costs/(income)
(769,000)
902,000

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2025
2024
£
£
Present value of defined benefit obligations
7,892,000
7,544,000
Fair value of plan assets
(6,861,281)
(6,231,281)
Deficit in scheme
1,030,719
1,312,719
2025

Movements in the present value of defined benefit obligations

£
Liabilities at 1 January 2025
7,544,000
Benefits paid
(568,000)
Actuarial gains and losses
47,000
Interest cost
392,000
Other
477,000
At 31 December 2025
7,892,000

The defined benefit obligations arise from plans which are wholly or partly funded.

2025

Movements in the fair value of plan assets

£
Fair value of assets at 1 January 2025
6,231,281
Interest income
323,000
Return on plan assets (excluding amounts included in net interest)
816,000
Benefits paid
(568,000)
Contributions by the employer
165,000
Other
(106,000)
At 31 December 2025
6,861,281
INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Retirement benefit schemes
(Continued)
- 20 -

The actual return on plan assets was a surplus of £1,139,000 for the year 2025 and a deficit of £1,078,000 in 2024.

2025
2024

Fair value of plan assets at the reporting period end

£
£
Invested assets
4,784,281
4,251,281
Insured pensions
2,077,000
1,980,000
6,861,281
6,231,281
11
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

12
Financial commitments, guarantees and contingent liabilities

On 26 January 2021 a charge was registered providing security over a deposit of £500,000 in favour of Zedra Governance Limited (formerly PTL Governance Limited) and the other Trustees of the ITRI Retirement and Death Benefit Pension Scheme.

The deposit was paid into the Scheme during 2024.

13
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
775,449
1,031,260
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2025
2024
Future amounts receivable under operating leases:
£
£
Within 1 year
125,950
88,323
Years 2-5
225,000
225,000
Total commitments
350,950
313,323
INTERNATIONAL TIN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
14
Events after the reporting date

As referred to in the directors report, in May 2026 the ITSCI Programme transitioned to an independent organisation, The ITSCI Organisation, a UK not-for-profit company limited by guarantee, which now acts as the Programme's Secretariat. ITA is no longer responsible for the administration of the programme and will continue to engage as appropriate.

15
Related party transactions

International Tin Association Ltd holds 100% of the issue d share capital in ITRI Innovation Ltd.

Included in other income are management charges of £ 48,876 (202 4: £41,081) relating to rent and various administrative services provided to Cognition AM Ltd, a company wholly owned by ITRI Innovation Ltd.

Included in income is £26,459 (202 4: £184,630) relating to profit share from Cognition AM Ltd, a company wholly owned by ITRI Innovation Ltd.

16
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Cognition AM Limited
Unit 3, Curo Park, Frogmore, St Albans, Hertfordshire, AL2 2DD
Ordinary
0
100.00
ITRI Innovation Limited
Unit 3, Curo Park, Frogmore, St Albans, Hertfordshire, AL2 2DD
Ordinary
100.00
0

Investments in subsidiaries are recorded at cost

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