The directors present their annual report and financial statements for the year ended 30 June 2026.
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 memorandum and articles of association, 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).
The charity's objects as set out in its Memorandum and Articles of Association, are the advancement of education in dairy science and technology, food technology and management of resources in all branches of the industry by the dissemination and application of knowledge gained from experience and experiment.
The directors have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
This year, the Society held its Autumn Conference at Stoneleigh in conjunction with the Dairy Industries Expo, its Spring Conference at Old Trafford Cricket Ground, Manchester, and the Summer Symposium and Annual Dinner alongside the International Cheese and Dairy Awards at Staffordshire County Showground in June. The Society also continued to strengthen its regional activities, with meetings held across the UK and Ireland. These included the Southern Ireland Regional Meeting at BIA Innovator Campus, Galway; the Midlands/North Regional Meeting, held in conjunction with BFBi at Reaseheath College; the Northern Ireland Regional Meeting at CAFRE; and the Wales Regional Meeting at Food Centre Wales. The International Journal of Dairy Technology, published quarterly, has again generated significant revenue for the Society. The Editor-in-Chief, Dr Michael Mullan, together with the editorial team, continues to work to strengthen the quality, reach and impact of the publication. The Society’s Technical Series of books continues to be updated and developed. These publications are provided free of charge in electronic format to members and continue to contribute to the Society’s income. The Society also continues to provide access to its existing e-learning modules, covering Milk Processing, Milk Production, Dairy Chemistry, Dairy Microbiology and Milk Products. The Society continues to work to raise its profile across the dairy industry, attract new members and, importantly, encourage the continued engagement and retention of existing members. Company Membership, introduced in recent years, continues to provide an additional route for organisations and their employees to engage with the Society. The Society makes regular contributions to Dairy Industries International and continues to exhibit at the International Cheese and Dairy Awards, which this year incorporated a two-day trade exhibition, providing an important opportunity to engage with dairy technologists and organisations from across the industry. The Society also continues to maintain and develop links with a range of industry and professional organisations, including Dairy UK, the International Dairy Federation, the Institute of Food Science and Technology, BFBi, the Royal Association of British Dairy Farmers, the Association of European Dairy Industry Learning, the Nordic Dairy Technology Council, ProFSET and the Digital Dairy Chain Talent Forum.
This year’s accounts show a strong financial position for the Society, with increased income from its charitable activities and continued investment in activities that support its members and the wider dairy science and technology community. Income from the International Journal of Dairy Technology increased significantly during the year and continues to provide an important source of revenue for the Society. Income generated through the Society’s programme of conferences, regional meetings, the Summer Symposium and Annual Dinner also increased during the year. The Society continued to invest in an extensive programme of events across the UK and Ireland. Members also continued to benefit from access to the Society’s educational resources, including free electronic access to the Technical Series of dairy technology books and other learning materials. During the year, the Society also underwent a transition in its Executive Director role. This included a two-month handover period involving both the outgoing and incoming Executive Directors to support continuity and the effective transfer of responsibilities. The Society’s former office and investment property in Huntingdon was sold in January 2026. The sale generated a gain for the Society, with the proceeds subsequently invested in saving accounts to generate a return, while maintaining the Society’s financial reserves. It remains the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to more than six months’ expenditure. The directors consider that reserves at this level provide sufficient financial resilience to enable the Society to continue its activities in the event of a significant reduction in income while alternative sources of funding are considered. This level of reserves has been maintained throughout the year. The Society will continue to invest in activities that support its charitable objectives and provide value to its members, while maintaining a strong and sustainable financial position.
As at 30 June 2026 the unrestricted free reserves of the charity (excluding those held by the Southern Ireland Branch) were £379,974 (2025: £119,696)
The directors has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity is a company limited by guarantee and is governed in accordance with its Memorandum and Articles of Association.
The directors who served during the year and up to the date of signature of the financial statements were:
All directors must be members of the Society. Directors are initially appointed by an election amongst the members. In addition, certain directors are appointed/co-opted by the existing directors.
The directors' report was approved by the Board of Directors.
I report to the directors on my examination of the financial statements of Society of Dairy Technology (the charity) for the year ended 30 June 2026.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Society of Dairy Technology is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Anvil Close, Tibberton, Newport, TF10 8PT.
The financial statements have been prepared in accordance with the charity's articles of association, 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)". 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 applying FRS 102 Update Bulletin 1 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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the directors have a reasonable expectation that the charity 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.
Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Income is recorded on a receivable basis (net of Value Added Tax where applicable) with any amount being received in advance included in deferred income. Subscription income represents the amounts in respect of the year. Life subscriptions are written off by equal instalments over a 12 year period from the date of commencement of life membership.
Expenditure is included on an accruals basis. Costs directly attributable to managing investments and governance of the charity are included in costs of raising funds and governance costs. All other costs relate to the charity’s sole activity and hence are included in charitable activities.
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.
Cash and cash equivalents include cash in hand and deposits held at call with banks.
Assets and liabilities in foreign currencies are translated into sterling at the exchange rate at the balance sheet date
In the application of the charity’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.
At 30 June 2026 the value of the investment property was deemed to be £nil (2025: £165,000).
Independent examiner fees
None of the directors (or any persons connected with them) received any remuneration or benefits from the charity during the year. Travel and subsistence expenses incurred of £1,482 (2025: £862) were, however, reimbursed to 8 (2025: 3).
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
M Pusey was the Executive Director of the Society until 31 May 2026, and was classed as key management personnel. She is a director and 100% shareholder of Food and Dairy Enterprises Ltd. This company charged the Society the amounts above for services provided and £4,828 (2025: £3,503) for reimbursed expenses up to 31 May 2026. At 30 June 2026 the Society owed Food and Dairy Enterprises Ltd £Nil (2025: £Nil).
M Preece became an Executive Director on 23 March 2026 and was reimbursed expenses for a total of £636. Nothing was owed to M Preece at 30 June 2026.
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Deferred income is included in the financial statements as follows:
Deferred income consists of amounts received for lifetime membership amounts relating to future periods.
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.
Southern Ireland Branch Funds are those funds designated for use by the branch of Society of Dairy Technology in Southern Ireland.
There were no disclosable related party transactions during the year (2025: None) other than the Key Management Personnel transactions in note 10.