2022-10-31-accounts - Gunmakers Trust

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THE GUNMAKERS COMPANY CHARITABLE TRUST

TRUSTEE’S REPORT AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2022

Registered Charity No: 1100227

THE GUNMAKERS’ COMPANY CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

CONTENTS	PAGE
Reference and Administrative details	1
Trustees’ report	2 - 6
Independent Examiner’s report	7
Statement of financial activities	8
Balance sheet	9
Notes to the financial statements	10 -15

THE GUNMAKERS’ COMPANY CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 OCTOBER 2022

REGISTERED CHARITY NUMBER	1100227
PRINCIPAL ADDRESS	Proof House
	48-50 Commercial Road
	London
	E1 1LP
TRUSTEES	J H N Horne *	(Chairman)
	J A Browning
	G M Yannaghas	(stepped down 10 January 2022)
	E P King
	M A Venables OBE	(stepped down 25 May 2022)
	R Hefford-Hobbs
	D M Newman
	D M J Berry	(stepped down 20 December 2021)
	The Lord Burnham*
	J H S Dalley*
	A G Anthony*
	D Greatrex	(elected 21 June 2022)
	J R B McBeath	(ex officio as Master, Worshipful Company of
		Gunmakers from 2 November 2022)
	* Member of Finance Group
SECRETARY	A J Mundin MVO
INDEPENDENT EXAMINER	Haysmacintyre LLP
	Chartered Accountants
	10 Queen Street Place
	London
	EC4R 1AG
BANKER	Royal Bank of Scotland
	49 Bishopsgate
	London
	EC2N 3AS
INVESTMENT MANAGER	CCLA Fund Managers Limited (from 20 May 2021)
	One Angel Lane
	London
	EC4R 3AB

1 -

THE GUNMAKERS’ COMPANY CHARITABLE TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 OCTOBER 2022

The Trustees present their report with the financial statements of the charity for the year ended 31 October 2022. The trustees have adopted the provisions of the Charities SORP (FRS102) – 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 the Republic of Ireland (FRS102), second edition effective 1 January 2019.

The Reference and Administrative details on page 1 form part of this report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charitable Trust is constituted by Trust Deed dated 31 March 2003, and by amendments dated 7 October 2003 and 17 January 2006.

Its objects are to promote, for the public benefit, the improvement of the special craft and technical skills employed in the gun and allied trades and in associated crafts by the provision of bursaries for the advancement of education of persons involved in these trades and crafts; to relieve individuals connected to the Worshipful Company of Gunmakers and their families who are in need by the provision of grants; and to provide grants for any charitable purposes connected with the making, the usage, the conservation and the curatorship of guns; or purposes connected with the City of London or other places in which the Worshipful Company of Gunmakers is situated.

These objects are compatible with the aims of:

The prevention or relief of poverty
The advancement of education
The advancement of the arts, culture, heritage or science
The relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage.

Recruitment and appointment of new Trustees

The Trustees named on page 1 are authorised, under the Trust Deed, to appoint new Trustees in perpetuity to provide expertise or to fill vacancies arising through resignation or death of an existing Trustee. The Master of the Worshipful Company of Gunmakers for the time being is an ex officio Trustee. Appointees are all drawn from the Court and Livery of the Company and some already hold trusteeships in other charitable trusts.

Organisational structure

The strategic direction of the Charity is determined by the Trustees, who have overall responsibility for the management, administration, policy development and decision making for the Charity. A Finance Committee was established in February 2015 to advise the Trustees on financial issues.

The Trustees meet at least three time a year to decide on matters of policy, to set and review the annual budget, to consider applications for bursaries and one-off grants and to sanction the release of funds. More detailed work is undertaken by a series of sub groups (finance, bursaries, fund raising & grants, patrons and communications) which meet as required and whose members include Trustees or other co-opted members of the Worshipful Company of Gunmakers or individuals from the gunmaking trade.

The necessary authority required to administer the day-to-day affairs of the Charity has been delegated by the Trustees to the Secretary, Mr A J Mundin, who is also the Clerk to the Worshipful Company of Gunmakers. The Secretary attends the meetings of the Trustees and reports on matters that have arisen in between times. As such, the Trustees are able to monitor, supervise and control the day-to-day management of the Charity.

Relationships with related parties

The operations of the Charity are linked to those of the Worshipful Company of Gunmakers, and the Charity is reliant upon the continued support of the Company to maintain its purpose. The Company’s premises serve as the administrative headquarters of the Charity and provide a venue for Trustee meetings and events. All of the operational costs incurred by the Trust are either paid for directly or recharged to the Charity by the Company. However, the Charity does not account for the cost of any notional staff, facilities, or other administrative costs which might be incurred, which are donated by the Company, because such gifts cannot be measured reliably.

2 -

THE GUNMAKERS’ COMPANY CHARITABLE TRUST

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 OCTOBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk Management and Corporate Governance

The Trustees are collectively responsible for risk management and corporate governance matters and are assisted in this respect by the Secretary. The Trustees are satisfied that appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trust's contractual commitments are solely for the provision of bursaries, which are scaled at up to £5,000 per year for a maximum of 4 years. Whilst the ambition is to award up to ten concurrently, the actual figure is dictated by the funds available. In an initiative orchestrated during the year, funding underwritten by donations from the patrons, thus negating any risk of needing to draw from the reserves.

Trustees’ responsibilities in the preparation of Financial Statements

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. As such, the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity as at the balance sheet date, and of the incoming resources and application of resources, for that period. In preparing those financial statements, the Trustees are required to:

a. Select suitable accounting policies and then apply them consistently;
b. Make judgements and estimates that are reasonable and prudent; and
c. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue on that basis.

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Charity, and to enable them to ensure that the financial statements comply with the requirements of the Charities Act 2011. 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.

OBJECTIVES AND ACTIVITIES

Purpose and principles

The Gunmakers’ Company Charitable Trust aims to help people involved in, or wishing to enter the gun and allied trades in order to learn or improve craft and CNC based gunmaking skills, ballistics, and environmental sciences connected with noise and cartridge design; to relieve any hardship suffered by individuals or their families connected to the Worshipful Company of Gunmakers; and to make grants for any charitable purposes connected with the making or usage of guns, or for purposes connected with the City of London or other places in which the Worshipful Company of Gunmakers is situated.

Public Benefit

There are no restrictions imposed by the Trust on people who benefit from its bursaries or grants, by reason of race, gender, age, religion, disability, or sexual orientation. Applications for training bursaries can and have come from any region within the United Kingdom. Awards provide opportunities for trainees, assist in maintain important heritage crafts skills and the small businesses which are concerned with them. Grants also benefit local charitable concerns and relief for those in need who are connected with the trade.

The Trust does not make any charge for the provision of bursaries, grants or services. The Trust has not identified any detriment or harm which arises from the provision of its benefits.

3 -

THE GUNMAKERS’ COMPANY CHARITABLE TRUST

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 OCTOBER 2022

Development and achievements

Trustees

Trustees are increasingly expected to undertake tasks in between board meetings and through the forum of the sub groups to ensure that policy objectives are executed in a more dynamic fashion. Membership of the board continues to refresh with three Trustees stepping down during the year, one appointed and two further individuals identified as candidates. Prof Williams has been specifically selected to join the board of Trustees to take an overview of the new Trust objectives, these being the conservation and curation dimensions of historic firearms and associated ephemera.

Bursaries for training

The provision of bursaries to help fund apprenticeships for trainee gunmakers remains the primary objective of the Trust. A full award is £5,000 per year. The duration was increased from three to four years in July 2021, with the target for the optimum number sponsored at any one time also increased from five to ten trainees. Success fundraising through the patrons scheme which commenced during the year will allow this figure to increase further. The year under review started with six and concluded with six, with several fresh enquiries for support in the pipeline. Further work to reach out to attract more applications is in hand.

Mentors

The progress of each trainee, their ongoing commitment and the support being received from their employer is monitored by a mentor appointed by the Trust. Mentors are appointees who are either Trustees or individuals closely connected with the training of gunmakers’ apprentices. A training day for Mentors is planned for 2023 to ensure the approach is consistent and professional. Employers are also required to submit to the Trust six monthly written appraisals on their respective trainees. The standard of these reports has improved much over the last years, aided by preformatted templates. From the feedback received, the Trustees are able to report that the trainees continue to develop their knowledge and skills to a high standard.

National recognition

Trustees continue to work with the Worshipful Company of Gunmakers’ Certification Panel to investigate matching the training requirements of the traditional gunmaker to the requirements of nationally recognised schemes.

Communications

Information about the Trust and its objects is promulgated on a new dedicated website: https://gunmakerstrust.org/. Fully accessible to the general public, the site supports a means of donating online either with a one off or regular payments. The sum of £12,621 (less Gift Aid) was received through this means during the year. The news bulletin with updates and topics of interest is sent by Mailchimp to members of the Company’s and a wider audience and continues to be well received. Regular support of the Trust’s activities by the Master of the Company in speeches and at events has been frequent, and greatly assisted in raising awareness of the Trust and routine giving by members of the Livery.

Patrons scheme

The new target of ten or more concurrent bursaries at £5k per year requires an income of £50k to which must be added other grants made and costs incurred. Income from donations has been historically erratic and with a decision taken to preserve invested funds, and reinvesting any income duly received, a further source of income was deemed necessary in order to meet the new objectives. To that end, Trustees to initiate a patrons scheme, with up to ten high net worth individual invited to join the scheme at any one time. A contribution from each of them of £25k over five years would provide the necessary annual income of £50k. The offering in return will include for example time with the Proof Master, visits to gunmakers’ workshops, and a joining gift. By the year end, six patrons had been recruited and had made their donations. After a very successful start, the scheme continues to grow and increasing the initial target of ten patrons will be considered next year.

Outreach and fundraising

With a relatively small livery membership from which to raise routine funds, initiatives such as the patrons scheme described above are essential to achieve the income necessary to meet objectives. Other funding and outreach activities have included the prospective sale of a rifle, currently being manufactured by John Rigby & Co (Gunmakers) Ltd utilising the skills of craftsmen who have been past recipients of the McMillan Trophy, an award made by the Worshipful Company of Gunmakers for excellence. The rifle is expected to attract a significant sum. The Trust has also sought status as a beneficiary of the Holts Charity Clay Shoot, held each year at Sandringham. A sum of £5,000 was gratefully received by the Trust from the organiser, Mr Nick Holt, during the year. The Trust is also grateful for the donation from

4 -

THE GUNMAKERS’ COMPANY CHARITABLE TRUST

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 OCTOBER 2022

the Carp fishing weekend organised kindly by one of the Trustees. This has now become an annual event. Trustees continue to look for similar opportunities.

Investment portfolio

Having transferred the Charity’s investment portfolio to CCLA Fund Managers Ltd in May 2021, the fund has performed satisfactorily despite very turbulent market conditions. Trustees are updated regularly by the Finance Group, who in turn receive reports and briefings from the Fund Manager, both printed and face to face. The initial investment in May 2021 of £487,677 grew to £542,663by 31 October 2021 and was £511,134t the end of this period (it peaked at £562,423 in December 2021).

Performance Indicators and Benchmarks

The feedback received from beneficiaries and the employers of the trainees sponsored, provides a qualitative measurement of the Trust’s impact. Written reports on trainees’ progress are submitted for scrutiny at trustees’ meetings.

Once an individual has completed training, he or she is encouraged to submit a work piece to a panel of established gunmakers from the Worshipful Company of Gunmakers for the award of Gunmakers’ Certification, if the work is of a sufficiently high standard. The high standard of work submitted suggests that the quality of training, as supported by the Trust, is more than satisfactory.

FINANCIAL REVIEW

Financial Results of Activities and Events

The financial results of the charity for the year are set out in the Statement of Financial Activities on page 8.

As at 31 October 2022, the Trust's total funds held at the bank in its current and deposit accounts amounted to £100,680.

Donations and other income, including Gift Aid, amounting to £112,148 (2021: £63,685) was received during the period under review. Of this, £74,444 was from newly enrolled patrons and £23,834 was from other donations, Trustees wish to record their thanks to those Liverymen of the Gunmakers' Company and others who have supported the Trust, in particular the Master, Major Graham Hill, whose promotion of the Trust prompted many more individuals to contribute during the year.

Bursaries totalling £28,667 (2021: £17,500) were awarded during the year, and other charitable grants amounted to £2,000 (2021: £4,500). Governance costs and other expenses amounted to £13,963 (2021: £2,035).

Reserves Policy

The Trustees have decided to hold sufficient cash at bank as a free reserve to cover the Trust’s anticipated commitments, including management and administration costs, for 12 months. This figure remains under review as drawing down from reserves becomes simpler.

Investments Policy

The Trust Deed authorises the Trustees to make and hold investments using the general funds of the Charity. The fund is managed by CCLA in a pooled approach. The objective is to provide a long term total return comprising of growth in both capital and income, with a long term total return benchmark of inflation (CPI) plus 5%. The Trustees’ intent is that the investments should be allowed to grow and provide a buffer should the requirements of routine grant giving not be met by income from donations.

FUTURE PLANS

Planned Activities and Events

The Trustees consider that, in the present economic climate, it is even more important that grants are available to support craft and technical skills. In line with new targets, the aim remains to move to ten or more bursaries running concurrently. Routine donations, will be much enhanced by the creation of the patrons scheme mentioned above. Trustees remain cognisant of the potential of outreach activities and will continue to pursue opportunities as they arise.

5 -

ON BEHALF OF THE BOARD:

. amen NM Horne ............................................ J H N Horne Chairman

19th July 2023 Date……………………….

6 -

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE GUNMAKERS’ COMPANY CHARITABLE TRUST

I report on the accounts for the year ended 31 October 2022 set out on pages 8 to 15.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

As the charity’s trustees you are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is required.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER’S REPORT

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Trustee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER’S STATEMENT

In connection with my examination, no matter has come to my attention:

1) which gives me reasonable cause to believe that, in any material respect, the requirements:
to keep accounting records in accordance with section 130 of the Charities Act 2011 [and section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Regulations]; and
to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Charities Act 2011 [and section 44(1)(b) of the 2005 Act and Regulation 8 of the 2006 Regulations] and which are consistent with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities

have not been met; or

2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Nachora

A.M. Broome ACA

Haysmacintyre LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG

Date: 25 July 2023

7 -

THE GUNMAKERS COMPANY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 OCTOBER 2022

					2022	2021
		Unrestricted	Restricted	Endowment	Total	Total
		Funds	Funds	Funds	Funds	Funds
	Notes	£	£	£	£	£
INCOME FROM
Income from generated funds
Donations		104,362	-	-	104,362	61,724
Investment income	3	70	-	-	70	6,333
Gift aid		7,716	-	-	7,716	2,398
Other income		-	-	-	-	2,809
		-----------------	-----------------	----------------	-----------------	-----------------
Total income		112,148	-	-	112,148	73,264
EXPENDITURE ON
Charitable activities
Charitable donation - St Giles Trust		-	-	-	-	-
Training grants – institutions		(42,592)	-	-	(42,592)	(17,500)
Other grants		-	-	-	-	(2,500)
				-
Support costs (governance)		(2,160)	-	-	(2,160)	(1,440)
Investment management and other	2	(359)	-	-	(359)	(2,590)
		----------------	----------------	-----------------	--------------	--------------
Total expenditure		(45,111)	-	-	(45,111)	(24,030)
		----------------	----------------	-----------------	--------------	--------------
NET INCOME BEFORE		67,037	-	-	67,037	49,234
INVESTMENT GAINS
Gains / (Loses) on Investments		(31,529)	-	-	(31,529)	75,210
		----------------	----------------	------------------	--------------	--------------
NET INCOME/(EXPENDITURE)		35,508	-	-	35,508	124,444
RECONCILIATION OF FUNDS
Total funds brought forward		515,293	19,916	39,177	574,386	449,942
		---------------	---------------	----------------	-----------------	-----------------
TOTAL FUNDS CARRIED		550,801	19,916	39,177	609,894	574,386
FORWARD
		========	========	=======	========	=========

The notes form part of these financial statements.

8 -

THE GUNMAKERS COMPANY CHARITABLE TRUST

BALANCE SHEET

AS AT 31 OCTOBER 2022

		2022	2021
	Notes	£	£
FIXED ASSETS
Investments	5	511,134	542,663
		----------------	----------------
		511,134	542,663
CURRENT ASSETS
Cash in hand		100,680	33,163
		----------------	----------------
		100,680	33,163
CREDITORS
Amounts falling due within one year	6	(1,920)	(1,440)
		-----------------	-----------------
NET CURRENT ASSETS		98,760	31,723
		------------------	------------------
NET ASSETS		609,894	574,386
		=========	=========
FUNDS	8
Unrestricted funds		550,801	515,293
Restricted funds		19,916	19,916
Endowment funds		39,177	39,177
		-----------------	-----------------
TOTAL FUNDS		609,894	574,386
		=========	=========

The financial statements were approved by the Board of Trustees on 6th June 2023 and were signed on its behalf by:

J H N Horne Chairman & Trustee

H F A L Burnham Trustee

The notes form part of these financial statements.

9 -

THE GUNMAKERS COMPANY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historic cost convention with the exception that investments are valued at market value.

The accounts are in accordance with applicable accounting standards, Charities SORP (FRS102) – 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 the Republic of Ireland (FRS102), second edition effective 1 January 2019, and comply with the Charities (Accounts and Reports) Regulations 2008 and the Charities Act 2011.

Going concern

The trustees consider that there are no material uncertainties regarding the charities ability to continue as a going concern.

Critical accounting judgements and estimates

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the charities accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements 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.

Income

All income is included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Investments

Quoted investments are valued at their closing bid market price on the balance sheet date. Increases and decreases in market value are reflected in Statement of Financial Activities.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

10 -

THE GUNMAKERS COMPANY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 OCTOBER 2022

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	OTHER RESOURCES EXPENDED	2022	2021
		£	£
	Investment management fee	-	2,555
	Other expenses	359	35
		--------------	--------------
		359	2,590
		=======	=======
3.	INVESTMENT INCOME	2022	2021
		£	£
	Bank interest	70	11
	Other investment income	-	6,322
		--------------	--------------
		70	6,333
		=======	=======

4. TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 31 October 2022 nor the year ended 31 October 2021

Trustees’ expenses

Trustees’ expenses for the year totalled £Nil (2021: £Nil).

INVESTMENTS	2022	2021
	£	£
At 1 November 2021	542,663	304,924
Additions in year (at cost)	-	504,973
Disposals	-	(342,444)
Gains / (losses) on investments	(31,529)	75,210
	------------------	------------------
Listed Investments	511,134	542,663
Cash	-	-
	------------------	------------------
At 31 October 2022	511,134	542,663
	=========	=========

11 -

THE GUNMAKERS COMPANY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 OCTOBER 2022

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN	CREDITORS: AMOUNTS FALLING DUE WITHIN	ONE YEAR	2022	2021
				£	£
	Other creditors			1,920	1,440
				=======	=======
7.	ANALYSIS OF NET ASSETS BETWEEN FUNDS
					2022
		Unrestricted	Restricted	Endowment	Total
	2022	Funds	Funds	Funds	Funds
		£	£	£	£
	Fixed assets	471,957	-	39,177	511,134
	Current assets	100,680	-	-	100,680
	Current liabilities	(1,920)	-	-	(1,920)
		------------------	-----------------	------------------	------------------
		570,717	-	39,177	609,894
		=========	========	=========	=========
					2021
		Unrestricted	Restricted	Endowment	Total
	2021	Funds	Funds	Funds	Funds
		£	£	£	£
	Fixed assets	503,486	-	39,177	542,663
	Current assets	33,163	-	-	33,163
	Current liabilities	(1,440)	-	-	(1,440)
		------------------	-----------------	------------------	------------------
		535,209	-	39,177	574,386
		=========	========	=========	=========

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THE GUNMAKERS COMPANY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 OCTOBER 2022

MOVEMENT IN FUNDS		At		At
		1 November	Net movement	31 October
2022		2021	In funds	2022
		£	£	£
Unrestricted funds
General fund		515,193	35,508	550,701
Permanent capital		100	-	100
		------------------	-------------	------------------
		515,293	35,508	550,801
Restricted funds		19,916	-	19,916
Endowment funds		39,177	-	39,177
		------------------	------------------	------------------
TOTAL FUNDS		574,386	35,508	609,894
		=========	=========	=========
Net movement in funds, included in the above are as follows:
2022	Income	Expenditure	Gains/ (Losses)	Movement in
			on
			Investments	Funds
	£	£	£	£
Unrestricted funds
General fund	112,148	(45,111)	(31,529)	35,508
Restricted funds	-	-	-	-
Endowment funds	-	-	-	-
	------------------	-----------------	-----------------	----------------
TOTAL FUNDS	112,148	(45,111)	(31,529)	35,508
	=========	========	========	========

Incoming resources are classified as restricted where donations have specific conditions attached. Such donations are primarily made for the purpose of expenditure on bursaries.

Restricted funds relate to donations received in aid of the St Giles Trust.

MOVEMENT IN FUNDS	At		At
	1 November	Net movement	31 October
2021	2020	In funds	2021
	£	£	£
Unrestricted funds
General fund	429,926	85,267	515,193
Permanent capital	100	-	100
	------------------	-------------	------------------
	430,026	85,267	515,293
Restricted funds	19,916	-	19,916
Endowment funds	-	39,177	39,177
	------------------	------------------	------------------
TOTAL FUNDS	449,942	124,444	574,386
	=========	=========	=========

13 -

THE GUNMAKERS COMPANY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 OCTOBER 2022

Net movement in funds, included in the above are as follows:

2021	Income	Expenditure	Gains	Movement in
			on Investments	Funds
	£	£	£	£
Unrestricted funds
General fund	40,013	(24,030)	69,284	85,267
Restricted funds	-	-	-	-
Endowment funds	33,251	-	5,926	39,177
	------------------	-----------------	-----------------	----------------
TOTAL FUNDS	73,264	(24,030)	75,210	124,444
	=========	========	========	========

Incoming resources are classified as restricted where donations have specific conditions attached. Such donations are primarily made for the purpose of expenditure on bursaries.

Restricted funds relate to donations received in aid of the St Giles Trust.

14 -

THE GUNMAKERS COMPANY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 OCTOBER 2022

9. COMPARATIVE FIGURES

OMPARATIVE FIGURES
					2021
		Unrestricted	Restricted	Endowment	Total
		Funds	Funds	Funds	Funds
	Notes	£	£	£	£
INCOME FROM
Income from generated funds
Donations		28,473	-	33,251	61,724
Investment income	3	6,333	-	-	6,333
Gift aid		2,398	-	-	2,398
Other income		2,809	-	-	2,809
		-----------------	-----------------	-----------------	-----------------
Total income		40,013	-	33,251	73,264
EXPENDITURE ON
Charitable activities
Charitable donations - institutions		-	-	-	-
Charitable donation - St Giles Trust		-	-	-	-
Training grants – institutions		(17,500)	-	-	(17,500)
Other grants		(2,500)	-	-	(2,500)
Governance costs		(1,440)	-		(1,440)
Other expenditure	2	(2,590)	-	-	(2,590)
		----------------	----------------	----------------	--------------
Total expenditure		(24,030)	-	-	(24,030)
		----------------	----------------	----------------	--------------
NET INCOME BEFORE INVESTMENT		15,983	-	33,251	49,234
GAINS
Gains on Investments		69,284	-	5,926	75,210
		----------------	----------------	----------------	--------------
NET INCOME		85,267	-	39,177	124,444
RECONCILIATION OF FUNDS
Total funds brought forward		430,026	19,916	-	449,942
		---------------	---------------	---------------	-----------------
TOTAL FUNDS CARRIED FORWARD		515,293	19,916	39,177	574,386
		========	========	=========	=========

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