Charity registration number: 1201152
**METAL FOR GOOD TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025**
## **Metal For Good Contents**
||**Page**|
|---|---|
|Trustees' Report|1—4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Comparative Statement of Financial Activities|7|
|Statement of Financial Position|8|
|Notes to the Financial Statements|9—15|
**Metal For Good**
**Trustees' Report For The Year Ended 31 October 2025**
The trustees present their report and the financial statements for the year ended 31 October 2025.
## **Objectives and Activities**
## **Aims and Objectives**
Metal For Good exists to harness the power of music and the values of the rock and metal community to create positive social change.
## **Significant Activities**
Our principal activity is to provide grants to community groups, charities and non-profit organisations delivering projects that use music to improve mental health and wellbeing, help young people to thrive, and amplify underrepresented voices. These projects reflect the community values of togetherness, individuality, passion, integrity and belonging.
Music has the power to bring people together, build confidence, and provide a sense of identity and connection. Through our grant-making, we support organisations that use this power to improve lives.
## **Public Benefit**
To deliver public benefit, we:
- Fund grassroots organisations using music to create social impact
- Generate income through partnerships, merchandise, events and campaigns
- Engage supporters through initiatives including Metal Merch Day and The Metal Collective
The trustees confirm that they have had regard to the Charity Commission’s guidance on public benefit.
Metal For Good meets these objectives by providing charitable grants to formal groups, charities and other non-profit organisations who deliver projects and services that use music-related activities for social benefit. Projects should also reflect the values of the rock and metal community (defined as togetherness, individuality, passion, integrity and belonging) for positive social change.
The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
## **Achievements and Performance**
## **Main Achievements**
This year has been focused on building momentum, growing income, deepening partnerships, and strengthening the foundations needed to scale our impact.
## **Key achievements include:**
- Delivering a successful Metal Merch Day campaign, raising over £17,500
- Continuing to grow partnerships across the music industry, including collaborations with festivals, artists and brands
- Expanding our community of supporters and contributors
- Delivering our first full annual cycle of open grant funding, enabling us to support a wider range of organisations
During the year, the charity committed funding to 13 community projects, representing a significant step forward in our grant-making activity. These projects are:
- Rebels and Pilgrims
- Livewire
- The Misfits Foundation
- RicNic
- Ukrainian Hearts
- Key Changes Positive Mental Health through Music
- Building Circles
- New Note
- Shoreham Allstars
- Cloth Cat
- Pedestrian
...CONTINUED
Page 1
## **Metal For Good Trustees' Report (continued) For The Year Ended 31 October 2025**
## **Main Achievements - continued**
- Scrapyard Studios
- Spark The Noise
Our model remains community-powered, with income generated through a diverse range of fundraising activities and our Metal Collective members helping to decide how our funding is distributed.
## **Impact**
Everything we do is driven by a commitment to supporting projects that use music to change lives.
The 13 projects funded this year reflect our core themes of improving mental health, supporting young people, and amplifying underrepresented voices. These organisations deliver a wide range of music-based activities, including workshops, mentoring, performance opportunities and community programmes.
Through this funding, we are supporting individuals who may be experiencing:
- Poor mental health and wellbeing
- Social isolation and loneliness
- Barriers to accessing creative opportunities
- Structural inequalities linked to background, identity or circumstance
Our funding enables these organisations to continue, expand or enhance their work, helping more people to access the benefits of music.
Feedback from previously funded organisations highlights outcomes such as improved confidence, stronger social connections, and increased emotional wellbeing among participants.
_“The grant from Metal For Good really made a difference to our work and to the women we support. Throughout the project, we ran 12 choir singing sessions, and the response from our service users was incredible. The women truly enjoyed these sessions. They sang traditional songs from their home countries, songs that reminded them of family, home, and happy times. Some cried, some laughed, and many said the experience helped them release negative emotions and feel lighter afterwards. For a lot of the women, especially those who are migrants or refugees, the sessions had a real impact on their mental wellbeing and emotional stability. They felt more relaxed, more confident, and more connected to each other.”_
## **Aman Zanoon - Project Manager, MewSo (previously funded organisation)**
We continue to refine our grant-making approach to ensure it is fair, transparent and accessible, and that it reflects the needs of the communities we aim to serve.
## **Financial Sustainability and Future Plans**
The progress made this year has strengthened our ability to grow and increase our impact.
Our priorities moving forward are to:
- Increase the number and value of grants awarded
- Grow and diversify our income streams
- Expand The Metal Collective and supporter base
- Develop new partnerships across the music industry
- Build internal capacity through staff and volunteers
These steps will support our ambition to increase the scale and reach of our grant-making in future years.
## **Conclusion**
The trustees are proud of the progress made this year. Metal For Good continues to grow as a trusted and impactful charity within the rock and metal community, with strong foundations in place to increase our reach and impact in the years ahead.
## **Financial Review**
## **Financial Position**
Total income grew from £43,279 in 2024 to £57,740 in 2025, an increase of £14,191 (32.8%).
Spend on Charitable Activities increased from £17,665 in 2024 to £59,686 in 2025, an increase of £42,021 (407.8%). This was largely the result of grants to organisations of £21,000 in the year (£nil in 2024).
As a result, net expenditure for the year was £1,946 (2024: net income £25,614).
Total funds at 31 October 2025 are £33,973 (2024 : £35,919). This is made up as follows, Unrestricted £33,973 (2024: £33,641) & Restricted £nil (2024: £2,278).
Page 2
## **Metal For Good Trustees' Report (continued) For The Year Ended 31 October 2025**
## **Reserves Policy**
The Charity’s aim is to distribute the income received in pursuit of its stated charitable aims. The Charity itself has no front line activities and is a funding body. As such the need for any significant reserves is negligible. The stated policy is to ensure that the Charity has sufficient reserves to cover its own operating expenses.
The Trustees feel it is prudent to have at least 12 months of operating costs as Unrestricted Reserves. Over the last two years, this has been less than £1,000 but an Unrestricted Reserve of £1,500 is expected as a minimum.
The balance on the Unrestricted Reserve is also affected on timing of receipts and grants distributed. Much of the income is generated over the summer and autumn months, meaning the Unrestricted Reserves will accumulate towards the year end allowing funding rounds early in the following year.
## **Structure, Governance and Management**
## **Trustee Selection Methods**
Trustees are selected based upon their professional skills to complement those of the existing trustees or replace those of retiring trustees. Current trustees bring their skills and experience from a wide range of professions. All are committed to or experienced in the arts and cultural sector. Board induction involves attending a trustees' interview prior to appointment, meeting the trustees and receiving copies of policies, business plans and accounts. Training needs are continually assessed and implemented as required.
## **Reference and Administrative Details**
## **Trustees**
Lisa Bardsley Richard Blaxill Neil Cossey (resigned 20/03/2026) Nadine Croney Hugh Evans - Chair Keshini Mauree-Bain Nicola Skipwith Jake Tullett Neil Turnham Emma Wallis (appointed 20/03/2026)
## **Charity Number**
1201152
## **Principal Address**
58 Platts Crescent Stourbridge DY8 3YU
## **Independent Examiner**
Matthew Brown CIPFA Adding Value Consultancy Ltd Studio 21, Bluecoat Chambers School Lane Liverpool L1 3BX
Page 3
## **Metal For Good Trustees' Report (continued) For The Year Ended 31 October 2025**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:
select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgments 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 charity will continue in business.
The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees' report was approved by the board of trustees and signed on its behalf by:
Hugh Evans
Trustee 4th June 2026
Page 4
## **Metal For Good Independent Examiner's Report to the Trustees of Metal For Good For The Year Ended 31 October 2025**
I report to the trustees on my examination of the accounts of Metal For Good (the Trust) for the year ended 31 October 2025.
## **Responsibilities and Basis of Report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner's Statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Matthew Brown CIPFA 4th June 2026 Studio 21, Bluecoat Chambers School Lane Liverpool L1 3BX
Page 5
## **Metal For Good Statement of Financial Activities For The Year Ended 31 October 2025**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
Charitable activities:
**4**
Charitable activity
Other trading activities
**5**
**EXPENDITURE ON:**
Raising funds
**6**
Charitable activities:
**6**
Charitable activity
**NET (EXPENDITURE)/INCOME**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**14**|**Unrestricted**
**funds**
**£**
15,777
12,133
29,830|**Restricted**
**funds**
**£**
-
-
-|**2025**
**Total funds **
**£**
15,777
12,133
29,830|**2024**
**Total funds**
**£**
30,954
1,753
10,572|
|---|---|---|---|---|
||57,740|-|57,740|43,279|
||(23,489)
(33,919)|(2,278)
-|(25,767)
(33,919)|(16,729)
(936)|
||(57,408)|(2,278)|(59,686)|(17,665)|
||332|(2,278)|(1,946)|25,614|
||332
33,641|(2,278)
2,278|(1,946)
35,919|25,614
10,305|
||33,973|-|33,973|35,919|
The notes on pages 9 to 15 form part of these financial statements.
Page 6
## **Metal For Good Comparative Statement of Financial Activities For The Year Ended 31 October 2025**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
Charitable activities:
**4**
Charitable activity
Other trading activities
**5**
**EXPENDITURE ON:**
Raising funds
**6**
Charitable activities:
**6**
Charitable activity
**NET INCOME**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**14**|**Unrestricted**
**funds**
**£**
23,954
1,753
10,572|**Restricted**
**funds**
**£**
7,000
-
-|**2024**
**Total funds**
**£**
30,954
1,753
10,572|
|---|---|---|---|
||36,279|7,000|43,279|
||(12,007)
(936)|(4,722)
-|(16,729)
(936)|
||(12,943)|(4,722)|(17,665)|
||23,336|2,278|25,614|
||23,336
10,305|2,278
-|25,614
10,305|
||33,641|2,278|35,919|
The notes on pages 9 to 15 form part of these financial statements.
Page 7
## **Metal For Good Statement of Financial Position As At 31 October 2025**
|**Notes**
**CURRENT ASSETS**
Stocks
**12**
Cash at bank and in hand
**Creditors: Amounts Falling Due Within One Year**
**13**
**NET CURRENT ASSETS (LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS OF THE CHARITY**
Restricted Funds
Unrestricted Funds
**TOTAL FUNDS**
**14**
On behalf of the board|**Unrestricted**
**funds**
**£**
2,480
32,405|**Restricted**
**funds**
**£**
-
-|**2025**
**Total funds **
**£**
2,480
32,405|**2024**
**Total funds**
**£**
1,824
34,995|
|---|---|---|---|---|
||34,885
(912)|-
-|34,885
(912)|36,819
(900)|
||33,973|-|33,973|35,919|
||33,973|-|33,973|35,919|
||33,973|-|33,973|35,919|
||||-
33,973|2,278
33,641|
||||33,973|35,919|
||||||
Hugh Evans Trustee 4th June 2026
The notes on pages 9 to 15 form part of these financial statements.
Page 8
**Metal For Good Notes to the Financial Statements For The Year Ended 31 October 2025**
## 1. **General Information**
Metal For Good is an unincorporated charity registered with the Charity Commission, registered charity number 1201152. The principal address is 58 Platts Crescent, Stourbridge, DY8 3YU.
## 2. **Accounting Policies**
## 2.1. **Basis of Preparation of Financial Statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
## 2.2. **Going Concern Disclosure**
The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern.
## 2.3. **Fund Accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
There are no designated funds.
Restricted funds are to be used for specific purposes as laid down by the donor.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## 2.4. **Incoming Resources**
All income is included in the statement of financial activities when the charity is entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
## _**Grants receivable**_
Grants are credited to the Statement of Financial Activities when they are receivable. Grants that are awarded for specific purposes are treated as restricted income.
Grants where entitlement is not conditional on the delivery of a specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant. Where applicable, grants receivable for which cash has not yet been realised are shown as accrued income and is included within debtors. If any grants are received in advance of a period to which they relate, then the amount of the grant, which relates to the future periods is shown as deferred grants and is included within creditors.
Grants where the income is related to performance and specific deliverables are accounted for as the charity earns the right to consideration by its performance.
## _**Commercial Income**_
Income from commercial trading activities is recognised as earned (as the related goods and services are provided).
## _**Donated goods**_
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Donated assets are included in the accounts at fair value and recognised in a designated Donated Assets Fund and depreciated in line with the charity’s depreciation policy.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
## _**Membership subscriptions**_
The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.
The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.
Page 9
## **Metal For Good Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
## 2.5. **Resources Expended**
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.
Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.
## 2.6. **Stocks and Work in Progress**
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks.
## 2.7. **Cash and Cash Equivalents**
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
## 3. **Income from Donations and Legacies**
|.
**Income from Donations and Legacies**||||
|---|---|---|---|
|Donations and gifts
Member subscriptions and sponsorships
Grants
Donated goods, facilities and services
Donations and gifts
Member subscriptions and sponsorships
Grants
Donated goods, facilities and services|**Unrestricted**
**funds**
**£**
11,906
3,871
-
-|**Restricted**
**funds**
**£**
-
-
-
-|**2025**
**Total**
**funds**
**£**
11,906
3,871
-
-|
||15,777|-|15,777|
||**Unrestricted**
**funds**
**£**
17,125
1,537
-
5,292|**Restricted**
**funds**
**£**
-
-
7,000
-|**2024**
**Total**
**funds**
**£**
17,125
1,537
7,000
5,292|
||23,954|7,000|30,954|
The following grants are included within the total income from donations and legacies above:
||**2025**||**2024**|
|---|---|---|---|
||**Restricted**||**Restricted**|
||**funds**||**funds**|
||**£**||**£**|
|Dr Martens Foundation Grassroot Grant||-|7,000|
## 4. **Income from Charitable Activities**
Page 10
## **Metal For Good Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
|Charitable activity:
Auctions and events
Preloved income
5.
**Income from Other Trading Activities**
Merchandise
6.
**Analysis of Expenditure**
Raising funds
Charitable activity
Raising funds
Charitable activity|**Activities**
**undertaken**
**directly**
(see note 7)
**£**
25,767
-|**Grant funding**
**of activities**
(see note 8)
**£**
-
21,000|**2025**
**Unrestricted**
**funds**
**£**
5,737
6,396|**2024**
**Unrestricted**
**funds**
**£**
1,753
-|
|---|---|---|---|---|
||||12,133|1,753|
||||**2025**
**Unrestricted**
**funds**
**£**
29,830|**2024**
**Unrestricted**
**funds**
**£**
10,572|
||||**Support costs**
(see note 9)
**£**
-
12,919|**2025**
**Total**
**£**
25,767
33,919|
||25,767|21,000|12,919|59,686|
|||**Activities**
**undertaken**
**directly**
(see note 7)
**£**
16,729
-|**Support costs**
(see note 9)
**£**
-
936|**2024**
**Total**
**£**
16,729
936|
|||16,729|936|17,665|
Page 11
## **Metal For Good Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
|7.
**Direct Costs**
Cost of goods sold:
Cost of merchandise
Cost of events
Reallocation from support costs
General administration:
Consultancy fees
Cost of goods sold:
Cost of merchandise
Cost of events
Reallocation from support costs
Other:
Other direct costs
8.
**Grants Payable**
Charitable activity
Grants paid to institutions, included above, are as follows:
Heads Above The Waves
Multicultural Cumbria
Lancaster Music Festival
Arts Connection
Mewso
Patchwork Studio
Cloth Cat Studios
Scrapyard Studios
Spark The Noise
New Note
Pedestrian|**2025**
**Grants to**
**Institutions**
**£**
21,000|**2025**
**Raising funds**
**£**
12,432
1,853
3,682
7,800
25,767
**2024**
**Raising funds**
**£**
5,489
862
8,843
1,535
16,729
**2024**
**Grants to**
**Institutions**
**£**
-
**2024**
**£**
-
-
-
-
-
-
-
-
-
-
-
...CONTINUED|
|---|---|---|
||**2025**
**£**
2,000
1,000
3,000
1,000
1,000
2,000
1,000
1,000
1,000
2,000
1,000||
Page 12
## **Metal For Good Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
|Shoreham Allstars
Building Circles
9.
**Support Costs**
General administration:
Software and IT consumables
Insurance
Stationery and printing
Advertising and marketing costs
Website and social media
Subscriptions
Sundry expenses
Volunteers' expenses
Travel costs
Reallocation to direct charitable costs
Governance costs:
Independent examiner's fees
Legal fees
Employee costs:
Project management cost
General administration:
Insurance
Stationery and printing
Advertising and marketing costs
Website and social media
Subscriptions
Sundry expenses
Volunteers' expenses
CRM
Reallocation to direct charitable costs
Governance costs:
Trustees' expenses
Independent examiner's fees|2,000
3,000|-
-|
|---|---|---|
||21,000|-|
|||**2025**
**Charitable**
**activity**
**£**
1,512
164
235
135
9,024
1,798
1,575
653
101
(3,682)
924
480|
|||12,919|
|||**2024**
**Charitable**
**activity**
**£**
2,000
96
72
1,894
2,163
703
60
1,303
552
(8,843)
36
900|
|||936|
Page 13
## **Metal For Good Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
10. **Independent Examiner's Remuneration**
|10.
**Independent Examiner's Remuneration**||||||
|---|---|---|---|---|---|
|Independent examination of the financial statements
11.
**Average Number of Employees**
Average number of employees during the year was: NIL (2024: NIL)
12.
**Stocks**
Stock
13.
**Creditors: Amounts Falling Due Within One Year**
Accruals and deferred income
14.
**Movement in Funds**
**Unrestricted funds**
General:
General unrestricted fund
**Restricted funds**
Dr Martens Foundation Grassroot Grant
**Total funds**
**Unrestricted funds**
General:
General unrestricted fund
**Restricted funds**
Dr Martens Foundation Grassroot Grant
**Total funds**|**As at 1**
**November**
**2024**
**£**
33,641
2,278|**Income**
**£**
57,740
-||**2025**
**£**
924
**2025**
**£**
2,480
**2025**
**£**
912
**Expenditure**
**£**
(57,408)
(2,278)|**2024**
**£**
900|
||||||**2024**
**£**
1,824|
||||||**2024**
**£**
900|
||||||**As at 31**
**October 2025**
**£**
33,973
-|
||35,919|57,740||(59,686)|33,973|
||**As at 1**
**November**
**2023**
**£**
10,305
-|**Income**
**£**
36,279
7,000||**Expenditure**
**£**
(12,943)
(4,722)|**As at 31**
**October 2024**
**£**
33,641
2,278|
||10,305|43,279||(17,665)|35,919|
Page 14
## **Metal For Good Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
The purposes for which the funds are held by the charity are:-
## _**Unrestricted Funds:**_
**Unrestricted Revenue Funds:** These funds are held for the meeting of the objectives of the charity, and to provide reserves for future activities, and, subject to charity legislation, are free from all restrictions on their use.
## _**Restricted Funds:**_
**Dr Martens Foundation Grassroot Grant:** The Dr. Martens Foundation exists to support causes that advance social justice. Metal For Good received £7000 to launch a monthly individual giving scheme in March 2024. The grant was in support of internal development costs such as project management and marketing, and to provide match funding for grants awarded following the launch.
## 15. **Transactions with Trustees**
No trustee expenses have been incurred.
## 16. **Related Party Disclosures**
There have been no related party transactions in the reporting period that require disclosure, except for those disclosed in the Transactions with Trustees note.
## 18. **Subsidiary Trading Company**
In order to separate the commercial trading activities undertaken by the charity form its normal charitable activities, a subsidiary trading company was registered with Comanies House. This subsidiary, Metal For Good Trading Limited, registered number 16051820, was incorporated on 30 October 2024 and has remained dormant since that date.
It is the intention of the trustees to transfer the commercial operations of the charity during the next financial year.
Page 15