**REGISTERED CHARITY NUMBER: 221332** **REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** **FOR** **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** Lewis Brownlee (Chichester) Limited Statutory Auditors Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** ||**Page**| |---|---| |**Report of the Trustees**|1 to 4| |**Report of the Independent Auditors**|5 to 7| |**Statement of Financial Activities**|8| |**Balance Sheet**|9| |**Cash Flow Statement**|10| |**Notes to the Cash Flow Statement**|11| |**Notes to the Financial Statements**|12 to 18| |**Detailed Statement of Financial Activities**|19 to 20| ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024** The trustees present their report with the financial statements of the charity for the year ended 30th September 2024. The trustees have adopted the provisions of 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). ## **CHAIRMANS REPORT** A novel feature of the year just gone is that the Charity has become a landlord in that we have taken ownership of six flats in Bexhill, bequeathed to us by Past Master David Wallis and his wife, Edna, in 2023. Indeed the Charity has also benefitted financially by the sale of the Wallis’ own house (£846K net of fees), the sale of Edna’s brother’s house (£235K), and other cashbased investment assets. This uplift in investment resource is reflected in the change in value of the investment portfolio held by Adam & Co., which currently stands at approximately £3.9 million. The Charity commits almost 70% of its charitable giving to educational and training disbursements – totalling approximately £73K. The awards made go to a mixture of individuals, groups of people, and organisations. Examples include but are not limited to: Post-Doctoral Beloe Award, Postgraduate Awards, Undergraduate Awards, Apprentices (all individual awards to enhance scholarship in Livery-based activities); Cornish Award (group of people to recognise innovation in the Livery domain); and Primary Engineers, Charles Dickens Primary School, London Nautical School (all organisations who support education in STE(A)M-based activities). A small yet important addition to these well established awards is the IPEM Essay Award which recognises individual scholarship in biology and/or medicine – it is hoped that the link with IPEM can further flourish for mutual beneficial impact. The Charity welcomed Mike Devine as our inaugural Charity Secretary, who commenced work with us on 17[th] June, 2024. He brings significant management and organisational skills with him from his continuing voluntary role in the Honourable Artillery Company. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The Trust deed provides that the Trustees shall pay or apply the income and capital of the Trust Fund for the benefit of any one or more of the following objects: - (a) The relief of any necessitous person who is or has been a Liveryman or Freeman of the Company being the Guild which was the forerunner of the Worshipful Company of Scientific Instrument Makers (WCSIM) - (b) The relief of any necessitous person who is a widow, orphan or dependent of any deceased Liveryman or Freeman of the Company, - (c) The education of any necessitous child of a Liveryman or Freeman or deceased Liveryman or Freeman of the Company, - (d) The education of persons connected with the industry of making scientific instruments generally and in particular the establishment of Scholarships tenable for Further or Higher Education; Intermediate, Advanced, Higher or Degree level Apprenticeships, the establishment of prizes to be awarded for scientific papers directed towards improvements in the design or construction of scientific instruments and the payment of fees to lecturers in subjects connected with the said Industry - (e) The making of grants, donations or subscriptions to any charitable organisation having as its objects the promotion of education and training in the field of science and technology or to any fund established for - educational or other charitable purposes in the City of London or elsewhere - (f) Any other charitable purposes. Page 1 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **Public Benefit** The Charity has complied with its duties in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. ## **Grantmaking** The types of grant made are defined in the budget and are monitored against the budget at quarterly intervals (at least). As indicated above, grants are awarded to individuals, groups, and organisations that align with scientific instrument making, their design, implementation and evaluation. The Trustees delegate the spend under some budget line items to the Education Committee who, for example, select the individual recipients of student awards. In setting out the Charity objectives, the Trustees also give careful consideration to Charity Commission guidance on public benefit. During this budget period, the Charity made a number of awards to facilitate this objective; for example, to support the charitable giving of those charities supported by the Lord Mayor of London. ## **FINANCIAL REVIEW** ## **Financial position** Unrestricted reserves retained for future use show an increase of £3,587,210 to £6,778,607. The net income for the year (before revaluation and investment asset disposals) was £3,264,367. £84,951 (2023: £64,648) has been distributed by way of awards as detailed on page 13. ## **FINANCIAL REVIEW** ## **Investment Policy and Objectives** The Trustees have the power to invest monies and adopt such measures as seem to them necessary in the interest of the Charity, with the objective of obtaining £100,000 income and capital growth with medium risk. Note that this policy is under review currently to take into account the expected uplift in investments as a consequence of the Wallis Bequest. It is confirmed that the Charity’s anticipated income for the coming year is more than adequate to fulfil its objectives. ## **Reserves policy** It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the Charity, at a level that will provide sufficient funds, by way of investment income, to cover support costs as well as provide for bursaries and awards for the following 12 months. It is the intention of the Charity to balance income and expenditure in an accounting period. Unrestricted funds (free reserves) were £6,778,607 at 30 September 2024 and were maintained at a level to satisfy the requirements of the Charity's reserves policy during the year. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Charity is a registered charity governed by a Trust deed dated 15 September 1959. and updated on the following dates: 8[th] July 2003 to reduce the number of Trustees to six; 27[th] July 2021 to increase the number of Trustees to ten. It is registered with the Charity Commission in England and Wales under number 221332. ## **Recruitment and appointment of new trustees** The current maximum number of Trustees is ten. The Chair may be any of the current trustees so elected by the Trustees themselves. The Trustees comprise the four Officers of the Livery appointed each year supplemented by six additional Trustees as indicated below. In the Year ending 30[th] September 2024, the following persons are acting as Officers of the Livery and are therefore automatically appointed as Trustees: **The Officers of the Livery** Aubrey Dunford Philip Thomas James Webster Jane Fishwick ## **Date Appointed as Trustee** Appointed 23 October 2014 Appointed 22 October 2020 Appointed 20 October 2022 Appointed 19 October 2023 Master Deputy Master Senior Warden Junior Warden Page 2 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024** The Officers retire as Trustees at the end of their year as Deputy Master. They may be invited to be a Trustee again in later years. In the Year ending 30[th] September 2024, the six additional Trustees are: PM Christopher John Sawyer Appointed 22 October 2013 Liveryman David William Lazenby CBE Appointed 22 October 2014 PM Ronald Summers (Chairman) Appointed 22 October 2015 PM Tony Wilson Appointed 24 January 2022 Liveryman Sue John Appointed 24 January 2022 Liveryman James Popper Appointed 24 January 2022 Additional Trustees are appointed for a period of three years and they may seek re-appointment at the end of each three-year term, for a maximum period of three terms; subject to a review by the Trustees themselves. Ex Officio attendees at each meeting of the Trustees are the Clerk, the Charity Secretary, the Hon. Treasurer, and the Hon. Solicitor. ## **Organisational structure** Four Trustee meetings took place during the year as per Livery calendar. The Trustees agree the broad strategy and areas of activity to support, the award of grants and prizes, the performance of investments, the adequacy of the Charity’s reserves, and risk management procedures. All decisions are made by the Trustees only; however, the day-to-day administration is undertaken by the Charity Secretary employed by the Clerk’s office. ## **Risk management** The Trustees are aware of the major strategic, business and operational risks that the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate the Charity's exposure to these risks. ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The Trustees are responsible for preparing the Report of the Trustees 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. The Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those 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 judgements and estimates that are reasonable and prudent; - 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 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 Charities Act 2011, the Charity (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. Page 3 THE CHARThABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUME MAKERS REPORT OF THE TRUSTEE5 FOFiThE YEAR ENDED 30 SEPTEMBER 2024 AtJDrroRS The auditors, Lewis Brownlee IChiche5terl ￿mIted, will be proTX)sed for re£ptKTrintment at the forthcoming Annual General Meeting. R£FERENCE AND ADMINISTRATIVE p￿AlLs Register¢d Charity number 221332 Registeyed offi Glazie￿ Hall 9 Montague aose Londtsr, SEI 9DA Tru5tses Mr C J Savryer Mr A OunfcKd Mr D W Lazenby CBE (r￿19fted 16/IZ1241 Prof lsumrnwsc￿1marn Mr J C Vkbster Prof P J Thomas (Esigned 17ILOI24} Prof T Wilson l."esigned 17103125) Mr J S Popper Mrs S F John Mrs J Fishvtri(k Prol S O'Q)nnor (tsppoitrLed 17110124) Mr S Floww,appointed 17103125) Mr C Holroyd (appoiii ted I71D31￿} Auditors Lewis Brt)wnlee {Chichesterl ￿Mtsd fhartered Accotsrtants Appledtsm Barps -, dham Road Chich*s- W*L Suss¢% P020 7EQ Bankers Bardays 114 Fenchurch Str*L London E￿P3Hy Investment Managers Adam & Company lrtveslment Managemert Ltd 6-8 George street Edinburoh EP12 2PF Approved by order cf the toard of trustees on . . and %gned on ts beha￿ by.. Chairrnan- PrDf R Summers Page 4 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **Opinion** We have audited the financial statements of The Charitable and Educational Trust of the Company of Scientific Instrument Makers (the ‘Charity’) for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ## In our opinion the financial statements: - give a true and fair view of the state of the charity’s affairs as at 30 September 2024 and of its incoming resources and application of resources, including its income and expenditure, 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 Charities Act 2011. ## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 trustees' 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 charity 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 trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 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. In connection with our audit of the financial statements, 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 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. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - the charity has not kept adequate accounting records; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. Page 5 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' Responsibilities, the trustees 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 trustees 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 trustees are responsible for assessing the charity'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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Our responsibilities for the audit of the financial statements** We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 a Report of the Independent Auditors 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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: 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 charity through discussions with directors and other management, and from our commercial knowledge and experience of the sector; - 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 charity. - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, where applicable; 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 charity’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. 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 set out in the accounting policies 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; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the charity’s legal advisors, where applicable. Page 6 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **Our responsibilities for the audit of the financial statements (continued)** Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Lewis Brownlee (Chichester) Limited Statutory Auditors Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ Date: ............................................. 25 July 2025 Page 7 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**Unrestricted**
**funds**
**Notes**
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**3,295,815**
Investment income
3
**138,617**
**Total**
**3,434,432 **
**EXPENDITURE ON**
Raising funds
4
**18,221**
**Charitable activities**
5
Other donations and bequests
**151,994**
**Total**
**170,215**
Net gains on investments
**322,993**
**NET INCOME**
**3,587,210**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**3,191,397**
**TOTAL FUNDS CARRIED FORWARD**
**6,778,607 **|**Restricted**
**fund**
**£**
**-**
**2,525**
**2,525**
**375**
**2,000**
**2,375**
**3,149**
**3,299**
**60,533**
**63,832 **|**2024**
**Total**
**funds**
**£**
**3,295,815**
**141,142**
**3,436,957 **
**18,596**
**153,994**
**172,590**
**326,142 **
**3,590,509**
**3,251,930**
**6,842,439**|**2023**
**Total**
**funds**
**£**
19,346
109,709
129,055
17,954
125,272
143,226
113,139
98,968
3,152,962
3,251,930| |---|---|---|---| The notes form part of these financial statements Page 8 THE CHAkrrABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFXC INSTRUMENr MAKERS BALAPICE SHEEr 30 SEPTEMBER 2024 2024 Total funds UnrestrF£te(l Restricted funds fund 2023 Total funds Notes FJXED ASSETS Investments 12 3,897,062 15,013 3,912,075 3,257,087 CURRE1￿ ASSErs Debt(Ys Cash at bank ano in hand 13 1761258 187 575 1762,258 236,394 48,819 949,833 48,819 2,998,652 15,766 CREDrroRS Amounts fJling due wthin one year 14 (68,288) (68,288} 120,923) NEf CURRENY ASSErs 881 545 TOTAL ASSEfs LESS CURRENT UABILrrIES 6,778,607 63,832 6,841439 3,251,930 NFf ASSErs 6 778 607 6 842 439 3,251,930 FUNDS Unrthi¢Led fund5 Restritted ftjnds 15 6,778,607 63.832 3,191,397 YOTAL FUNDS 6 842 439 3 251,930 These financol statements have been èudited under the requirements of *knon 145 of th. Chariti￿ Act 2011. The finanaa statements were approved by the Board of Truste£8 and aut￿rISed for . and We￿ Slgne¢ on its behalf by- Prof R Summers- Chèirrnan The notes form part of these finanaal statements Page 9 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**Notes**
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Net cash (used in)/provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2024**
**£**
**408,332 **
**408,332 **
**(1,488,905)**
**1,160,059**
**141,142**
**(187,704) **
**220,628**
**15,766**
**236,394**|**2023**
**£**
(97,554)
(97,554)
(831,729)
818,233
109,709
96,213
(1,341)
17,107
15,766| |---|---|---| The notes form part of these financial statements Page 10 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**1.**
**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
**2024**
**£**
**Net income for the reporting period (as per the Statement of**
**Financial Activities)**
**3,590,509**
**Adjustments for:**
Gain on investments
**(326,142)**
Interest received
**(141,142)**
(Increase)/decrease in debtors
**(2,762,258)**
Increase/(decrease) in creditors
**47,365**
**Net cash provided by/(used in) operations**
**408,332**|**2023**
**£**
98,968
(113,139)
(109,709)
25,904
422
(97,544)| |---|---| ## **2. ANALYSIS OF CHANGES IN NET FUNDS** ||**At 1/10/23**|**Cash flow**|**At 30/9/24**| |---|---|---|---| ||**£**|**£**|**£**| |**Net cash**|||| |Cash at bank and in hand|**15,766**|**220,628**|**236,394**| ||**15,766**|**220,628**|**236,394**| |**Total**|**15,766**|**220,628**|**236,394**| continued... Page 11 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, 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 financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is 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. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 10% - 33% on cost ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 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. ## **Pension costs and other post-retirement benefits** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. continued... Page 12 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**2.**
**DONATIONS AND LEGACIES**
Donations and gifts
Gift aid
Legacies
**3.**
**INVESTMENT INCOME**
Dividends and interest
**4.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
**5.**
**CHARITABLE ACTIVITIES COSTS**
**Direct**
**Costs (see**
**note 6)**
**£**
Other donations and bequests
**84,951**
**6.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
Sundries
Scholarships
Assistance to Liverymen
Dining scholars
General and church grants
Beloe Fellowship
Service awards and dinners
Dining subsidy
Cutters
Primary Engineers|**2024**
**£**
**11,845**
**6,487**
**3,277,483**
**3,295,815**
**2024**
**£**
**141,142**
**2024**
**£**
**18,596**
**Support**
**costs (see**
**note 7)**
**£**
**69,043**
**2024**
**£**
**250**
**61,475**
**-**
**42**
**1,200**
**5,000**
**-**
**28**
**2,551**
**14,405**
**84,951**|||| |---|---|---|---|---| |||||| |||||| |||||| continued... Page 13 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **7. SUPPORT COSTS** |||**Governance**|| |---|---|---|---| ||**Management**|**costs**|**Totals**| ||**£**|**£**|**£**| |Other donations and bequests|**61,543**|**7,500**|**69,043**| |Support costs, included in the above, are as follows:|||| |||**2024**|**2023**| |||**Other**|| |||**donations**|| |||**and**|**Total**| |||**bequests**|**activities**| |||**£**|**£**| |Wages||**52,042**|**42,397**| |Pensions||**274**|**-**| |Office costs||**2,227**|**8,727**| |Apprentice coordinator fees||**7,000**|**5,600**| |Auditor’s remuneration fee||**3,600**|**-**| |Independent examination fee||**3,900**|**3,900**| |||**69,043**|**60,624**| ## **8. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): |Auditor’s remuneration fee
Independent examination fee|**2024**
**£**
**3,600**
**3,900**|**2023**
**£**
-
3,900| |---|---|---| ## **9. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023. ## **10. STAFF COSTS** |Wages and salaries
Other pension costs|**2024**
**£**
**52,042**
**274**
**52,316**|**2023**
**£**
42,397
-
42,397| |---|---|---| The average monthly number of employees during the year was 1 (2023: Nil) . No employees received emoluments in excess of £60,000. continued... Page 14 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **11. TANGIBLE FIXED ASSETS** |**TANGIBLE FIXED ASSETS**|| |---|---| ||**Fixtures**| ||**and**| ||**fittings**| ||**£**| |**COST**|| |At 1 October 2023 and 30 September 2024|**2,407**| |**DEPRECIATION**|| |At 1 October 2023 and 30 September 2024|**2,407**| |**NET BOOK VALUE**|| |At 30 September 2024|**-**| |At 30 September 2023|-| ## **12. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|||| |---|---|---|---| |||**Cash and**|| ||**Listed**|**settlements**|| ||**investments**|**pending**|**Totals**| ||**£**|**£**|**£**| |**MARKET VALUE**|||| |At 1 October 2023|**3,189,447**|**67,640**|**3,257,087**| |Additions|**647,548**|**841,357**|**1,488,905**| |Disposals|**(353,820)**|**(759,844)**|**(1,113,664)**| |Revaluations|**279,747 **|**-**|**279,747 **| |At 30 September 2024|**3,762,922**|**149,153**|**3,912,075**| |**NET BOOK VALUE**|||| |At 30 September 2024|**3,762,922**|**149,153**|**3,912,075**| |At 30 September 2023|3,189,447|67,640|3,257,087| Investment assets held outside the UK at 30 September 2024 totalled £1,479,176. The historical cost of investments held as at 30th September 2024 was £2,693,193 (2023: £2,353,221). Investments that are material to the investment, portfolio are detailed as follows: |JP Morgan Fund
Mercantile Investment PlcNatixis
Cost or valuation at 30 September 2024 is represented by:
**Listed**
**investments**
**£**
Cost
**3,762,922**|**2024**
**£**
**197,772**
**208,537**
**Cash and**
**settlements**
**pending**
**£**
**149,153**||2023
£
180,029
163,072
**Totals**
**£**
**3,912,075**| |---|---|---|---| ||||| continued... Page 15 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**13.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
Prepayments and accrued income
**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Amounts owed to related undertakings
Other creditors
Accruals and deferred income
**15.**
**MOVEMENT IN FUNDS**
**At 1/10/23**
**£**
**Unrestricted funds**
General fund
**3,191,397**
**Restricted funds**
Cohen fund
**60,533**
**TOTAL FUNDS**
**3,251,930**
Net movement in funds, included in the above are as follows:
**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
**Unrestricted funds**
General fund
**3,434,434**
**(170,216)**
**Restricted funds**
Cohen fund
**2,525**
**(2,375)**
**TOTAL FUNDS**
**3,436,959**
**(172,591)**|**2024**
**£**
**2,750,000**
**12,258**
**2,762,258**
**2024**
**£**
**60,149**
**639**
**7,500**
**68,288**
**Net**
**movement**
**in funds**
**£**
**3,587,210**
**3,299**
**3,590,509**
**Gains and**
**losses**
**£**
**322,992**
**3,149**
**326,141 **|**2023**
**£**
-
-
-
**2023**
**£**
17,023
-
3,900
20,923
**At 30/9/24**
**£**
**6,778,607**
**63,832**
**6,842,439**
**Movement**
**in funds**
**£**
**3,587,210**
**3,299**
**3,590,509**| |---|---|---| continued... Page 16 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **15. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |||**Net**|| |---|---|---|---| |||**movement**|| ||**At 1/10/22**|**in funds**|**At 30/9/23**| ||**£**|**£**|**£**| |**Unrestricted funds**|||| |General fund|3,096,076|95,321|3,191,397| |**Restricted funds**|||| |Cohen fund|56,886|3,647|60,533| |**TOTAL FUNDS**|3,152,962|98,968|3,251,930| Comparative net movement in funds, included in the above are as follows: ||**Incoming**|**Resources**|**Gains and**|**Movement**| |---|---|---|---|---| ||**resources**|**expended**|**losses**|**in funds**| ||**£**|**£**|**£**|**£**| |**Unrestricted funds**||||| |General fund|126,610|(142,968)|111,679|95,321| |**Restricted funds**||||| |Cohen fund|2,445|(258)|1,460|3,647| |**TOTAL FUNDS**|129,055|(143,226)|113,139|98,968| A current year 12 months and prior year 12 months combined position is as follows: |||**Net**|| |---|---|---|---| |||**movement**|| ||**At 1/10/22**|**in funds**|**At 30/9/24**| ||**£**|**£**|**£**| |**Unrestricted funds**|||| |General fund|3,096,076|3,682,531|6,778,607| |**Restricted funds**|||| |Cohen fund|56,886|6,946|63,832| |**TOTAL FUNDS**|3,152,962|3,689,477|6,842,439| continued... Page 17 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024** ## **15. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Cohen fund
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
3,561,044
4,970
3,566,014|**Resources**
**expended**
**£**
(313,184)
(2,633)
(315,817)|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
434,671
3,682,531
4,609
6,946
439,280
3,689,477| |---|---|---|---| The Cohen Fund represents funds donated by Sir Ivor Cohen to enable the provision of two annual scholarships by the Charity. ## **16. RELATED PARTY DISCLOSURES** The Trustees have identified the following related parties which are under common control: - The Worshipful Company of Scientific Instrument Makers (the Livery) and, - Scientific Instrument Makers Hall Limited (the Company). At 30 September 2024 the Charity owed £60,149 to the Livery (2023 owed £17,023). Page 18 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations and gifts
Gift aid
Legacies
**Investment income**
Dividends and interest
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Portfolio management
**Charitable activities**
Sundries
Scholarships
Assistance to Liverymen
Dining scholars
General and church grants
Beloe Fellowship
Service awards and dinners
Dining subsidy
Cutters
Primary Engineers
**Support costs**
**Management**
Wages
Pensions
Office costs
Apprentice coordinator fees
**Governance costs**
Auditor’s remuneration fee
Independent examination fee
Total resources expended
**Net income/(expenditure) before gains and**
**losses**|**2024**
**£**
**11,845**
**6,487**
**3,277,483**
**3,295,815**
**141,142 **
**3,436,957**
**18,596**
**250**
**61,475**
**-**
**42**
**1,200**
**5,000**
**-**
**28**
**2,551**
**14,405**
**84,951**
**52,042**
**274**
**2,227**
**7,000**
**61,543**
**3,600**
**3,900**
**172,590**
**3,264,367**|**2023**
**£**
10,166
9,180
-
19,346
109,709
129,055
17,954
-
29,761
273
125
1,200
3610,000
190
2,838
9,871
10,390
64,648
42,397
-
8,727
5,600
56,724
-
3,900
143,226
(14,171)| |---|---|---| This page does not form part of the statutory financial statements Page 19 ## **THE CHARITABLE AND EDUCATIONAL TRUST OF THE COMPANY OF SCIENTIFIC INSTRUMENT MAKERS** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net income/(expenditure)**|**2024**
**£**
**46,395**
**3,310,762 **|**2023**
**£**
(20,621)
(34,792)| |---|---|---| This page does not form part of the statutory financial statements Page 20