NATIONAL ASSOCIATION OF JEWELLERS EDUCATIONAL TRUST The Trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out In the notes lo the financial slatemenls. Reference & Adminislralwe Information Charity Registration Number- 1040651 Trustees.. Mr A F Hinds- Chairman Mr M D Payne Ms J Clarke Mr R Comelius Mr J J M Frampton Mrs L Hanmore- resigned 141h March 2023 Mr M Saadian- appointed 14th March 2023 Structure Governance and Mana emenl The National Associalson of Jewellers Educational Trust (previously named National Association of Goldsmiths Centenary Trust) is an unincorporated registered charity, established and governed by a Trust Deed, dated 28th June 1994, and Dèed of Amendment dated 15th May 2017. Under the terms of the Deed, the Trustees have an absolute discrellon lo pay or apply the Trust Fund and Income thereof for Ihe benefit of, or in furtherance of any charitable object or purpose as set out in the Trust Deed. The Trustees meet at least twice a year lor lo conference call if a physical meeting is not possible) to discuss policy, administrative and investment matters and lo discuss and approve any grants made by the Trust. The Trust Deed provides for a minimum of three and a maximum of fifteen Trustees {unless otherwise agreed by the Trustees in writing). Ob-eclives and Activities for the Public Benefit The objects of the Twsl, as set oul in the TTUSI Deed, is to provide or procure the provision of scholarships, awards and assistance lowardg training and work expellence opportunities, including participation in exchange programmes, whether in the UK or abroad. ft)r persons who derive their main livelihood from the jewellery trade in the UK and financial sUPPOrt ancillary lo any of the above. The policy of the Trustees is lo assist fi'nancially Ih05e persons whose Circumstances prevent them from undertaking the educational activities as described above. To carry out this policy Ihe Trust is dependent upon income Irom its investments and from donations. The Trustees consKler all applications from suitable indivKluals al their meetings discussing their suitability and merit and agree those applicants they wish to support. The TTuslees confirm that they have referred to the guidance contained in the Charlty Commisslon's general guidance on public benefi't when reviewing the Trust's aims and objectives and in planning future donations. Each application is considered on its merits and the Trustees also consider the purposes for which thè application has been made lo confimi that the public benefil requirenknl has been fulfilled.
Achievements and erformance The Trust is reliant on Ihe income from its conlribulors and income from investments. The Trust's income during the year ended 31 December 2023, comprised of voluntary income and investment income, amounted lo £37,663. The TrLFStees provide grants lo individuals in furtheran of the Trust's charitable objects. During the year ended 31 December 2023 grants totalling £15.120 were awarded lo 13 individuals. In addition £1,436 was awarded lo 7 jewellery students for Tool Kits. Financial Review The Trustees report a Surplus for the year of £25,297. Inv8sfrmenl PolKyand PerfoNnance - It is the TrLtslees' duty lo produce a balanced investment strategy and the Trustees have sel a policy that surplus funds are invested to maximise the total return on funds within the constraints of a medium to low risk portfolio. The Trustees seek Ralhbones, investment managers, lo be the custodians of, and provide investment advice on, the investment portfolio. The Truslees are satisfied with the overall performance, investment strategy and value of the investment portfolio. Risk managemgnt - The Trustees have considered the major risks lo which the Trust is exposed and have reviewed those risks and established systems and procedures lo manage those risks. The Trust is not a ftjnctional charity bul a granl-maker, which also reduces the risk. R8seN8s Polioy - The Trustees have a policy of retaining signift'canl reserves, to ensure that sufficient funds are held al any one time to cover the likely donations of the next three months and for the maintenance of the Trust Plans for Ihe Future The Trustees intend to continue to distribute the Trust Funds in line with their objects and are confident that they will be able lo maintain the strength of the Trust as a grant making charity through sound investment management. Approved by the Trustees on 10th October 2024 and signed on their behalf by Mr A F Hinds Ib-14 CLkk/ Jo? *
NATIONAL ASSOCIATION OF JEWELLERS EDUCATIONAL TRUST (Charity No. 1040651) BALANCE SHEET AS AT 31 DECEMBER 2023 Note 2023 2022 FIXED ASSETS Investments 352,359.00 336,610.00 CURRENT ASSETS Cash at Bank.. CAF Bank NAI - Birmingham TOTAL CURRENT ASSETS 3,971.22 18,445.39 22,416.61 4,918.05 7,364.49 12,282.54 CREDITORS,, amounts due within one year Awards not yet taken LIP Accruals Isecretarial and Indpendent Accountsnts Fees) 7,791.00 540.00 8,331.00 6,605.00 1,140.00 7,745.00 NET CURRENT ASSETS 14,085.61 4,537.54 TOTAL A55ETS 366,444.61 341,147.54 REPRESENTED BY Surplus Brought Forward as previously reported 341,147.S4 383.037.81 Surplus/lDeficitl for the Year 25,297.07 141,890.27 366,444.61 341,147.54
NATIONAL ASSOCIATION OF JEWELLERS EDUCATIONAL TRUST (Charity No. 1040651) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Unrestrlcted 2022 Unrestrlcted Donations Subscription5 Other Donations 12,451.23 15,652.50 14,096.99 2,671.00 28,103.73 16,767.99 Income from Investment5 Equity Investments Unit trust and other interest Unit trust distributions 2,445.10 7,100.40 9,545.50 762.69 6,813.35 7.576.04 Income from Bank Interest Interest from CAF Bank Account 13.73 2.05 TOTAL INCOME 37,662.96 24,346.08 EXPENDITURE Awards for current year Less: Awards not taken up in 2022 Cost of Toolkits supplied to 7 students Net Cost of Sllver supplied to Colleges 15,119.75 11,462,501 1,436.40 13,827.00 11,440.001 164.95 12,551.95 15,093.65 Administrative Expenses: Secretarial and Postal charges Bank Charges/Just Giving Charge5 Investment management fees Trustees, Insurance and Expenses Independent examination fee irmingham Assay Office Registration 1,621.29 240.00 2,024.81 1,074.45 540.00 3,555.59 297.00 2,125.31 860.77 540.00 192.00 20,122.62 20,594.20 NET INCOME 17,068.76 4,223.46 other recognised gains/{Ios5esl on investments 8,228.31 146,113.731 EXCESS (DEFICIT) OF INCOME OVER EXPENDITURE 25,297.07 141,890.271
NATIONAL ASSOCIATION OF JEWELLERS EDUCATIONAL TRUST Icharity No. 10406511 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 l. Prlnclpal Accowntlng Pollcles 8&$1s of preparatlon of Inanclal statements The fillanclal st3tements have been prepared under ihe hlstorKal cost conventlon, with thÈ exceptlon of Inve5tmen15, wlth are Included at market value. The Ilnanclal statements have beell prep8red In ac£ordance wlth the StatemEllt of RecomrneDded Practio.. A¢couMtin8 and Reporilng by Charlties prep?ring thelr oUnt$ Ir 3ccoidantÈ with Ihe Nn3ncial Reportlng St3nd2rd applicable In the UK and Republic of Irela[ IFRS 1021 issued on 16 july 2014 and the Flnamclal Reportlng Standard ippllcable in the Unlted Kiwdom and Republlc of Ireland IFRS 1021 Ind the Charltles Act 2011. The Erust con5titute5 a p¥bllt nefitentEty asdefined by FRS 102. b. Income rerognltlLN) All Income Is reco£ni5ed once the charty entltkmer¢i to the incame. It Is prob3blÈ ihat the Income will bè reIVed and the amount of incornp reteivable can be measured rellav- Donatluns are recognised when the Trust has been notlfled Ill writinK of borh theamount and the settlemenl date. Intere5r on funds held on depostt Is Inclwded when recelwdble and the amount catt be meèsured rellabty by the charlty, this15 normally upon notifitatlon of Inierest paid or payable by the b2nk. Divldends are recosnlsed once the dlvldend has ken declared and notlficatlgn ha5 beem recelved of thedivIde date. t. EMpe*dlture recotsltlon Donatlons are recogn15ed In ihe year in whlth ihp.y are approved and such approwal has been communicated io the rePients. È%tept to Ihe extent that the.y are swbiect to ¢ondlllorns that onab1e the Foufjdation to revoke the award. Ml expemdllure 15 actounted for gn an acuuals d. Flxed 4ss¢t InYestrnent$ Investments are a form Qf b851c ftnancial INstrumenr are initiall¥ recognised Btthelr tran5?Cllon value and subsp.4e.ntIY Me3SrEd at thelr fair value as 81 Ile balaKe Sheet date uslng the c1051n8 qLlOted market prlce. The stateMt of linancS81 activities includes Ile let 8ain5 and losses ari51ng Dll [Valuation and dlsposals Ihrovghout the perlod. . se¢rets31 $pOrt Setreiarlal support Is no longer provldÉd by ihe NailoD31 Asso¢laOn of Jewellers a5 In past years. The Educatlonal Trust 15 now fully fundingall adm1n15tration from july 2019.
NATIONAL ASSOCIATION OF JEWELLERS EDUCATIONAL TRUST (Charity No. 1040651) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2. Flxed asset Investments 20Z3 2022 Market value of investments at l January 2023 Sale proceeds Additions Ireinvestmentsl Movement In investment cash account Investment galnslllossesl 336,610.00 382,273.00 14,327.001 7,495.80 12,718.071 146,113.731 9,479.40 8,228.31 11,958.711 Market Value of investments at 31 December 2023 352,359.OD 336,610.00 Cost at 31 December 2023 385,921.00 378,4CX).00 Market value at year end ncomè from investments for thèyear Analysis ol Investments Investments listÈd on a recognised stock exchange Cash held a5 part of the Investment portfollo 350,474.57 1.884.43 9,479.40 66.10 Market value of investrnents at 31 December 2023 352 359.00 9 545.50