| Contents | Page | |
|---|---|---|
| Trustees' report |
||
| Auditor's report to the members ofThe Goldsmiths' |
Centre | 13 |
| Statement offinancial activities | 17 | |
| Balance sheet | 18 | |
| Statement ofcash flows | 19 | |
| Notes to the financial statements | 20 |
| Unrestricted | Restricted | Total | Tot:al | |||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |||
| 2021 | 2021 | 2021 | 2020 | |||
| Note | f | f | f | f | ||
| Income and endowments | from: | |||||
| Donations and legacies |
1,826,488 | 20,000 | 1,846,488 | 1,825,862 | ||
| Other trading activities | 151,409 | 151,409 | 273,280 | |||
| Income from investments | 48 | 48 | 1,095 | |||
| Charitable activities |
444,252 | 444,252 | 401,931 | |||
| Other income | 8,078 | 8,078 | 83,874 | |||
| Total income | 2,430,275 | 20,000 | 2,450,275 | 2,586,042 | ||
| Expenditure on: |
||||||
| Raising funds | s | 659,780 | 659,780 | 844,629 | ||
| Charitable activities |
6 | 2,422,728 | 2,422,728 | 2,190,989 | ||
| Total expenditure | 3,082,508 | 3,082,508 | 3,035,618 | |||
| Net expenditure forthe year |
(652,233) | 20,000 | (632,233) | (449,576) | ||
| Transfers | 1,000 | (1,000) | ||||
| Total funds brought forward | 11,710,166 | 11,710,166 | 12,159,742 | |||
| Total funds carried forward | 11,058,933 | 19,000 | 11,077,933 | 11,710,166 |
| 2021 | 2021 | 2020 | 2020 | ||||
|---|---|---|---|---|---|---|---|
| Group | Centre | Group | Centre | ||||
| Note | f | f | f | f | |||
| Fixed assets | |||||||
| Buildings | 10,699,854 | 10,699,854 | 11,228,250 | 11,228,250 | |||
| Other fixed assets | 148,132 | 148,132 | 197,014 | 197,014 | |||
| 10,847,986 | 10,847,986 | 11,425,264 | 11,425,264 | ||||
| Current assets | |||||||
| Debtors | 153,286 | 192,064 | 162,580 | 147,086 | |||
| Cash at bank | 582,064 | 519,197 | 501,123 | 483,409 | |||
| 735,350 | 711,261 | 663,703 | 630,495 | ||||
| Less: Creditors | |||||||
| (falling due in less than one year) | |||||||
| Creditors | 9 | 419,566 | 358,908 | 299,252 | 250,217 | ||
| Net current assets | 315,784 | 352,353 | 364,451 | 380,278 | |||
| Total assets less | current liabilities | 11,163,770 | 11,200,339 | 11,789,715 | 11,805,542 | ||
| Less: Long-term | liabilities | ||||||
| (falling due in more | than | one year) | |||||
| Provision for building | maintenance | 10 | 85,837 | 85,837 | 79,549 | 79,549 | |
| Net assets | 11,077,933 | 11,114,502 | 11,710,166 | 11,725,993 | |||
| Represented by: |
|||||||
| Unrestricted Funds |
13 | 11,058,933 | 11,095,502 | 11,710,166 | 11,725,993 | ||
| Restricted Funds |
13 | 19,000 | 19,000 | ||||
| Total funds | 11,077,933 | 11,114,502 | 11,710,166 | 11,725,993 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| f | |||||
| Net cash flow from operating | activities | 144,954 | 26,158 | ||
| Net cash flow from investing | activities | 48 | 1,095 | ||
| Capital expenditure | (64,061) | (26,185) | |||
| Increase in cash | 80,941 | 1,068 | |||
| Reconciliation ofnet outgoing resources to net cash outflow from operating | |||||
| activities: | |||||
| Net outgoing resources | (632,233) | (449,576) | |||
| Income from investments | (48) | (1,095) | |||
| Depreciation charge |
641,339 | ,635,076 | |||
| Decrease in debtors | 9,294 | 74,919 | |||
| (Decrease)/increase | in | creditors | 120,314 | (207,029) | |
| (Decrease)/increase | in | long-term liabilities |
6,288 | (26,137) | |
| Net cash flow from | operating | activities | 144,954 | 26,158 | |
| Analysis ofcash and cash equivalents | |||||
| Cash at Bank | 582,064 | 501,123 | |||
| Analysis ofchanges in net |
debt | ||||
| Cash and cash equivalents | at the beginning ofthe period | 501,123 | 500,055 | ||
| Cash flows | 80,941 | 1,068 | |||
| Cash and cash equivalents | at the end | ofthe period | 582,064 | 501,123 |
| 2021 | 2021 | 2020 | 2020 | ||||
|---|---|---|---|---|---|---|---|
| Group | Centre | Group | Centre | ||||
| E | E | E | f | ||||
| Unrestricted | operational | grant received | 1,697,000 | 1,697,000 | 1,784,862 | 1,784,862 | |
| Unrestricted | capital | grant | received | 76,000 | 76,000 | 41,000 | 41,000 |
| Other unrestricted | grants | 53,488 | 53,488 | ||||
| TOTAL - Unrestricted | 1,826,488 | 1,826,488 | 1,825,862 | 1,825,862 |
| 3. Income from other trading activities |
||||
|---|---|---|---|---|
| 2021 | 2021 | 2020 | 2020 | |
| Group | Centre | Group | Centre | |
| f | E | E | E | |
| Room Hire to third parties | 79,809 | 14,850 | 160,722 | 20,325 |
| Catering | 22,496 | 1,051 | 101,747 | 984 |
| Delivery ofactivities for related parties | 49,104 | 9,104 | 10,811 | 10,811 |
| TOTAL | 151,409 | 25,005 | 273,280 | 32,120 |
| 2021 | 2021 | 2020 | 2020 | |||
|---|---|---|---|---|---|---|
| Group | Centre | Group | Centre | |||
| E | E | f | E | |||
| Letting ofmanaged | workspace | 306,341 | 306,341 | 252,078 | 252,078 | |
| Income from professional | training | 106,046 | 103,670 | 125,262 | 122,758 | |
| Membership | 31,865 | 24,591 | ||||
| TOTAL | 444,252 | 410,011 | 401,931 | 374,836 |
| 2021 | 2021 | 2020 | 2020 | ||
|---|---|---|---|---|---|
| Group | Centre | Group | Centre | ||
| E | f | f | |||
| Government | grants | 51,960 | 51,960 | ||
| Other income | 8,078 | 8,078 | 31,914 | 31,912 | |
| TOTAL | 8,078 | 8,078 | 83,874 | 83,872 |
| Depreciation | TOTAL 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | Direct Staff | Other Direct | and | Allocated | ||||
| Costs E |
Costs s |
Amortisation f |
Costs s |
Support Costs f |
||||
| Expenditure on raising |
funds | |||||||
| Events management | 211,797 | 64,563 | 16,839 | 9,114 | 214,361 | 516,674 | ||
| Cafe | 5,170 | 8,997 | 74,149 | 41,550 | 4,136 | 134,002 | ||
| Activities for others | 9,104 | 9,104 | ||||||
| 226,071 | 73,560 | 90,988 | 50,664 | 218,497 | 659,780 | |||
| Expenditure on charitable |
activities | |||||||
| Managed workspace | 64,102 | 26,805 | 287,434 | 226,205 | 77,763 | 682,309 | ||
| Professional training |
459,968 | 379,333 | 183,837 | 75,746 | 411,102 | 1,509,986 | ||
| Membership scheme |
47 | 47 | ||||||
| Trade and exhibition | grants | 27,862 | 179,488 | 23,036 | 230,386 | |||
| 551,932 | 585,673 | 471,271 | 301,951 | 511,901 | 2,422,728 | |||
| Governance costs |
23,066 | (23,066) | ||||||
| Central support costs | 196,507 | 784,360 | 79,080 | (352,615) | (707,332) | |||
| Total expenditure | 974,510 | 1,466,659 | 641,339 | 3,082,508 |
| Depreciation | TOTAL 2020 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | Direct Staff | Other Direct | and | Allocated | ||||||
| Costs | Costs | Amortlsatlon | Costs | Support Casts | ||||||
| f | E | f | E | |||||||
| Expenditure | on raising | funds | ||||||||
| Events management | 193,010 | 138,436 | 13,095 | 12,381 | 351,753 | 708,675 | ||||
| Cafe | 542 | 10,880 | 73,474 | 39,336 | 911 | 125,143 | ||||
| Activities | for others | 10,811 | 10,811 | |||||||
| 204,363 | 149,316 | 86,569 | 51,717 | 352,664 | 844,629 | |||||
| Expenditure | on charitable | activities | ||||||||
| Managed | workspace | 28,261 | 24,679 | 284,818 | 209,632 | 74,055 | 621,445 | |||
| Professional | training | 290,887 | 379,615 | 184,995 | 71,543 | 506,900 | 1,433,940 | |||
| Membership | scheme | 12,260 | 750 | 20,200 | 33,210 | |||||
| Trade and | exhibition | grants | 12,688 | 68,800 | 20,906 | 102,394 | ||||
| 344,096 | 473,844 | 469,813 | 281,175 | 622,061 | 2,190,989 | |||||
| Governance | costs | 21,655 | (21,655) | |||||||
| Central support costs | 490,420 | 716,848 | 78,694 | (332,8921 | (953,070) | |||||
| Total expenditure | 1,038,879 | 1,361,663 | 635,076 | 3,035,618 |
| 2021 | 2021 | 2020 | 2020 | ||
|---|---|---|---|---|---|
| Group | Centre | Group | Centre | ||
| E | f | E | f | ||
| Salaries | 775,074 | 775,074 | 828,954 | 828,954 | |
| Social security costs | 77,245 | 77,245 | 82,681 | 82,681 | |
| Pension costs | 122,191 | 122,191 | 127,244 | 127,244 | |
| 974i510 | 974510 | 1i038i879 | 1i038879 | ||
| Average number ofemployees | in year | 20 | 20 | 22 | 22 |
| Staff paid overf60,000: | |||||
| f70,000 -f80,000 | |||||
| f90,000-f100,000 | |||||
| f130,000 -f140,000 | |||||
| f140,000 -f150,000 |
| 2021 | 2021 | 2020 | 2020 | |||
|---|---|---|---|---|---|---|
| Group | Centre | Group | Centre | |||
| E | f | f | f | |||
| Professional fees (legal, audit &tax) | 20,025 | 13,700 | 17,675 | 11,625 | ||
| Trustees' | travel & | meeting expenses | 1,020 | 1,020 | ||
| Trustees' | indemnity | insurance | 3,041 | 3,041 | 2,960 | 2,960 |
| TOTAL | 23,066 | 16,741 | 21,655 | 15,605 |
| Buildings | Furniture, | Computers | TOTAL FIXED | |
|---|---|---|---|---|
| Group and Centre | Fixtures & | ASSETS | ||
| 2021 | Fittings | |||
| Costs | ||||
| At beginning ofthe year |
15,815,900 | 1,029,863 | 659,282 | 17,505,045 |
| Additions during the year |
5,270 | 58,791 | 64,061 | |
| Disposais during the year | (1,639) | (227,535) | (229,174) | |
| Total cost at end ofthe year | 15,815,900 | 1,033,494 | 490,538 | 17,339,932 |
| Depreciation and amortisation |
||||
| At beginning ofthe year |
4,587,650 | 983,097 | 509,034 | 6,079,781 |
| Charge during the year | 528,396 | 14„189 | 98,754 | 641,339 |
| Disposals during the year | (1,639) | (227,535) | (229,174) | |
| Total charge at end ofthe year | 5,116,046 | 995,647 | 380,253 | 6,491,946 |
| Net book value | ||||
| At beginning ofthe year |
11,228,250 | 46,766 | 150,248 | 11,425,264 |
| At end ofthe year | 10,699,854 | 37,847 | 110,285 | 10,847,986 |
| Buildings | Furniture, | Computers | TOTAL FIXED | |
| Group and Centre | Fixtures & | ASSETS | ||
| 2020 | Fittings | |||
| Costs | ||||
| At beginning ofthe year |
15,815,900 | 1,003,678 | 659,282 | 17,478,860 |
| Additions during the year |
26,185 | 26,185 | ||
| Total cost at end ofthe year | 15,815,900 | 1,029,863 | 659,282 | 17,505,045 |
| Depreciation and amortisation |
||||
| At beginning ofthe year |
4,056,430 | 975,063 | 413,212 | 5,444,705 |
| Charge during the year | 531,220 | 8,034 | 95,822 | 635,076 |
| Total charge at end ofthe year | 4,587,650 | 983,097 | 509,034 | 6,079,781 |
| Net book value | ||||
| At beginning ofthe year |
11,759,470 | 28,615 | 246,070 | 12,034,155 |
| At end ofthe year | 11,228,250 | 46,766 | 150,248 | 11,425,264 |
| 2021 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|
| Group | Centre | Group | Centre | |
| f | f | f | ||
| Trade debtors | 46,922 | 3,079 | 33,895 | 12,189 |
| Refund due for VAT | 8,198 | 12,088 | 14,666 | 11,500 |
| Accrued Income | 8,338 | 3,265 | 22,269 | 21,756 |
| Sundry debtors | 14,380 | 14,380 | 18,041 | 18,041 |
| Due from subsidiary | 83,900 | 10,490 | ||
| Prepayments | 75,448 | 75,352 | 73,709 | 73,110 |
| 153,286 | 192,064 | 162,580 | 147,086 |
| 2021 | 2021 | 2020 | 2020 | ||
|---|---|---|---|---|---|
| Group | Centre | Group | Centre | ||
| f | f | f | f | ||
| Trade creditors | 61,903 | 58,754 | 17,823 | 17,375 | |
| Sundry creditors and | accruals | 194,023 | 173,975 | 162,780 | 154,159 |
| Due to the Goldsmiths' | Company | 43,250 | 43,250 | 43,295 | 43,295 |
| Social security and other taxes | 21,258 | 21,258 | 23,242 | 23,242 | |
| Deferred income | 49,832 | 12,371 | 52,112 | 12,146 | |
| Grants commitments | 49,300 | 49,300 | |||
| 419,566 | 358,908 | 299,252 | 250,217 |
| 2021 | 2021 | 2020 | 2020 | ||
|---|---|---|---|---|---|
| Group | Centre | Group | Centre | ||
| f | f | ||||
| Brought | forward from prior period | 52,112 | 12,146 | 79,320 | 22,465 |
| Released | in current period | (51,287) | (11,321) | (78,095) | (21,240) |
| Deferred | during the current period | 49,007 | 11,546 | 50,887 | 10,921 |
| Carried forward to future period | 49,832 | 12,371 | 52,112 | 12,146 |
| 2021 | 2021 | 2020 | 2020 | |||
|---|---|---|---|---|---|---|
| Group | Centre | Group | Centre | |||
| f | f | |||||
| Brought | forward | from prior period | ||||
| Grants | committed | in current period | 179,488 | 179,488 | 68,800 | 68,800 |
| Grants | paid in current period | (130,188) | (130,188) | (68,800) | (68,800) | |
| Carried | forward to future period | 49,300 | 49,300 |
| 2021 | 2021 | 2020 | 2020 | ||
|---|---|---|---|---|---|
| Group | Centre | Group | Centre | ||
| f | E | f | E | ||
| Brought | forward from prior period | 79,549 | 79,549 | 105,686 | 105,686 |
| Released | in current period | (13,712) | (13,712) | (46,137) | (46,137) |
| Provided | during the current period | 20,000 | 20,000 | 20,000 | 20,000 |
| Carried forward to future period | 85,837 | 85,837 | 79,549 | 79,549 |
| The Movement of Fun |
ds is as follows: | ||||
|---|---|---|---|---|---|
| Fund Balance | Fund Balance | ||||
| Group and Centre | 1Oct 2020 | Income | Expenditure | Transfers | 30Sep 2021 |
| f | f | ||||
| General Fund |
183,063 | 2,430,275 | 3,082,508 | 565,339 | 96,169 |
| Legacy Fund | 40,000 | 40,000 | |||
| Building Fund |
11,228,250 | (528,396) | 10,699,854 | ||
| Fixed Asset Fund | 258,853 | (35,943) | 222,910 | ||
| Restricted Funds |
20,000 | (1,000) | 19,000 | ||
| Total Funds | 11,710,166 | 2,450,275 | 3,082,508 | 11,077,933 | |
| Fund Balance | Fund Balance | ||||
| Group and Centre | 1Oct 2019 | Income | Expenditure | Transfers | 30Sep 2020 |
| E | f | f | |||
| General Fund |
38,563 | 2,586,042 | 3,035,618 | 594,076 | 183,063 |
| Legacy Fund | 40,000 | 40,000 | |||
| Building Fund |
11,759,470 | (531,220) | 11,228,250 | ||
| Fixed Asset Fund | 321,709 | (62,856) | 258,853 | ||
| Restricted Funds |
|||||
| Total Funds | 12,159,742 | 2,586,042 | 3,035,618 | 11,710,166 |
| The allocation of Net | Assets to Funds is as f |
ollows: | ||||
|---|---|---|---|---|---|---|
| Group and Centre | Other | Fixed | Net Current | Long Term | ||
| 2021 | Building | Assets | Assets | Liabilities | Total | |
| f | E | |||||
| General Fund |
182,006 | (85,837) | 96,169 | |||
| Legacy Fund | 40,000 | 40,000 | ||||
| Building Fund | 10,699,854 | 10,699,854 | ||||
| Fixed Asset Fund | 148,132 | 74,778 | 222,910 | |||
| Restricted Funds |
19,000 | 19,000 | ||||
| Total Funds | 10,699,854 | 148,132 | 315,784 | (85,837) | 11,077,933 | |
| Group and Centre | Other | Fixed | Net Current | Long Term | ||
| 2020 | Building | Assets | Assets | Liabilities | Total | |
| f | E | |||||
| General Fund |
262,612 | (79,549) | 183,063 | |||
| Legacy Fund | 40,000 | 40,000 | ||||
| Building Fund |
11,228,250 | 11,228,250 | ||||
| Fixed Asset Fund | 197,014 | 61,839 | 258,853 | |||
| Restricted Funds |
||||||
| Total Funds | 11,228,250 | 197,014 | 364,451 | (79,549) | 11,710,166 |
| 14. Comparative State |
ment ofFinancial Activities | ment ofFinancial Activities | ment ofFinancial Activities | ment ofFinancial Activities |
|---|---|---|---|---|
| The Statement ofFinancial | Activities forthe year ended 30September 2020 is shown below, in order to provide | |||
| comparative figures. |
||||
| Unrestricted | Restricted | Total | ||
| Funds | Funds | Funds | ||
| 2020 | 2020 | 2020 | ||
| f | f | f | ||
| Income and endowments | from: | |||
| Donations and legacies |
1,825,862 | 1,825,862 | ||
| Other trading activities | 273,280 | 273,280 | ||
| Income from investments | 1,095 | 1,095 | ||
| Charitable activities |
401,931 | 401,931 | ||
| Other income | 83,874 | 83,874 | ||
| Total income | 2,586,042 | 2,586,042 | ||
| Expenditure on: |
||||
| Raising funds | 844,629 | 844,629 | ||
| Charitable activities |
2,190,989 | 2,190,989 | ||
| Total expenditure | 3,035,618 | 3,035,618 | ||
| Net expenditure forthe year |
(449,576) | (449,576) | ||
| Transfers | ||||
| Total funds brought forward | 12,159,742 | 12,159,742 | ||
| Total funds carried forward | 11,710,166 | 11,710,166 |