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← The Goldsmiths Centre

2024-09-30-accounts

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bw GOLDSMITHS’ Creativity | Craftsmanship | Community

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 30 September 2024

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Company Number: 6288800 Charity Number: 1120113

THE GOLDSMITHS’ CENTRE

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 30 September 2024

Contents Page
Trustees’ report 3
Company information 18
Auditor’s report to the members ofThe Goldsmiths’ Centre 20
Statement offinancial activities 24
Balance sheet 25
Statement ofcash flows 26
Notestothefinancialstatements 27

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The Goldsmiths’ Centre Year ended 30" September 2024

TRUSTEES’ REPORT

INTRODUCTION

The Trustees of the Goldsmiths’ Centre (the Centre) are pleased to present their report and accounts for the year ended 30" September 2024, including an overview of charitable activity and public benefit achieved.

The Goldsmiths’ Centre charity was established by the Worshipful Company of Goldsmiths, more commonly known as the Goldsmiths’ Company, in 2007. Between 2009 and 2011 the Trustees of the Centre led the redevelopment of the Goldsmiths’ Centre site in Clerkenwell, creating a mixed-use development of workshops, studios, education and training space for the public benefit.

These accounts comply with the charity’s governing documents, the Companies Act 2006, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with the Charities SORP (FRS 102).

Since practical completion of the site in 2012, the Trustees have been pursuing a programme of public benefit that has included education, training and exhibitions, the provision of managed workspace and commercial activities that support the work of the Centre. An increasing focus on expanding both its reach and impact has resulted in the Centre working closely with partners and projects across the UK, through collaborative funding and grant giving when applicable.

2023/24 saw a number of challenges. In November 2023, the Director of the Centre fell seriously ill and in his prolonged absence, the Deputy Director stepped up to lead the team, successfully delivering the 2023/24 Corporate Plan, with the support of the Senior Management Team.

In addition, the team has responded with exceptional energy and commitment to the challenges posed by changing government policy and the need to manage the Centre’s infrastructure:

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The Goldsmiths’ Centre Year ended 30° September 2024 TRUSTEES’ REPORT

The Trustees are grateful to the Centre team for having met these unexpected challenges, while delivering on all aspects of the 2023/24 Corporate Plan, with such successful determination.

PUBLIC BENEFIT

In setting the objectives and planning the activities of the Goldsmiths’ Centre, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit, and in particular to its supplementary guidance on advancing education. The overarching objective of the Centre is:

"To advance, maintain and develop art, craft, design and artisan skills, including in particular, but without limitation, those pertaining to goldsmithing, through:

  1. the provision of managed workspace, education and training for the public benefit; and 2. the fostering, promotion and expansion of[the][interest][of][ the][public][in][art,][craft,][design][and][artisan][skills,] particularly, but not exclusively, those pertaining to goldsmithing."

The Trustees are particularly keen to ensure that the public benefits accrued from the activities delivered onsite are disseminated as widely as possible. To this end, the Centre contributes to the work of several other organisations working within skills and design arenas, providing access to content, methodologies, resources, and funding where appropriate.

PERFORMANCE & ACHIEVEMENTS

Since 2012, the Centre has been the delivery arm of its founder and main funder the Goldsmiths’ Company Charity, helping to shape hundreds of careers through technical courses, business support, affordable workspace, funding opportunities, exhibitions, events and selling showcases. In May 2024 the Centre published its first annual Impact Report for the 2022/23 financial year. The annual Impact Report is aimed at:

This report provides an accessible and compelling summary of the Centre’s charitable work. It is a key medium for sharing its mission and impact on its community and the jewellery industry and sits alongside this more comprehensive statutory annual report.

2023/24 Objectives

The Trustees agreed a Corporate Plan for 2023/24 which, aligned with the Centre’s vision, mission and values.

The specific objectives agreed by Trustees for the 2023/24 financial year were as follows:

Supporting and upskilling the industry

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The Goldsmiths’ Centre Year ended 30" September 2024

TRUSTEES’ REPORT

Championing and helping businesses to grow

Building a supportive community

Widening access and representation

The Trustees are pleased to report that the team has successfully delivered against these goals.

CHARITABLE & OTHER ACTIVITIES UNDERTAKEN

In addition to the key priorities set out in the Performance and Achievements section above, the Trustees are pleased to report that the following core charitable and corporate activities were successfully delivered in 2023/24.

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The Goldsmiths’ Centre Year ended 30" September 2024 TRUSTEES’ REPORT

Charitable

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e Foundation Programme
o All of the 2023/24 cohort successfully completed the Programme in July, with 50% of the cohort
progressing into the Goldsmiths’ Company
Apprenticeship Scheme, and 20% progressing
into employment in the industry, 20% into ; rr aa
Higher Education with one student undecided | \e ‘ t
o on their next steps. allt | te :
Following a meeting with City & Guilds (C&G), Ad ye } ae \ \ —- cee |
confirmation was received that the Ie { iii ‘| bane Wea : r
accreditation of the Level 3 qualification would i AY, A5\ a“ ‘es ; y su z E
remain for onefinal year of delivery in 2024/25. aye! /,))))\ Wa Same & z ies
This allowed the Centre to recruit the traditional mE «( s 4 wis
audience of 16-18-year-old trainees from Nera =f =|
September 2024. The Centre received a record a Za “e "7
51 applications for 2024/25. 25 were shortlisted Ve ;
for interview and assessment which took place ae :
over three days. 10 new trainees joined the Foundation cohort 2024/25 — September2024
course in September.
o Jewellery Foundation Programme 2025/26: The Trustees have decided that the course should remain
free to all, demonstrating the commitment of the Centre to supporting those aspiring to work in the
industry. The new programme currently under development and endorsed by industry opened for
applications in Autumn 2024.
e Goldsmiths’ Company Apprenticeship Scheme (GCAS) — management of the scheme resides with the
Goldsmiths’ Centre.
o In 2023/24 the Centre looked after a total of 29 apprentices (across four cohorts). This included four
apprentices from the Midlands (Apprentice Expansion Scheme).
o InSummer 2024 twelve applications were considered with the maximum of ten places and five training
bursaries allocated.
o Non-Freeman Pilot (i.e. placing an apprentice with an employer outside of the Company membership
using a proxy master): The first non-Freeman to go through the pilot received his Freedom of the
Goldsmiths’ Company and is booked in to receive his Freedomofthe City. The other three non-Freeman
on the scheme are progressing well. In July 2024, the non-Freeman pilot was reviewed by the
Membership Committee of the Goldsmiths’ Company and deemed a success. The Committee
recommended that this becomes an additional route into GCAS.
o Separately,focused ini ially t he Apprentice Expon the Midl an ds,sion Schemhas se n e , mf olen | ead[ee i €Fy | RENVR 4
four apprentices placed with employers ‘3 t bor —— i pm 5 i £ K
outside of London. Both these trials, if ra! BRAN Ver< 2973 e
communicated more widely, have the x . { Vi 3 ¢h f Y
potential to increase and further diversify the eh liee ) are Nee ase ,
make-up of the membership and engage a | ~ | $ ~.
wider part of the industry. at L i fe p Me
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Binding Ceremony on 18 October 2023

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The Goldsmiths’ Centre Year ended 30% September 2024 TRUSTEES’ REPORT

Getting Started and Spotlighting

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o Eighteen emerging makers from the 2023 Getting Started cohort completed the Getting Started
Spotlighting programme, which culminated in an exhibition at the Centre from 8'" January to 29"
February 2024, a series of five online Meet the Maker events and profiling on social media during the
training period. Participants were trained in photographing and writing about their work, speaking to
camera, and taking part in live events. A celebration event was held at the Centre on 27" February,
bringing together over 80 Getting Started and Shine alumni and members of the community.
o Delivered throughout the week commencing 18" March 2024, the Centre played online host to 78
emerging businesses for our annual Getting Started programme. The team helped to facilitate and
deliver sessions from over 20 industry specialists, daily networking as well as a keynote session from
Sarah Ho. For many, Getting Started Online is a launch pad providing them with showcasing
opportunities with the Centre as well as providing an understanding of the future opportunities with
The Goldsmiths’ Company.
PEL PALES POW al
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Getting Started 2024
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The Goldsmiths’ Centre Year ended 30" September 2024 TRUSTEES’ REPORT

Mentoring

Business Diagnostic

Shine

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the total amount of producés for Shine 2024 Private View
sale online to c. 700 products.
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The Goldsmiths’ Centre Year ended 30" September 2024 TRUSTEES’ REPORT

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Selling pop-ups and showcases
One i Hil| Hit 1 | a, © Theshowcase pilot Museumfor five ofShine Londonalumni, Docklandsinstalled sellingin
L [a Rog ie Inte October 2023 had a very successful start,
1) ; heal a re 3 al vad generating much higher-than-expected sales.
ry y i> 4 GH Ay y a As a result, the museum has agreed to extend
(ae \§ a | re if for the showcase as a year-round opportunity
rat iN ee ede ‘de == for the Centre’s emerging makers. A new call
oo er.a : See Sans 4 for entry took place in Summer 2024 with the
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A
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Creative Links

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The Goldsmiths’ Centre

Year ended 30* September 2024 TRUSTEES’ REPORT

e Collaborative Funding Programme ——EFTCEE CséiThee Centre continued to provide grants to third eel «COsépaartty organisations in 2023/24; these included x oa Bishopsland Educational Trust, The Jewellery SS ———— pour 2 ——= Collective, Flourish, Project ORE (image on the left)

2024 saw the opening of the Centre’s most ambitious collaborative exhibition to-date: The Craft of Tea: 1660-2024, developed in partnership with the Chitra Collection, which brought together historic silver tea ware and contemporary examples of the craft. The team also published its first catalogue to accompany the exhibition, of which nearly 200 copies have been sold to visitors and interested parties across the UK, Europe and the USA. The exhibition opening attracted over 180 attendees — a diverse audience of makers, collectors, curators, industry and organisational representatives, students and many more, anda significant number of destination visitors over its run.

The Goldsmiths’ Craft & Design Council Awards Exhibition 2024 was also hosted at the Centre from the 24July— 12" September, showing work by gold and other special award winners, including the masterpieces of all four of this year's Goldsmiths’ Company Apprentices who gained their freedom earlier in the year. GC&DC hosted several events to coincide with the exhibition, including a private view, special viewing evening for Goldsmiths’ Company members, and drop-in sessions for makers interested in entering the competition.

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The Goldsmiths’ Centre Year ended 30" September 2024 TRUSTEES’ REPORT

Corporate

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The Goldsmiths’ Centre Year ended 30" September 2024 TRUSTEES’ REPORT

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w CENTREGOLDSMITHS’
Creativity | Craftsmanship | Community
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The Goldsmiths’ Centre Year ended 30 September 2024 TRUSTEES’ REPORT

Performance Against Internal Objectives

The Trustees are pleased to report that the Centre was able to achieve its main objective for the reporting period of delivering a comprehensive programme of public benefit related activity in a cost effective and affordable manner.

Factors that Impact the Ability to Achieve the Centre’s Objectives

The principal impact on the ability to achieve the Centre’s objectives is the affordability of the planned outputs in light of the likely level of income. The Trustees are pleased to report that prudent management and reallocation of budgets have allowed the Centre to perform well and meet its key objectives.

Communicating with Staff

The Deputy Director of the Centre liaises with staff through regular Senior Management and team meetings. Business and strategic planning are informed by the staff and are undertaken as a consultative process wherever possible. The size of the Centre means that one to one contact takes place on a regular basis.

STRUCTURE, GOVERNANCE, MANAGEMENT & RISK

Trustee Selection and Training

The Centre aims to maintain a Board that reflects its activities and purpose. The Board continues to monitor its composition to ensure that it remains fit for purpose and is effective, including maintaining a register of the Trustees’ skills and expertise relative to the needs of the Board. New Trustees are briefed by the Chair of Trustees and the Director of the Centre, and are issued with a pack of appropriate documents by the Secretary, including the Charity Governance Code, as well as the following Charity Commission guidance:

° CC3 — The Essential Trustee — What you need to know;

¢ CC8 — Internal Financial Controls for Charities; and

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The Goldsmiths’ Centre Year ended 30 September 2024 TRUSTEES’ REPORT

it is intended that at least two of the Trustees are always from outside the Goldsmiths’ Company’s Court of Assistants. At the reporting date the Trustees who were not members of the Goldsmiths’ Company’s Court of Assistants were Mrs G.R. Andrews, Ms R. Lakha, Ms A.C.F. Slinger and Mr A. Monroe.

Governance & Management

The Trustees who served during the period who are also members of the Court of Assistants of the Goldsmiths’ Company (Mr A.P.A. Drysdale, Mr M.J. Wainwright, and Mr J. Skeates), did not participate in any decisions of the Court with regard to the Court’s involvement with the Centre. Over the reporting period two Trustees resigned from the Board. Ms T. Arbuckle resigned at the February 2024 meeting, and by Mr G. Macdonald, a Goldsmiths’ Company appointee, stood down in May 2024 after nine years of service. Following careful consideration and the creation of a person specification, the Trustees of the Goldsmiths’ Centre were delighted to appoint by Mr A. Monroe at the April 2024 meeting, and Mr J. Skeates, member of the Court of Assistants of the Goldsmiths’ Company at the July 2024 meeting.

The Trustees meet formally on a quarterly basis and on an ad hoc basis if required. Some decisions are taken outwith the Board by “Chair’s Action” where the views of the Board are canvassed by email or telephone and a collective decision arrived at. These decisions are recorded in subsequent Trustee Board Minutes.

The Trustees delegate oversight of the Centre’s educational and grant-making activities to the Trade Advisory Sub-Committee (TASC) — the TASC’s meetings coincide with those of the main Board. The TASC is chaired by a Trustee and has Trustees as members, as well as individuals drawn from outside the Goldsmiths’ Company, who bring their knowledge and experience of the sector, education and training. The TASC provides oversight of the Centre’s core education and training programmes, reviews and approves, within its delegated authority, Collaborative Funding applications and contributes to the development of policy and strategy linked to delivery against the Centre’s public benefit. The TASC convenes working groups to explore topics or areas under consideration/development. These are chaired by a Trustee and draw their membership from across the sector and the Centre’s existing audience and beneficiaries.

Ona day-to-day basis the Trustees delegate operational management of the Centre to its Director and Deputy Director. The Directors and the team are responsible for delivering against the Centre’s Strategy, annual Corporate Plan.

Risk Assessment & Mitigation

The Trustees consider the risks that pertain to the operation of the Centre via an Operational Risk Register, monitored quarterly by the team and reviewed by the Trustees on an annual basis. These risks can be summarised as follows:

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The Goldsmiths’ Centre Year ended 30 September 2024 TRUSTEES’ REPORT

The Trustees are satisfied that systems and procedures are in place to mitigate the above risks effectively.

FINANCIAL REVIEW & POLICY STATEMENT

Income and Expenditure Review

These financial statements consolidate the results and combined financial position of the Centre and its wholly owned trading subsidiary, the Goldsmiths’ Centre Events CIC (Events CIC).

During the year, total income amounted to £3.38m including support grants of £2.07m provided by the Goldsmiths’ Company Charity; income from trading activities, mainly through the Events CIC, of £0.66m; and income from charitable activities of £0.63m. In the previous year the equivalent figures were total income of £3.24m including support grants of £2.00m; income from trading activities of £0.68m; and income from charitable activities of £0.54m.

Total expenditure for the year was £3.80m compared to £3.63m in the previous year, including the operating costs of the Events CIC, and the costs of supporting the charitable and other activities, inclusive of the governance costs of the Centre. The net result for the year is a reduction in funds of £0.43m compared to a reduction of £0.39m in the previous year. The net cash inflow for the year was £0.03m compared to an inflow of £0.18m in the prior year.

Reserves

Unrestricted Funds are split between several designated funds being a Building Fund, representing the net capital cost of the building after deducting depreciation; a Fixed Asset Fund, representing the net cost of other fixed assets after deducting depreciation and adjusting for any capital grants received and not yet spent, a Legacy Fund and a General Fund. The Building and Fixed Asset Funds are maintained by transfers to and from the General Fund so that they are maintained at a level equal to the capitalised value of work to date less the depreciation charge, adjusted for any capital grants received and not yet spent.

The Unrestricted Funds at 30 September 2024 were £9.8m (2023 — £10.2m) made up of the Building Fund of £9.12m (2023 — £9.64m), the Fixed Asset Fund £363k (2023 — £344k), the Legacy Fund of £32k (2023 — £36k) and the general fund of £309k (2023 — £220k).

During the year ended 30 September 2021 the Centre received a donation of £20k from a private donor to fund the addition to the building ofa decorative Coat of Arms of the Centre’s founder, the Goldsmiths’ Company. This has been treated as a restricted donation. There are no other restricted funds and the balance at 30 September 2024 was nil (2023 — £6k).

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The Goldsmiths’ Centre Year ended 30 September 2024 TRUSTEES’ REPORT

The Trustees have set a policy as to the level of free reserves, not represented by fixed and other non-liquid assets, required to cover an unforeseen emergency or other unexpected need for funds. The policy includes consideration of possible shortfalls in Events income and the likelihood and amount of any unforeseen expenditure. In light of these factors and the support from the Goldsmiths’ Company Charity, the Trustees consider an adequate level of free reserves at the year-end to be in the range of £125k to £175k.

At 30 September 2024, free reserves were £309k which is £134k above the upper limit of the target range (2023 — free reserves £220k, £46K above target). The Trustees expect to use some reserves in the current year to fund ongoing operations.

The Centre’s activities have been supported since inception by an annual grant from the Goldsmiths’ Company Charity. The Trustees have received a letter from the Chairman of the Goldsmiths’ Company Charity confirming its support for the Centre for at least 12 months from the date of signing of these accounts and for the foreseeable future. Having reviewed the financial performance of the Centre and in view of the letter of support, these financial statements have been prepared on a going concern basis. The Trustees currently have no reason to believe that the Goldsmiths’ Company Charity will be unwilling or unable to provide this support. As such the Trustees confirm that the Centre expects to be able to meet its current and foreseeable obligations.

PLANS FOR FUTURE PERIODS

The plans for future periods are to:

TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law, and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & 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 Centre and the group (comprising the Centre and its trading subsidiary, the Goldsmiths’ Centre Events CIC, company number 8345467) and of the incoming resources and application of resources of the Centre and the group for that period.

In preparing these financial statements, the Trustees are required to:

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The Goldsmiths’ Centre Year ended 30 September 2024

TRUSTEES’ REPORT

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Centre and the group and enable them to ensure that the financial statements comply with the Companies Act 2006, and applicable accounting regulations. They are also responsible for safeguarding the assets of the Centre and the group 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 Centre and the group and financial information included on the Centre’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees who held office at the date of approval of the Trustees’ Report confirm that, so far as they are aware, there is no relevant audit information of which the Centre’s auditor is unaware. Furthermore, the Trustees are of the view that, under their delegated authority, the members of the Centre’s staff have taken all steps that they ought to have taken as management to make themselves aware of any relevant audit information, and to establish that the Centre’s auditor is aware of that information.

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and Saffery LLP will therefore continue in office.

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This report has been prepared in accordance with the provisions applicable to companies subject to the small
companies regime within Part 15 of the Companies Act 2006.
These financial statements were approved by thetrustees on 1% Feoman) 2025 and are signed
on/their bevalf by:
Mr M. J. Wainwright )
Chairman the Board of Trustees
The Goldsmiths’ Centre
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The Goldsmiths’ Centre Year ended 30 September 2024 COMPANY INFORMATION

Charitable Company Name: The Goldsmiths’ Centre

The Goldsmiths’ Centre was incorporated as a company limited by guarantee on 21 June 2007 and registered as a Charity on 17 July 2007. The governing document is the Memorandum and Articles of Association of the Company, and members of the Board of Trustees are the Directors of the Company (under Company Law).

Charity Registration Number: 1120113 Company Registration Number: 6288800

Trustees: The Board of Trustees comprises:

Mr M.J. Wainwright

Mrs G.R. Andrews Mrs T.C. Arbuckle — resigned 14 February 2024

Mr A.P.A. Drysdale Ms R. Lakha Mr G.G. Macdonald — resigned 5 May 2024 Mr A. Monroe — appointed 30 April 2024 Mr J. Skeates — appointed 18 July 2024

Ms A.C.F. Slinger

Mrs T. Pragash Secretary

The Trustees may be contacted care of the Goldsmiths’ Company, Goldsmiths’ Hall, Foster Lane, London EC2V 6BN.

Staff to whom the Trustees delegate day to day management of the Centre:

Mr P.J. Taylor MBE Director, Goldsmiths’ Centre Ms K. Lepeuple Deputy Director, Goldsmiths’ Centre Registered Office Details: Address: The Goldsmiths’ Centre Care of: The Goldsmiths’ Company, Goldsmiths’ Hall, Foster Lane, London EC2V 6BN Telephone Number: 020 7606 7010 E-mail: info @goldsmiths-centre.org Website: www.goldsmiths-centre.org

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The Goldsmiths’ Centre Year ended 30 September 2024 COMPANY INFORMATION

Professional Advisers:

Charity Solicitor: BDB Pitmans LLP 1 Bartholomew Close, London EC1A 7BL Property Solicitor: Taylor Wessing 5 New St Square, London EC4A 3TW Bankers: The Royal Bank of Scotland plc Barclays Bank plc St. Paul’s Branch 1 Churchill Place 9-13 Paternoster Row London E14 5HP London EC4M 7EH

Independent auditor: Saffery LLP 71 Queen Victoria Street London EC4V 4BE

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The Goldsmiths’ Centre Year ended 30 September 2024 INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE GOLDSMITHS’ CENTRE

Opinion

We have audited the financial statements of The Goldsmiths’ Centre (the ‘parent charitable company’) and its subsidiary (together the ‘Group’) for the year ended 30 September 2024 which comprise the Consolidated Statement of Financial Activities, the Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and parent charitable company 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 Group or the parent charitable company's 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 auditor's report 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.

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 course of 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

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The Goldsmiths’ Centre Year ended 30 September 2024 INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE GOLDSMITHS’ CENTRE

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.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on pages 16 and 17, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation ofthe 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 ofthe 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 group and the parent charitable company’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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent charitable company’s financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a

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The Goldsmiths’ Centre Year ended 30 September 2024 INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE GOLDSMITHS’ CENTRE

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees, and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include the Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of[the][audit,][the][engagement][partner’s] review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

22

The Goldsmiths’ Centre Year ended 30 September 2024 INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE GOLDSMITHS’ CENTRE

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s 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 parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Neen Wier

Helen Wilkie (Senior Statutory Auditor) For and on behalf of Saffery LLP

Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

23

The Goldsmiths’ Centre

Year ended 30 September 2024

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account)

Tine ea ee eg es ete HEGOLDSMITHSs GOLDSMITHSs CENTRE
CONSOLIDATED STATEMENT OF FINANGIAL ACTIVITIES FORTHEYEAR ENDED 30 SEPTEMBER 2024
CA (INCLUDINGTHE THEINCOMEAND EXPENDITUREACCOUNT)
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2024 2024 2024 2023
Note £ £ £ £
Income and endowments from:
Donations and legacies 3 2,070,772 - 2,070,772 2,002,000
Othertrading activities 4 658,005 . 658,005 674,952
Interest income 16,034 - 16,034 13,845
Charitable activities 5 629,638 - 629,638 539,042
Otherincome 3,000 - 3,000 10,077
Total income 3,377,449 - 3,377,449 3,239,916
Expenditure on:
Raisingfunds 6 966,875 - 966,875 869,504
Charitable activities 6 2,831,484 6,100 2,837,584 2,762,938
Total expenditure 3,798,359 6,100 3,804,459 3,632,442
Net expenditure forthe the year (420,910) (6,100) (427,010) (392,526)
Transfers - - -
Total funds broughtforward forward 10,244,112 6,100 10,250,212 10,642,738
Totalfundscarriedforward 9,823,202 - 9,823,202 10,250,212

No activity has been acquired or discontinued in the period. The Group has no other comprehensive income other than the net movement in funds for the period. The notes on pages 27 to 38 form an integral part of these financial statements.

|

24

The Goldsmiths’ Centre Year ended 30 September 2024 BALANCE SHEET

ale sea
iby:
e		 etree)
;
i		 etree)
;
i		 nee ne
THEGOLDSMITHS, CENTRE=
BALANCESHEETAT30SEPTEMBER2024		 ne
THEGOLDSMITHS, CENTRE=
BALANCESHEETAT30SEPTEMBER2024		 ne
THEGOLDSMITHS, CENTRE=
BALANCESHEETAT30SEPTEMBER2024		 ne
THEGOLDSMITHS, CENTRE=
BALANCESHEETAT30SEPTEMBER2024
CO a 2024 2024 2023 2023
Group Centre Group Centre
Note £ £ £ £
Fixed assets
Buildings 7 9,118,876 9,118,876 9,644,965 9,644,965
Otherfixed assets 7 344,295 344,295 183,534 183,534
9,463,171 9,463,171 9,828,499 9,828,499
Current assets
Debtors 8 199,565 286,772 204,180 147,385
Cash at bank 805,501 576,012 775,148 684,830
1,005,066 862,784 979,328 832,215
Less: Creditors

(falling due in		 less than one year)

Creditors		 9 561,931 419,649 469,974 322,861

Net currentassets		 443,135 443,135 . 509,354

Total assets less		 current liabilities 9,906,306 9,906,306 10,337,853 10,337,853

Less: Long-term liabilities

(falling due in		 more than one year)

Provision for		 building maintenance 10 83,104 83,104 87,641 87,641

Net assets		 9,823,202 9,823,202 10,250,212 10,250,212

Represented		 by:

Unrestricted		 Funds 14 9,823,202 9,823,202 10,244,112 10,244,112

Restricted Funds		 14 - - 6,100 6,100

Totalfunds		 9,823,202 9,823,202 10,250,212 10,250,212

Company No: 6288800, Charity No: 1120113

The net expenditure of the Centre as an individual entity for the year was £427,007 (2023 — £400,787). A Statement of Financial Activities for the Centre as an individual entity is not included using the exemption provided in section 408 of the Companies Act 2006.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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These financial statements were approved by the trusteeson \¥ Febiuary 9028” and are signed on
theip’ behdlf by:
Ainwright -b)-
gtes on pages 27 to 38 form an/Jntegral part of these financial statements.
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25

The Goldsmiths’ Centre Year ended 30 September 2024 CONSOLIDATED STATEMENT OF CASH FLOWS

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Pee|enantio|en|Gre|THEGOLDSMITHS,|CENTRE|:| |iS. CONSOLIDATED STATEMENT|OF|CASH FLOW STATEMENT FOR THE YEAR|ENDED|30 SEPTEMBER 2024| |2024|2023| |£|£| |Net|cash|flow|from|operating|activities|247,595|284,071| |Cash|flows|from|investing|activities:| |Income|from|investments|16,034|13,845| |Purchase|of fixed|assets|(233,276)|(118,186)| |Net cash|from|investing|activities|(217,242)|(104,341)| |Change|in|cash|and|cash|equivalents|in|the|year|30,353|179,730| |Cash|and|cash|equivalents|at the|start|of the|year|775,148|595,418| |Cash|and|cash|equivalents|at|the|end|of the|year|805,501|775,148| |Reconciliation|of|net|outgoing|resources to|net|cash|outflow|from|operating| |activities:| |Net outgoing|resources|(427,010)|(392,526)| |Income|from|investments|(16,034)|(13,845)| |Depreciation|charge|598,604|586,065| |Decrease|in|debtors|4,615|(23,179)| |(Decrease)/increase|in|creditors|91,957|131,317| |(Decrease)/increase|in|long-term|liabilities|(4,537)|(3,761)| |Net|cash|flow|from|operating|activities|247,595|284,071| |Analysis|of cash|and|cash|equivalents| |Cash|at|Bank|805,501|775,148| |Analysis|of changes|in|net|debt| |Cash|and|cash|equivalents|at the|beginning|of the|period|775,148|595,418| |Cash|flows|30,353|179,730| |Cash|and|cash|equivalents|at|the|end|of the|period|805,501|775,148|

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The notes on pages 27 to 38 form an integral part of these financial statements.

26

The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

  1. Charity Information

The Centre is a company limited by guarantee (registered number 6288800) and a registered charity (registered number 1120113), which is incorporated and domiciled in England and Wales, and is a public benefit entity. The registered office is Goldsmiths’ Hall, Foster Lane, London, EC2V 6BN.

  1. Accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.

(a) These financial statements have been prepared in accordance with “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS102”), “Accounting and Reporting by Charities” being the Statement of Recommended Practice for charities applying FRS102, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The Centre is a Public Benefit Entity as defined by FRS102.

The financial statements are prepared in sterling, which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest pound.

These financial statements consolidate the results and combined financial position of the Centre and its wholly owned subsidiary, The Goldsmiths’ Centre Events CIC, (together the Group) on a line by line basis.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

(b) Funds

Where no restriction is placed by the donor(s) on the grants received, the funds are regarded as Unrestricted Funds. However, the Trustees have designated a Building Fund, which shall represent the net book value ofthe building located at 42 Britton Street London EC1M SAD, and a Fixed Asset Fund, which shall represent the net book value of fixed assets other than the building plus unspent capital grants received. Transfers will be made between the General Fund and the Building and Fixed Asset Funds to maintain those funds at a level equal to the capitalised value of their respective assets less the depreciation to date plus unspent capital-related grants received. Donations received which are limited to expenditure on a specific purpose are held as restricted funds.

(c) Going concern

After reviewing the Centre’s forecasts and projections, the Trustees have a reasonable expectation that the Centre has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future, being a period of at least a year from the date these accounts are signed. The Trustees consider that there are no material uncertainties about the Centre’s ability to continue as a going concern. Accordingly, the Trustees consider that the Centre is a going concern, and the accounts have been prepared on that basis. This is supported by the letter of support from the Goldsmiths’ Company Charity dated 5 February 2025 confirming its intention to continue to provide financial and other support to the Centre for at least 12 months from the date of signing these accounts, and for the foreseeable future. The Trustees currently have no reason to believe that the Goldsmiths’ Company Charity will not be in a position to provide this support.

27

The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

(d) income and expenditure account Income and expenditure is brought into account when receivable or payable.

Donations and legacies are recognised when received or paid. Government grants are recognised on entitlement. Room hire and catering income and expenditure are recognised in the period the event occurs. Delivery of activities for related parties income is recognised in the period the work is performed. Income and expenditure related to the letting of managed workspaces is recognised in the period the workspace is occupied. Income and expenditure related to training is recognised in the period the training occurs.

Income received and not yet earned relating to future events is shown in deferred income within creditors.

{e) Support & governance costs Support costs, which are made up of employment, facilities and general management, amortisation and depreciation costs, have been apportioned across the activities, except to the extent that they involve the strategic management of the Group where they are shown under governance costs.

Governance costs comprise all costs involving the public accountability of the Group and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees and trustee indemnity insurance.

(f) Capitalisation and depreciation of building The Centre’s building is included in the financial statements at the cost incurred to date less accumulated depreciation.

Depreciation commenced on taking possession of the building from the contractors at practical completion on 3 February 2012 and is calculated on a straight-line basis over 30 years. Plant additions are depreciated on a straight-line basis over 7 years.

(g) Capitalisation and depreciation of other assets Other assets expected to be in use for more than one year and with a cost in excess of £5,000 are capitalised. Depreciation of other assets is calculated on a straight-line basis to write down the assets over their useful life:

(h) Taxation — direct and indirect

The Centre is exempt from direct taxation on its income and gains to the extent that they are applied exclusively to charitable activities. The CIC is liable to direct taxation on its income and gains. The CIC pays any taxable profits up to the Centre under a deed of covenant.

The Group is registered for Valued Added Tax. Irrecoverable VAT is written off as incurred.

(i) Provisions.

The Centre is expected to maintain its building for the benefit of all users. A provision for building maintenance is recognised based on expected spend for cyclical, non-routine maintenance of the building including an element for unexpected maintenance.

(j) Critical accounting estimates and judgements In application of the Group’s accounting policies described above, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates, judgements and assumptions are made based on evidence that is relevant to the particular circumstance. The

28

The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

following areas are considered to involve critical judgements and sources of estimation uncertainty when applying the group’s accounting policies.

Provisions

The provision for building maintenance relies on an estimate of expected non-routine maintenance costs based on past history and expected future works.

Cost allocation

The cost allocation methodology requires a judgement as to what are the most appropriate bases to use to apportion support costs; these are reviewed annually for reasonableness. The bases used are outlined in note 6.

(k) Pension costs The Centre operates a defined contribution scheme on behalf of its employees. The assets are held in separately administered funds. Costs are charged to the statement of financial activities in the period to which they relate.

Basic financial instruments are measured at amortised cost. The Group has no other financial instruments or basic financial instruments measured at fair value.

3. Donations and legacies

2024 2024 2023 2023
Group Centre Group Centre
£ £ £ £
Grant received from the Goldsmiths' Company Charity 2,070,772 2,070,772 y 2,002,000 , 2,002,000
Gift aid donationsfrom CIC - 79,746 - 97,759
TOTAL-Unrestricted 2,070,772 2,150,518 2,002,000 2,099,759

4. Income from other trading activities

2024 2024 2023 2023
Group Centre Group Centre
£ £ £ £
Room Hire tothird parties 296,287 26,977 323,564 19,450
Catering 303,614 5,097 302,284 919
Delivery of activities for related parties 58,104 9,104 49,104 9,104
TOTAL 658,005 41,178 674,952 29,473

29

The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

5. Income from charitable activities

2024 2024 2023 2023
Group Centre Group Centre
£ £ £ £
Letting ofmanaged workspace 412,318 412,318 362,987 362,987
Income from professional training 165,267 165,267 136,927 131,186
Membership 52,053 - 39,128 -
TOTAL 629,638 577,585 539,042 494,173
Expenditure
(a)
Allocation of costs
2024 Direct Staff
Costs		 OtherDirect
Costs		 Depreciation
and
a
Amortisation		 Allocated
Costs		 Support Costs TOTAL2024
3 £ £ £ £ £
Expenditure on raisingfunds
Events management 265,398 322,292 4,493 45,661 163,975 801,819
Café 8,436 9,550 73,338 64,628 : 155,952
Activities for others 9,104 - - - - 9,104
282,938 331,842 77,831 110,289 163,975 966,875
Expenditure on charitable activities - Unrestricted Funds
Managed workspace 59,159 22,390 284,293 329,677 90,328 785,847
Professional training 596,756 344,324 184,897 119,785 509,830 1,755,592
Membership scheme 29,890 1,438 - - 10,112 41,440
Trade and exhibition grants 68,459 126,172 - - 53,974 248,605
754,264 494,324 469,190 449,462 664,244 2,831,484
Expenditure on charitable activities - Restricted Funds
Coat ofarms project - 6,100 - - - 6,100
- 6,100 - - - 6,100
Governance costs - 26,911 - - (26,911) -
Centralsupport costs 216,941 1,092,536 51,582 (559,751) (801,308) -
Totalexpenditure 1,254,143 1,951,713 598,603 - - 3,804,459

6. Expenditure

(a) Allocation of costs

30

The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

Depreciation TOTAL2023
2023 DirectStaff Other Direct and Allocated Support
Costs Costs Amortisation Costs Costs
£ £ £ £ £ £
Expenditure on raisingfunds
Events management 215,851 320,108 4,493 44,800 129,288 714,540
Café - 11,192 71,333 63,335 - 145,860
Activities forothers 9,104 - - - - 9,104
224,955 331,300 75,826 108,135 129,288 869,504
Expenditure on charitable activities - Unrestricted Funds
Managed workspace 60,945 26,757 276,521 323,030 95,776 783,029
Professional training 522,006 343,834 179,947 117,448 541,674 1,704,909
Membership scheme 8,207 3,534 - - 638 12,379
Trade and exhibition grants 62,885 130,454 - - 59,652 252,991
654,043 504,579 456,468 440,478 697,740 2,753,308
Expenditure on charitable activities - Restricted Funds
Coatofarms project - 9,630 - - - 9,630
- 9,630 - - - 9,630
Governance costs - 25,353 - - (25,353) -
Central supportcosts 300,168 993,339 53,771 (548,613) (798,665) -
Totalexpenditure 1,179,166 1,864,201 586,065 - 3,010 3,632,442

Support costs have been allocated to the various activities on the following bases:

31

The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

(b) Grants paid

Grants to institutions - Group and Centre 2024 2023
£ £
Trade and exhibition grants
Bishopsland 30,000 80,000
Make Pivot - 15,809
Flourish Jewellery 15,000
Scottish Goldsmiths Trust 2,932 15,000
Jewellery Collective 14,100
City and Guilds 10,000 10,000
Future Skills Jewellery Programme 10,000 -

Halley House School		 10,000

Central Scotland School ofJewellery		 9,240

Creative Dimension Trust		 8,800

British Art Medal Society		 5,800 6,345

ContemporaryJewellers		 - 5,300

Project ORE		 4,600

Pivot		 2,400

BAME Events		 1,200

Community Advisory Group		 2,100

Artists in Residence		 - (2,000)

Total grants		 126,172 130,454
Grants paid include those grants committed but not yet paid at 30 September.
(c)
Direct staffcosts
The employment costs forthose directly employed during the yearwere as follows:
2024 2024 2023 2023
Group
Centre		 Group Centre
£ £ £ £
Salaries 958,440 958,440 902,879 902,879
Social security costs 97,938 97,938 91,472 91,472
Pension costs 197,765 197,765 184,815 184,815
1,254,143 1,254,143 1,179,166 1,179,166

Average numberofemployees in year		 23 23 22 22

Staff paid £60,000 - £69,999		 1 1 1 1

£80,000 - £89,999		 1 1 - -

£100,000 - £109,999		 - ; 1 1

£120,000 - £129,999		 1 1 - -

£150,000-£159,999		 1 1 1 1

Key management personal costs include the Director and Deputy Director and they were paid a total remuneration of £347,178.

32

The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

(d) Governance costs

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|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2024|2023|2023| |Group|Centre|Group|Centre| |£|£|£|£| |Professional|fees|(legal,|audit & tax)|21,825|14,575|21,290|14,190| |Trustees’|travel|&|meeting|expenses|1,733|1,733|773|773| |Trustees’|indemnity|insurance|3,353|3,353|3,290|3,290| |TOTAL|26,911|19,661|25,353|18,253|

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Auditor’s remuneration relating to these financial statements was £14,575 for audit work and fnil for taxation work (2023 — £14,150 and £nil respectively). Fees paid in relation to the subsidiary’s accounts were £4,675 for audit work and £2,575 for taxation work (2023 — £4,525 and £2,575 respectively).

None of the Trustees received any remuneration in the year (2023 — f£nil). Expenses for travel to meetings were reimbursed to two Trustees during the year amounting to £1,733 (2023 — £773).

7. Fixed Assets

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Group|[and]|[Centre]|Long-aoe|hal|improvementsLeasehold|vanureceFurni_|es|computersompu|TOVALFIXEDASSETS| |2024|Buildings|Fittings| |£|£|£|£| |Costs| |At|beginning|of the|year|15,815,900|-|1,132,067|565,524|17,513,491| |Additions|during the|year|-|149,969|50,820|32,487|233,276| |Disposals|during the|year|-|(15,446)|(14,916)|(30,362)| |Total|cost|at end|of the year|15,815,900|149,969|1,167,441|583,095|17,716,405| |Depreciation|and|amortisation| |At|beginning|of the|year|6,170,935|-|1,041,977|472,080|7,684,992| |Charge|during the|year|526,089|7,483|27,749|37,283|598,604| |Disposals|during the|year|-|(15,446)|(14,916)|(30,362)| |Total|charge|at end|of the|year|6,697,024|7,483|1,054,280|494,447|8,253,234| |Net|book|value| |At|beginning|of the|year|9,644,965|-|90,090|93,444|9,828,499| |At end|of the year|9,118,876|142,486|113,161|88,648|9,463,171|

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Included in fixed assets are costs incurred of £70k in relation to assets under construction for the Mechanical and Engineering project that commenced during the year. No depreciation is charged on these assets during the current financial year.

33

The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

8.
Debtors
2024 2024 2023 2023
Group Centre Group Centre
£ £ £ £
Trade debtors 87,884 2,307 111,644 12,951
Refund due forVAT 7,751 20,469 - -

Accrued Income		 3,489 2,169 5,159 2,353

Sundry debtors		 10,725 10,725 7,598 7,598

Duefrom subsidiary		 - 162,683 - 45,112

Prepayments		 89,716 88,419 79,779 79,371
199,565 286,772 204,180 147,385
9.
Creditors
(a)
Breakdown
2024 2024 2023 2023
Group Centre Group Centre
£ £ £ £
Trade creditors 91,131 91,276 42,074 41,691
Paymentdue forVAT : - 10,288 1,434
Sundry creditors and accruals 230,394 186,673 193,474 153,876
Due to the Goldsmiths' Company 45,312 45,312 47,834 47,834
Social securityand othertaxes 31,020 31,020 26,104 26,104
Deferred income 114,734 16,028 110,200 11,922
Grants commitments 49,340 49,340 40,000 40,000
561,931 419,649 469,974 322,861

(b) Deferred income analysis

Amounts shown in deferred income relate to income received during the year for events and projects to be held subsequent to the year-end date. The analysis of deferred income is below.

2024 2024 2023 2023
Group Centre Group Centre
£ £ £ £
Broughtforward from prior period 110,200 11,922 60,549 8,151
Released in current period (109,375) (11,097) (59,724) (7,326)
Deferred duringthe current period 113,909 15,203 109,375 11,097
Carriedforwardtofutureperiod 114,734 16,028 110,200 11,922

34

The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

(c) Grant commitments analysis

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|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2024|2023|2023| |Group|Centre|Group|Centre| |£|£|£|£| |Brought forward|from|prior|period|40,000|40,000|4,700|4,700| |Grants|committed|in|current|period|126,172|126,172|130,454|130,454| |Grants|paid|in|current|period|(116,832)|(116,832)|(95,154)|(95,154)| |Carried|forward|to future|period|49,340|49,340|40,000|40,000|

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10. Provision for building maintenance

The provision for building maintenance represents the expected cyclical, non-routine maintenance of the building including an element for unexpected maintenance, based on past history and expected future works. The analysis of the provision for building maintenance is below.

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|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2024|2023|2023| |Group|Centre|Group|Centre| |£|£|£|£| |Brought forward|from|prior|period|87,641|87,641|91,402|91,402| |Released|in|current|period|(12,237)|(12,237)|(11,461)|(11,461)| |Provided|during the|current|period|7,700|7,700|7,700|7,700| |Carried|forward|to|future|period|83,104|83,104|87,641|87,641|

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11. Net income/expenditure

Net expenditure for the year is stated after charging/(crediting):

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||||||||| |---|---|---|---|---|---|---|---| |2024|2024|2023|2023| |Group|Centre|Group|Centre| |£|£|£|£| |Auditors'|remuneration|for|audit|19,250|14,575|18,675|14,150| |Auditors'|remuneration|for|other services|2,575|-|2,615|AO| |Depreciation|598,604|598,604|586,065|586,065|

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12. Related party transactions

The Centre has recharged its subsidiary, The Goldsmiths’ Centre Events CIC, £305,122 (2023 - £265,526) for services rendered by the Centre’s staff for supporting The Goldsmiths’ Centre Events CIC’s activities as well for the use of premises and related utility costs. The balance due from The Goldsmiths’ Centre Events CIC at 30 September 2024 was £162,683 (2023 - £45,112).

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The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

The Goldsmiths’ Company Charity provides unrestricted operating and capital grants to the Centre. During the year, these amounted to £2,070,772 (2023 — £2,002,000). The entirety of this balance was received during the year ended 30 September 2024.

The Centre has recharged The Goldsmiths’ Company (the Centre’s sole member) management expenses of £58,104 (2023 — £49,104) during the year for services rendered by the Centre’s staff supporting the Goldsmiths’ Company’s activities. There were also minor charges for room hire and catering for Goldsmiths’ Company meetings held at the Goldsmiths’ Centre. The balance due from the Goldsmiths’ Company was £3,364 (2023 — nil}.

The Goldsmiths’ Company, from time to time, charges for any expenses paid on behalf of the Centre. The Goldsmiths’ Company also makes a management recharge for services rendered by the Goldsmiths’ Company’s staff supporting the Goldsmiths’ Centre’s activities. The management recharge made by the Goldsmiths’ Company was £206,734 (2023 — £180,303). The net balance due to the Goldsmiths’ Company was £45,312 (2023 — £47,834) and is included in creditors (see note 9). 13. Subsidiary undertaking These financial statements consolidate the results and combined financial position of the Centre and its wholly owned subsidiary, The Goldsmiths’ Centre Events CIC (company number 8345467), on a line by line basis.

The result for the subsidiary for the year was a surplus of £79,745 (2023 — surplus £106,019) which was donated to the Centre (2023 - £97,758 donated) and its net liabilities/assets at the end of the year amounted to fnil (2023 — net liabilities Enil).

14. Funds

Within the Unrestricted Funds, the Trustees have designated funds as described below:

Building Fund

This represents the capital cost less depreciation of the building at the balance sheet date.

Fixed Asset Fund

This represents the capital cost less depreciation of fixed assets other than the building at the balance sheet date, in addition to the unspent portion of the grant received from the Goldsmiths’ Company Charity shown in note 2 which had been set aside for capital expenditure.

Legacy Fund

This represents the balance of an unrestricted legacy received from a deceased estate during the 2018 year. Although unrestricted, the Trustees suggested to the executor that these monies be used to support the development of technical tutors via a shadowing scheme and teacher training and are tracking separately the related expenditure.

General Fund

The remaining Unrestricted Funds are regarded as a General Fund.

All unrestricted incoming resources and payments are accounted for through the General Fund. Additions are made to the Building and Fixed Asset Funds by transfers from the General Fund for amounts expended on their respective assets, and reductions from the Building and Fixed Asset Funds are made for their respective depreciation charges.

Restricted Funds

This represents the balance of a private donation received to fund the addition to the building of a decorative Coat of Arms of the Centre’s founder, the Goldsmiths’ Company.

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The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

The Movement of Funds is as follows:

Fund Balance Fund Balance
Groupand Centre 1Oct2023 Income Expenditure Transfers 30Sep2024
£ £ £ £ £
General Fund 219,556 3,377,449 3,798,359 510,119 308,765
Legacy Fund 35,838 . - (3,515) 32,323
Building Fund 9,644,965 - - (526,089) 9,118,876
Fixed Asset Fund 343,753 - - 19,485 363,238
Restricted Funds 6,100 - 6,100 - -
Total Funds 10,250,212 3,377,449 3,804,459 - 9,823,202
Fund Balance Fund Balance

Group and Centre		 1 Oct 2022 Income Expenditure Transfers 30Sep 2023
£ £ £ £ £

General Fund		 223,965 3,239,916 3,622,812 378,487 219,556

Legacy Fund		 38,260 - - (2,422) 35,838

Building Fund		 10,172,206 - - (527,241) 9,644,965

Fixed Asset Fund		 192,577 - . 151,176 343,753

Restricted Funds		 15,730 - 9,630 : 6,100

Total Funds		 10,642,738 3,239,916 3,632,442 - 10,250,212
The allocation of Net Assets to Funds is as follows:
Group and Centre
2024		 —
Building		 Other Fixed
Assets		 NetCurrent
Assets		 LongTerm
Lo
ates
Liabilities		 Total
£ £ £ £ £
General Fund . - 391,868 (83,104) 308, 764
Legacy Fund - - 32,324 - 32,324
Building Fund 9,118,876 - - - 9,118,876
Fixed Asset Fund - 344,295 18,943 - 363,238
Restricted Funds - - - - -
Total Funds 9,118,876 344,295 443,135 (83,104) 9,823,202
Groupand Centre
2023		 a
Building		 OtherFixed
Assets		 NetCurrent
Assets		 LongTerm
So
ates
Liabilities		 Total
£ £ £ £ £
General Fund - - 307,197 (87,641) 219,556
Legacy Fund - - 35,838 - 35,838
Building Fund 9,644,965 - - - 9,644,965
Fixed Asset Fund - 183,534 160,219 - 343,753
Restricted Funds - - 6,100 - 6,100
TotalFunds 9,644,965 183,534 509,354 (87,641) 10,250,212

The allocation of Net Assets to Funds is as follows:

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The Goldsmiths’ Centre Year ended 30 September 2024 NOTES TO THE FINANCIAL STATEMENTS

15. Comparative Statement of Financial Activities

The Statement of Financial Activities for the year ended 30 September 2023 is shown below, in order to provide comparative figures.

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||||||| |---|---|---|---|---|---| |Raaeie|cee CONSOLIDATED|STATEMENTOF|FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023|i|i)| |be|(INCLUDINGTHE INCOME AND EXPENDITURE ACCOUNT)|‘yest|iy|Set| |Unrestricted|Restricted|Total| |Funds|Funds|Funds| |2023|2023|2023| |£|£|£| |Income|and|endowments|from:| |Donations|and|legacies|2,002,000|-|2,002,000| |Other|trading|activities|674,952|-|674,952| |Interest|income|13,845|-|13,845| |Charitable|activities|539,042|-|539,042| |Other income|10,077|-|10,077| |Total|income|3,239,916|-|3,239,916| |Expenditure|on:| |Raising funds|869,504|-|869,504| |Charitable|activities|2,753,308|9,630|2,762,938| |Total|expenditure|3,622,812|9,630|3,632,442| |Net expenditure|for the|year|(382,896)|(9,630)|(392,526)| |Transfers|-|-| |Total|funds|brought forward|10,627,008|15,730|10,642,738| |Total|funds carried forward|10,244,112|6,100|10,250,212|

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