Report of the Trustees and Unaudited Financial Statements ForThe Year Ended 30 September 2024 for GOLDEN-OLDIES UK EXCELLENCE AWARDS Award Winners On March 27 at the Bobby Moore Suite, Wembley Stadium, the work of Golden-oldies wa5 recognised with founder Grenville Jones being awarded the prestigious UK Excellence Awards 2025 Patron's Award for Individual achievement by the British Quality Foundation Patron, HRH, the Princess Royal. Over 500 people attended a gala dinner and pictured are the representatives of our Charity who attended the Award ceremony. Pictured left-right .' Ingrid Franklin. John Franklin (Trustee). Cheryl Davies (Goldies Cymru), Grenville Jone5 (Founder). Judy Brady, Emma Shearman, SueThomas and (front) Helen Wann (Trustee). REGISTERED COMPANY NUMBER: 6369123 (England and Wales) REGISTERED CHARITY NUMBER: 1121600 www.golden-oldies.org.uk Company registration number. 06369123 Charity registration number.. 1121600 Golden-oldies (A company limited by guapntee) Annual Report and Financial Statements for the Year Ended 30 September 2024 BISHOP JONES Bishop Jones Chartered Accountant 9 Sadler Street Wells Somerset BA5 2RR GOlden￿ldIeS Contents Reference and Administrative Detsils Trustees, Report 2to11 Independent Examinerfs Report 12to13 Statement of Financial Actrvities 14 Balance Sheet 15to16 Notes to the Financial Statements 17to34 Golden4>ldies Reference and Administrative Details for the Year Ended 30 September 2024 Chaimian J Crick Trustees J Crick M T Richardson Mr A Humphreys Smcrick Mr J J Franklin H Wann Secretary M T Richardson Charity Registration Number 1121600 Company Registration Number 06369123 The charity is incorporated in England. Broaitsay House Third Avenue Westfield Industrial Estste Radstock Somerset BA3 4XD Registered Office Independent Examiner Bishop Jones Chartered Accountant 9 Sadler Street Wells Somerset BA5 2RR Page 1 GOlden￿ldIe$ Trustees. Report for the Year Ended 30 September 2024 The trustees, who are directors for the purposes of company taw, present the annual report together with the financial statements of the charttable company for the year ended 30 September 2024. Chairnian's report Year ended 30 September 2024 This was the first full year of the Goldies Sing and Smile sessions following the lifting of the Covid restrictions. There has been a gradual buildup of sessions in both England and Wales during the year as more session leaders have been recruited. We are continuing to recruit session leaders to cope with the increased requests to stsrt new sessions. During the year Gren￿ll11e and Emma have been su¢¢essful with funding applications to enable the charty to bring back more Goldies sessions across England & Wales. I would like to thank them both for their hard work and persistence in this vital task. We could not exist wtthout the funding we receive from our financial supporters as listed on page 7 of the accounts, we thank them for their support thus enabling our Charity to expand and reach out to more people through our Sing & SMI￿ sessions. Special thanks go to the Moondance for their continuing support for Goldies Cymru which 5UPPOrts our sessions in Wales and enables us to grow the numbers we can support by creating new sessions Our Charity shop in Keynsham run by Golden Oldies subsidiary company Goldies Trading (UK) Limited has been open throughout the year following the lifting of the Covid restrictions. The shop is now contributing monthly payments to Golden Oldies from both Gift Aid on donations and on trading profits. The Continuing success of the Charity is due to the dedication of an amazing group of people.. Grenville Jones our Founder and CEO The Board of Trustees Emma and Julie our English Administrators che￿ our Administptor Russell & Andrew our finance team Our session leaders throughout England & Wa Our shop staff. volunteers and donors. I thank them all for the constant commitment and support. John Crick Chainnan of Golden Oldies Charitable Trust Page 2 GOlden￿ldIe5 Trustees. Report for the Year Ended 30 September 2024 {continued> Chief Officer's Report for the Year Ending September 2024 As we approach the end of another financial year. l am pleased to report a number of suc￿Ssful developments across our work in England and wa￿$. Goldies sessions in England continue to grow where they are direded by Emma with the assistance of Julie in our Radst¢xk office and in Wales {Goldies Cymru) che￿ continues to lead our development where she is assisted by a number of our Wales-based session leaders. We now run 112 Sing&Smile sessions in En9iand with 39 freelance session leaders, 17 of which are volunteers, this is the highest since the Charity was launched. The last 12 months have seen 18 new sessions wrth more on the horizon and we estimate that in England we reach 1,800 attendees every month. In Wales (Goldies Cymru) we have 31 Sing&Smile sessions with 17 leaders. As the Charity has grown so has the number of special events which we call 'Big Sings,, these take place in larger community rooms where we bring together attendees from numerous sessions to join together. enjoy tea and biscuits and of course a good old-fashioned Goldies sing-along. We plan more Big Sings in the weekslmonths ahead as well as introductory taster sessions in Balh, Bristol, Devon, Dorset, Wiltshire and SoLrth Wales. As the Charity has grown so has the number of special events which V￿ call 'Big Sings,, these take place in larger community rooms where we bring together attendees from numerous sessions to join together, enjoy tea and biscuits and of course a good old-fashioned Goldies sing-along. We plan more Big Sings in the weekslmonths ahead as well as introductory taster sessions in Bath, Bristol, Devon, Dorset. Wilishire and SoLrth Wales. We Continue our worft in East London wilh the Havering Asian Social Welfare Association and are delighted to welcome back Ray, after illness, to again lead some of our Suffolk Sing& Smile sessions. Many of our sessions now use projectors and screens to lead the singing. atthough some of the attendees still prefer to sing from the songbooks. Many of our sessions now use projedors and screens to lead the singing, alihough some of the attendees still prefer to sing from the songbooks. We successfully moved to larger offices in May 2024, still based on the Westfield Industrial Estate. In Wales we again continue to develop sessions under the leadership of Cheryl and are currently looking to develop new sessions in the Conwy area where Y￿ work in partnership with the local Borough Council as well as developing our work in and around Swansea. Schools.. across Goldies in England and Wales we have achieved a great deal with our extremely well-supported schools intergenerational programme. Hundreds of children in primary schools as well as older vulnerable people have perfomed our specially commissioned song 'Forever Young. with numerous events. This year has been the most successful in terms of fundraising and l am delighted that we have established close links with The Edward Gostling Fund. the Heritage Lottery Fund, the Julia Rausing Trust, Garfield West Foundation and continue our close relationship with the Moondance Foundation in Wales. Page 3 GOlden￿ldIeS Trustees. Report for the Year Ended 30 September 2024 (continued) Looking ahead... we will continue to develop our Sing&Smile sessions, our links with primary schools across England and WaSes and explore opportunrties for partnerships with other age-related organisations. Our success in the British Qualty Foundation UK Excellence Awards 2025 is reported on the front page of this Financial Statement. Grenville Jones Founder- GOlden￿ldIeS Charity Objectives and activities Objects and aims Following the lifting of the Covid Restrictions the Chanty began to restart Goldies Sing and Smile Sessions across England and Wales. Its aims and objectives continue to be: 1. To provide regular singing sessions for older people andl or people with leaming difficutties who may otherwise be lonely and isolated. 2. Where possible. to provide transport for those whose physical capabilities would otherwise prevent them form attending the sessions, to ensure that those who are most at th￿al from becoming socially isolated can be included in the sessions. 3. For the sessions to be of the highest qualty. enjoyable. structured, reliable and safe. To ensure we Can maintain these standards the sessions are carefully monitored by the chief officer. 4. To enhance the well-being of all who attend the sessions. 5. To continue to grow geographically to enable even more peopte to benefrt from the sessions. 6. To follow the framework of good practices reflected in the Charity Commission's 'The Hallmarks of an Effective Charty." Fundraising disclosures The charity is Committed to ensurrng that all fundraising activities are conducted in an open, honest, and respectful manner, in line with the Code of Fundraising Practice issued by the Fundraising Regulator. During the year, the charity did not employ professional fundraisers or commercial participators. All fundraising activities were carried out by staff, volunteers, and trustees. The charity is registered wtth the Fundraising Regulator and adheres to its standards and guidance. We received no complaints about our fundraising activrties during the reporting period. We have procedures in place to monitor fundraising practices and ensure compliance wrth relevant legislation and best practice. These include regular reviews of fundraising materials, training for staff and volunteers. and oversight by the Board of Trustees. The charity takes the protection of vulnerable people seriously and has policies in place to ensure that fundraising approaches are appropriate and sensitive. We do not engage in cold calling or door-tt>door fundraising. Page 4 Golden4)Idies Trustees. Report for the Year Ended 30 September 20241continued) Public benefit The Goldies Charity as we are fondly known is well loved for our daytime Sing&Smile social groups alongside intergenerational activities, Age Awareness days. con¢erts and festive Celebrations. Goldies activities aim to combat loneliness with older isolated and vulnerable people, supporting health and wellbeing, building supportive friendships and stronger connected communtties. At our monthly Sing&Smile groups we sing-along to the popular memory evoking hrts of the 50s onwards, people are encouraged to stretch sing and ￿laX wf(h a chat wrth their Session Leader and other participants. Goldies activities are of a therapeutic nature and have been proven to positively impact mental and physical health and well-being. Goldies host 130 Sing&Smile sessions across England and Wales, reaching over 2400 people every month, which are open to everybody but spec-tfically target those aged 65+ experiencing isolation. Groups are also attended by adults with leaming drficuttiesl disabilities and their carers and people with mental health difficutties. Most attendees live alone or care for a loved one and often live wtthin deprived andlor rural communities. Many have early onset Dementia or A&heimels, poor mental health. physical ailments, and are sadly often experiencing depression and grief. Goldies Sing&Smile sessions bring a huge number of beneffts to attendees. Singing is a fantastic way to lift mood. help stimulate your immune response. release pain relieving endorphins, improve lung capacity and posture. Singing can be a great stress reliever and is known to improve mental and physical health and wellbeing, supporting independent living. The trustees confirn that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefft guidance published by the Charity Commission for England and Wales. Achievements and performance This is the Board of Trustees of Golden-oldies annual report and financial statement5 for the year ended 30 September 2024. Financial revlew The financial position and perfomiance of Golden￿[dIes is in line wth the expectations of the trustees, based on the monf(oring of income and expenditure throughout the year. Total income was £437,916 for the year compared to £230,770 in the previous year, while the total expenditure was £305.775 (2023.. £247.125). This produced a net movement of funds of £132,141 {2023. £{16.355)). At the year end the chanws net assets were £233,096 (2023.. £100,955), of which £218,420 (2023.. £88,630) represented general unrestricted funds and £14,676 (2023.. £12.325} represented designated funds held in respect of The Wolfson Foundation, The Lottery grant - People and Places (Go Cymru} and The Clothworkers. Foundation. The Board considers that the balance of assets as at the year-end was satisfactory. Page 5 Golden-oldies Trustees. Report for the Year Ended 30 September 2024 (continued) Policy on reserves The Board has established a policy whereby sufficient unrestricted funds not held for fixed assets {"free reserves") should be accumulated over time to enable the Continuation of the charity's operations for a minimum period of six months taking into account any liabil((ies that are likely to crystallise in the event of the charty partty or wholly ceasing operations and to provide for the funding of anticipated capital expenditure. Principal funding sources The founder leads and manages all major grants in England and Wales. He is assisted by the part-time fundraising assistant who concentrates on regional grants, potential Town Council grants and community based funding. Financial supporters of Golden-oldies in England during the year ended 30 September 2024 included: Braintree United Charrties {for Braintree Big Christmas Sing) Charter Trustees Cty of Bath Clothworkers. Foundation Corsham Town Council D'oyly Carte Charitable Trust Exeter Cty Council Fairfield Charilable Trust Fowler, Smith & Jones, Chelmsford Garfield Weston Foundation Glamorgan Voluntary Hedley Foundation John James Foundation Keynsham Town Council Masoni¢ Charitabl& Foundation Moondance Foundation National Herttage Postcode Communty Trust (for G-O C￿nru) Rotary Club of Balh Somerset Communty Foundation Swindon Borough Council The Albert Hunt Trust The Edward Gostling Foundation The Julia & Hans Rausing Trust Investment policy and objecliiies The Board has the power to invest in such areas as tt sees fft. However, the present policy is to place cash reserves on interest bearing deposrt accounts. Page 6 Golden4)Idies Trustees. Report for the Year Ended 30 September 2024 (continued) Plans for future periods Aims and key objectives for future periods During the next 12 months the Goldies charty will be providing multiple large scale events, including intergenerational activities and Christmas BIG SING get togethers. We will also be developing new Sing&Smile sessions in new areas. training and equipping new Session Leaders with a particular interest in new volunteer Session Leaders, and advertising our current adivities with an aim of increasing awareness and attendance. Activities planned to achieve aims Large stsle events Goldies England plan to host 8 Large Scale BIG SINGS in December 2024, based on feedback and requests from our current attendees. in the following counties,. B&NES, Devon, Essex. Mendip, North Somerset. South Gloucestershire, South Somerset, Wiltshirelswindon. These will bring together an estimated 700 people for an aftemoon of fun, entertainment and light lunch with free transport, at what can often be a very depressing time of year for many of our attendees. Goldies Cymru will be focusing on intergenerational activities bringing 15 primary schools together with Goldies participants at schools and at Goldies groups. Rhydypennau Goldies session will also be Celebrating their 10 year anniversary with a party. New Sing&Smile groups - Goldies England have plans to run 17 taster sessions in the coming months in areas where we expect to see regular monthly groups begin. including Bath, Peasedown St John, Saltford, Bristol and Frome. We have 2 new DevonlDorset Leaders who will be commencing new groups. Ray will start running activities in Suffolk again and our new Calne Leader is keen lo start sessions in Wittshire. In Wales we will be developing new groups in Camarthenshire at a community hub in St Clears, at several areas across Powys and Swansea. We anticipate launching approx. 20 new Sing&Smile groups during the next 12 months across England and Wales and recruiting a further 5 Session Leaders. Advertising - We will be looking to have a better understanding of social media advertising, potentially by recruiting someone to specifically advertise Goldies activities over Facebook and Instagram. The aim of this is to further the awareness of Goldies activities and to reach out to new attendees across England and Wales. Advertising wll also support the development of new activtties in new areas. Going concern The trustees have considered the going concem ststus of the charty and conclude that there are no material uncertainties affecting the ability of the charity to continue as a going concem. Trustees and officers The trustees and officers serving during the year and Sin￿ the year end were as follows: Page 7 Golden4)Idies Trustees. Report for the Year Ended 30 September 2024 (continued) Trustees: J Crick M T Richardson Mr A Humphreys Mrs C Gregory (resigned 1 November 2023) Smcrick Mr J J Franklin Dr R Bullock (resigned 12 December 2024) H Wann Dr A Stathi (resigned 19 November 2024) Chaimian.. J Crick Secrelary.. M T Richardson Structu￿. govemance and management Nature of goveming document The charity is controlled by its goveming document. a deed of trust. and constitutes a limited company, limited by guarantee. as defined by the Companies Act 2006 relating to small companies. Recruitment and appointment of trustees New trustees are only appointed after successfully completing an application process which incorporates consideration of the skills, experience and expertise they might bring to the charity's operation and unanimous approval by the board. Induction and training of trnstees New trustees are given an induction to the work of the charity and are encouraged to do external training courses where these will facilitate the undertaking of their role. All twstees are given opportunities for training on charity matters. Page 8 GoldenQldies Trustees, Report for the Year Ended 30 September 2024 (continued) Organisational structure Currently the trustees are directors of the company and also directors of the charity for the purposes of the Companies Act. Our Patron is Sir Cliff Richard. OBE (March 2011). The Golden-oldies operates as a company Limited by guarantee under the temis of a memorandum of association signed and dated 4 September 2007, amended 31 July 2019, amended 19 November 2019 and amended 27 May 2020. The memorandum sels out the objectives of the trust, its beneficiaries and the powers accorded to the board of trustees who are also diredors of the Charity for the purposes of the Companies Act. The charity is administered by a management committee of the trustees and the chief officer, who is the originator and founder of Golden-oldies. Our trustees now number six. We are fortunate to have a wealth of skill and expertise within the trustee board and my thanks go to them all for their commitment to the charty Page 9 Golden-oldies Trustees. Report for the Year Ended 30 September 2024 (continued) Relationships with related parties Goldies Trading (UK) Limited The charity holds 100 % of the share capitsl of GoldiesTrading (UK) Limf(ed. a company incorporated in England and Wales. The companvs principal activty is the sale of donated goods. At 30 November 2024 the company had net liabilrties of £{2,532) (2023: £(1,613)) and made a loss of £920 (2023. £2,850) Consolidated financial statements have not been prepared as the charty is enkn'tled to exemption as a small group under section 398 of the Companies Act 2006 and FRS 102, paragraph 1A.9. Grenville Music Limited Grenville Music Limited is a company owned by the Chief officer, Grenville Jones. Major risks and management of those risks Risk Management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Financial instruments Objectives and pollcies The Trustees regularly rewew the financial position of the charity to ensure tts continued stability and sustainability. The charws income is primarily derived from grants, donations, and fees received from sessions delivered to participants. This diversrfied income base helps to mf(igate the risk of over-reliance on any single funding source. The Trustees are mindful of the potential volatilty in grant funding and donations, and they monitor income streams closely to ensure that expenditure remains aligned with available resources. The charity maintains a prudent level of reserves to proV￿e a buffer against short-term fluctuations in income or unexpected costs. Cash flow risk As the charity does not engage in borrowing or hold foreign currency assets or liabilities, it is not exposed to interest rate or exchange rate risks. Cash flow is managed carefully, with regular financial reporting and forecasting to support de¢ision-making. Liquidity risk The Trustees are satisfied that appropriate financial controls and procedures are in place to manage the charity's resources effectivety and to safeguard its assets. Page 10 Golden-oldies Trustees. Report for the Year Ended 30 September 2024 (continued) Statement of trustees. responsibilities The trustees (who are also the directors of Golden-oldies for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including its income 2nd expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them wnsistently. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent. stste whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on 26 June 2025 and signed on its behalf by J Crick Chairman and trustee Page 11 Golden-oldies Independent Examiner's Report to the trustees of Golden-oldies {'the Company'} for the year ended 30 September 2024 I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515)(b) of the 2011 Act. Independent examlnerfs statement Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of Golden-oldies as required by section 386 of the 2006 Act", or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accountr'ng requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordan￿ wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 12 Golden-oldies Independent Examinerfs Report to the trustees of Golden-oldies ('the Company.) (continued) for the year ended 30 September 2024 Michele Bishop Chartered Accountant The Institute of Chartered Accountants in England and Wales (ICAEW) 9 Sadler Street Wells Somerset BA5 2RR 26 June 2025 Page 13 Golden-oldies ststement of Financial Activities for the Year Ended 30 September 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 345,909 85.655 1.352 5,000 350,909 85,655 1,352 156,022 74,265 483 Total income 432,916 5,000 437,916 230,770 Expenditure on: Raising funds Charitable activities Other expenditure (216) (302,460) (450) {216) (305.109) {450) (216) (246,463) (446) (2,649) Total expenditure (303,126) (2,649) (305,775) (247,125) Net incomel(expenditure) 129,790 2,351 132,141 (16,355} Net movement in funds 129.790 2,351 132,141 (16,355> Reconciliation of funds Total funds brought forward 88,630 12,325 100,955 117,310 Total funds carried forward 21 218,420 14,676 233,096 100,955 All of the charity's activities derive from conts"nuing operations during the at)ove two periods. The funds breakdown for 2023 is shovm in note 21. The notes on pages 17 to 34 fomi an integral part of these financial statements. Page 14 Golden-oldies (Registration number: 06369123) Balance Sheet as at 30 September 2024 2024 2023 Note Fixed assets Tangible assets I nvestments 15 16 18,436 16,773 18,437 16,774 Current assets Debtors Cash at bank and in hand 17 18 28,262 203,853 21,886 71,940 232,115 93,826 Creditors: Amounts falling due wrthin one year 19 17,456) (9,645 Net current assets 214,659 84,181 Net assets 233.096 100,955 Funds of the charity: Restricted income funds Restricted funds 21 14,676 12,325 Unrestricted income funds Unrestricted funds 218,420 88,630 Total funds 21 233,096 100,955 For the financial year ending 30 September 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance y￿th section 476. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The notes on pages 17 to 34 fom an integral part of these financial statements. Page 15 Golden-oldies (Registration number: 06369123) Balance Sheet as at 30 September 2024 (continued) The financial ststements on pages 14 to 34 were approved by the trustees, and authorised for issue on 26 June 2025 and signed on their behalf by: J Crick Chairman and trustee The notes on pages 17 to 34 fomi an integral part of these financial statements. Page 16 Golden4)Idies Notes to the Financial Statements for the Year Ended 30 September 2024 1 Charity status The charty is limited by guaranlee, incorporated in England. and consequentty does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. Broadway House Third Avenue Westfield Industrial Estste Radstock Somerset BA3 4XD These financial statements were authorised for issue by the trustees on 25 June 2025. 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistenty applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been p￿pared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice {appli¢able to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102}). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Golden-oldies meets the definition of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transadion value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charrtls ability to continue as a goin9 Concem nor any signrficant areas of uncertainty that affect the carrying value of assets held by the charity. Page 17 Golden-oldies Notes to the Financial Statements for the Year Ended 30 September 2024 (continued) 2 Accounting policies (continued) Income and endowments All incoming reSoUr￿S are included in the statement of financial activi(ies when entitlement has passed to the charity, it is probable that the economic beneffts associated wtth the transaction will flow to the charity and the amount can be reliably measured. The following specrfic policies are applied to particular categories of in¢ome'. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and tis amount can be measured reliably. legacy income is recognised when receipt is probable and entrtlement established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and seNices are recognised in the accounts when re￿iVed rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of seNices is recognised wrth the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned rf unspent. in which case rt may be regarded as restricted. Grants recelvable Grants are recognised when the charity has an entrtlement to the funds and any conditions linked to the grants have been met. Where perfomian¢e conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Page 18 Golden4)Idies Notes to the Financial Statements for the Year Ended 30 September 2024 (continued) 2 Accounting policies (continued) Expendlture Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which rt relates. - expendtiure on raising funds includes the costs of all fundraising activities. events and non-charitable trading activities, and the sale of donated gcojs. expenditure on charitable adivtties includes all costs incurred by a charity in undertaking activities that further its charitable aims for the beneftt of its beneficiaries, including those support costs and costs relating to the govemance of the chartty apportioned to charitable adivities. other expendrture includes all expenditure that is neither related to raising funds for the charity nor part of its expendf(ure on charttable activitEs. All costs are allt)¢ated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single adivity are allocated directty to that activty. Shared costs are apportioned between the activities they contribLrte to on a reasonable, justifiable and ¢onsistent basis. Raising funds These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charty in the delivery of its activitie5 and seNices for its beneficiaries. It includes both costs that can be allocated directly to such adivities and those costs of an indirect nature necessary to support them. Grant provisions Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about etther the timing of the grant or the amount of grant payable. Support costs Support costs include central functions and have been allocated to activty cost categories on a basis consistent with the use of resources. for example, allocating property costs by floor areas, or per capita, staff Costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compliance with constitutional and statulory requirements, including audit. strategic management and trustees meetings and reimbursed expenses. Page 19 Golden-oldies Notes to the Financial Statements for the Year Ended 30 September 2024 (continued) 2 Accounting policies (continued) Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received wtthin categories Covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charrtable purposes. Tangible fixed assets Tangible assets are inrtially recorded at cost, and subsequently stated at cost less any a¢¢umulated depreciation and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent impairment losses. An increase in the ¢arying amount of an asset as a result of revaluation is recognised in other recognised gains and losses unless rt reverses a charge for impaimient that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other recognised gains and losses except to which Ft offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Fixtures and fittings Depreciation method and rate 20% Reducing balance Business combinations Business combinations are accounted for under the purchase method. Where necessary. adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the charity. All intra-group transactions, balances. income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102. Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition. Fixed asset investments Fixed asset investments, other than programme related investments, a￿ included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference be￿een sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Actrvities in the period of disposal. Unrealised gains and losses represent the movemerrt in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Page 20 Golden4)Idies Notes to the Financial Statements for the Year Ended 30 September 2024 {continued) 2 Accounting policies (continued) Trade debtors Trade debtors are amounts due from customers for merchandise sold or seNices perfomed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impainnent. A provision for the impaimient of trade debtors is established when there is objective evidence that the charity will not be able to collect a11 amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-temi highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for g¢)ods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities rf the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least ￿e1ve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date. they are presented as non 21 Funds Balance at 30 September 2024 Balance at 1 October 2023 Incoming resources Resources expended Unrestricted funds General General fund 88.630 432.916 (303,126) 218,420 Restricted funds The Wolfson Foundation Lottery Grant - People and Places (Go Cymw) The Clothworkers, Foundation 10.815 (2.125) 8,690 1,510 (301) (2231 1.209 4,777 5,000 Total restricted funds 12.325 5.000 2.649) 14,676 Total funds 100,955 437,916 (305,775) 233,096 Balance at 30 September 2023 Balance at 1 October 2022 Incoming resources Resources expended Transfers Unrestricted funds General General fijnd 97,028 228,770 {241,522) 4.354 88.630 Restricted The Wolfson Foundation Lottery Grant - People and Places (Go Cymru) 18.394 2.000 (5.225) (4,354) 10,815 1,888 {378} 1,510 Total restricted funds 20,282 2,OlXi {5,603) (4,354) 12,325 Total funds 117.310 230,770 (247,125) 100,955 Page 32 GoldenQldies Notes to the Financial Statements for the Year Ended 30 September 2024 (continued) 22 Analysis of net assets between funds Total funds at30 September 2024 Unrestricted funds General Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabiltties 10,844 7.592 18,436 225.031 (17.456 218,420 7,084 232,115 (17,456) 233,096 Total net assets 14,676 Total funds at30 September 2023 Unrestricted funds General Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 7,589 9.184 16,773 90,685 (9,645) 88,630 3,141 93,826 19,645) 100,955 Total net assets 12,325 23 Related party transactions During the year the Charity made the following related party transactions.. Trustees There were no related paty transactions wtth trustees during the year or the prior period other than the expenses paid to trustees as previously disclosed.. At the balance sheet date the amount due tolfrom Trustees was £Nil (2023 - £Nil). Chief Officer Chief officer fees of £23.600 {2023'. £25,800) were paid together with ￿1MbUrSed expenses. Additional hours are paid and funded from grants from various regional sources this includes management of ALL WaleslGoldies Cymru The chief officer received £7,000 (2023.. £5,050) to manage the People & Places Big Lottery Wales project in Mid and West Wales. He also received a total of £5,225 (2023.. £7,925) (including expenses) for additional hours managing other projects, sessions and development programmes. All payTnents were at amis length. At the balance sheet date the amount due to Chief Officer was £11,807 (2023 - £Nil). Page 33 Golden-oldies Notes to the Financial Statements for the Year Ended 30 September 2024 (continued) 23 Related party transactions (continued) Subsidiary During the year the chanty maintained an inter-company loan account V#ith its subsidiary Goldies Trading (UK) Limited. The loan is interest free and has no fixed repa￿nent date. At the balance sheet date the amount due from Subsidiary was £15,393 {2023 - £19.893). Grenville Music Limited Grenville Music Limited is a company owned by the chief officer. Grenville Jones. During the year the company invoices the charity for photocopwng, postage, secretarial support and advertising. The charty invoices Grenville Music Limited for the telephone line usage and cleaning, These are arms length transactions to reimburse costs incurred in joint use of the offices. At the balance sheet date the amount due to Grenville Music Limited was £1.115 (2023 - £Nil). Page 34 Golden-oldies Statement of Financial Activities by fund for the Year Ended 30 September 2024 Unrestricted Funds Total Total Unrestricted Unrestricted Funds Funds 2024 2023 Income and Endowments from: Donations and legacies Charttable activities Investment income 345,909 85,655 1,352 154,022 74,265 483 Total income 432,916 228,770 Expenditure on: Raising funds Charitable activities Other expenditure (216) (216) (302.460) (240,860} 450 (446) Total expenditure 303,126) 241,522 Net incomel(expenditure) Transfers between funds 129,790 (12,752) 4,354 Net movement in funds 129,790 {8,398J Reconciliation of funds Total funds brought fopNard Total funds carried forward 88,630 97.028 218,420 88,630 This page does not fom part of the ststLrtory financial ststements. Page 35 Golden￿ldie5 Statement of Financial Activities by fund for the Year Ended 30 September 2024 (continued) Restricted Funds Total Total Restricted Restricted Funds Funds 2024 2023 Income and Endowments from: Donations and legacies 5,000 2,000 Total income 5,000 2,000 Expenditure on: Charitable activities (2,6491 (5,6031 Total expenditure Net incomel(expenditure) Transfers be￿een funds 2,649 5,603 2,351 (3,603} {4,354} Net movement in funds 2,351 (7,957) Reconciliation of funds Total funds brought forward 12,325 20,282 Total funds carried fO￿ard 14,676 12,325 This page does not form part of the statutory financial statements. Page 36 GoldenQldies Detailed Statement of Financial Activities for the Year Ended 30 September 2024 Total 2024 Total 2023 Income and Endowments from: Donations and legacies (analysed below) Charitable activities (analysed below) Investment income {analysed below) Totsl income 350,909 85,655 1,352 156.022 74,265 483 437,916 230,770 Expenditure on: Raising funds (analysed below) Charitable activities (analysed below) Other expenditure {analysed below) Total expenditure (216) (305,109) (450 (216) {246.463) (446 {305.775 (247,125) Net incomel(expenditure) Net movement in funds 132,141 (16,355 132,141 (16,355) Reconciliation of funds Total funds brought forward 100,955 117,310 Total funds carried forward 233,096 100,955 This page does not form part of the statutory financial statements. Page 37 Golden4>1dies Detailed Statement of Financial Activities for the Year Ended 30 September 2024 (continued) Total 2024 Total 2023 Donations and legacies Grants and donations - General Grants - Wolfson Foundation Grants - Clothmakers, Foundation 345,909 154,022 2,000 5,000 350,909 156,022 Charitsble activities Fees and supplies - General other income - General 45,416 40,239 34,588 39,677 85,655 74,265 Investrnent income Interest on cash deposits - General 1,352 483 1,352 483 Raising funds Sundry expenses- General 216 216 (216) 1216) Charitable activities Music, event related and training costs - Wolfson Music, event related and training costs - General Session leaders - Wolfson Session leaders - General Room hire - Woifson Room hire - General Depreciation F & F - Wolfson Depreciation F & F- P & P Depreciation F & F- Clothmakers, Depreciation F & F - General Wages and salaries - Wolfson Wages and salaries - General 167.9701 Staff pensions - General (916) Goldies travel - General (8,957) Session leaders travel - Woffson (4) Session leaders travel - General (9,957) Office rent - General (7.914) Rates and water - General (944) Light and heat- General (3,568) This page does not form part of the statLrtory financial statements. (1,887) (2,874) (225} (26,788} (26) (5,907) (1,918) (378) {9,845) {42} {32,755) {52) {8,234) {1,535) (302) {223} (2,550} (1,897) (62) {65,183) (1,443) (5,299) (251 (7,240) (6,6001 15861 {3.2531 Page 38 GoldenQldies Detailed Statement of Financial Activities for the Year Ended 30 September 2024 (continued) Total 2024 Total 2023 Insurance - General Telephone - General Printing, postage and stationery - General Charitable donations - General Sundry expenses - Woltson Sundry expenses - General Motor expenses - General Advertising and promotions - Wolfson Advertising and promotions - General Secretarial and admin charges - General Project managers and Chief officer fees - P & P Project managers and chief officer fees - General Accountancy fees - General Independent examinerfs fee - General Legal and professional fees - General (1,308) (1,541) (4,233} (1,116} (1,283) (4,164) 1500) (100) (4,082) (3,1881 (634) (378} (12,930) {5,457) (704) (74.458} (3,560) {500) (6,000) {246,463 {391 } (18,192) (18,156) {92.408) (3.930) (500) (4,500 305,109} Other expenditure Bank charges - General (450 {446} {450) ￿446) This page does not fonn part of the statutory financial statements. 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