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2021-06-30-accounts

Registered Company No: 06563012

Registered Charity No: 1123956

Goldman Sachs Gives (UK) (a company limited by guarantee)

Report and financial statements for the year ended 30 June 2021

Goldman Sachs Gives (UK)

Contents

Page(s)
Directors’ report 1 – 9
Independent auditors’ report 10 – 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 – 29

Goldman Sachs Gives (UK)

Directors’ report for the year ended 30 June 2021

The directors, who are also the trustees of Goldman Sachs Gives (UK) (‘‘the Fund’’), present their report and audited financial statements for the financial year to 30 June 2021, which have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006, and the Charities Act 2011.

Objectives and activities for the public benefit

The objects of the Fund are to promote for the public benefit the advancement of education, the relief of poverty, the advancement of religion and any other exclusively charitable purpose. In furtherance of those objects the Fund focuses on supporting charities and charitable activities that build and stabilise communities, increase educational opportunities, advance health, relieve poverty, promote the arts and culture, provide humanitarian relief and further any other charitable purposes.

The ongoing strategy of the Fund is to make grants pursuant to its objects from donated funds solicited from The Goldman Sachs Group, Inc, and its predecessors, subsidiaries, affiliates and successors (“Goldman Sachs”), and current and former senior employees of Goldman Sachs. The Fund, including its Hong Kong branch, operates as a donor advised fund whereby the directors establish donor accounts for individual donors to make recommendations, although the ultimate decision for the distribution of funds rests solely with the directors of the Fund. Consequently, the directors consider that it is appropriate to disclose the funds as unrestricted. The directors pursue a broad strategy of ensuring proper due diligence in the assessment of grant applications with regard, among other things, to:

The Fund is formally recognised by HM Revenue & Customs as a charity for tax purposes within the United Kingdom.

The directors have paid due regard to the Charity Commission’s guidance on public benefit, as required by the Charities Act 2011, when reviewing the objects and ongoing strategy of the Fund. In particular, the directors have considered whether grants being awarded by the Fund are for the public benefit.

The Fund has established its grant making policy to achieve its objects for the public benefit. The Fund ensures that proper due diligence is undertaken to establish that proposed projects are charitable. In addition, the Fund’s grants are made on terms either requiring reporting or entitling the Fund to require reporting at its discretion, and in all cases restrict private benefit to donors to the Fund (and those connected with them).

1

Goldman Sachs Gives (UK)

Directors’ report for the year ended 30 June 2021 (continued)

Strategic report

Achievements and performance

The Fund’s activities are limited to the making of grants pursuant to its charitable purposes and the public benefit. In this financial year, the Fund has continued to receive donations, ensure that funds are held securely and invested. The Fund has also continued toensure that processes are in place to enable grant recommendations to be examined with the requisite detail, intended grant purposes and recipients scrutinised appropriately, and grants made subject to appropriate grant conditions, including conditions as to monitoring.

Grants awarded during the financial year amounted to £25,472,805 (2020: £18,181,590).

The Fund does not raise funds from members of the general public beyond Goldman Sachs, its predecessors, subsidiaries, affiliates and successors and current and former senior employees of Goldman Sachs. Therefore, additional fundraising disclosures as required by the Charities (Protection and Social Investment) Act 2016 are not required.

Financial review

During the financial year, income of £42,753,162 (2020: £23,358,870) was received. This income was applied to furthering the objects of the Fund and the directors made grants totalling £25,472,805 (2020: £18,181,590) during the financial year.

Included within income received during the financial year was an amount of £39,717,376 (2020: £20,075,740) received from Goldman Sachs mainly for the Fund’s general charitable purposes of making grants and £1,605,994 (2020: £1,256,307) was contributed by the employees and former employees of Goldman Sachs.

During the financial year, the Fund received income from fixed asset investments amounting to £871,764 (2020: £1,480,773). Please refer to the Grant making section on page 3 for details of grants made in the year.

The net movement in funds for the financial year, as shown in the statement of financial activities, shows a surplus in the year of £16,725,805 (2020: surplus of £4,731,778).

The value of the Fund’s net assets at 30 June 2021 is £107,524,931 (2020: £90,799,126).

Investment policy and performance

In accordance with Clauses 3.8 and 3.9 of the Fund’s Articles of Association the directors have the power to invest in such stocks, shares and investments as they see fit, and, subject to certain limitations, the power to delegate the management of such investments to a financial expert. Mindful of their duties as charity trustees to act prudently and to diversify the investments of the Fund appropriately, the directors engage Goldman Sachs Asset Management, L.P. (“GSAM”) and Goldman Sachs Asset Management International (“GSAMI”) as investment manager of the Fund pursuant to a Discretionary Advisory and Administrative Services Agreement. The fees of GSAM and GSAMI are not paid for by the Fund, but are donated by Goldman Sachs. The investment policy as adopted in September 2008 and amended thereafter is subject to regular reporting and review and may be amended by the directors as necessary. The directors consider the grant requirements each year and the amount of investment income that will be generated from the investments held.

2

Goldman Sachs Gives (UK)

Directors’ report for the year ended 30 June 2021 (continued)

Strategic report (continued)

Investment policy and performance (continued)

The directors have monitored the performance of investments in the financial year by reviewing regular investment reports to minimise the risks to the Fund. During the financial year, forward foreign exchange contracts were used primarily for the purpose of hedging foreign exchange risk in accordance with the overall strategic investment policy of the Fund. Gains / losses incurred to hedge foreign exchange risk are offset by the change in value of the underlying investments attributed to currency gains / losses. Further financial information is contained in notes 7 and 11.

Policy statement on reserves and going concern

The funds at 30 June 2021 will be retained to make grants in accordance with the Fund’s charitable objects and policies, including the Fund’s policy statement on reserves. The funds available for expenditure amounted to £107,524,931 (2020: £90,799,126) and are considered to be appropriate and acceptable by the directors taking into account plans for grants to be awarded in future years. During the year, the Fund made a transfer of £2,497,327 between the general fund and fair value reserve representing the unrealised gains in fixed asset investments and derivative financial instruments. The directors review the outstanding reserves at the end of each year to ensure that any future grant making will be aligned to the recommendations of each donor and that the Fund will continue to have substantially adequate funds to be able to meet its payment obligations to any outstanding creditors and meet its future financial commitments. The Fund does not have any programme related investments or any designated funds. The level of grants distributed in the financial year and the funds available for expenditure are consistent with this approach. The Fund historically has spent a significant percentage of its reserves in any given year and the typical donor recommends spending within a few years the vast majority of the amounts in the donor’s account.

These financial statements have been prepared on the going concern basis and in accordance with the historical cost convention as modified by the revaluation of investments to fair value.

The directors have considered the impact of the Coronavirus (“COVID-19”) pandemic and concluded that there are no material uncertainties regarding the Fund’s ability to continue operating, on the basis that adequate reserves are available to fund the activities of the Fund for the foreseeable future. Goldman Sachs have indicated that they would continue to provide donations and any funding to the Fund to enable the Fund to meet any future liabilities which the Fund would not be able to meet from its existing reserves. The directors have no reason to believe that Goldman Sachs will not continue to make donations to the Fund and not be in a position to provide funding and support. The directors, having considered the availability of any future funding by Goldman Sachs, if it should be required, have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Fund to continue as a going concern. On the basis of their assessment of the Fund’s financial position, the directors have a reasonable expectation that the Fund will be able to continue in operational existence for the foreseeable future.

Grant making

Charities Aid Foundation America (“CAFA”) and The Ayco Company, L.P. (“Ayco”), a subsidiary of Goldman Sachs, review grant eligibility applications and other requests for grant funding on behalf of the directors. Subject to the express approval of each grant application by one of the directors on behalf of the board of directors, Ayco then distribute funds in furtherance of the Fund’s objects. Grants distributed in the financial year of £25,472,805 (2020: £18,181,590) were to support charities that build and stabilise communities, increase educational opportunities, advance health, relieve poverty, promote the arts and culture, provide humanitarian relief and to further other exclusively charitable purposes under English and Welsh law. Given that the Fund is a donor advised Fund, the directors do not utilise Key Performance Indicators to measure the activity of grant making.

3

Goldman Sachs Gives (UK)

Directors’ report for the year ended 30 June 2021 (continued)

Strategic report (continued)

Principal risks and uncertainties

The directors consider that the Fund has the following principal risks and uncertainties and have determined strategies for managing those risks as set out further below:

Market, credit, currency and interest rate risk

Investments are exposed to various risks, such as market, credit, foreign currency and interest rate risk. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the fair value of such investments, it is at least reasonably possible that changes in risks in the near term could materially affect the net assets of the Fund. The Fund has investment strategies and policies in place to mitigate these risks.

Concentration risk

The Fund maintains custody accounts with Bank of New York Mellon and Goldman Sachs and believes they are reputable custodians. However, there is no guarantee that Bank of New York Mellon or Goldman Sachs will not become insolvent. While Bank of New York Mellon and Goldman Sachs are members of the Securities Investor Protection Corporation, and while the U.S. Bankruptcy Code, SEC 15c3-3 Customer Protection Rule and Securities Investor Protection Act of 1970 seek to protect customer property in the event of a failure, insolvency or liquidation of a broker-dealer, there is no certainty that, in the event of a failure of a broker-dealer that has custody of Fund's assets, the Fund would not incur losses due to its assets being unavailable for a period of time, ultimately less than full recovery of its assets, or both. Because substantially all of the Fund's assets are in the custody of these brokers, such losses could be significant and could materially impair the ability of the Fund to achieve its charitable objectives.

Foreign custody risk

A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund's custodian ("Foreign Custodian"). In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund's ability to recover its assets if a Foreign Custodian enters into bankruptcy. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets. Custody service in emerging market countries are often undeveloped and may be less regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

COVID-19

The World Health Organisation declared the COVID-19 outbreak to be a pandemic in recognition of its rapid spread across the globe, with over 150 countries now affected. Many governments have taken steps to help contain or delay the spread of the virus. There is a significant increase in economic uncertainty which is, for example, evidenced by a currently decreased demand of products, more volatile asset prices and currency exchange rates.

The Fund's main income is the receipt of donations from Goldman Sachs and current and former employees of Goldman Sachs which has increased by 94% from the prior year. The Fund also receives a limited amount of income from its investments and is therefore dependent on Goldman Sachs’ continuation to donate funds.

4

Goldman Sachs Gives (UK)

Directors’ report for the year ended 30 June 2021 (continued)

Strategic report (continued)

Principal risks and uncertainties (continued)

Strategies for managing those risks

The Fund has a risk management process that ensures that appropriate steps are taken to mitigate risk. The directors have assessed these and are satisfied that reasonable steps are being taken to mitigate exposure to these risks. The directors have overall responsibility for ensuring that the Fund has a system of internal control to mitigate the risks identified.

In respect to specific financial risks impacting the Fund, the directors monitor the performance of the Fund’s investments, the directors approve the level of grants to be awarded taking into account the funds available, and ongoing expenses are entirely reimbursed by Goldman Sachs. Sufficient reserves have been allocated for working capital needs and there are no long-term borrowings.

The Fund is exposed to currency risk, as sterling assets are invested in dollar-denominated bonds with investments periodically converted back to sterling. The Fund has sought to mitigate this risk by utilising forward foreign exchange contracts to hedge against currency fluctuations. The Fund takes careful account of counterparty risk associated with currency trades in the course of its hedging strategy. In particular counterparties are only accepted if they are approved following credit analysis. In addition, netting agreements with counterparties are in place to mitigate any risks.

In respect to COVID-19 risks impacting the Fund, the directors have considered the current strategy of Goldman Sachs and have confirmed that their intention is to continue to donate at a level consistent with prior years. The directors have also considered the recent results of Goldman Sachs including those since the COVID-19 pandemic and based on these consider that Goldman Sachs will be able to continue to donate to the Fund for a period of at least 12 months from the date of approval of these financial statements. The Fund's other income is derived from its investments. The directors continue to monitor the performance of investments as a result of the impact of COVID-19. Overall, the directors do not expect significant disruption to the Fund's charitable activities going forward.

Plans for future periods

The Fund aims to encourage its donor pool (including employees and former employees of Goldman Sachs) to seek out opportunities to recommend grants to high-impact charitable organisations which advance the charitable objects of the Fund. The Fund will continue to make grants, to the extent lawful and prudent, according to those recommendations of donors and the approval of the directors. Over the years, the Fund has honed its due diligence procedures to ensure resources are allocated to their best effect.

Goldman Sachs launched the Goldman Sachs COVID-19 Relief Fund, as a philanthropic commitment through the Fund to support relief efforts around the world. In addition, Goldman Sachs committed to match employee donations to charitable organisations.

5

Goldman Sachs Gives (UK)

Directors’ report for the year ended 30 June 2021 (continued)

Structure, governance and management

Governing documents

The Fund is a charitable company limited by guarantee governed by its Articles of Association.

The sole member of the Fund is The Goldman Sachs Charitable Gift Fund, a non-stock corporation incorporated in the State of Delaware, and operating for exclusively charitable purposes, with its registered office at Corporate Trust Centre, 1209 Orange Street, Wilmington, County of New Castle, Delaware 19801, USA and Internal Revenue Service tax identification number 11-3813663.

Directors and trustees

The directors and trustees of the Fund, who held office during the financial year and up to the date of signing the financial statements, are as follows:

Jennifer Catherine Evans Peter Matthew Fahey Robert Katz Graham Philip Shaw

Graham Philip Shaw, Peter Matthew Fahey and Robert Katz are also directors and trustees of The Goldman Sachs Charitable Gift Fund (UK), a charitable company incorporated in England and Wales. The Goldman Sachs Charitable Gift Fund (UK) receives donations from donors who are required to account for tax in the United Kingdom and the United States of America. This is a connected charity of the Fund by virtue of the two charities having The Goldman Sachs Charitable Gift Fund as their respective sole member.

Qualifying third party indemnity provisions

A qualifying third party indemnity provision as defined in Section 234 Companies Act 2006 is in force for the benefit of each of the directors and the company secretary in respect of liabilities incurred as a result of their office, to the extent permitted by law. In respect of those liabilities for which directors may not be indemnified, the Fund maintained a directors’ and officers’ liability insurance policy throughout the financial year and up to the date of signing the financial statements.

Appointment of directors

The directors are appointed by The Goldman Sachs Charitable Gift Fund pursuant to the Fund’s Articles of Association. The number of directors appointed shall not be less than three but is not subject to any maximum number. A director of the Fund, who is also a director of The Goldman Sachs Charitable Gift Fund, is appointed to serve for as long as he or she is a director of The Goldman Sachs Charitable Gift Fund. Any other director is appointed for a renewable term of three years.

Induction and training of directors

New directors are briefed on their legal obligations powers and duties as company directors and charity trustees. New directors are also provided with a copy of the Fund’s Articles of Association, and information on the history and structure of the Fund, as well as the decision making processes, policies and the future plans and objectives of the Fund.

6

Goldman Sachs Gives (UK)

Directors’ report for the year ended 30 June 2021 (continued)

Structure, governance and management (continued)

Organisation

The directors are responsible for the strategic direction and policy of the Fund and, subject to any prudent delegation to advisers and agents, make all substantive decisions in relation to the Fund. In furtherance of this, the directors meet as and when required. The directors have delegated responsibility to management for the oversight of the Fund. The directors have been supported throughout the financial year by the company secretary to the Fund. The directors may delegate any of their powers or functions to committees but the terms of delegation must be agreed in advance.

The directors meet at least three times per year to review the grant activity of the Fund and investment performance. The directors have established procedures for the examination of grant recommendations and the conduct of due diligence. The conduct of due diligence is delegated to specialist service providers. Grant recommendations which satisfy the directors’ policy requirements are approved by one of the directors before being made.

No staff were employed by the Fund during the financial year (2020: None). The directors and the key management personnel received no remuneration in respect of their services to the Fund during the financial year (2020: £Nil).

No director or key management personnel received any reimbursement of expenses during the financial year (2020: £Nil). The key management personnel are remunerated by Goldman Sachs and the fair value of the appropriate proportion of their time is included within donated services (see note 2).

Statement of directors’ responsibilities

The directors are responsible for preparing the Directors’ Report (including the Strategic Report) and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the outgoing resources and application of resources, including the income and expenditure, of the charitable company for that period.

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

7

Goldman Sachs Gives (UK)

Directors’ report for the year ended 30 June 2021 (continued)

Structure, governance and management (continued)

Statement of directors’ responsibilities (continued)

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and 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 directors are responsible for the maintenance and integrity of the charitable company’s charitable information included on the relevant website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditors

In so far as the directors are aware:

Independent auditors

The sole member of the Fund will re-appoint PricewaterhouseCoopers LLP as auditors to the Fund during the relevant year for the appointment of auditors by way of written member’s resolution.

Reference and administrative details

Status

Goldman Sachs Gives (UK) is a private company limited by guarantee, company number 06563012. It is registered in England and Wales as a charity, number 1123956.

The registered office is Plumtree Court, 25 Shoe Lane, London, EC4A 4AU.

Secretary

Benjamin Rader

Independent Auditors

PricewaterhouseCoopers LLP, 1 Embankment Place, London, WC2N 6RH.

Solicitors

Bates Wells, 10 Queen Street Place, London, EC4R 1BE.

Custodians

Goldman Sachs International, Plumtree Court, 25 Shoe Lane, London, EC4A 4AU. Bank of New York Mellon, 500 Grant Street, Suite 4040, Pittsburgh, PA 15258, USA.

8

Goldman Sachs Gives (UK)

Directors’ report for the year ended 30 June 2021 (continued)

Reference and administrative details (continued)

Bankers

Barclays Bank plc, 1 Churchill Place, London, E14 5HP.

The directors’ report, including the strategic report, was approved by the directors and signed on their behalf by order of the Board:

Graham Shaw Director

Date: 2021

9

Independent auditors’ report to the members of Goldman Sachs Gives (UK)

Report on the audit of the financial statements

Opinion

In our opinion, Goldman Sachs Gives (UK)’s financial statements (the “financial statements”):

We have audited the financial statements, included within the Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 30 June 2021; statement of financial activities (incorporating the income and expenditure statement) and statement of cash flows for the year then ended; and the notes to the financial statements, which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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 charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

10

Independent auditors’ report to the members of Goldman Sachs Gives (UK) (continued)

Strategic Report and Directors’ report

In our opinion, based on the work undertaken in the course of the audit the information given in the Directors’ Report, including the Strategic Report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

In addition, in light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we are required to report if we have identified any material misstatements in the Strategic Report and the Directors’ Report. We have nothing to report in this respect.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of directors’ responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charitable company, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals to manipulate financial results or conceal the misappropriation of assets and potential management bias in accounting estimates. Audit procedures performed included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. 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 for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

11

Independent auditors’ report to the members of Goldman Sachs Gives (UK) (continued)

Use of this report

This report, including the opinions, has been prepared for and only for the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Daniel Chan (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London November 2021 19

12

Goldman Sachs Gives (UK)

Registered Company No: 06563012

Statement of financial activities for the year ended 30 June 2021

(Incorporating the income and expenditure account)

Note
Income
Donations
2
Investment income
3
Total
Expenditure
Investment management costs
4
Expenditure on charitable activities
4
Total
Net gains on investments and derivative financial
instruments
Net income and net movement in funds for the year
5
Total funds brought forward
Total funds carried forward
16		 2021
Unrestricted
funds
£
41,881,398
871,764
42,753,162
(207,041)
(26,263,811)
(26,470,852)
443,495
16,725,805
90,799,126
107,524,931		 2020
Unrestricted
funds
£
21,878,097
1,480,773
23,358,870
(200,317)
(19,018,225)
(19,218,542)
591,450
4,731,778
86,067,348
90,799,126

All of the Fund's activities are derived from continuing operations.

The statement of financial activities includes all gains and losses recognised in the current and prior year.

The notes on pages 16 to 29 form part of these financial statements.

13

Goldman Sachs Gives (UK)

Registered Company No: 06563012

Balance sheet as at 30 June 2021

Note
Fixed assets
Investments
7
Current assets
Debtors
8
Cash at bank and in hand
9
Total current assets
Creditors: amounts falling due within one year
10
Net current (liabilities) / assets
Net assets
The funds of the charity:
Unrestricted income funds
- General
13
- Fair value reserve
13
Total charity funds
16		 2021
£
107,774,495
321,317
291,640
612,957
(862,521)
(249,564)
107,524,931
107,524,931
-
107,524,931		 2020
£
88,702,524
1,512,695
907,249
2,419,944
(323,342)
2,096,602
90,799,126
86,615,330
4,183,796
90,799,126

The financial statements on pages 13 to 29 were approved by the Board of directors on 2021 and were signed on their behalf by:

Graham Shaw Director

The notes on pages 16 to 29 form part of these financial statements.

14

Goldman Sachs Gives (UK)

Registered Company No: 06563012

Statement of cash flows for the year ended 30 June 2021

Note
Cash flows from operating activities
Donations received
Operating expenses paid
Net cash flow generated from operating activities
Cash flows from investing activities
Investment income received
Purchase of investments
Proceeds from sales of investments
Settlement of derivative financial instruments
Net cash flow used in from investing activities
Net (decrease) / increase in cash and cash
equivalents in the year
17
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
9		 2021
£
41,323,370
(26,002,608)
15,320,762
1,278,310
(118,894,617)
95,205,676
6,474,260
(15,936,371)
(615,609)
907,249
291,640		 2020
£
21,332,047
(18,580,568)
2,751,479
1,468,460
(93,473,595)
93,041,214
(3,346,172)
(2,310,093)
441,386
465,863
907,249

The notes on pages 16 to 29 form part of these financial statements.

15

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021

1 Principal accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006, and the Charities Act 2011.

The Fund has adapted the Companies Act formats to reflect the Charities SORP and the special nature of the Fund’s activities.

The Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are recognised at historical cost or transactions value unless otherwise stated in the relevant accounting policies.

Going concern

These financial statements have been prepared on the going concern basis and in accordance with the historical cost convention as modified by the revaluation of investments to fair value.

The directors have considered the impact of the Coronavirus (COVID-19) pandemic and concluded that there are no material uncertainties regarding the Fund’s ability to continue, on the basis that adequate reserves are available to fund the activities of the Fund for the foreseeable future. Goldman Sachs have indicated that they would continue to provide donations as well as any funding to the Fund to enable the Fund to meet any future liabilities which the Fund would not be able to meet from its existing reserves. The directors have no reason to believe that Goldman Sachs will not continue to make donations and provide funding and support to the Fund. The directors, having considered the availability of any future funding by Goldman Sachs, if it should be required, have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Fund to continue as a going concern. On the basis of their assessment of the Fund’s financial position, the directors have a reasonable expectation that the Fund will be able to continue in operational existence for the foreseeable future.

Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key areas of estimation and judgement that affect items in the financial statements are as follows:

Judgements:

16

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

1 Principal accounting policies (continued)

Critical accounting judgements and estimation uncertainty (continued)

Estimates:

Income

Donations are credited to the statement of financial activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy and valued on date of entitlement. Donated shares are valued at fair value on the date of receipt. Investment income is stated inclusive of recoverable taxation, where appropriate.

Donated services and facilities are included in the financial statements in the financial period in which they are receivable, where they are quantifiable, and where a third party is bearing the cost. Services provided by or paid for by Goldman Sachs are recorded at fair value to the Fund and include grant processing, key management personnel, administrative services, investment management services, professional and other operating costs (see note 2).

Expenditure

Liabilities are recognised as expenditure when there is a legal or constructive obligation committing the Fund to the expenditure.

Grants, both single and multi-year, if any, are recognised in the financial statements as expenses in the period where paid or unconditionally promised to give, whichever occurs first.

Allocation of support and governance costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs associated with meeting the constitutional and statutory requirements of the Fund. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

Governance costs and support costs relating to charitable activities are allocated to activities based on the amount spent for each activity. The allocation of support and governance costs is set out in note 4.

Charitable activities

The cost of charitable activities comprise grants to institutions, governance costs and an apportionment of support costs as set out in note 4.

17

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

1 Principal accounting policies (continued)

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date US$1.3815 : £1 (2020: US$1.2356 : £1). Exchange differences are charged / credited to the statement of financial activities and hence are taken into account in arriving at the net movement in funds.

Taxation

The Fund is a registered charity, and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. VAT is included within expenditure where it is not recoverable.

Fixed asset Investments

Investments are included in the financial statements at fair value at the balance sheet date. Realised and unrealised gains and losses are credited or debited to the statement of financial activities in the financial period in which they arise.

Investments are categorised into a three-level hierarchy, based on the type of inputs to the valuation techniques used, as follows:

Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the Fund can access at the measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

Derivative financial instruments

Derivative financial instruments primarily include forward foreign exchange contracts and to a lesser extent financial futures. Forward foreign exchange contracts are used primarily for the purpose of hedging foreign exchange risk in accordance with the overall strategic investment policy of the Fund. Futures contracts are contracts for the delayed delivery of securities at a specific date and price or yield. These instruments are either listed and traded on organised exchanges or entered into with creditworthy financial institutions.

Derivative assets and liabilities are initially accounted for and measured at fair value on the date a derivative contract is entered into and subsequently measured at fair value. The gain or loss on re-measurement is taken to the statement of financial activities.

Debtors

Trade debtors and other receivables are recognised at their transaction price less any allowance for doubtful debts.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values, but not held for investment purposes.

18

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

1 Principal accounting policies (continued)

Creditors

Trade creditors and other payables are recognised when a past event results in an obligation to transfer funds to a third party and the amount payable can be measured or reliably estimated. Trade creditors and other payables are recognised at their nominal value.

Fund accounting

The unrestricted fund comprises a general fund which is used to meet the charitable objects of the Fund at the discretion of the directors.

The Fund operates as a donor advised fund whereby the directors establish donor accounts for individual donors to make recommendations, although the ultimate decision for the distribution of funds rests solely with the directors of the Fund, and therefore these funds are unrestricted.

Included within unrestricted funds, if relevant, is a fair value reserve that represents the cumulative unrealised gains on fixed asset investments and derivative financial instruments held.

Financial assets and liabilities

The Fund has applied the provisions of FRS 102, Section 11, “Basic Financial Instruments” and Section 12, “Other Financial Instrument Issues”.

(i) Financial assets

Basic financial assets, including other debtors and cash and bank balances are initially recognised at transaction price. Such assets are subsequently measured at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of financial activities.

Other financial assets, including investments in fixed asset investments are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the statement of financial activities.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial instruments, including other creditors are initially recognised at transaction price.

Other creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Grant commitments over one year are discounted to reflect present value.

19

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

1 Principal accounting policies (continued)

Financial assets and liabilities (continued)

Derivatives, including forward foreign exchange contracts, are not basic financial instruments.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the statement of financial activities.

The company does not currently apply hedge accounting for derivatives.

2 Donations

Monetary contributions received
Donated services and support		 2021
£
41,323,370
558,028
41,881,398		 2020
£
21,332,047
546,050
21,878,097

Monetary contributions received include £39,717,376 (2020: £20,075,740) from Goldman Sachs and £1,605,994 (2020: £1,256,307) contributed by the employees and former employees of Goldman Sachs.

Donated services and support represent the fair value of services provided by or paid for by Goldman Sachs and include £179,563 (2020: £168,793) for investment management services, and £378,465 (2020: £377,257) for grant processing, key management personnel, administrative services, professional and other operating costs.

3 Investment income

Income from fixed asset investments
- Dividend income
- Interest income		 2021
£
1,385
870,379
871,764		 2020
£
168,546
1,312,227
1,480,773

4 Expenditure

Investment management costs
Expenditure on charitable
activities		 Grants
£
-
25,472,805
25,472,805		 Allocation
of support
and
governance
costs
£
207,041
791,006
998,047		 2021
£
207,041
26,263,811
26,470,852

20

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

4 Expenditure (continued)

Investment management costs
Expenditure on charitable
activities
Investment management costs
Donated investment management services
Custodian fees paid to Bank of New York Mellon		 Grants
£
-
18,181,590
18,181,590
 Allocation
of support
and
governance
costs
£
200,317
836,635
1,036,952
2021
£
179,563
27,478
207,041		 2020
£
200,317
19,018,225
19,218,542
2020
£
168,793
31,524
200,317

The Fund does not pay fees to GSAM and GSAMI (both are affiliates of Goldman Sachs International (GSI)) for the investment management services they provide. Instead the imputed cost of the fees is included in donated services with a corresponding amount included in income.

Expenditure on charitable activities

Arts and Culture
Community
Education
Humanitarian
Medical
Other		 Grants to
institutions
£
1,674,907
8,990,454
10,527,234
984,226
2,076,939
1,219,045
25,472,805		 Governance
costs
£
13,532
72,637
85,054
7,952
16,780
9,849
205,804		 Support
costs
£
38,479
206,543
241,848
22,611
47,715
28,006
585,202		 2021
£
1,726,918
9,269,634
10,854,136
1,014,789
2,141,434
1,256,900
26,263,811

21

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

4 Expenditure (continued)

Arts and Culture
Community
Education
Humanitarian
Medical
Other		 Grants to
institutions
£
929,597
6,099,188
4,544,426
1,243,403
4,024,888
1,340,088
18,181,590		 Governance
costs
£
12,840
84,241
62,767
17,174
55,591
18,509
251,122		 Support
costs
£
29,936
196,416
146,347
40,042
129,616
43,156
585,513		 2020
£
972,373
6,379,845
4,753,540
1,300,619
4,210,095
1,401,753
19,018,225

There were a total of 649 (2020: 653) grants made during the year totalling £25,472,805 (2020: £18,181,590). Grants were made to support charities that build and stabilise communities, increase educational opportunities, advance health, relieve poverty, promote the arts and culture, provide humanitarian relief and to further other exclusively charitable purposes under English and Welsh law. All grants were made to institutions. In line with the Charities SORP, material grants above £800,000 (2020: £450,000) have been listed below.

Grant
Name of institution
classification
Brown University of Providence (a)
Education
The Chancellor, Masters and Scholars of the
University of Cambridge (b)
Education
Bahamas Youth Foundation USA, Inc. (c)
Community
Greenhouse Sports Limited
Education
Barts and the London Charity and Related
Charities (d)
Medical
Mind (The National Association for Mental Health)
Community & Human
Services
Fondation de l'Assistance Publique - Hôpitaux de
Paris Pour La Recherche (d)
Medical
Other (less than £800,000 (2020: £450,000)		 2021
£
2,100,000
1,460,000
800,000
-
-
-
-
21,112,805
25,472,805		 2020
£
-
-
-
854,000
810,000
590,000
518,000
15,409,590
18,181,590

(a) – Funds provided for need-based scholarships and programs

(b) – Funds provided for need-based scholarships and professorship support

(c) – Funds provided for need-based scholarships

(d) – Funds provided as part of the Goldman Sachs COVID-19 Relief Fund

22

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

4 Expenditure (continued)

Analysis of allocation of governance and support costs

Investment
management costs
Charitable activities
Investment
management costs
Charitable activities		 Governance
costs
£
-
2
205,804
205,804
Governance
costs
£
-
251,122
251,122
Investment
management
costs
£
06
207,041
1
-
207,041

Investment
management
costs
£
206
200,317
1
-
200,317
Donated
grant
processing
costs
£
-
321,137
321,137
Donated
grant
processing
costs
£
-
290,756
290,756		 Other grant
processing
costs
£
-
264,065
264,065
Other grant
processing
costs
£
-
294,757
294,757

2021
£
207,041
791,006
998,047
2020
£
200,317
836,635
1,036,952

Governance and support costs are allocated to activities based on the amount spent for each activity.

Analysis of governance costs

Audit and accountancy fees
Legal fees
Donated administrative services
Other costs		 2021
£
76,733
32,232
57,328
39,511
205,804		 2020
£
90,465
41,366
86,500
32,791
251,122

5 Net income and net movement in funds for the year

The net income and net movement in funds for the year is stated after charging / (crediting):

2021 2020
£ £
Auditors’ remuneration
- Audit 52,301 61,713
- Other services 24,432 28,752
Net losses / (gains) on investments 4,930,852 (3,001,712)
Net (gains) / losses on derivative financial instruments (5,374,347) 2,410,262

23

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

6 Staff costs and directors’ remuneration

No staff were employed by the Fund during the financial year (2020: None).

The directors and the key management personnel received no remuneration in respect of their services to the Fund during the financial year (2020: £Nil). No director and key management personnel received any reimbursement of expenses during the financial year (2020: £Nil). The key management personnel are remunerated by Goldman Sachs and the fair value of the appropriate proportion of their time is included within donated services (see note 2).

7 Investments

Quoted investments
Fair value at 1 July
Additions at cost
Disposals
Unrealised (losses) / gains on revaluation
Fair value at 30 June
Cost at 30 June
Investments at fair value comprise:
Assets
Money Market funds
Fixed income bonds
Equity mutual funds
Fixed income mutual funds
Total investment assets		 2021
£
88,702,524
119,648,853
(94,995,672)
(5,581,210)
107,774,495
106,505,329
2021
£
48,281,173
51,022,191
2,590,915
5,880,216
107,774,495		 2020
£
85,324,890
93,383,960
(90,020,370)
14,044
88,702,524
88,731,961
2020
£
33,019,043
48,530,563
3,811,864
3,341,054
88,702,524

The fixed asset investments are principally invested in Money Market Funds, US Corporate, Treasury bonds and Goldman Sachs Mutual Funds. Included in investments are cash balances of £2,002,156 (2019: £65,989). Investments included in the above with a fair value greater than 5% of the total portfolio fair value at 30 June are as follows:

Goldman Sachs Sterling Government Liquid
Reserve Portfolio
Fair value hierarchy of the investments are:
Level 1
Level 2		 2021
2020
£
%
£
%
48,281,173
45
33,019,043
37
2021
2020
£
£
58,307,473
41,630,958
49,467,022
47,071,566
107,774,495
88,702,524

24

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

8
Debtors
Derivative financial instruments (see note 11)
Other debtors
9 Cash at bank and in hand
Cash at bank and in hand
10
Creditors: amounts falling due within one year
Derivative financial instruments (see note 11)
Accruals
Other creditors
11 Financial instruments
Financial assets
Financial assets measured at fair value through profit or
loss:
- Derivative financial instruments
Financial assets that are debt instruments measured at
amortised cost:
- Fixed asset investments
- Other debtors		 2021
£
28,017
293,300
321,317
2021
£
291,640
2021
£
76,432
172,972
613,117
862,521
2021
£
28,017
107,774,495
293,300
108,095,812		 2020
£
577,012
935,683
1,512,695
2020
£
907,249
2020
£
-
262,756
60,586
323,342
2020
£
577,012
88,702,524
935,683
90,215,219

25

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

11 Financial instruments (continued)

----- Start of picture text -----
|||||| |---|---|---|---|---| |2021|2020| |£|£| |Financial liabilities| |Financial liabilities measured at fair value through profit or| |loss:| |-| |- Derivative financial instruments|(76,432)| |Financial liabilities that are debt instruments measured at| |amortised cost:| |- Accruals|(172,972)|(262,756)| |- Other creditors|(613,117)|(60,586)| |(862,521)|(323,342)| |Derivative financial instruments| |2021|2020| |Assets|Liabilities|Assets|Liabilities| |£|£|£|£| |Financial futures contracts|28,017|-|27,271|-| |Forward foreign currency| |-|-| |exchange contracts|(76,432)|549,741| |-| |28,017|(76,432)|577,012|

----- End of picture text -----

Forward foreign exchange contracts are used primarily for the purpose of hedging foreign exchange risk in accordance with the overall strategic investment policy of the Fund.

The following derivative gains / (losses) have been recognised in the statement of financial activities:

----- Start of picture text -----
|||| |---|---|---| |Gains / (losses)| |2021|2020| |£|£| |Financial futures contracts|76,124|197,393| |Forward foreign currency exchange contracts|6,398,136|(3,797,948)| |Gains / (losses) recognised|6,474,260|(3,600,555)|

----- End of picture text -----

Realised gains of £6,474,260 (2020: loss of £3,600,555) and unrealised losses of £1,099,913 (2020: gains of £1,190,293) on derivative financial instruments are substantially offset by net realised and unrealised gains on the investments the derivatives are acquired to hedge.

12 Financial risk management

The financial risks are disclosed in the directors’ report on pages 4 to 5.

26

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

13 Unrestricted income funds

General
Fair value
reserve
General
Fair value
reserve		 At
1 July
2020
£
86,615,330
4,183,796
90,799,126
At
1 July
2019
£
81,897,596
4,169,752
86,067,348		 Income
£
42,753,162
-
42,753,162
Income
£
23,358,870
-
23,358,870		 Expenditure
£
(26,470,852)
-
(26,470,852)
Expenditure
£
(19,218,542)
-
(19,218,542)		 Other
gains /
(losses)
£
7,124,618
(6,681,123)
443,495
Other
(losses) /
gains
£
(612,887)
1,204,337
591,450		 Transfer
£
(2,497,327)
2,497,327
-
Transfer
£
1,190,293
(1,190,293)
-		 At
30 June
2021
£
107,524,931
-
107,524,931
At
30 June
2020
£
86,615,330
4,183,796
90,799,126

General

The general fund is used for the furtherance of the objectives of the Fund.

Fair value reserve

The fair value reserve represents the unrealised gains on fixed asset investments and financial instruments.

The transfer between the general fund and fair value reserve results in the fair value reserve balance representing the cumulative unrealised gains in fixed asset investments and derivative financial instruments held less any realised gains on disposal.

14 Analysis of net assets between funds

At 30 June 2021
Fixed asset investments
Derivative financial instruments and other debtors
Cash at bank and in hand
Derivative financial instruments and creditors		 General
£
107,774,495
321,317
291,640
(862,521)
107,524,931		 Fair value
reserve
£
-
-
-
-
-		 Total
£
107,774,495
321,317
291,640
(862,521)
107,524,931

27

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

14 Analysis of net assets between funds (continued)

At 30 June 2020
Fixed asset investments
Derivative financial instruments and other debtors
Cash at bank and in hand
Creditors		 General
£
84,518,728
1,512,695
907,249
(323,342)
86,615,330		 Fair value
reserve
£
4,183,796
-
-
-
4,183,796		 Total
£
88,702,524
1,512,695
907,249
(323,342)
90,799,126

15 Capital

The Fund is a company limited by guarantee and has no share capital. In the event of the Fund being wound up, the liability of the sole member, The Goldman Sachs Charitable Gift Fund, is limited to £1.

16 Reconciliation of movements in funds

Net movements in funds
Net additions / (disposals) to funds
Opening funds
Closing funds		 2021
£
16,725,805
16,725,805
90,799,126
107,524,931		 2020
£
4,731,778
4,731,778
86,067,348
90,799,126

17 Analysis of changes in net debt

Cash at bank and in hand
Short term investments
Derivative financial instruments		 At 1 July
2020
£
907,249
33,019,043
577,012
34,503,304		 Cash flows
£
(615,609)
15,262,130
(5,999,774)
8,646,747		 Fair value
and
exchange
movements
£
-
-
5,374,347
5,374,347		 At 30 June
2021
£
291,640
48,281,173
(48,415)
48,524,398

28

Goldman Sachs Gives (UK)

Notes to the financial statements for the year ended 30 June 2021 (continued)

17 Analysis of changes in net debt (continued)

Cash at bank and in hand
Short term investments
Derivative financial instruments		 At 1 July
2019
£
465,863
30,478,737
128,562
31,073,162		 Cash flows
£
441,386
2,540,306
2,858,712
5,840,404		 Fair value
and
exchange
movements
£
-
-
(2,410,262)
(2,410,262)		 At 30 June
2020
£
907,249
33,019,043
577,012
34,503,304

Fair value and exchange movements represent the realised and unrealised losses on derivative financial instruments.

18 Related party transactions

No donations were received from the directors during the year (2020: £Nil)

The Fund is included in the consolidated financial statements of its sole member, The Goldman Sachs Charitable Gift Fund, which are publicly available and may be obtained from 200 West Street, New York, New York 10282. The Fund is exempt under the terms of FRS 102 from disclosing related party transactions with entities that are wholly owned by The Goldman Sachs Charitable Gift Fund.

Jennifer Catherine Evans, a director and trustee of the Fund during the year, is employed by GSI. The investment manager of the Fund, GSAM, and the investment managers of the Fund’s investment options, GSAM and GSAMI, are affiliates of GSI. GSAM and GSAMI’s services were paid for by Goldman Sachs and are included in donated services (see note 2).

Monetary contributions received include £39,717,376 (2020: £20,075,740) from Goldman Sachs and £1,605,994 (2020: £1,256,307) contributed by the employees and former employees of Goldman Sachs.

Goldman Sachs provides investment management services, grant processing, administrative services, professional and other operating services to the Fund. The fees for such donated services are based upon the cost of time spent by Goldman Sachs employees in providing the services and fees charged. Goldman Sachs has agreed to donate such services to the Fund (see note 2).

19 Ultimate parent undertaking and controlling party

The ultimate parent undertaking and controlling party is The Goldman Sachs Charitable Gift Fund, a charity registered in the USA.

29