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 2022
Goldman Sachs Gives (UK)
Contents
| Page(s) | Page(s) | |||
|---|---|---|---|---|
| 1 | 10 | |||
| 11 | 13 | |||
| Statement of financial activities | 14 | |||
| Balance sheet | 15 | |||
| Statement of cash flows | 16 | |||
| Notes to the financial statements | 17 | 31 |
Goldman Sachs Gives (UK)
for the year ended 30 June 2022
and audited financial statements for the financial year to 30 June 2022, 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 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:
- proper identification of grant recipients; establishing that grant purposes are charitable; and ensuring the legality of making grants to the recipients.
The Fund is formally recognised by HM Revenue & Customs as a charity for tax purposes within the United Kingdom.
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 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)
for the year ended 30 June 2022 (continued)
Strategic report
Achievements and performance
he 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 to ensure 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 £35,484,006 (2021: £25,472,805).
The Fund does not raise funds from members of the general public beyond Goldman Sachs 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 £9,801,196 (2021: £42,753,162) was received. This income was applied to furthering the objects of the Fund and the directors made grants totalling £35,484,006 (2021: £25,472,805) during the financial year.
Included within income received during the financial year was an amount of £8,378,754 (2021: £39,717,376) received from Goldman Sachs grants and £137,233 (2021: £1,605,994) was contributed by the employees and former employees of Goldman Sachs.
The Fund's main income is the receipt of donations from Goldman Sachs and current and former employees of Goldman Sachs which has decreased by 79% from the prior year. The Fund also receives a limited donate funds.
During the financial year, the Fund received income from fixed asset investments amounting to £783,182 (2021: £871,764). Please refer to the Grant making section on page 4 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 deficit in the year of £30,322,426 (2021: surplus of £16,725,805).
2022 is £77,202,505 (2021: £107,524,931).
2
Goldman Sachs Gives (UK)
for the year ended 30 June 2022 (continued)
Strategic report (continued)
Investment policy and performance
In accordance with Clauses 3.8 and 3.9 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 and Goldman Sachs Asset Management 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.
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 2022 ble for expenditure amounted to £77,202,505 (2021: £107,524,931) and this level of reserves is considered to be appropriate and acceptable by the directors taking into account plans for grants to be awarded in future years. The Fund has a fair value reserve of £3,912,236 which represents 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 or mixed motive investments, or any designated or restricted 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 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 and derivative financial instruments measured at fair value.
The directors have considered the impact of inflation, the war in Ukraine and the Coronavirus ( COVID-19 ) pandemic and concluded that t 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.
3
Goldman Sachs Gives (UK)
for the year ended 30 June 2022 (continued)
Strategic report (continued)
Policy statement on reserves and going concern (continued)
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 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
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 ibuted in the financial year of £35,484,006 (2021: £25,472,805) 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.
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 the 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.
4
Goldman Sachs Gives (UK)
for the year ended 30 June 2022 (continued)
Strategic report (continued)
Principal risks and uncertainties (continued)
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.
Inflation
The impact of economic matters that have arisen in 2022, in particular rising inflation, on the regional and global economy remains uncertain and is difficult to assess in terms of duration and severity. For these financial statements, the recent economic matters are considered to be non adjusting events and consequently there is no impact on the recognition and measurement of assets and liabilities as at 30 June 2022. The Fund will continue to monitor market conditions and to evaluate the potential impact, if any, on its operations going forward.
War in Ukraine
The invasion of Ukraine by Russia on 24 February 2022 has led to significant sanctions against Russia. The Fund has no ongoing exposures to, or investments in, Russian related interests, and the conflict is not expected to have any impact on the company at this time.
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.
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 the above risks 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 fi 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.
5
Goldman Sachs Gives (UK)
for the year ended 30 June 2022 (continued)
Principal risks and uncertainties (continued)
Strategies for managing those risks (continued)
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.
6
Goldman Sachs Gives (UK)
for the year ended 30 June 2022 (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 under United States law, 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
All of the above directors and trustees 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 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 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 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.
7
Goldman Sachs Gives (UK)
for the year ended 30 June 2022 (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. directors before being made.
No staff were employed by the Fund during the financial year (2021: None). The directors and the key management personnel received no remuneration in respect of their services to the Fund during the financial year (2021: £Nil).
No director or key management personnel received any reimbursement of expenses during the financial year (2021: £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).
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 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102) effective 1 January 2019;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK 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 concern basis unless it is inappropriate to presume that the charitable company will continue in business.
8
Goldman Sachs Gives (UK)
for the year ended 30 June 2022 (continued)
Structure, governance and management (continued)
(continued)
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company 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 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:
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there is no relevant audit information of which the charitable company
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the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Independent auditors
The sole member of the Fund has re-appointed 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.
9
Goldman Sachs Gives (UK)
for the year ended 30 June 2022 (continued)
Reference and administrative details (continued)
Bankers
Barclays Bank plc, 1 Churchill Place, London, E14 5HP.
The d report, including the strategic report, was approved by the directors and signed on their behalf by order of the Board:
Graham Shaw Director
Date:
10
Goldman Sachs Gives (UK)
Independent Goldman Sachs Gives (UK)
Report on the audit of the financial statements
Opinion
In
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2 and of its
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incoming resources and application of resources, including its income and expenditure, and cash flows, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
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have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Report and financial s which comprise: the balance sheet as at 30 June 2022; the statement of financial activities (incorporating the income and expenditure account) 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 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 inclu 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
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 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
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 Annual report other than the financial statements and 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.
11
Goldman Sachs Gives (UK)
Goldman Sachs Gives (UK) (continued)
Strategic Report and
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 r 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 r report. We have nothing to report in this respect.
Responsibilities for the financial statements and the audit
Responsibilities of the trustees for the financial statements
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 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.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from 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 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. Audit procedures performed included:
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obtaining confirmations of cash balances and material investment valuations as at 30 June 2022;
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testing the recognition of grant expenditure in line with terms of the grant awards;
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enquiring of management and the board of trustees, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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reading minutes of meetings of the board of trustees; and
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assessing financial statement disclosures, and testing to supporting documentation, for compliance with applicable laws and regulations.
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.
at: www.frc.org.uk/auditorsresponsibiliti
.
12
Goldman Sachs Gives (UK)
Goldman Sachs Gives (UK) (continued)
Use of this report
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:
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we have not obtained all the information and explanations we require for our audit; or
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns.
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 2022
13
Goldman Sachs Gives (UK)
Registered Company No: 06563012
Statement of financial activities for the year ended 30 June 2022
(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 (losses) / gains on investments and derivative financial instruments Net (expenditure) / income and net movement in funds for the year 5 Total funds brought forward Total funds carried forward 16 |
2022 Unrestricted funds £ 9,018,014 783,182 9,801,196 (192,417) (36,414,725) (36,607,142) (3,516,480) (30,322,426) 107,524,931 77,202,505 |
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 |
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 17 to 31 form part of these financial statements.
14
Goldman Sachs Gives (UK)
Registered Company No: 06563012
Balance sheet as at 30 June 2022
| 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 assets / (liabilities) Net assets The funds of the charity: Unrestricted income funds - General 13 - Fair value reserve 13 Total charity funds 16 |
2022 £ 76,616,463 366,328 466,246 832,574 (246,532) 586,042 77,202,505 73,290,269 3,912,236 77,202,505 |
2021 £ 107,774,495 321,317 291,640 |
|---|---|---|
| 612,957 (862,521) (249,564) 107,524,931 107,524,931 - 107,524,931 |
The financial statements on pages 14 to 31 were approved by the Board of directors on and were signed on their behalf by:
Graham Shaw Director
The notes on pages 17 to 31 form part of these financial statements.
15
Goldman Sachs Gives (UK)
Registered Company No: 06563012
Statement of cash flows for the year ended 30 June 2022
| Note Cash flows from operating activities Donations received Operating expenses paid Net cash flow (used in) / 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 generated from / (used in) investing activities Net increase / (decrease) 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 |
2022 £ 8,515,987 (36,031,555) (27,515,568) 1,129,013 (40,416,946) 73,666,783 (6,688,676) 27,690,174 174,606 291,640 466,246 |
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 |
The notes on pages 17 to 31 form part of these financial statements.
16
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022
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 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 and derivative financial instruments measured at fair value.
The directors have considered the impact of the Coronavirus (COVID-19) pandemic and concluded that t ontinue, 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 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:
-
Unrestricted funds 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. Consequently, the directors consider that it is appropriate to disclose the funds as unrestricted.
-
Income Donations received are not restricted in nature and the directors have no restrictions in how they can be spent by the Fund.
-
Grants payable Grants are recognised as liabilities after they have been approved by the directors, the recipients have been notified and there are no further terms and conditions to be fulfilled which are within the control of the Fund.
17
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (continued)
1 Principal accounting policies (continued)
Critical accounting judgements and estimation uncertainty (continued)
Estimates:
-
Revaluation of investments The fair value of investments is obtained from the relevant third party pricing sources for review by the directors taking into account the investment level 1 or 2 for each type of investment and for level 2 inputs to valuation techniques are observable, either directly or indirectly.
-
Valuation of derivatives The fair value of derivatives is obtained from the relevant third party pricing sources for review by the directors.
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.
18
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (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$1.2145 : £1 (2021: US$1.3815 : £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.
19
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (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
Section
(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.
20
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (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 |
2022 £ 8,515,987 502,027 9,018,014 |
2021 £ 41,323,370 558,028 41,881,398 |
|---|---|---|
Monetary contributions received include £8,378,754 (2021: £39,717,376) from Goldman Sachs and £137,233 (2021: £1,605,994) 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 £160,161 (2021: £179,563) for investment management services, and £341,866 (2021: £378,465) 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 |
2022 £ 56,835 726,347 783,182 |
2021 £ 1,385 870,379 871,764 |
|---|---|---|
4 Expenditure
| Investment management costs Expenditure on charitable activities |
Grants £ - 35,484,006 35,484,006 |
Allocation of support and governance costs £ 192,417 930,719 1,123,136 |
2022 £ 192,417 36,414,725 36,607,142 |
|---|---|---|---|
21
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (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 £ - 25,472,805 25,472,805 |
Allocation of support and governance costs £ 207,041 791,006 998,047 2022 £ 160,161 32,256 192,417 |
2021 £ 207,041 26,263,811 26,470,852 2021 £ 179,563 27,478 207,041 |
|---|---|---|---|
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 £ 3,410,038 13,423,804 11,094,590 1,381,822 3,187,501 2,986,251 35,484,006 |
Governance costs £ 21,830 85,936 71,025 8,846 20,406 19,116 227,159 |
Support costs £ 67,613 266,161 219,978 27,398 63,200 59,210 703,560 |
2022 £ 3,499,481 13,775,901 11,385,593 1,418,066 3,271,107 3,064,577 36,414,725 |
|---|---|---|---|---|
22
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (continued)
4 Expenditure (continued)
| 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 |
|---|---|---|---|---|
There were a total of 582 (2021: 649) grants made during the year totalling £35,484,006 (2021: £25,472,805). 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 (2021: £800,000) have been listed below.
| Grant Name of institution classification Top of the South Community St. Paul's School (a) Education African Parks UK Community EMpower - The Emerging Markets Foundation Limited Community 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 Other (less than £800,000 (2021: £800,000) |
2022 £ 2,258,796 1,669,200 1,507,500 968,408 - - - 29,080,102 35,484,006 |
2021 £ - - - - 2,100,000 1,460,000 800,000 21,112,805 25,472,805 |
|---|---|---|
- (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
23
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (continued)
4 Expenditure (continued)
Analysis of allocation of governance and support costs
| Investment management costs Charitable activities Investment management costs Charitable activities |
Governance costs £ - 2 227,159 227,159 Governance costs £ - 205,804 205,804 |
Investment management costs £ 06 192,417 1 - 192,417 Investment management costs £ 206 207,041 1 - 207,041 |
Donated grant processing costs £ - 280,417 280,417 Donated grant processing costs £ - 321,137 321,137 |
Other grant processing costs £ - 423,143 423,143 Other grant processing costs £ - 264,065 264,065 |
2022 £ 192,417 930,719 1,123,136 2021 £ 207,041 791,006 998,047 |
|||
|---|---|---|---|---|---|---|---|---|
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 |
2022 £ 94,728 34,982 61,448 36,001 227,159 |
2021 £ 76,733 32,232 57,328 39,511 205,804 |
|---|---|---|
5 Net (expenditure) / income and net movement in funds for the year
The net (expenditure) / income and net movement in funds for the year is stated after charging / (crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| - Audit | 52,301 | |
| - Other services | 24,432 | |
| Net (gains) / losses on investments | (3,014,504) | 4,930,852 |
| Net losses / (gains) on derivative financial instruments | 6,530,984 | (5,374,347) |
24
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (continued)
6
No staff were employed by the Fund during the financial year (2021: None).
The directors and the key management personnel received no remuneration in respect of their services to the Fund during the financial year (2021: £Nil). No director and key management personnel received any reimbursement of expenses during the financial year (2021: None). 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 gains / (losses) 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 |
2022 £ 107,774,495 39,842,773 (73,960,373) 2,959,568 76,616,463 77,085,227 2022 £ 24,526,390 44,775,039 2,161,683 5,153,351 76,616,463 |
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 |
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 £52,648 (2021: £2,002,156). 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 Goldman Sachs Global Fixed Income Portfolio |
2022 £ % 24,526,390 32 4,417,493 6 |
2021 £ % 48,281,173 45 - - |
|---|---|---|
25
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (continued)
7 Investments (continued)
Fair value hierarchy of the investments are:
| Level 1 Level 2 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 |
2022 £ 35,711,156 40,905,307 76,616,463 2022 £ 124,739 241,589 366,328 2022 £ 466,246 2022 £ - 246,532 - 246,532 |
2021 £ 58,307,473 49,467,022 107,774,495 2021 £ 28,017 293,300 321,317 2021 £ 291,640 2021 £ 76,432 172,972 613,117 862,521 |
||
|---|---|---|---|---|
26
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (continued)
| 11 Financial instruments | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| £ | £ | ||||||
| Financial assets | |||||||
| Financial assets measured at fair value through profit or | |||||||
| loss: | |||||||
| - Derivative financial instruments | 124,739 | 28,017 | |||||
| Financial assets that are debt instruments measured at | |||||||
| amortised cost: | |||||||
| - Fixed asset investments | 76,616,463 | 107,774,495 | |||||
| - Other debtors | 241,589 | 293,300 | |||||
| 76,982,791 | 108,095,812 | ||||||
| 2022 | 2021 | ||||||
| £ | £ | ||||||
| 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 | (246,532) | (172,972) | |||||
| - Other creditors | - | (613,117) | |||||
| (246,532) | (862,521) | ||||||
| Derivative financial instruments | |||||||
| 2022 | 2021 | ||||||
| Assets | Liabilities | Assets | Liabilities | ||||
| £ | £ | £ | £ | ||||
| Financial futures contracts | 51,800 | - | 28,017 | - | |||
| Forward foreign currency | |||||||
| exchange contracts | 72,939 | - | - | (76,432) | |||
| 124,739 | - | 28,017 | (76,432) |
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.
27
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (continued)
11 Financial instruments (continued)
The following derivative (losses) / gains have been recognised in the statement of financial activities:
| Financial futures contracts Forward foreign currency exchange contracts (Losses) / gains recognised |
(Losses) / gains 2022 2021 £ £ (11,733) 76,124 (7,471,919) 6,398,136 (7,483,652) 6,474,260 |
|---|---|
Realised losses of £7,483,652 (2021: gains of £6,474,260) and unrealised gains of £952,668 (2021: losses of £1,099,913) 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
4 to 6.
13 Unrestricted income funds
| General Fair value reserve General Fair value reserve |
At 1 July 2021 £ 107,524,931 - 107,524,931 At 1 July 2020 £ 86,615,330 4,183,796 90,799,126 |
Income £ 9,801,196 - 9,801,196 Income £ 42,753,162 - 42,753,162 |
Expenditure £ (36,607,142) - (36,607,142) Expenditure £ (26,470,852) - (26,470,852) |
Other (losses) / gains £ (7,428,716) 3,912,236 (3,516,480) Other gains / (losses) £ 7,124,618 (6,681,123) 443,495 |
Transfer £ - - - Transfer £ (2,497,327) 2,497,327 - |
At 30 June 2022 £ 73,290,269 3,912,236 77,202,505 At 30 June 2021 £ 107,524,931 - 107,524,931 |
|---|---|---|---|---|---|---|
28
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (continued)
13 Unrestricted income funds (continued)
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 2022 Fixed asset investments Derivative financial instruments and other debtors Cash at bank and in hand Derivative financial instruments and creditors |
General £ 73,656,895 366,328 466,246 (1,199,200) 73,290,269 |
Fair value reserve £ 2,959,568 - - 952,668 3,912,236 |
Total £ 76,616,463 366,328 466,246 (246,532) 77,202,505 |
|---|---|---|---|
| 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 |
|---|---|---|---|
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.
29
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (continued)
16 Reconciliation of movements in funds
| 16 Reconciliation of movements in | funds | ||
|---|---|---|---|
| Net movements in funds Net (reductions) / additions to funds Opening funds Closing funds 17 Analysis of changes in net debt Cash at bank and in hand Short term investments Derivative financial instruments Cash at bank and in hand Short term investments Derivative financial instruments |
At 1 July 2021 £ 291,640 48,281,173 (48,415) 48,524,398 At 1 July 2020 £ 907,249 33,019,043 577,012 34,503,304 |
2021 £ (30,322,426) (30,322,426) 107,524,931 77,202,505 Cash flows Fair value and exchange movements £ £ 174,606 - (23,754,783) - 6,704,138 (6,530,984) (16,876,039) (6,530,984) Cash flows Fair value and exchange movements £ £ (615,609) - 15,262,130 - (5,999,774) 5,374,347 8,646,747 5,374,347 |
2020 £ 16,725,805 |
| 16,725,805 90,799,126 107,524,931 At 30 June 2022 £ 466,246 24,526,390 124,739 25,117,375 At 30 June 2021 £ 291,640 48,281,173 (48,415) 48,524,398 |
Fair value and exchange movements represent the realised and unrealised losses on derivative financial instruments.
30
Goldman Sachs Gives (UK)
Notes to the financial statements for the year ended 30 June 2022 (continued)
18 Related party transactions
No donations were received from the directors during the year (2021: £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.
Jennifer Catherine Evans and Graham Philip Shaw, directors and trustees of the Fund during the year, are employed by GSI. The investment manager of the Fund, GSAM, and the investment managers of the and GSAMI paid for by Goldman Sachs and are included in donated services (see note 2).
Monetary contributions received include £8,378,754 (2021: £39,717,376) from Goldman Sachs and £137,233 (2021: £1,605,994) 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.
31