2021-01-31-accounts

TRUSTEES ANNUAL REPORT 1 February 2020 – 31 January 2021 by John Pearson Andrew, the managing Trustee

The New Year started well. Mid-January I met Theresa Nguyen, a young silversmith had known since she was a post-graduate student to discuss commissioning a centrepiece. A visit was made to Aberdeen Art Gallery and Museums to meet its Director Christine Rew. Down in Edinburgh we visited Bute House to view Graham Stewart’s Mobius Bowl in the Drawing Room as The Pearson Silver Collection (TPSC) was interested in acquiring it. We also attended the AGM of the Incorporation of Goldsmiths.

At the February livery dinner of the Worshipful Company of Art Scholars, my guest Lorraine Turner and I met Guy Schooling, the CEO of the Essex auctioneers Sworders. Lorraine, who knew Guy, suggested TPSC was exhibited at Sworders’ London gallery, which was well-received by Guy. I attended the Goldsmiths’ Craft and Design Council Awards ceremony (the Foundation was a sponsor) and the Collection Committee of the Worshipful Company of Goldsmiths. However, the highlight was Colin Fraser, a fellow member of the Incorporation spotting some quality early 1960s silver at a small Edinburgh auction. It transpired it was the work of Douglas Brown a graduate on silversmithing of Edinburgh School of Art who went on to become its Professor of Design. We managed to purchase all four splendid pieces of what was his family collection. He also did the same for a Bath silversmith.

In March we formally commissioned Theresa Nguyen to make what became The Meadow Centrepiece. It took over a year to make during which there were two periods of lockdown. It is a Covid-19 related piece reflects the growing interest in nature during the pandemic. We also started loaning pieces from the Collection to the Goldsmith Centre’s handling classes for its students. It was fascinating to attend these until Covid-19 put paid to such events. Incredibly, we still managed to add good pieces to the Collection and to participate Zoom meetings and lectures, but exhibitions all came to a grinding halt. The opportunity was taken to write on

Registered Office: 111 New Union Street, Coventry, CV1 2NT Registered Number: 07074544 | Registered in England Registered Main Charity Number 1136757

aspects of contemporary British silver in Canada the United States as well as the UK.

In January 2021, the Foundation started beginning to receive the proceeds of the last remaining asset from the estate of the late Horace Andrew. The Foundation started 2021-2022 with a strong balance sheet.

Registered Office: 111 New Union Street, Coventry, CV1 2NT Registered Number: 07074544 | Registered in England Registered Main Charity Number 1136757

THE PEARSON SILVER FOUNDATION DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021

Hills & Co

9 Hawkes Piece Harvington Evesham Worcestershire WR11 8HW

The Pearson Silver Foundation Directors' Report and Unaudited Financial Statements For The Year Ended 31 January 2021

Contents

Contents
	Page
Company Information	1
Directors' Report	2
Accountant's Report	3
Proft and Loss Account	4
Balance Sheet	5
Notes to the Financial Statements	6—7
The following pages do not form part of the statutory accounts:
Trading Proft and Loss Account	8

	The Pearson Silver Foundation
	Company Information
	For The Year Ended 31January 2021
Directors	Mrs M J E Hills
	Mr D P Tolson
	Mr E J Finch
	Mr J P Andrew
Secretary	Mrs M J E Hills
Company Number	7074544
Registered Ofice	12 Highfeld Road
	Pinner
	Middlesex
	HA5 5LA
Accountants	Hills & Co
	9 Hawkes Piece
	Harvington
	Evesham
	Worcestershire
	WR11 8HW

Page 1

The Pearson Silver Foundation Company No. 7074544 Directors' Report For The Year Ended 31 January 2021

The directors present their report and the financial statements for the year ended 31 January 2021 .

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss for that period. In preparing the financial statements the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgments and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who held office during the year were as follows:

Mrs M J E Hills

Mr D P Tolson

Mr E J Finch

Mr J P Andrew

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

On behalf of the board

Mr J P Andrew Director

Dated

…………………………………………………

……………

Page 2

The Pearson Silver Foundation Accountant's Report For The Year Ended 31 January 2021

In accordance with instructions given to us, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with technical guidance as set out in this report and without conducting an audit.

You have acknowledged on the balance sheet as at year ended 31 January 2021 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements for the reason stated in the director's report. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements

Signed

Hills & Co

Dated

………………………………………………….

Hills & Co 9 Hawkes Piece Harvington Evesham Worcestershire WR11 8HW

Page 3

The Pearson Silver Foundation Profit and Loss Account For The Year Ended 31 January 2021

		2021	2020
	Notes	£	£
TURNOVER		296,778	16,224
GROSS PROFIT		296,778	16,224
Administrative expenses		(6,459 )	(7,967 )
Other operating income		6,875	3,298
OPERATING PROFIT		297,194	11,555
Other interest receivable and similar income		5	10
PROFIT FOR THE FINANCIAL YEAR		297,199	11,565
The notes on pages 6 to 7 form part of these fnancial statements.

Page 4

The Pearson Silver Foundation Balance Sheet As at 31 January 2021

			2021		2020
	Notes	£		£	£	£
FIXED ASSETS
Intangible Assets	3			238,795		203,052
Tangible Assets	4			-		68,000
				238,795		271,052
CURRENT ASSETS
Debtors	5	79,476			3,902
Cash at bank and in hand		258,673			1,292
		338,149			5,194
Creditors: Amounts Falling Due Within One Year	6	(16,659	)		(13,160 )
NET CURRENT ASSETS (LIABILITIES)				321,490		(7,966 )
TOTAL ASSETS LESS CURRENT LIABILITIES				560,285		263,086
NET ASSETS				560,285		263,086
Proft and Loss Account				560,285		263,086
SHAREHOLDERS' FUNDS				560,285		263,086

For the year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities:

• The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

• These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

On behalf of the board

Mr J P Andrew Director

Dated

………………………………………………….

The notes on pages 6 to 7 form part of these financial statements.

Page 5

The Pearson Silver Foundation Notes to the Financial Statements For The Year Ended 31 January 2021

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.

1.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold No depreciation

2. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2020: NIL)

3. Intangible Assets

	Other
	£
Cost
As at 1 February 2020	203,052
Additions	35,743
As at 31 January 2021	238,795
Net Book Value
As at 31 January 2021	238,795
As at 1 February 2020	203,052

Page 6

The Pearson Silver Foundation Notes to the Financial Statements (continued) For The Year Ended 31 January 2021

4. Tangible Assets

4. Tangible Assets
		Land &
		Property
		Freehold
		£
Cost
As at 1 February 2020		68,000
Disposals		(68,000	)
As at 31 January 2021			-
Net Book Value
As at 31 January 2021			-
As at 1 February 2020		68,000
5. Debtors
	2021	2020
	£	£
Due within one year
Other debtors	74,222	3,298
VAT	5,254	604
	79,476	3,902
6. Creditors: Amounts Falling Due Within One Year
	2021	2020
	£	£
Trade creditors	8,499	8,500
Directors' loan accounts	8,160	4,660
	16,659	13,160

7. General Information

The Pearson Silver Foundation Registered number 7074544 is a Private Limited company by guarantee without share capital use, incorporated in England & Wales. The Registered Office is 12 Highfield Road, Pinner, Middlesex, HA5 5LA.

Page 7

The Pearson Silver Foundation Trading Profit and Loss Account For The Year Ended 31 January 2021

		2021			2020
	£		£	£		£
TURNOVER
Donations			296,672			16,040
Royalties			106			184
			296,778			16,224
GROSS PROFIT			296,778			16,224
Administrative Expenses
Rent of vault		3,005			2,816
Repairs of silverware		-			153
Printing, postage and stationery		303			296
Printing		-			404
Advertising and marketing costs		170			733
Exhibitions		-			650
Training seminars and workshops		-			125
Website costs		-			165
Accountancy fees		731			1,026
Charitable donations		-			600
Sundry expenses		-			(1 )
Sponsorships		2,250			1,000
			(6,459 )			(7,967 )
Other Operating Income
Gift Aid tax recoverable		6,825			3,298
Reimbursements of costs		50			-
			6,875			3,298
OPERATING PROFIT			297,194			11,555
Other interest receivable and similar income
Interest receivable		5			10
			5			10
PROFIT FOR THE FINANCIAL YEAR			297,199			11,565

Page 8

CHARITY COMMISSION J FIJI ENGIAKI thf) WALES Independent examiner's report on the accounts Section A Independent Examiner 5 Report Report lo the tru8teesl m•mb•rs ol The Pearson Silv•r Foundati¢)n On accounts for th• y•ar •nd•d 31 January 2021 Chartty no (11 any) 1136757 Sel out on p•g•g I report to the trustees on my examination of thé accounts of the abov• charty {Ihe Trust-) fof the year ended 31101 r2021 R￿pOnsIbl11t1•$ •nd ba515 of r•port As the chartys trustee8, you are responsible for th• prepamion of th• accounts in accordance wrth the requir8ment8 of ihe Charities Act 2011 rth8 Actl. I report In respect of my examinabon of Ihe Trugt's accounts carried out under sectson 145 of the 2011 Act and in carying out my examinalion. I have followed all the applicable Direcbons given by the Ch4rlty Commission under se￿50n 145{5)(b) of the Acl. Independenl tThe charity's gro33 incorne exceaded £250.000 and l am qujlrfied to •xamin•rf8 8latornont undortake the examination by being a qualified m•rnb8r of [insert nam• of applicable listed bodyll Delete I l if not ap￿kable. I hwrfe completed my examination. I confirm that no material rnatters have come to my att8ntj.on in connoct.on wrth the eXam￿ation {oth8r than that d￿￿OSed b•l(M ? whlch gr¥•8 m• ¢aus• to bdw• Ihat In, any material f•speci.' the a¢￿U￿t￿9 rwd8 wef• not képt in acc4)rdancé with saction 130 of the Chanties Act., or Ihe accounts dKI not accord with the accountin9 records.. or the accounts not compty wrth the applicable r•quirement$ conceming the form 4nd content of a¢counts set out In the Chanty'ej (Accounts and Reports) Regulations 2008 other than any requirement that the accounts gtV6 a 'true 8nd fair, vthv which Is not a mattef ¢on$idered as part of an indèpèndént examinab'on. I have no conc•ms and hAve come across no other mallers in connect￿n wilh the examination to which attention should be drawn in thi5 report in Ofdar to ènable a pr¢)per understanding of the accounts to be re8ch8d. . Ple8se ¢Yelele the words in the brack8ls if thay (k• not apply. Slgned.. Dats: N•m•: George Kyriacou R•l•vant prof•sslonal qualrfication(s) or body IER Oct 2018

(ff any): Addr•ss: 14 Highfield Avenue Pinner HAS SLA Section B Disclosure On.1 caryple e .. .".e GX*7Th.fiF.' (see CC32. Independent examinat]on of charty accounts. direcbons and guidance for •xaminers). GOI I￿rr. Give here brief details ol •ny itgms that th• •xamlner wlghm Io disclos•. No oreas of con¢em. IER Oct 2018