## **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