THE SILVER SOCIETY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Registered Charity No. 1143159 Company No. 07582798 Registered office.. 2nd Floor Regis House. 45 King William Street, London EC4R 9AN
THE SILVER SOCIETY TRUSTEES. REPORT FOR THE YEAR ENDEO 31 MARCH 2024 The Silver Society is a company limited by guarantee Ino. 075827981 and a registered charity Ino. 11431591. The guarantee of individual members is limited lo £1. Its objects are lo advance the education of the public in the study ol silver and gold articles of all period5, places and kinds, and lo further public knowledge and appreciation of them. During the year the Society was governed by a committee, elected al the AGM of Ihe Society, whose members were.. President Tim Schroder Chairman Kirslin Kennedy (Arthur Drysdale retired 271h November 20231 Margaret Brooks Jonathan Ellis Sgcrelary TreasLtrer Other members" Georgina Agnew. Luke Delmas. Arthur Drysdale, Howard Jones, Lucy Morton, Emma Paragreen, Andrew Paterson, Chiara Scotto Pasanisi dei Foscarini and Emma Woods. Gordon Hamme, Matthew Hirst and Alice Minter resigned during the year Reerui(menl and a ointment of Iruslees The Iruslees. who are also directors of the company, consist of the Chairman, Secretary and Treasurer. The Chaimian. officers and members ol the committee are elected by the members In general meeting. New trustees undergo orientation to briel them on their legal obligations under company and charty law, the decision-rnaking proce5se5. the future plans ol the Society and its financial position. Risk mana emenl The Committee formally considered the various risks lo which the Society is exposed and has taken appropriate steps lo miligale these risks. Such a review is made annually. The Committee are confident that thè Society have sufficient resources lo weather the current economic climate. anisational structure During the year, the Society was govemed by a eornmillee elected al the AGM c)f the Society The Society also has an Advisory Board, members of which are available lo provide advice conceming the policies and activities of the Society and on the editorial conlenl of Silver Studies. the Society's annual journal. The current members of the Board are". Ellenor Alcorn. David Beasley. Beth Carver Wees. Christopher Hartop, Rod Kelly. James Lornax. Dr Tessa Murdoch. James Rothwell, Dr Lorenz Seelig, Nuno V8ssallo e Silva and Matthew Winterbottom.
THE SILVER SOCIETY TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Icontinued} Activities achievements and ubli ben The lunds raised by the Society help lo support the Society's 3clNilies and sponsorship. During the year the Society published one jOVTnal and three newsletters and educatsonal study visits lo private and public collections continued to attract a lot of interest. The Society continued to organise a series of le¢lures via Zoom, which were well and widety supported. The Early Career Sifver Group was sel up lo encourage and holp youngor p8opl8 int8r•st•d in silvèr and those beginning Ihgir involvomont %wth silver", ils Fngmbership has steadied al 30 and rt continues lo flourish. The Iruslees have considered the Charity Commission's general guidance on public benefit when planning future acliwties and how planned activities will contribute lo the aims and objectives they have sel. Review of financi l actiwlies For the year ended 31¥t March 2024, ttle was a nel 8urplus on the Society's General Fund of £4,198 12023.. deficit £1,7821-, the turnaround largely due to a CtIon in grant applications and higher depos11- inlere$l rates. The Society made a gain of £8,887 on ils inveslmenls12023". loss £2.6571. The Endowment and the Research Funds were credrted th bank interest and investment inrne of £225 and £1,612 respectively, plu5 a donation of £650. The Research Fund (includin9 Barker Bequestl made no grants in 2024 12023.. £12.4161. Other grants and prizes lolalling £5,047 were made in the year12023." £6,000) At the end of the year, the Society's total funds amounted lo £213,45712023'. £191.6161. The sIety has also re1Ve a magnificent legacy Irom one of ils fornier members. Tim Kent. The estate 15 Still in administration and rt is loo earty lo assess ils value at this tsme. so the bequest Mll be reflected in next year's aOunts. by which time we will have a clearer as to how it can be applied. icies The consliluth.on of the Society does not impose any restn'ctions in respect of investment policy. The Trustees used to maintain all Investments in the fom of irrterest-bearing dep0511s, bul overthe last six years they decided lo invest £97,500 with COIF Charity Funds in view of the very low interest rates available. The Society aims to maintain the General Fund al a level at least equal lo the ordinary expenses for publications, management and administrats'on lof tsyo years. Approved by the Trustees on 29th May 2024. K4'rslin Kennedy (Chaimanl
THE SILVER SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SOCIETY I report lo the charity trustees Dn my examination of the accounts of the charitable company for the year ended 31 March 2024. Re$pon$ibllitie$ and basis of report As the charity Iruslees of the wmpany land also its directors forlhe purposes of company lawl you are responsible for the preparation of the accounts in accordance wrth the requirements of the Companies Act 2006 I'lhe 2006 Acl'l Having satisfied myself that the accounts of the charrtable company are not reqLJired lo be audited under part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your cornpany's accounts as carried out under section 145 01 the Charrties Al 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under sèction 14515llbl of the 2011 Act. Independent exarnlnerfs statement I have completed rny examination. l eonfirm that no matters have Come lo my attention in conneelion with the examination giving me cause lo believe that in any material respect.. 1. Accounting records have not been kept in respect of the company as required by section 386 of the 2006 Act. or 2. The accounts do not accord with those records., or 3. The accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examination.. or 4. The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in a¢cordance with the Financial Standard applicable in the UK and Republic ol Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. John Howard FCA For and on behalf of Azels 2nd Floor. Regis House 45 King William Street London EC4R 9AN Date..
THE SILVER SOCIEri STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2024 Note5 General Endowrnt Research TOTAL 2024 TOTAL 2023 Fund Fund Fund INCOME FROM from generated funds Members, activities Saig of publit8tions Inv8Stmant Incorne 29,026 29.026 16,489 Dividends Bank inièfyst 2.007 1,969 33,002 1,246 3,263 2,560 ¥839 3,252 869 20.610 225 225 1,612 from charitsble activitie5 Subscriptions- fvll mèmbers Journal 5ubscriptsons & sa$ 21,168 3,042 24,210 21,168 3,042 24.210 21.345 3.277 24.622 Income tax recoverable Donab'ons 3,140 208 27,558 3,140 858 28,208 3.077 1.754 29.453 650 650 TOTAL INCOME 80,560 225 2,262 63,047 50,083 EXPENDITURE ON Cost of generatsng funds Membe15' activities 37,483 37,483 28,044 Chantsble adivities Journal Newsletters & leafbl Grants & prizes 9,361 2,741 5,047 17,149 9,361 2,741 4,297 18,399 11,949 2,096 18,416 32.461 750 750 GtsVernan costs 1,730 1,730 1,610 TOTAL EXPENDITURE 56,362 750 55,612 62.115 NET INCOMEIIEXPENDITUREI AND NET MOVEMENT IN FUNDS FOR THE YEAR 4,198 225 3,012 7.436 12.052 Gains Ilossesl on investrnent assets 8.887 5.439 14,326 4.305 Total funds brought forward 129.031 8.153 54.512 191,696 208.053 TOTAL FUNDS AT 31 MARCH 2024 142.116 8.378 62.963 213,457 191.896
THE SILVER SOCIETY BALANCE SHEET AS AT 31 MARCH 2024 Note5 Gereral Fund Endowml Fund Research Fund TOTAL 2024 TOTAL 2023 TANGIBLE FIXED ASSETS Chaimian's Cup Inv8strnents 7,920 81.222 89.142 7,920 131,480 139,400 7.920 117,153 125,073 50.258 50.258 CURRENT ASSETS Debtor8 and prepayments Bank balance5 17,074 49,416 66.490 17,074 73,499 90,673 14,871 ,700 105,571 8.378 8,378 15,705 15,705 CURRENT LIABILITIES Deferred income and acuuals 13.516 3.OCQ 16,61 38.948 NET CURRENT ASSETS 52.974 8,378 12.705 74,067 66,623 TOTAL NET ASSETS 142.116 8.378 62.963 213,467 191,696 RESERVESIFUNDS 10 142.116 8,378 62,963 213,467 191.698 F the year ending 31 March 2024 the Company wa$ entrtW to exernption from audit under section 477 of the Cornpanie$ A¢t relatirvJ 10 small Compan8. The member$ hav• not required the cornpany io obtain an audit in ac¢ordan¢e seGtion 476 of the Compan$ Act 20C The trustees acknowledge their respon$bi ill15 for". ensuring th81 the company keeps accounkng re¢ord$ which ¢ompty *ilh Sectrofis 386 and 387 of the Cwipanie5 Act 20 and preparing finanal statements which give a true and fair view of the State of affairs of the chantable company as at Ihe end of each financkql year in accordance with the requirements of Se¢tityns 394 and 395 and which otherwse comply with the requiremen15 of the Companies Act 20C6 rektr'ng to financial slaternents, so far as apptKabkg lo the Charttsb company. The financial 51atemen15 have been prepared in accordance with Ihe 5peGial provksion5 of Part 15 of the C¢)mpanies Act rdating ta srna11 Charilable ¢tynpanies. Th• finan¢ial statements were approved by lh• Board on . .. and were syned on its b•half by." Kirstin Kennedy Chairman onathan Ellis FCA Hon. Treasurer
THE SILVER SOCIEr( NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES 80515 of prep&f81m The finanoal staiem8ni$ of th• Chanb mpanY. which is a public benefil eDlity undor FRS 102, have boen prepared In 8¢¢ry¢Ance Wlh Ihe Charilies SORP IFRS 1021"Accounbny and Reporting by Ch3rilies Slalfjnwi ol Recommended Prt8, 8Fvlicable io chaTrli85 prepBNng their 8c¢ounts In accordance with the Fin8nci81 Rering Sldndard opplicab In the UK leffectW6 l J8nu8ry 20151 and the COmnI¢S Act 2006 The finanrjal slaternen15 have been prepared vrer8 hi8ior¢81 cosl conv&niv)n with the exceffjiDn of InwBfftenls ¥hiGh are ITlUded 81 mark value Fixed 88Sèt8 Additions ID fixed asseis gie ¥tten off In the year In which they >rt Incurfed unless the amounts Invokrfed are m8ieftai, In which case IW are caprta115ed and 48pre¢iai4 oY$r thwr estirnated useful kfe. InveAtmèntS Invesiffleni asse15 are IDGludBd in th8 fn8ntyal $181ements at their market vale Al g4iDs and bsses on In¥eslm8n15. both realised 8nJ unre•lised, 8re re¢ognised In the Stalemenl of Finanty81 Activ5. In¢tyThng rèsouiC•S I In¢oming resources are InCILed In the accounts when e Charity Is eniiiled lo the Income and the amDuni ¢8n be quanfied %lh reaabL awJr8¢y Tne foiiown9 $peofi¢ w11c5 are Hppliqd to Paniwlar caan9$ ¢f inco Vdunwy Inwmo donations al3 In(>Jrne don*iions IS accounted for when received Lwecies are included when the Ch#rily its &Owged Ihat paymernl wll be rnade and the ¥mount Involved can be quant1fied wlh ro¥8on8>YÈ ¢ert8inty AthVilk5 forgeneratsn9 fiJn4$ induOeS Ineomg from mefflèers. activities a5 Wtii 86 incomo from tho sale of good5 and Is accouniod for on A receivable basi5 Incoma froffl sUb$¢n1¢ns 8r¢ r8¢ognised on a receipts basis In¢wowCh rela$ to A fvrturg BCCOUDting pertd d•tsrr•J 10 bé recognised In th8 suLwuenl •cn11n9 Wmd Resourttr expendèd ExpBndilu¢ 1$8¢counted for on an acuu31s b$sis. The IrIO8r8tye emeThI of VAT 15 Inuded the Item of eXnSe lowCh Il reLvles. Ch$ntabl• 8xnlture compnses Ih¢8e ¢o$i$ Incurréd by the Charity in delivery of 115 aGINitS and servKe5 for 115 benefvane¥ 11 In¢lude$ both cos15 allocaled direcuy Io SL a&wrtie$ and those cost5 of an Indirect natu The¥s9ry to support them Gr8nls payable Bre accounted lorvn the Ch8riiy 1$ committed to paying them and legaiiy tsnoing ¢ommiimènLS are incled as curreni IiaDilili8$ WhÈ(fr Piornises of financial supporf h¥ve been gi¥&n, bul $u¢h offèrs Arecond1tsoDal QT di¥uelion3ry. $u¢h grant$ are recognised as expended wy wndil1S hove been mel OT de081 h8$ Oeen made 10 mahe ihe Pllyfnenl. GovernOn costs are ManlY •8swiaied conslrtulional and slalLrtory r8guiremonls. Cosls arè aio¢4itd b&tween cosl calegone5 accordiny lo n81ure of the ¢051 DelBile(I alys15 ol ¥llo¢ation of the costs 15 given In Note 3 beityw Tax?Ik)n Thè Chanty is a regr&lereLI ¢haniy and Is th¥doie enlilled lo exemptitrOM cora110 tax Dn ils ¢h•riwNe Èchwtses
THE SILVER SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Funds Re51ricied funds- these are funds thai rAn only be used for sw&fic resvthd purposes within thè objects of the Charity Resiriclions arise 5peafied by Ihe donor or where funds art r8158d for partscular reslricled wrpDSes. Designated funds- Ihese are fund5 Sel ade bylhe Iwsieas of unrestiicted oerral fund5 for speofied lulure purrx)5es or w(4ects. Unreslrictl gener81 funds- these are fundShh Gan be uwj in aturdante Ylth the charrtae objects atthe discl)n of IheiDJslees Going conom The Truslee5 Contin 10 iakt all available steps 10 m8intsin suffiryenl resources in order Ihatthe Charty Can continue 8$ a going eM and meet the of its ben8foarfes and credllors Consequently, the Trusteès haye a reasonabl& expe¢"0Tr that the Chanty will have 5uffiuenl funds to continue 10 meet Ils IL3bililies as Iheyfall due for Ihe fofftseeabie fuluie and Iherefore hav8 pr8pared the financial stalements on a going concem b8SIS Mwnbers. ac11¥115 Duriry the year meMrS oflhe Sotyety undertook various vis41& in the UK 8nd ran a siere0Ur8e an overall surplus ar05e zs folkiws". 2024 2023 Incoming resource5 from 8GbwlE5 DI¢1 cosls N81 Income 29.0 22,647 6.479 16.489 10,305 6,184 General fund resour e¥pended Direct cosls Support costs Tot• 2024 Total 2023 Cosl of generaiino funds". Membets, act1w15 22,$47 14.936 37,463 28.044 Charttabk 8ctIv.eS.. Journal Ne¥%8lellw Grants & prizes 9,361 2.741 5.047 9,M1 2.741 5,047 11.949 2.096 8.000 Govem8nce cosis" Independent examinab fee. etc 1.730 1.730 1.610 Total resources expended 41.426 14.936 56,362 49.699 Support CO515 ¢ompri5e Rwm and meeting exwnses P051age. Stab&ry and storage IT and website. iKludino upur8dinp 10 dale Bank and simi18r transaeln charges Other c0515 7,948 1,562 3,274 6.746 1.509 7.yo 1.930 B17 981 14,gJ6 16,$42 Costs reLqtsnG to a partiGulOf are althaied directly vthilsl supportrSts are apw)rtioned on èn 8ppropn8le bas15
THE SILVER SOCIEr( NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 51 MARCH 2024 Gr8nt¥ Gr•ms. pr5 bursAne¥ ofÉ5.047120Z3- £e.CNXI weo aw8rded Outing Ih• yw No gr•nlswere llw4rded tylhe Re8rch Furnd12023- £12,4181 and 8 Prov1 f¢r£750 w•• rekned dlh ofa gr•rf• Trustew, rèrnunerntion and w8n3e5 No refflunwatson dir&uy orithyirecuyw86 paid toany Irust88 u 10 perso knwn lo b• nn•d th y of th•m Exc•pt fDr•xp•D5. Ineurlod by tho Ipusiées ès agarlts Iho Chariiy. no wmbuT69moni h1$ bogn m•09 ry ps due to be to any IfUtsts8 I.MPriSIng pnntyo•lly oo8t8g•. •t•tr•n•ry •n nling costs and event toslsl. The Chirmh's Cup li r•9atd•d as h8n0 • U80fv11rfoof In exus5 of SO Ye0 50 Is depretiatsd. lTrveslmenlS NofurthorfUndiWa Inv88i•J In 1hg10s1 fin41 ywr12022-£45,OODI. ¥alu• CQ8t COIF Ch•nts8$ Inve81moni Fund Inc4Th• urn15 COIF Ch•ithes Globol Eqyrfy Income Fund lrtorno units 61,722 69.710 131,4aO 48,750 48,750 97.500 R•search Fund elomont 50.258 42.$00 Dgbiofs 2024 2023 Incomg lox r¢cowable Outstandityo subptiONS 3.t36 765 13.100 73 3,076 3,1SS 8,298 3$2 Oth 17,074 14,871 Dof•md Inrm• •n¢ 2024 2023 D¢fèrtyd Ineomo Accruals 2.713 13,104 28,211 10,737 16.516 38.948 Deferred Ineom8 wMpn8•s m•mb¢rIP and demita r•l8lAlglQ k4t•r y•¥•. 10. Fund¥ The General Fund K8 an unr8$incted fiJnd. %hereas thè th Endowm8nl and Rest• Fund$ •r• strad nds The Erdov¢m•nl Fuhd 1$ pnh)P•lly Iniènded io facilii•ts putlution5 silvqr Tht Rèsa8r¢h Fund Yd ¢gW9nrt to belp &lverr•tsrch pro 8Thd now Includes itte Robert Bèrk*r b8qU8$1