SILVERSOCIETY FINANCIAL STATEhlENTS FORTHE YEAR ENOED 31 MARCH 202S RegiSteBd Charfty No. 1143159 Company No. 07582798 Registered officp.. 2- Floor R￿15 House, 45 King Wlhqm Street. London EC4R a4N THE SILVER SOCIE TRUSTEES. REPORT FOR ThE YEAR ENDED 31 MARCH 2025 Thè Trust￿ prEsentltstr 4nnual report and forlhe year ended 31 March 2025. Thè Sifvor SorAety is a ¢omp8ry limited byguaranteÈ Ino. 075827981 and a Eegiste¥ed chadty Ino. 11431591. The guarantee ol [r￿mdU21 members is limited lo £1. Its obieas art to advan￿ the education of the public In the study of silver and gold artides of all periods. placès and ￿nds, and lo further knovjledge and appreciation of them. txwirva the yearthè Society's activities were organi8ed by a committee. elected al theAGM oflhe Sodèty. whDse memtr*rs were.. PreS￿ent Garelh Harris Chaimian KiBlin Kennedy Matgartt Brotrks Secretary T￿asur0[ Jonaih8n Elli8 Otr*r members." Georgina Agnew, Anlhony Bembaum. Luke DÈlma&, Arttxjr Dry5dale. Howard Jones. Lucy Morton, Androw Paterson and Woo05. Emma Paragreen and Cl￿￿[3 SG¢tto Pasani81 dei Foseartm re*oned d￿n9 Ihe year. Recwilmenl and a The Iwslees. who a￿ also diredors oflhe cornpany. ¢onslsi oflt* Chaitman, Secretsry and Treasurer. The Chalrnian. offitérs and members oflhe ￿mmiltee are elected by Ihe members in general meeln9. New irustees underuo ¢rEnIoti￿ lo ￿leftheM on Iheirle9al obligalK)n5 uTh*r cornpany 8nd eharty law, tt)è dtrtisK)n4nakiry proc*sses. Ihe pl8ns oflhe so￿ety and ts finanrAal po￿tion. na The Commlttee lom1￿￿(onsKlered Its warioys risks lowhkh Ihè Society 15 exposed and has taken apprw8tt steps ID mibgate these risks. Such a re￿eW 1$ made 8Mually. The Conmnitteè *e confident that the Sooety have sufficKgni resoutcestoweather the wrrem èCOntxn￿ dj'mate. anisational G Dwn9 the year. the so￿￿ty,$ 8L%iwlies were organi5ed by a wmmittee 8￿￿ed at the AGM ofthe Society. The Socjely also has an AdvLqory B081d, members of whth are available to provide advlc8 concemino Ihè p￿1£￿￿8 and grA￿lbe$ of the So￿ety and on thE edil0rf81 ts)ntent of Silver Studies. the Society'5 annuallwmal. Tr Gurrenl member5 ofihe Board are.. EllenorAcotn. Damd Bea51ey. Beth Carver W888. Chrbslophèr Hèrtop, RC￿ Kelty, James Lomax, DrTessa Murdoch. James Rolhwe#. Dr Lorenz Sedig. DrTimolhy S¢hroder, Nuno Va55alo e Silwa and Matthew Wntesbottom. The funds ralsed by Ihe Society help lo support the so￿ety's actlvrtles 8nd sponsotshlp. tmjring the yearthe Society publlshed one j¢um818nd three newsletters and educatron81 study visits lo prwale and public collech￿S conlinued lo altracl • lol of inte￿$1. The So¢￿ty ¢onlinutd io or9anise a Series of lectures. whlch were well *)d widety supported. The Early career 5ilvei Group was set up to 8ncotsraoe and hew younger ppople inlere51ed In sikn and those bègiming their wiv0￿ement w￿h *fver, Ils membership has steadied al 26 and il Continues to flourish. The twsteÈs have considered Charity CoMm￿s1On'8 9t￿[￿1 guKlance on public benefit when planning firture aGtnpilE5 and how plann2d acb¥it￿S (along wfth prize5 ar￿ grants awarded) wiu coniribuie lo the •rrL5 and olectsves thèy have Set THE SILVER SOCIETY TRUSTEES. REPORT FOR THE YEAR ENDED 31 hAARCH 2025 Icofflin Remew offin For the yegrended 31* March 2025. there was a defich on the Souety's Gerer81 Fund of£14.30012024." surplus £4,1981.' the tum8round largely due lo a sub¥t8ntial increase in the level of oranls awarded. The Swiety made a105s of £4,405 on its Snveslmenis12024." gain £8,887). The Soriety wgs 91sOthe benefiuary of a most oenerous bequpBtfrotn Past Chairman Timothy Kent. who much of his ￿lleCtIon plus ￿e remainder ol his est8le 10 the Society. Some of the cdleclion is Inlenrted for display in local tnU5eum5 and this 15 work in progress.. the remainderwill probably be sold. Overall. Ihe total value ol the beque$l could be in Ihe règlon of É1.5m and ￿ in a In his memory. The pnnupal costs to date have been wrfh reg8rd to the bocth on co1￿L*lon. plus grants to Ba￿￿t3p￿ Museum and lo the Attingham Trust of£50,000 £5,300 r9SP8¢tsvety. The investment income of the ￿￿erfundS and the granls awarded by them are shown In detail in note 10 to the finaryial stslements. At Ihe end of ihe year, Ihe Sotsety's total ￿n￿$ arnounled to£1.484.73912024'. £213.4571. The *gnffiGJnt irwase is & reflection of the magnifi￿nI bequest trom Timothy Kent. Constiiuibn of Socw does not impo$e any rfjskn¢t￿ns In r6sp8Ct oflN6sthieni policy. The Socw Invests wt oftts reserve5 n e4Urtie5 through CCLA. as a *ay oftryinp lo proied ts assets from the impacl of inllatson while attr8diw a ￿agOnab rtrtum. Reasonable Bums are feft on deposit lo meel any short 10 medium tèrm demands. The Society alms lo maintain tr* General Fwd at a ￿Ve4 al ￿45t equal to the ordin8ry expensesfor PU￿1¢8￿0nS, mAnagement and administralKin for two yearn. Trustees Iwho arè al80 D1￿CtorS of $i￿r Soaety for the purposes of company lawl are responSi￿e forpreparin9 the Dlrectors. report and financial st*ments in accordance WI￿ appIl￿ble law and Unhed KirgdomA¢(thnting sta￿la[￿s (UK Ger*rally Accepted ACC￿nIng PrncI￿el. Crynpany law requirgs thw Qirertors to prepare financlal st*ements for eath fjnan¢iÈt year. which give 8 true and f81rwew of Ihe slate of affairs of the charitable cornpany arKJ of tt)e irttomtr and expenditure for that perio¢. In prepanty these finarrial Staiemerts, the Diieciors are rfrquired lo.. sele(a suitaue 8¢¢ounting poliG4es aThl Ihen apply thern consisteftUy,' observe the methods and prinoples in ArKounbrvJ and Report￿¢ by Chadlies". S18t8ment OfRe£￿￿mended Practice Applicable lo c*arfties prèparin9 their aCc￿nts ￿ accordance with Ihe FinarKial Reportlng Slandard applicab￿ in the UK aNJ Republic of Ireland IFRS 1D21.' make judgements and e$iim&es ihai are reasonatAe and wjdent.. stattr whether applicable United Kiwdom Account1r￿ Stsndards have been foll¢Med. subjed to any material de￿rI￿res disdosÉd and explaine{5 in the finaniial slai$menls', 8nd epare the financial statemen15 on the giro COn￿M basss urt8ss il is inappropriate lo presLYne that the charty w continue in operati￿. THE SILVER SOCIETY TRusfEES' REPORT FOR THE YEAR ENOED 21 MARCH 2025 IcontiAuedl The Directors are r05ponsltdo for ke8phig adoquaia accoLmlng réco￿1$ disclose r¢a50rTrable accuracy 81 any tlmtrthe rinan¢ial PO*lion of the chaDlable Gompany and enable them to ensure that the finan￿31 $t¥lements ¢omply wilh the Companp5 Act 20C6 and the Charitiès A¢1 2011. They are akn re5wnsibie for Saf￿U8rdlng the assets ¢fthe ctorttabie corrwy ￿nce fc taking reasonable steps forthe prevention and dele¢b"on of traud and Other IrregUlar￿e5. Auditors Each oftr* pttsons Directoral the dale ofaFyo¥al oflhk report confim5 th8t.' so faras that Dlrectors aware. there no rdev8nl audll Snfom)ation of whith the tharilable C￿￿pan￿S aLKlitoris unaware, and the Dkector has taken 811 the steps Ihal they ought to have taken asa DirectDrto make themse￿￿ of any reltvant 8udil Inforrn8tion and lo &statdi8h thai tho thariiable companls auditor i& aware of that Information. This Gonfirmation Is ￿VeTh and should be inlelpreted in accordance vAth the provisions of s418 of the Companies Act 2￿. In wepanng th￿ rep¢￿t, IhB Dir￿tOrS h8¥0 taken 8dvants98 oftha small c¢mpanies exBmpdons wo¥￿￿0 by 415A of the Compan￿& Act 2006. 4>p￿¥8d by the TrL6tées ￿ 29 October 2025 rshn Kennedy Ichairrnanl THE SILVERSOCIETY Inde￿nIent•￿IIt0f¥ rnport to th• mèrnbor5 ofThe SlfvwSo¢lgty OpinioTr We have audAed the financial $lathmonts of The Sifversociety Ilhe'ch8ritable tomp8nll forlhe year 31 Ilarch 2025 whic* coMp￿Se the stalemenl of comWen￿￿e Ir￿Ome, the b4￿nCe sheet, fv slalernenl ofchanges in equSty and n￿e$ to the finano31 ststements. Including siunfficant a¢tounbng policies. Thefinawal reporting framthvork that has been ap￿led In Ihelr pièpar81iDn is applicable law and Uriled Kingdom Ae¢ouMin9 StandaTds. Ind￿lIng Financ Reportin9 Standard 102 The Finandal Repor￿ng Slandaid 8pp11eab￿ in Iha UK and Reput*c Of Ireland (United Kingdoffl Gererally Accepted Accounting Practice). In our opirwon the f￿￿￿IllI statemenl$.' attue and f8irview oftfÈ stsie oflhè thadtaUÈ ￿￿allY,5 8ttau5 a5 8t 31 March 2025 of11$ intornng resources and application of resources. including Ils income and expèndilure. forthe yearthen efjded.. havé l*èn property wepared accordance with United knn9dom Generalty Accepted Account￿rfJ Practice." aThS have been prepared in accordance with the requirements ofthe Companie5 2006. Ba818 lor oplnlon We c¢)ndutted our Audil In ￿￿OrdanCe Intem8ti¢n81 Standard& on Audib"ng IUKI IISAS IUXII and apF4lcat￿E law. Our responsibilllies under those standards are further describe(S inthe Auditof$ F8spon*tslM*s forthtr audit pf I rinanu81 slalements 5eclion of our report. We are independent of the Charitab￿ company in arTh)rdance with the elhc81 re4uirernen15 Ihal are relevanlto our audil of Ihefinanual siaiemÈn15 Inthe UK. Induding the FRC'S ENcal Standatd, d we h8%E our otherethical retsponsblities in acWrdan￿WlIh It￿e requifements. W& believethal audit ?￿de￿w￿ have obl*nèd is sutficienl and apprrpriale to p￿￿de a ba*s fty our opinion. Concluslons Fglatlng to 9olno eoth¢•rn In auditing the finaneial statèments, lye have condLkled Ihal the Trusfre8' us& of tl* goiry fA)ncem ba￿S of a￿Unting in the preparation ol the finan￿￿ 5talemonls is approwi81e. Ba88d on Ihework we ha￿ perfonNed. we have not idfynti￿ any Mate￿al un¢èrtaini*$ relating to events or condllv)ns thaL lnd1wdual￿ or ¢oileGtively. may cast $19nificanl doubl on Ihe charrtable company'5 ability lo continw a5 8 going Con￿rn fora period ol al least ￿efve rnonlhs from the ffinanci￿ slalemenls are authorlsed for issue. Our Te$pl￿1b1l￿fys and Ihe respon$4bllilfd8 of the Tru51ees with respect lo concem are deS￿bed In the re￿¥?￿1 s6ctSons ollN$ r8POrt. Other infornilltion Ta8 oihgr InformaUoD ¢omprL8es thè infarmalion induded In the annual report otrtsrihan the flnanci&l slalemeD15 and our audilo¢s report tt*reDn. The Trustee5 are responsible forth& other Information conlained wdhin the annual report. Our opinion on thp financial slalem8nls does Mi cover the otr*r Inforrnauon and. except lo Ihe e￿ent 0lherwi$e explicrtty staled In our rep￿1, we do not express Ényfotm of a55Uror￿¢ condLK3ion Ihereon. Our ￿SponSIbl11ty ￿ to read the Olher informatron and, in 50. CQn5iderwhelher the other Infoimalion ts maierialty inCDn&slenl wilh the fin8wal statements orour knOw￿dge obtsined In the Course of ihe audrt. orOtr*Th￿se llpp2ars lo be malerk4lly misstated. Ifwt idenlfy SL￿ malerial bi¢on$islencies oi apparenl rnaierial misstalements. we 8re required lo dètermine whether thls gives rk5e lo a rnèlerial mL88taieff*ni In the ffinanci￿ statemen16 themselves. If. based on the wotk we have perforrred. wt undude Ih81there 18 a material misstslernent of Ihks olh6r infomalion, we ale iequired lo report thai fact Indopondèht audltorfts rèportto thg rngmbgTr ofTho Sll¥orSodaty leofiVnu¢4 We have nothir¥J to report ￿ this r4ard. Oplnlon$ on other mattsY8 Prn8trfbod by thè Comp4nt¥s A¢t 2WS In our 00nk￿. basèd onthe wvrk undertaken in the courseof our 8udil'. infomation g￿en in Ihe Tnjstees. report Ihwiporatino the Dtre¢tors' report) forthe financ4￿ y88rforwhlch the financial slalemenls afe prepared is con&i51enl with the finand￿ slalements," and the Direclors. report has prepared In a(th[dan￿ with arpluble kpal requlroments. Mattors on whl¢h wg 8r0 vg4ulrvd to rnport by •Xcep￿0￿ In the light of the knOw￿dge underslandirvJ of char￿•b￿ company and Ms eMronfflent obtainpd in the course oflhè audL VR have not idefjlified material m15St&tsments in thtr Trustsè8' report. We have nolhirKJ lo report h raspètt of the following matters Sn relatitsn to which Ihe Companie5 Act2006 requlr65 us lo lo you If. in our opinlon.. 8dequale a(tounling re¢oriJs have not been kepl or retums adequate forour audit ha¥e not been re(w￿0 from branthes not by u$.. or the finanti81 &laternents are nol in agreement wth thè èw)untirvJ record$ an¢ retums.. or £ertain disdosure5 of tXreraor5' reMU￿ratIOn spe¢rfEd by law are not made.. or we have not re￿1ve￿ all the lnfoftnat￿Th and ExplanalKin5 we requre lor guraudrt.. or the TDJsl885 were not eThI*￿d lo prepare the fnanfyol slalements in accordance wilh srnall compark¥' regiffle and lake advan13ge of the 5rnal cornpank8s' exemptions in preparing thg tlreGtry5' report and from th8 requirement to prepore 8 slrawc wort. Rospon6Ibll￿os of Trusts As eX￿ained more fully in the Tru$lees' responsibililiè$ siai*nenl, the Ttuslee5 lTrAho Sre al$0 the DSr8ctors of th& chanlable compary for the purposes of company lawl llre responsibk forthe preparath)n of thè fin8nck41 stateM￿ts and for king satisfied that they give a Irue and tslr Wkw. for Inlemal conird as IheTruslees determirB Is n&￿65￿ryt0 enatAe the preporalion of finanual 8latsments that &￿ free from rnalerrdl misststery*nl. wtttherdue lo frathl or error. In preparing thè fir*ncial statement5, the Tnkslee5 are T¢spon5￿￿ for asse8&ng Ihè charhab company8 atylty lo contlnL* as a gthng cvncetn. disck>w￿. as appts"cable. rnatters related lo conr*tn a￿1 uwThJ the going co1￿*[n basi5 of Rcryjunling ￿￿esS Ihe TN8tees eith8r lo ￿qUKIate the tharitab￿ company orto Cease tptrrations, orhave no to￿15b"¢ ￿lernal￿O but 10 do so. Aud410￿& rn8ponslblllUos for the of thg thn8n¢lal 8tatem•nts Our Objèct￿es arèto obtain reaSOna￿e assuran* about wl*lherihÈfMan￿￿l slalemenls as a wh¢le a￿ free from malerial mi5Stalemenl. whethgrdue lo fraud or effor, arwj 10 rs$ue an audRof$ report that Incjudes ouropinion. Reasonab￿ 8S8uran¢e is a higtri18¥è1 of assurAn￿ i5 not a guaranlee that an audtt conduL*ed in atcordar￿e with ISAS IUKI will ah¥ays deteLI a material mlsststsmenlwhen11 exists. Mi$slatem8nis can arise frnm fraud or eryor and are considered materi31 rf. Ind￿d￿allY or In the ag9￿08t￿. they could reasonatAy be expected lo thuence the ecDnomlcd¢￿s1Oft5 of us8r5 taken on the basi$ of Ihesefinancial stAtem8nl$. Afurtherdescripbon of our reswnytrAll*s Is avalabk on the Fin8ntral Rewbffj Counul'5 web5110 at.. htt 5.[t44V￿ frc Of Thk% d68cr¥>tion fotrns part of our8udito¢6 report. Ind8Pgnd•th 8u¢Jrtols voport ttsthe mBmb•r3 olThe SllverSo¢W l¢ontinu8dl Extenlto which th¢ oudltwa$ con$ld¢rnd Capab￿ of detectlng Irrp9ularftlos. In¢ludlng Ir4ud Irregularit￿$, ￿n￿￿dIng fraud. are InsianL*s of norkcomplisnce wrfh laws ar￿ regulatsons. We d8sbJn prncedures in L wlh our responsibilities. ovdined above and Ihe Finanual R6POrting Counc41's websile, to detecl material mi$sMements in r95pect of irregulartties, indudlNJ fraud. We oblaSn update our utbjerstsndlng of the eniny. rts actiMtk*, il& control *n￿r￿￿ent. and liketyftrfure de¥ebpmenls. I￿￿dIng in rdalion to the legal and regulatory framework applicèbk and the enlty is ctsmptying wrth that tramtrwork. 8ased on thi5 underslorKliw. we Klenlify and assess Ihe risks of matèrial ffllsslatemenl otthe financial slalernent5, ￿therdue lo fraud or error. desKJn and perfurrn audit procedures re$pon$ive to Ihose rtsks, *)d Obta￿ audit evidence that Is sufficient and apwppriale to pro*ide a ba$ls foi our opinion. Trls includes consideration of the risk of acts bylhè entity that were cmtrary lo applicabk laws and regulations. ir￿udITva frath. In response to the risk of he9￿a￿ty&S and nOn<￿n￿larK¢Witb ￿w$ and r8oLtslons, Inckrfjing fraud. we desvJned procedures which induded." Enqulry ofmanagornent and Ihose thaiged With goytrma￿ around actual arKI polenbal Itgalon and daims a$ wo118s acbJèl. su5peGled and ameged fraud.. Revthlng minutes offfleebn9$ ofthose charged wtth governante". Assessing the exient of COM￿lane* Wllh th8 laws and r8gulaiitsn$ Considered lo have a dlred material effe¢ton Ihe fin8ncaal staiements ts[t￿ operations of the charitable company through enquiry and in5pecbon". R8vWng ffnanctal statsmeni disclosffts and testsng lo support￿9 documenlaiion io ass￿ L*mpliant* wrfh 8ppIiGèble laws aThS repulalion5'. P&rforminy audit wotk over the rfsk of managemenl bias and ov6rnKl& of fxintro15, inrJvdin9te$ling ofjoLKnal entries other adjustments for appropriateness. evalualing the business rallon8le of transaction$ (*tsid&t￿ nomial ￿(￿Se of ￿{￿￿ne$s re*iewSng accountiNJ 88timatss forlndi(*1or￿ of potenliol bk4S. Bvcausg of thg inherent Ymll81Sor* of an audit thpre Is a riskthatwe wlll ry)t detsct all Irreg￿thes. IncbJdirvJ tThotse leadlrKJ to a material mlsslatemenl in the financial stalemenls or non40M￿lance with rÈ9ulalion. This risk Inueases thè more that Complian￿ %vllh a law IK regulallon * F8mov•d from Ihp events and Iron5sdon$ refiected In t￿ flnand statements. as we wil be less Iikety to becomt aware of tfiStan￿ ol non For and on behaff ofAzets ￿di1 SeNlces Stslutory Audilor. Charttrred Accounlatrts 2￿ Floor, Reyis House. 45 Kiw ilhlliBm Sl. L￿rton. EC4R 9AN THE SILVER SOCIETY STATEMENT OF FINANCIAL ACTIVITIES Incorporaliry the income and experKlilure account FOR THE YEAR ENDED 31 MARCH 2025 General Fun Trrnolhy Kent Mem. other TOTAL TOTAL Reslricied Fund5" FurKJ 2026 2024 Note8 INCOME FROM from generale(I (￿￿J8 IAember8' a¢tivNr&s 2.516 2,516 Investment In¢ome DI￿de￿¢S Bank interesl 2.047 2,077 6,640 11,158 2.221 13.379 1.271 14,476 4,906 21,898 3,253 1.879 34,839 frcTh charitable adimlies Subsrriplion$- full rTErnber5 Journ&l 5yb5criplion5 & saks 21,235 3,042 24.277 2.835 21,235 3,042 24.277 1835 1,398,612 1,425,724 21.168 3.042 24.210 3.140 858 28.208 Income lax recOvera￿e Donaliorts and legacies 10 1.397.772 1.397.772 27.952 TOTAL114COME 34.592 1,879 1.447.622 83,047 EXPENDITURE ON Cost ofgenerabng fvnds Member5. activit*s 19.420 1.515 20.935 37.483 Charitable acltrilies Jtyjmal Nevvsletters & leaffet Phoitsgraphy & book Gosts Grants & wzes 10.098 3.674 10,098 3,674 10,101 79.639 103.S12 9.361 2.741 10.101 55,3LN) 65.401 14,000 27,772 10.339 10.339 4,297 16,399 Govemgnce costs 1,700 12.1rM) 13.BOO TOTAL EXPENDITURE 48,892 79.016 10.339 138,247 55,612 NET INCOMEIIEXPENDITIJREI AND NET MOVEMENT IN FUNDS FOR ThE YEAR 14.300 1.332.135 8.460 1,309.375 7.435 Gains Ilosses) on nvestrnenl assets 4.405 30.979 2.709 34093 14.326 Total fund5 brougm fowrd 142.116 71.341 21J.4$7 191.696 TOTAL FLINDS AT 31 PIAR¢H 2025 123.411 1.3D1.156 60.172 1,484739 213.457 The notes M pages 10 10 13 fom part of Ihe5e finanual statements. THE SILVER SOCIETY BALANCE SHEET AS AT 31 MARCH 2025 Company m. 07582798 General Tlmolhy Kent Mem. Fund Restricted Funds TOTAL TOTAL Fund 2026 2024 Notes FIXEO ASSETS Henlage Asset5 Invè$tmènts 7,920 76,817 84,737 425.188 822.688 1.247.876 433,108 ?47,066 1.380,163 7.920 131.480 139,400 47.550 47.550 CURRENT ASSETS Debtors and prepayments Bank bakgn¢e5 5,483 60.558 66.041 6,483 180.460 186,¥43 17.074 73,499 90.573 103.280 103,280 16,622 16.822 CURRENT LIABILITIES Deferred inceme and accruaL4 27,367 so,000 4,ryJo 81,367 18.516 NETCURRENT ASSETS 38,674 53,280 12.622 104,676 74,057 TOTAL NET ASSETG 123,411 1.301.156 60.172 1.484,739 213.457 RÈSÈRVESIFUNDS io 123,411 1.301.156 60.172 1.484.739 213,457 The finanual statements have been prep8rÈd in accordance %Mth the s￿581 provbions 01 Part IS of the Companies Act 20￿ relating to small tharitable companies. The financial ststement8 were approved by the Board on io ? r and were svJneil on tts behaw by.. Kirstin Kennedy Chairman nathan Ellis FCA Hgn. Treasurer THE SILVER SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis ol preparation The financial 5tstemwrt5 of the chorilabk company. which is a public benefrt enlrfy under FRS fo2, have been prepared in accordarKe wlh Charilies SORP (FRS 1021"Accounling and Reportiny by Charibes.. Slalemenl of Rewmmended Praclice.. applica￿e to char￿leS preparing It*ir accounts in gccordan¢e ￿1th the Financial RepoMirvJ Standard 8ppli¢able In Ihe UK ieffective 1 January 20151 and CompanEs Act 2006. The financial slalernents have been prepared unikr the N51ortcal cost COn￿ntIon the exception of in¥e$knents wthich a￿ induded at market Value. FvAed assels ilions lo fixed assets are hyltten off in Ihe year h ￿1¢h they are Incutted unless thè amounts Involved ale materlal, in thich ¢a5e they afe capitalised and dep￿￿ated over their estimated Sef￿ Hfe. Inve51rnpnt5 Investment assets are Induded in financial 5talernents al their market value. AJI gans and 105se5 on Investments, both realiseo and unreali%d. are reugnlsed in ts Statement of Flnanclal A¢b¥Mes. Herltage assets- Collection Ipari of the Timolhy Kent Memorial Fundl Collettion is included in the finèncial slalements at ils probate value as a fEii18ge a$set. These 8$sets have li￿$ in excess of 50 yeats and a￿ not deVe￿ated bul sublecl to annual impaiTrnenl revw. Incoming resources I Incoming resourL• 4re In￿￿led in accounts Ihe Charty is ent￿e￿ to fv income and th8 amount can be quanlified vAlh reasonable 8¢¢wa¢y. The Idlo￿l￿g spec*fi¢ pdicifys are applkd to particular ￿e￿orIeS ol income.. Voluntary income Includes donalions legacies. Income fr(¥n d(￿al￿onS is accounied for when received. Leg8cies are induded the Chanty 8dwsed that paymernl wll be Ihe arnounl Involved can b& quantified vAlh reasonable certalnty. - AdivMes tor ger*rating fiJThl$ in￿v￿&S income from membeis, attiwb* 85 a5 income from the sale ofgoods and 15 axounled for on a T￿e1¥able basls. Income trom sub$cripts"ons are recognlsed on a recelpts basis. Inco￿ thich relatets to a future ae¢ounting period is deferr•J to b& recognised In the $th$equent 8ccounling pertod. Resou￿ expended Expenditure Is 8c¢ounled for Dn an acciu815 basis. The irreMverable 8￿ment of VAT ￿ included v￿th the Item of expense lo %vhich it ￿￿les. Charftable expendlluo ¢grnprises those ￿¥1$ incurred by thè Charity in ItE delivery of ils acifvilies and $ÈMos for it5 beneficiaries. It includes both c0518 allo¢aled directly lo such actwilie$ those costs of 8n Inthreet nalure necessary to supportthem. Grant$ payabk are acwunled forwt*n Charity is oornmitted lo payirp them and legalty binding ¢ommilmen15 are Ir￿￿yed as current liabilities. Wtrtre promises of financlal support have been given. bul SLKh offers are conditional or di5¢relionary. such grants are re¢ognisèd as eypended when any condllions have mel ordeasion has been made to make the payment. Go%*rnance Costs are prirnarity associaled %%ilh consliiullon818NJ statutory requirernenls. Costs are allocaie(I bet￿￿ cost categories according to the nature uf ts cost. DetailèJ anatysis of thE alloGalion of the costs 15 given ￿ Note 3 ￿ltsw. 10 THE SILVER SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Taxab"on The Charlty is a reyislÈred chatity and is therefore enlilled to the e￿mpli0nS from ¢orporabon18x on its tharilable aclivilie$. FuThJs Reslilcled funds- these 8re fijnds that can onty be used for speafic restisthed wrpose8 vAthln the objects of the Charity. Reslrrtsons arise vthen 5pecSfied by the donor or vthere funds a raised fLV patticular restricted purposes. Designaled funds- these are frjnds set aslde by the IrusièÈs out of unrestrtcled general fvnds for specified fulure Plxposes or woleeis or whith have been donated ¥￿th specbfic coThJllions. s￿h as Ihe Barker bequest aNJ the Timothy Kent Memonat Fund. Unresthcied general fund5- Ihese are funds thlch can be used In a¢¢ordan¢e ￿1th charitable oE4ects atthe diycrelion oythe IIu8lee8 Going concem The Tru8lee8 conllnuè to take all availaNe ¥teps to maintain Suffic￿nt resources in order that Ihe Charity can continue 8$ a going conceln and meet the needs 01 ft8 beneficiariÈ$ and creditors. Consequenity, thÈ Trustees have a reasonabk expe¢lation th81 the Charity wll have 5uffi¢ienl fvnds to contlnue to rneet its li8bilities ¥$ Ihey fall dLE for the foresee8ble fulwe and Iherefore have prepared financial statements on a going concem basis. Members, activities DurirKJ the year membÈrs of Society ur¥Jertook varlous Msils I￿1h5n the UK and abroad ènd an overall surplus arose a5 fdl¢)w5'. 202S 2024 Incorning resources frcrn aclSvlle5 Djrecl costs Net Into￿* 1516 1,491 1.025 29.026 22.547 6.479 THE SILVER SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Ger*ral fu￿ resowcÈs Èxpended fect costs Support costs Total 202S Total 2024 C051 of gen￿aling fl￿ds.. Members. activit￿$ 1.491 17,929 19.420 37,483 Cha￿18b12 activit￿$.. Journal Newsktler Grart5 & piizes 10.098 3.674 14.1)00 10,098 3,674 14,000 9,361 2,741 5.047 Governance cosis". IrKl¢p¢nde￿ examination fee. elc 1.700 1.700 1.730 Total resources expended 30,963 17.929 48,892 56.362 SLPPOrt Costs comprisè.. Room hlre and meeiirvj expense$ Postage. stalionpry storage IT and ￿EbSite. includiro upgrading lo dale Bank and similar transaction charges Other costs 9.178 1.478 3,661 1,523 2,089 7.948 1.582 3,274 17,929 14.936 Cosls rdaling lo a pattiular activty are allocated direelty whilst suppori costs are ¥pporboned on an approprk3le basis. Th expenses ift the Titnothy Kenl Fund related to insuring storin9 Ihe eollecuon and Costs rdatiny lo oblaining Cwnsd's oplnlon. Grant$ Grants. prizes and butsaries of £14.00012024- £5.047) were 8warded during the year. Furtl*r grants Kere awaided by Ihe other Reslride(l Funos per note 1Q bdow, 10gether¥￿t￿ ÉSO.QOQ and £5,300 to Bamsiaple Mijseum arKI the Atlingham Trttsl out of the Tlmoihy Kent FurKI. Tiusiees, rewneratlon and expenses No rem￿￿a￿On dlreclty or Indirectly was paid its any Itustee orlo persons kno%w lo te co￿r￿cted any of them. Except for expen&es' Incurred by It￿ trustee5 as agents for the Charty, no reimbursement has been made or is due to be tnade to any trustee I'comprising prfncipally potslage, stationery arKI prlnling. phofft arLd Inlprnet C95ts traveuing expen5e¥.I Hedia9a a68e Total 202$ Tot 2024 At estimated ¢osl or probate vall￿.. The Chaimian* Cup Collectson from Timoihy Kent bequest 7,920 425,188 7.920 433.IOB 7,920 The Ch&mèn'$ Cup arxl the cdlectKin received as a part of the Tlmothy Kent beque51 ale re9arded )$ ha￿n9 4 u5elul lrfe of in excess of 50 years $0 ale not deW￿lated. 12 THE SILVER SOCIEr( NOTES TO THE ACCOUNTS FOR THE YEAR ENOED 31 MARCH 2025 Investments Mafk8t ¥aluo Histor 051 COIF chad1￿$ Investmenl Fund Income units COIF Charit￿5 GI{￿al Equity Ir￿oMe Fund Inccvne units 470.290 476,765 947,OSS 47.5SO 822,66B 475,756 475.403 951,159 Research lincl. Barflerl Fund e￿ment Timolhy Kertt Memorial Fund element 42.500 853,667 Oebtors 2025 2024 Income tax receverable Oulslanding subs¢rtpUor¥6 Payments In advance other 2,B25 905 1,728 3.136 765 13.100 73 5.483 17.074 Deferred Income and acuu81$ 2025 2024 Deferred intorne Accrual$ 15.163 11,504 3,440 13.076 27.367 16,516 Defwred Income comprises membershw 5ubscripts.ons and event deposits, both relating lo lalei years. io. Funds General Fund is an unre51ricled fund, whereas the thè Endowment and Research Funds are restricted funds. The Endowrenl Fund is principalty intended to facililale publicallons about silver. Research FuTrJ 15 designed lo help silver research projects and now Indudes the Robert Baiker beque51.' the dosing balances on these fijnds vRre a5 folow5.' lnve81.mt Losses 202S 2024 Incomo Grants rialance End¢)vmeni Fund Research Fund Batker Fund 193 5.000 1,500 3,839 3,571 24,775 31,826 8.378 26.257 854 832 936 1.7n 1.879 10,339 2.709 60,172 71.341 Durfng the year the Society re¢elved a co1￿CtIon of silver. inve51menls and cash to the of £1.397.772 from Ihe Èxecutors ofTimLthy Arthur Kent. Th￿ has been treated as a deslgnaied fund. 13