Goldsmiths, Craft & Design Councll Trustees. Report Reporting period The Goldsmiths. Craft & Deslgn Council CIO (the Charity) was reglstered wlth the Charity Commlsslon on 16 March 2017. This report covers the year ended 30 June 2024. Objectives and actfvitles The actlvltles of the Goldsmiths. Craft & Design Council began In 1908, when the Council was flrst founded. Th8 Charlty contlnues the work of the Councll's prevlous legal fomis. The objectlves of the Charity are to promote the artistry and hlstoric practlces of goldsmlthlng, silversmithlng. j8V￿lIery and the allied crafts for the benefit of the publlc. The principal aclivlty of the Charity in the p8rfod under revlew has been to promote excellence in craftmanshlp, design and technology by means of Its annual compelltlon, awards, p￿ze￿iving and exhlbltlons. The Charlty relies heavily on the servlces of both the trustees and members of the Charity, who volunteer their tlme freely to help run and promote the competition, exhlbltlons, events and other actlvltles. During the reportlng period. the Charlty dld not use the services of any volunteer who was not a truste8 or member. In exercising thelr dutles during the perfod, the trustees have had regard to. and taken Into account, the Charity Commisslon's guldance on public beneflt. Achlevements and perfonnance The competition and awards embrace every aspect of Graft and deslgn actlvlty currently belng practlced n the UK Industy. Diverse and wlde ranglng, the sklll sat of Brftlsh Jewellery, goldsmithing, sllversmlthlng and allied trades Is showcased annually as part of the Charlty's unique natlonal competition to whlch there Is no parallel in the UK. anyone can enter, and It Is free to do so. Prlzes and awards are glven directly to varlous category wlnners, who reach the Charlty's hlgh benchmark standards. encouraging excellence and improved standards and skllls in th8 Industy. An improved Awards Annual publlcatlon has been produced and is available for purchase for £12 per copy. The Annual showcases the award-winning work alongside artlcles written by Industry experts. Proceeds from the Annual go dlrectly towards the cost of runnlng the competitlon. FlnanG181 review Income durlng the period was £211,446 (2023 £181,486). Expendlture was £178,343 (2023 £176,862). resultlng In a surplus of £33,103 (2023- £4.624 surplus). Free reserves at the end of the perlod were £102.579 (2023- £69,476). GOING CONCERN The Charity relies on Income received during the flrst half of the flnancial year to run the competition, whlch occurs In the second half of the year. Included In thls income Is a regular grantfrom the founding patron of the Charity, the Goldsmiths, Compary. The support from the founding patron had remained strong, as evidenced by commitments recelved to fund the 2024 competbtlon. As such, the trustees believe tt is approprfate to consider the Charity a going concern. RESERVES The Charity generalty does not commit to expendlture prior to recelvlng income whlch covers that expenditure. Based on the history of the Charity. income is virtually certain following a pledge to the Charlty- The likelihood of significant unforeseen expenditure occurring, while low. Is stlll possible. Goldsmiths, Craft & Design Council For the reasons above, the trustees, having ￿gard to the guidance of the Charlty Commission, have developed a policy that reserves should be between £30.000 - £60.000 at year-end, recognising that reserves are likely to exceed this level during the year due to the timing of income and expendilure. This policywas reviewed and updated by the trustees during the year after reviewing the currentfunding and expenditure levels and timlng. At the end of the perfod, free reserves were above the policy range. The trustees plan to allocate the surplus reserve funds for operatlon81 aclivlties in the upcomlng financlal year. ACCOUNTING COMPLIANCE The accounts have been prepared in accordance with the accountlng policies set out in note 1 to the accounts and comply with the charlty's governing document, the Charities Act 2011 and "Accounting and Reporting by Charltles.. Statement of Recommended Practlce applicable to charities preparSng thelr accounts In accordance with the Financial Reporting Standard appllcable in the UK and Republlc of Ireland (FRS 1021 (effectlve 1 January 2015). structure. govemance and management The Charity is a Charltable Incorporated Organisatlon (CIO) governed accordlng to the constitutlon dated 18 March 2017. Trustees may be 8ppointed by ordlnary resolutlon of the members, or by a decision of the trustees. Appllcatlons for membershlp are open to any Individual or corporate body who Is Interested in furtherlng the objectives of the Charfty. Admlsslon Is declded by the truslees. Reference and 8dmlnlstr8tlve detalls REGISTERED NAME The Goldsmlths, Craft & Deslgn Councll CIO REGISTERED CHARITYNUMBER 1172110 BANKER Barclays Bank UK PLC 1 Churchlll Placa London E14 5HP PRINGIPAL OFFICE clo The Goldsmlths, Company Goldsmlths, Hall Foster Lane London EC2V 68N SOLICITOR Bircham Dyson Bell LLP 50 Broadway London SWIH OBL TRUSTEES Ms A.M. Reeves - Chalr Mr J. Ball- Vlce Chalr Mr P.C. Crump Ms M. Gillies Mr R.S. Kyte Ms J. Lockwood Mr A.J. Putland Ms P. Stath8m Anne-marle Reeves Chair of Trustees 2 ¥ Othix< 2024 Goldsmlths, Craft & Deslgn Council Statement of Flnancial Activltles (Inclusive of income and expenditure account) For the period ended 30 June 2024 Notes 2024 2023 Income from: Donations and legacies Charitable actlmties Other income Total income 203.608 6,857 981 211.446 175,449 5,508 529 181.486 Expenditure on: Charitable actimties Totsl expenditure 178.343 178,343 176.862 176,862 Net income for Ihe period Total fijnds brought fomard 33.103 69,476 4,624 64.852 Total funds carried fonNard 102,579 69.476 The Charfty has no recognised gains or losses other than net Income for the perlod. The accompanying notes form part of the financlal statements. Goldsmiths, Craft & Design Council BalanGe Sheet As at 30 June 2024 Notes 2024 2023 Current as*ts Debtors Cash at bank 1,750 127,496 129,246 78,058 78.058 Less Creditors (falling due in less than one year) Creditors (26,667) (8,582) Net current assets Total assets less current liabilities Net a￿ts 102.579 102,579 102,579 69,476 69,476 69,476 Represented by: Unrestricted Funds Totsl funds 102,579 102,579 69,476 69,476 The accompanying notes fom part of the financial statements. Approved by the board of trustees and signed on their behalf by: Anne-marie Reeves Chair of Trustees John Ball Vice Chair of Trustees 2f 2024 2 S ct5D￿ 2024 GoldsmHhs' Craft & Design Coundl Notes to the financial statements Accounting policies Basis of preparation The finan￿al statements have been prepared under the historical O￿t convention and in accordance with the Statement of Recommended Practi￿. Accounting and Reporting by Charities (SORP FRS 1021 and the Financial Reporting Standard (FRS 102) applicable in the United Kingdom and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted A￿UrrtIng Practice. The Charitable Incorporated Organisation {ClO) 1172110 (England and Wales) was registsred on 16 March 2017. to contfnue the work of the Goldsmiths, Craft & Design Council CIC. registered company number 07556091. These financial statements cover the year ended 30 June 2024. The finanaal statements are prepared in sterling whlch Is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest pound. The Charity is a Public Benefit Entlty as defined by FRS 102. Going Concem At the time of approving the financial statements. the trustees have a reasonable expectation that the Charity has adequate resour￿ to continue in operational existen￿ for the foreseeable fvture. Thus, the trustees continue to adopt the going cx)ncem basis of accounling in preparing the financial statements. Incoming resources Donations and legacies are recognised when receipt is probable. for example. when a donor has completed a Gornmitment fomi. Expenditure Expenditure is accounted for on an accruals basis. Creditors and provisions for liabilities are recognised vthen payable. Cash Cash indudes cash at bank and in hand. The Charity does not hold any other short-tem highly liquid investments. Donatlons and legacles 2024 2023 Donatlons in support of annual competition Gddsmiths, Company grarrt for hire of space Goldsmiths, Company operational support grant 145,600 46.(X18 12.Crf)O 203.608 131,850 28.599 15,000 175.449 Expenditure on charitable activities 2024 2023 Annual Gc¥npetition Other e￿nIS Administration G05ts Storage Gosts 113.656 3.997 58.290 2.400 178.343 92.583 22.963 59.516 1,800 176,862 Included in administration costs are the fees payable to the Independent Examiner consisting of £1.350 {2023 - £1.380) for the independent examination. There has been no fee paid for any other seNice. Goldsmiths. Craft & Design Council Trustee and staff remuneration None of the trustees have been paid any remuneration or recelved any other benefits from the Charity or any related enlity. No trustee expenses have been incurred. The Charity did not employ any staff durlng the period, thus the average headcount durfng the period was zero. Related party transactlons There were no related party Iransaclions during the perfod Ihat require dlsdosure. The outstanding balance at the reportlng date was nll (2023- nil). Taxatlon Tha Charity is exempt from tax on Its charltable acfjvltles. Creditors Credltors falling due In less than one year are made up enttrety of trade credltors. THE GOLDSMITHS, CRAFT & DESIGN COUNCIL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GOLDSMITHS, CRAFf & DESIGN COUNCIL FOR THE YEAR ENDED 30 JUNE 2024 I report on the financial statements of the charity for the year ended 30 June 2024. which are set out on pages 6 to Respectlve responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit Is not required for this year under section 144(21 of the Charities Act 2011 (the 2011 Act) and that an independ8nt examination is needed. It Is my responsibility to: examine the finan¢lal staternents under se¢tlon 145 of the 2011 Act., (li) to follow the procedures laid down In the general Dir8Ctlons given by the Charity Commission under section 145(51{bl ofthe 2011 Act: and (iii) to state whether partifAJlar matters have come lo my attantlon. Basls of independent examlnevs report My examination was carried out in accordance wlth the general Directlons given by thè Charity Commission. An examinatlon includes a review of the accounting records kept by the chartty and a comparison of the finanL7al statements presented with thos8 records. It also includes consideration of any unusual items or dlsclosures in the financial statements. and seeking explanations from you as trustees conceming any such matters. The prO￿dureS undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a 'true and fair view. and the report is limited to those matters set out in the next statement. Independent examiner's statement Your attention is drawn to the fact that the charity has prepared financial staternents in accordan￿ with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in preference to the Accounting and Reporting by Charities= Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financial statements to provid6 a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In connection with my examlnatlon, no other mattar except that referred to In the previous paragraph has come to my attention.. (a) whlch gives me reasonable cause lo believe that In any material respect the requirements: (i) to keep accountlng records in accordance with section 130 of the 2011 Act; and (11) to prepare financial statements which accord wlth the accounting records and comply with the accounting reqU1￿MentS of the 2011 Acl., have not been met or (b) to which, in my oplnlon, attention should be drawn in order to enable a proper understsndlng of the financial statements to be reached. R Chaplln FCCA Caton Fry & Co Llmlted Essex House. 7 The Shrubberfes George Lane South Woodford London E18 1BD Dated: I VJJyom 2024