GOLDSMITHS, CRAFT & DESIGN COUNCIL Trustees, Report and Financial Statements For the year ended 30 June 2025 Charitable Incorporated Organisation Registered Charity Number 1172110 Goldsmlths, Craft & Deslgn Coundl Contents Trust8es' Report...................................................................................................................................... Independent Examiner's Report....................................... Statement of Financial Activities (inclusive of income and eXpe￿IltUre ac(YJunt) ................................. Balance Sheet.............................................. Notes to the financlal stat8m8nts............................................................................................................ Goldsmiths, Craft & Deslgn Counal Trustees, Report Reporting period The Goldsmiths, Craft & Design Council CIO {the Charity) was registered with the Charity Commission on 16 March 2017. This report covers the year ended 30 June 2025. Objectives and activities The activities of the Goldsmiths, Craft & Design Council began in 1908, when the Council was ffirst founded. The Charity continues Ihe work of the Council's previous legal forrns. The objectives of the Charity are to promote the artistry and hisloric practices of goldsmithing, silversmithing, jewellery and the allied crafts for the benefit of the public. The principal activity of the Charity in the period under review has been to promote excellen￿ in craftmanship, design and technology by means of its annual C£smpetition, awards. prize-giving, exhibitions and events. The Charity relies heavlly on the services of both the trustees and members of the Charity, who volunteer their time freely to help run and promote the competition, exhibitions. events and other activities. During the reporting period, the Charity did not use the seNices of any volunteer who was not a trustee or membèr. In exercising their duties during the period, the trustees have had regard to, and taken into account. the Charity Commisslon's guidance on public benefit. Achievements and performanc8 The competition and awards embrace every aspect of craft and deslgn actlvlty currently being praCtI￿d In the UK industry. Diverse and wide ranging, the skill set of British jewellery, goldsmithing, silversmithing and allied trades is showcased annually as part of the Charity's unique national competition to whlch thère is no parallel in the UK: anyone can enter, and it is free to do so. Awards are given directly to various category winners, who reach the Charity's hlgh benchmark standards, encouraging eX￿llen￿ and improved standards and skills in the industry. An improved Awards Annual publication has been produced and is available for purchase for £20 per copy. The Annual showcases the award-wlnning work alongside articles written by industry experts. Proceeds from Ihe Annual go directly towards the cost of running the compétition. Financial review Income during the period was £192,544 (2024 - £211,446). Expenditure was £195,076 (2024 £178,343), resulting in a deficit of £2,532 (2024- £33.103 surplus). Free reserves at the end of the period were £100.047 (2024- £102,579). GOING CONCERN The Charity relies on income received during the first half of the financial year to run the competition, which occurs in the second half of the year. Induded in this incorne is a regular grant frorT7 the founding and lead patron of the Charity, the Goldsmiths, Foundation. The support from Ihe founding patron had remained strong, as evidenced by commitments received to fvnd the 2025 competition. As suth, the trustees believe it is appropriate to consider the Charity 8 going concern. RESER VES The Charity generally does not commit to expenditure prior to re￿Iving income which covers that expenditure. Based on the history of the Charity, income is virtually certain following a pledge to the Charity- The likelihood of significant unforeseen expenditure occurring, while low, is still possible. Goldsmiths, Craft & Design Council For the reasons above, the trusle8s, having regard to the guidance of the Charity Commission, have developed a policy that reserves should be be￿een £30,000 - £60,000 at year-end, recognising that reserves are likely to exceed Ihls level during the year due to tha timlng of income and expenditure. This policy was reviewed and updated by the trustees durfng the year after reviewing the current funding and expenditure levels and timing. At the end of the period, free reserves were above the policy rangè. The trustees plan to allocate the surplus reserve funds foroperational activities in the upcoming financial 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 charity's goveming document, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable to ch8rities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) leffectlve 1 January 2015). StniGture, govemance and managamant The Charity is a Charitable Incorporated Organisatlon {CIO) governed according to the constitution dated 16 March 2017. Trustees may be appointed by ordinary resolutlon of the members, or by a decision of the trustees. Applications for membership are open to any individual or corporate body who Is interested In furthering the objectives of the Charity. Admission is decided by the trustees. Referenc8 and administrative details REGISTERED NAME The Goldsmiths, Craft & Design Councll CIO REGISTERED CHARITY NUMBER 1172110 BANKER Barclays Bank UK PLC 1 Churchill Plac6 London E14 5HP PRINCIPAL OFFICE lo The Goldsmiths, Company Goldsmiths, Hall Foster Lane London EC2V 6BN SOLICITOR Bircham Dyson Bell LLP 50 Broadway London SW1 H OBL TRUSTEES Mr J. Ball - Chair Ms J. Lockwood- VI￿ Chair Ms K. Bishop- appointed 25 Oclober 2024 Mr P.C. Crump Ms M. Gillies Mr R.S. Kyte Mr S Jlnks- appointed 11 July 2025 MrA.J. Putland- resigned 11 July 2025 Ms A.M. Reeves Ms P. Ststham- resigned 25 October 2024 John Ball Chair of Trustees l Ocbo 2025 THE GOLDSMITHS, CRAFT & DESIGN COUNCIL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GOLDSMITHS, CRAFT & DESIGN COUNCIL FOR THE YEAR ENDED 30 JUNE 2025 I report on the financial statements of the chaiity for the year ended 30 June 2025, which are set out on pages 6 to Respective responsibilities of trustees and examiner The charity's trustee5 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(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to= examine the financial statements under sec1ion 145 of the 2011 Act., (ill lo follow the procedures laid down in the general Directions given by the Charity Commission under section 14515}Ib) of the 2011 Act., and (iiil to state whether particular matters have Gome to my attenlion. Basls of independent examiner's report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial ststements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanation5 from you as trustees concerning any such matters. The procedures 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 pres8nt 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 stat8menls in accordance with Accounling 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 ststements to provide a true and fair vlew in accordance wlth Generally Accepted Accounting Practice effeclive for reportlng periods beginnlng on or after 1 January 2015. In connection with my examination, no olher matter except that referred to in the prevlous paragraph has come to my attention.. (a) which gives me reasonable cause to believe that In any material respect the requlrements: to keep accounting records in accordance with section 130 of the 2011 Act., and (ill lo prepare financial statements which accord with the accounting records comply wth the accounting requirements of the 2011 Act., have not been met or (bl to which. in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. R Chaplin FCCA Caton Fry & Co Limited Essex House. 7 The Shrubberies George Lane South Woodford London E18 1BD Dated. q oau 2025 Goldsmiths. Craft & Design Counc41 SLknent of Flnanclal Actlvltles (Incluslve of Income and expendlture account) Forthe period ended 30 June 2025 Notes 2025 2024 Income from: Donatlons and legacies Charitable activities Other Income Total Income 186.250 5,559 735 192.544 203,608 6,857 981 211,446 Expenditure on: Charitable activities Tolal expenditure 195,076 195,076 178,343 178 343 Net Income for th8 P8ri¢xI Totsl funds brought foTward (2,532) 102,579 33,103 69,476 Total funds carrled forward 100,047 102,579 The Charity has no recognlsed galns or losses 0th8r than net Income for the Pedod. The accompanying notes fom part of th8 financlal ststements. Goldsmlths, Craft & Design Council Balance Sheet As at 30 June 2025 Notes 2025 2024 Current assets Debtors Cash at bank 6.600 116,843 123,443 1,750 127,496 129.246 Less: Creditors (fallirwJ due in less than one year) cr￿lIOrS (23.396) (26.667) Net current assets Total assets less current liabilities Net assets 1￿).047 100,047 100,047 102.579 102,579 102,579 R8presented by: Unrestricted FurKIs Totsl funds 1 (K),047 100.047 102.579 102,579 The accompanying notes form part of the financial statements. Approved by the board of trustees and signed on their behalf by.. John Ball Chair of Trustees l l)el 2025 Judlth Lockwood Vice Chair of Trustees OchkJe( 2025 Goldsmiths, Craft & Design Council Notes to tho flnanclal statements Accountlng policie5 Basis of preparation The financial statements have been prepared under the historical cost convention and ir) accordance with the Statement of Recommended Practice: 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 AC￿pted Accounting Practice. The Charitable Incorporated Organisation {ClO) 1172110 (England and Wales) was registered on 16 March 2017, to continue the work of the Goldsmiths. Craft & Design Council CIC, registered company number 07556091. These financial statements cover the year erKled 30 June 2025. The financial statements are prepared in sterling which 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 Entity as defined by FRS 102. Going Concem At the time of appmving the finanual statements, thg truste8s have a reasonable expectation that the Charity has adequate resources to continue in operational existen￿ for the foreseeable future. Thus. the trustees continue to adopt the going con￿rn basis of accounting in preparing the financial ststements. Incoming resources Donations and legacies ara racognised when receipt is probable, for example, when a donor has completed a commitment fomi. Expenditure Expénditure is accounted for on an accruals basis. Creditors and provisions for liabilities ar6 recognised when payable. Cash Cash includes cash at bank and in hand. The Charity does not hold any other short-lerm highly liquld investrnents. Donations and legacles 2025 2024 Donations in support of annual competition Goldsmiths, Foundation grant 139,750 46,500 186,250 145.600 58,008 203,608 Expenditure on charitable activities 2025 2024 Annual competition Other e￿ntS Administration costs Storage cosls 103,653 2,100 86,923 2,400 195,076 113,656 3,997 58,290 2,400 178,343 Included in administration costs are the fees payable to the Independent Examiner conslstlng of £1,404 (2024- £1,380) for the independent examination. There has been no fee paid for any other servi￿. Goldsmiths. Craft & Deslgn Counal Trustee and staff remuneration None of the trustees have been paid any remuneratlon or recelved any other benefits from the Charity or any rel8tad entlty. No trustee expenses have been incurred. The Charity did not employ any slaff durlng the ￿ri¢)d, thus the average headcount durlNJ the period was Ze￿1. Related party transactions There were no related paty transactrons durlng the perfod that requlre dlsclosure. The outstanding balance at the reporting dale was nil (2024- nil). Taxatlon The Charlty is exempt from tax on its charitable activities. Creditors Credltors falling due in sess than one year are made up entlrely of trade creditors.