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2021-03-31-accounts

Directors' Report ..
Independent
Auditor's		 Report to the Members.
Statement
of Financial		 Activities.
Balance Sheet.
Statement
ofCash Flows.
Notes to the Financial Statements

Professional advisors
Solicitors: Taylor Wessing
LLP
5 New Street Square
London EC4A 3TW
BDBPitmans
LLP
One Bartholomew
Close
London EC1A7BL
Surveyor: CBRE Ltd
St Martin's
Court
10Paternoster
Row
London
EC4M 7HP
Auditor: Saffery Champness LLP
71 Queen Victoria Street
London EC4V4BE
Investment Managers: Sarasin
&Partners
LLP
Juxon House
100St Paul's Churchyard
London EC4M 8BU
Waverton
Investment		 Management Limited
16Babmaes Street
London SW1Y6AH
Banker: Barclays Bank pic
1 Churchill
Place
London E145HP

2021 2021 2020
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
Note
Income from
Donations 318,458 318,458 119,511
Investments 2 3,252,673 14,961 3,267,634 4,965,597
Other 2 531 531 329
Total 3,252,673 333,950 3,586,623 5,085,437
Expenditure
on
Raising funds:
Investment
management		 fees 525,654 525,654 594,854
Charitable
activities:
General grants 3 1,620,060 38,369 1,658,429 1,952,246
Support ofthe trade 3 2,862,273 15,051 2,877,324 2,161,810
Total charitable
activities		 4,482,333 53,420 4,535,753 4,114,056
Total 4,482,333 53,420 525,654 5,061,407 4,708,910
(1,229,660) 280,530 (525,654) (1,474,784) 376,527
Transfers
between		 funds 1,000,000 (1,000,000)
Net gains/(losses) on investments 90,7?0 27,247,215 27,337,985 (17,616,380)
Net income/(expenditure)
net movement
in funds		 and (229,660) 371,300 25,721,561 25,863,201 (17,239,853)
Total funds brought forward 3,523,679 1,200,857 132,208,064 136,932,600 154,172,453
Total funds carried forward 3,294,019 1,572,157 157,929,625 162,795,801 136,932,600

2021 2020
Note
Fixed assets
Heritage assets
Investments		 6
7		 520,596
153,033,111		 520,596
126,684,763
153,553,707 127,205,359
Current Assets
Debtors 343,662 1,163,642
Cash at bank 9,561,868 9,286,809
9,905,530 10,450,451
Current
liabilities
Creditors
falling due within one year		 663,436 723,210
Net current assets 9,242,094 9,727,241
Net assets 162,795,801 136,932,600
Funds
Endowment funds 12 157,929,625 132,208,064
Restricted funds 12 1,572,157 1,200,857
Unrestricted funds 12 3,294,019 3,523,679
162,795,801 136,932,600
2021 2020
Cash flows from operating activities
Net income for the year per SoFA 25,863,201 (17,239,853)
Adjustments
for:
Net (gains)llosses
on investments		 (27,337,985) 17,616,380
Dividends,
interest and rents from investments		 (3,267,634) (4,965,597)
Decrease
in debtors		 819,980 86,536
Decrease
in creditors		 59,774 229,405
Net cash used
in operating		 activities 3,982,212 4,731,939
Cash flows from investing activities
Dividends,
interest and rents from investments		 3,267,634 4,965,597
Proceeds from sale of investments 42,234,017 88,250,840
Purchase ofinvestments 51,516,169 77,062,743
Net cash (used in)/provided by investing activities 6,014,518 16,153,694
Change
in cash and cash equivalents
in the		 year (9,996,730) 11,421,755
Cash and cash equivalents
at the beginning		 ofthe period 21,109,799 9,688,044
Cash and cash equivalents at the end ofthe period 11,113,069 21,109,799
Analysis of cash and cash equivalents
Cash at Bank 5,061,868 3,536,809
Deposits with maturity
in less than 12 months		 4,500,000 5,750,000
Cash available
for investment		 held by investment managers 1,551,201 11,822,990
11,113,069 21,109,799
Analysis ofchanges
in net		 debt
Cash and cash equivalents
at the beginning		 ofthe period 21,109,799 9,688,044
Cash flows 9,996,730 11,421,755
Cash and cash equivalents at the end of the period 11,113,069 21,109,799

Notes to the
2.
Income		 Financial Stateme nts
(continued}
2021
Unrestricted Restricted
Endowment		 Total
Funds Funds
Funds		 Funds
f f
f		 f
Voluntary
Income
Donations
and		 legacies 318,458 318,458
Total Voluntary
Income		 318,458 318,458
Investment
Income
Dividends
and		 Interest 3,086,604 14,794 3,101,398
Rent 101,250 101,250
Bank and Other Interest 64,819 167 64,986
Total Investment Income 3,252,673 14,961 3,267,634
Other Income
Commission
on sale of merchandise		 531 531
Total Other Income 531 531
Total Income 3,252,673 333,950 3,586,623
2020
Unrestricted Restricted
Endowment		 Total
Funds Funds
Funds		 Funds
f f
f		 f
Voluntary
Income
Donations
and		 legacies 119,511 119,511
Total Voluntary
Income		 119,511 119,511
Investment
Income
Dividends
and		 Interest 4,757,061 14,751 4,771,812
Rent 101,250 101,250
Bank and Other Interest 91,578 957 92,535
Total Investment Income 4,949,889 15,708 4,965,597
Other Income
Commission
on sale of merchandise		 329 329
Total Other Income 329 329
Total Income 4,949,889 135,548 5,085,437

3.
Expenditure
on cha		 ritable
activities
2021
Unrestricted Restricted Total
Funds Funds Funds
General grants
Charity Committee 800,050 800,050
Education
Committee		 309,701 309,701
Wardens
Grants - General		 182,455 182,455
Other Grants - General 38,300 38,300
Total Grants - General 1,292,206 38,300 1,330,506
Goldsmiths'
Centre		 1,818,862 1,818,862
Goldsmiths'
Centre - Capital		 Funding 76,000 76,000
Wardens
&Other Grants - Support oftrade		 36,000 15,000 51,000
Covid-1 9 Fund Grants - Support of trade 803,000 803,000
Total Grants - Support ofthe Trade 2,733,862 15,000 2,748,862
Total Grants 4,026,068 53,300 4,079,368
Department
spend
in support		 ofthe trade 38,880 38,880
Total Grants
&Other Charitable		 Activities 4,064,948 53,300 4,118,248
Support costs (see note 4)
Total expenditure		 417,385
4,482,333		 120
53,420		 417,505
4,535,753
2020
Unrestricted Restricted Total
Funds Funds Funds
E
General grants
Charity Committee 1,026,990 1,026,990
Education
Committee		 379,333 379,333
Wardens
Grants - General		 243,368 243,368
Other Grants - General 43,800 43,800
Total Grants - General 1,649,691 43,800 1,693,491
Goldsmiths'
Centre		 1,818,000 1,818,000
Goldsmiths'
Centre - Capital		 Funding 142,000 142,000
Wardens
&Other grants - Support oftrade		 41,000 11,491 52,491
Total Grants - Support ofthe Trade 2,001,000 11,491 2,012,491
Total Grants 3,650,691 55,291 3,705,982
Department
spend
in support		 ofthe trade 14,263 16,998 31,261
Total Grants
&Other Charitable		 Activities 3,664,954 72,289 3,737,243
Support costs (see note 4) 375,952 861 376,813
Total expenditure 4,040,906 73,150 4,114,056

2021
General Support of
grants the Trade Total
Unrestricted
funds
Management
Recharge
Staffing Costs 208,016 49,254 257,270
Office Costs 104,008 24,627 128,635
312,024 73,881 385,905
Direct costs 15,830 15,650 31,480
Total support costs 327,854 89,531 417,385
Direct expenditure
(see note 3)
Grants - General 1,292,206 1,292,206
Grants - Support ofthe Trade 2,733,862 2,733,862
Department
spend		 in support ofthe trade 38,880 38,880
Total unrestricted
fund		 expenditure 1,620,060 2,862,273 4,482,333
Restricted funds
Direct costs 69 51 120
Total support costs 69 51 120
Direct expenditure
Total Grants - General 38,300 38,300
Total Grants - Support ofthe Trade 15,000 15,000
Department
spend		 in support ofthe trade
Total restricted
fund expenditure		 38,369 15,051 53,420
Total expenditure
on charitable		 activities 1,658,429 2,877,324 4,535,753

Notes to the Fi nancia l Statements
{con		 tinued)
2020
General Support of
grants the Trade Total
f
Unrestricted
funds
Management
Recharge
Staffing Costs
Office Costs		 160,359
80,180		 65,368
32,684		 225,727
112,864
240,539 98,052 338,591
Direct costs 18,181 19,180 37,361
Total support costs 258,720 117,232 375,952
Direct expenditure
(see note 3)
Total Grants -General		 1,649,691 1,649,691
Total Grants - Support ofthe Trade
Department
spend
in support ofthe trade
Total unrestricted
fund expenditure		 1,908,411 2,001,000
14,263
2,132,495		 2,001,000
14,263
4,040,906
Restricted funds
Direct costs 35 826 861
Total support costs 35 826 861
Direct expenditure
Total Grants -General		 43,800 43,800
Total Grants - Support ofthe Trade
Department
spend
in support ofthe trade
Total restricted
fund expenditure		 43,835 11,491
16,998
29,315		 11,491
16,998
73,150
Total expenditure
on charitable		 activities 1,952,246 2,161,810 4,114,056

ees and Dire
Charity.		 ctor insurance,
together
with an allocation
ofcosts		 for staff time involved
in supporting
the govern		 ance
ofthe
2021 2020
E
Apportionment
Professional		 of
fees		 Staff Costs
(audit, legal)		 76,608
20,811		 68,851
20,870
Trustee Indemnity Insurance 3,696
101,115		 3,511
93,232

2021 2020 2019 2018 2017
f. E f.
Balance brought forward 520,596 520,596 481,596 481,596 481,596
Purchases 39,000
Balance carried forward 520,596 520,596 520,596 481,596 481,596

2021 2020
Endowment Funds f, E
Valuation brought
forward		 3,181,000 3,181,000
Net Gain on Revaluation 346,000
Valuation carried forward 3,527,000 3,181,000
Historical Cost
Accumulated
Gains		 3,527,000 3,181,000
b)
investments
2021 2020
Endowment Funds E
Valuation brought
forward		 111,273,290 140,056,692 '
Disposal Proceeds (42,234,017) (88,250,822)
Profit/(Loss)
on Disposals		 5,465,984 (9,329,346)
Additions at Cost 51,516,169 77,062,743
Net Gain/(Loss)
on Revaluation		 21,435,231 (8,265,977)
Valuation carried forward 147,456,657 111,273,290
Historical Cost 123,332,553 111,929,483
Accumulated
Gains/(Losses)		 24,124,104 (656,193)

Notes to the Finan ciai S tatements
(continued)
2021 2020
Restri cted Funds f.
Valuation
brought forward		 407,483 428,558
Net Gain/(Loss)
Valuation
carried		 on Revaluation
forward		 90,770
498,253		 (21,075)
407,483
c)
Investment
cash
Cash held for the purpose of investing is as follows:
2021 2020
Endowment
Funds		 F
Cash available
for investment		 1,551,201 11,822,990
1,551,201 11,822,990
Total Investments
valuation		 carried forward 153,033,111 126,684,763
Investments
are held		 in the following asset classes:
202'I 2020
Investment
properties		 3,527,000 3,181,000
Investment
property
UK equities		 fund 6,835,992
34,173,026		 7,170,918
23,870,733
Overseas
equities		 93,242,057 67,974,171
Fixed interest 13,703,835 12,664,951
Cash 1,551,201 11 822 990
153,033,111 126,684,763

2021 2020
E
Investment Income receivable 332,178 1,148,150
Sundry debtors and prepayments 11,484 15,492
343,662 1,163,642

to fund the redevelopment
oft		 to fund the redevelopment
oft		 to fund the redevelopment
oft		 he Museum
of London		 he Museum
of London		 in its new loc ation
in West Sm		 ithfield.
The balances and movements of all funds during the year follow.
Balance Net gain I Balance
2021 brought
forward
F		 Income
f		 Expenditure
F		 Transfers (loss) on
investments
F		 carried
forward
Endowment
Funds
Permanent
Endowment		 100,793,922 (401,940) 20,855,179 121,247,161
Expendable
Endowment
Total Endowment		 31,414,142
132,208,064		 123,714
525,654		 1,000,000
1,000,000		 6,392,036
27,247,215		 36,682,464
157,929,625
Restricted
Funds
Members'
Industry Scheme
Charitable
Partnerships
Scheme
Subtotal 1327 Funds		 32,409
36,257
68,666		 168,840
146,453
315,293		 (39)
16,364
(16,403)		 201,210
166,346
367,556
Members'
Charitable		 Fund 142,944 3,847 (15,012) 131,779
Threlfall 53,673 1,770 (1,502) 10,850 64,791
Wood 30,559 1,027 (1,003) 6,298 36,881
Bowes 279,157 8,917 (19,500) 54,651 323,225
Milne r 105,262 3,096 18,971 127,329
Silver Trust 520,596 520,596
Total Restricted
Funds		 1,200,857 333,950 53,420 90,770 1,572,157
Unrestricted
Funds
General
Fund		 3,523,679 3,252,673 (3,679,333) 3,097,019
Covid-1 9 Fund 803,000 1,000,000 197,000
Total Unrestricted Funds 3,523,679 3,252,673 4,482,333 1,000,000 3,294,019
Total Funds 136,932,600 3,586,623 5,061,407 27,337,985 162,795,801

Balance Net gain I Balance
brought (loss) on carried
2020 forward Income Expenditure Transfers investments forward
Endowment
Funds
Permanent
Endowment		 114,665,983 (457,123) (13,414,938) 100,793,922
Expendable
Endowment		 35,732,239 137,731 4,180,366 31,414,142
Total Endowment 150,398,222 594,854 17,595,304 132,208,064
Restricted Funds
Members'
Industry		 Scheme 32,439 (30) 32,409
Charitable
Partnerships		 Scheme 76,282 40,025 36,257
Subtotal 1327Funds 108,721 (40,055) 68,666
Members'
Charitable		 Fund 159,688 11,780 (28,524) 142,944
Threlfall 56,201 1,792 (1,801) (2,519) 53,673
Wood 30,999 1,023 (1) (1,462) 30,559
Bowes 282,810 9,038 (1) (12,690) 279,157
Milne r 108,480 3,194 (2,007) (4,405) 105,262
Silver Trust 521,357 761 520,596
Total Restricted Funds 1,159,535 135,548 73,150 21,076 1,200,857
Unrestricted
Funds
General
Fund		 2,6'14,696 4,949,889 (4,040,906) 3,523,679
Covid-19 Fund
Total Unrestricted Funds 2,614,696 4,949,889 4,040,906 3,523,679
Total Funds 154,172,453 5,085,437 (4,708,910 17,616,380) 136,932,600

13. Analysis of net as sets between funds
2021
Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
E E
Funds balances represented by:
Heritage Assets 520,596 520,596
Investments 498,253 152,534,858 153,033,111
Current Assets 3,802,608 572,305 5,530,617 9,905,530
Creditors 508,589 18,997 135,850 663,436
3,294,019 1,572,157 157,929,625 162,795,801

2020 2020
Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
f
Funds balances represented by:
Heritage Assets 520,596 520,596
Investments 407,483 126,277,280 126,684,763
Current Assets 4,098,566 277,199 6,074,686 10,450,451
Creditors 574,887 4,421 143,902 723,210
3,523,679 1,200,857 132,208,064 136,932,600

2021 2020
Unrealised
gains/(losses)		 included
in the		 Endowment Fund
Investment
properties		 3,527,000 3,181,000
Investments 24,124,092 656,193
Unrealised
gains carried		 forward 27,651,092 2,524,807
Reconciliation
ofmovements
in unrealised		 gains in Investments
Unrealised
gains brought
forward		 2,524,807 20,021,920
Net gain on property
Previously
recognised		 revaluation
net loss/(gain)		 realised on investment disposals 346,000
3,345,066		 (9,231,136)
Unrealised
net gain/(loss)
on investment
Unrealised
gains carried forward		 revaluation 21,435,231
27,651,104		 8,265,977
2,524,807

2020 2020
Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
Income from
Donations 119,511 119,511
Investments 4,949,889 15,708 4,965,597
Other 329 329
Total 4,949,889 135,548 5,085,437
Expenditure on
Raising funds:
Investment management fees 594,854 594,854
Charitable activities:
General grants 1,908,411 43,835 1,952,246
Support ofthe trade 2,132,495 29,315 2,161,810
Total charitable activities 4,040,906 73,150 4,114,056
Total 4,040,906 73,150 594,854 4,708,910
908,983 62,398 (594,854) 376,527
Net gains on investments (21,076) (17,595,304) (17,616,380)
Net income &net movement in funds 908,983 41,322 (18,190,158) (17,239,853)
Total funds brought forward 2,614,696 1,159,535 150,398,222 154,172,453
Total funds carried forward 3,523,679 1,200,857 132,208,064 136,932,600

Notes to the Financial State Notes to the Financial State Notes to the Financial State Notes to the Financial State ments
{continued)		 ments
{continued)
16. Grants committed
during the
Recipient		 year Grant
E
Unrestricted
funds
CHARITY COMMITTEE
General Welfare
Islington
Giving
Feeding
Britain
Rights of Women
Funders for Race Equality
Camden,
City, Islington
and
Why me'?
Rural Coffee Caravan		 Westminster Bereavement 30,000
15,000
6,000
5,000
5,000
3,000
3,000
Open Up Music
Giving World
Made
in Hackney
Hoarding
UK, City of London
Islington
Mind
Giving World, Leicestershire
Solicitors Pro Bono Group (Operating
Barnet Lone Parent Centre		 as LawWorks) 3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
London Football Journeys,
Haringey
Separated
Child Foundation,
Wimbledon
The Vineyard
Community
Centre, Richmond
Manna Society, Southwark
Woman's
Trust, Westminster		 3,000
3,000
3,000
3,000
3,000
Middlesex Association
for		 the Blind 2,050
General Welfare: Sub Total 108,050
Prisoner Resettlement
No Going Back Pan-Livery
Fine Cell Work		 Project 50,000
30,000
Prison Radio Association 30,000
Goldsmiths'
College
Women
In Prison		 30,000
30,000
Prisoners'
Education Trust		 30,000
Prison Reform Trust 30,000
Birth Companions
Venture Trust		 30,000
21,000
Hardman
Trust		 20,000
Switchback 20,000
Safeground
Prisoners'
Advice Service		 20,000
20,000
Standout 20,000
Spark Inside
Anawim		 20,000
20,000
Refugee Council
Clean Break		 15,000
15,000
The Clink 15,000
Irene Taylor Trust 10,000
Imagine
If		 19,500
New Philanthropy
Capital		 6,000
Prisoners Abroad,
Islington		 5,000

Prisoners'
Penfriends,		 Wandsworth Wandsworth Wandsworth Wandsworth 4,000
Margaret
Carey Foundation,		 Bradford 3,000
Prisoner Resettlement: Sub Total 513,500
Ageing Population
Time &Talent 20,000
Magic Me 20,000
Arts4Dementia 10,000
Wiltshire
Music Centre		 4,000
Southwark
Playhouse,		 towards the Elders Company 4,000
North Bristol Advice Centre 3,000
Middlesex Association for the Blind 3,000
Active and in Touch, Somerset 3,000
Ageing Population: Sub Total 67,000
Youth
Safer London 20,000
MYBNK 20,000
New Horizon Youth Centre 19,500
Just for Kids Law 17,000
Baytree Centre,
Brixton		 4,000
Albert Kennedy
Trust		 3,000
Redthread
Youth Limited,		 Westminster 3,000
Youth: Sub Total 86,500
Culture
The Yard Theatre,
Hackney		 4,000
Hackney Shed 3,000
Hackney
Empire Appeal		 - Creative Futures 3,000
The National
Youth Choirs		 of Great Britain (NYCGB) 3,000
Stratford Arts Trust, Newham 3,000
Music In Detention,
Kings		 Cross 3,000
National
Dance Company,		 Wales 3,000
Joy ofSound, Lambeth 3,000
Culture: Sub Total 25,000
Total Charity Committee 800,050
EDUCATION
COMMITTEE
The Grand Theatre Blackpool 34,960
SEED - Support
& Empathy		 for People with Eating Disorders 32,900
Guildhall
School of Music		 and Drama 25,000
National
Theatre		 25,000
The National
Literacy Trust		 24,928
British Library 46,651
Children's
University		 20,000
Literacy Pirates 20,000
The Reading Agency 20,000
Pembroke
College, Oxford		 15,000
BMA student
bursaries		 13,735
First Story 12,784
St Paul's Choir School 10,943
Royal Shakespeare
Company		 7,800
Royal National
Children's		 SpringBoard Foundation 5,000

Notes to the Financial Sta te me nts
(co		 ntinued)
Grants written
back		 (5,000)
Total Education Committee 309,701
WARDENS
Goldsmiths'
University		 71,737
National
Emergencies
Trust
Lord Mayor's Appeal
NHS Livery Kitchen
Initiative
English
National
Ballet
Master Jewellery Academy
The Kassandra
Lauren Gordon		 Fund 30,000
25,000
20,000
17,315
15,000
6,000
Sheriffs' and Recorders'
Fund		 6,000
South House Workshop
Trust
Becket Pageant for London
South Yorkshire
Police Bravery		 Awards 6,000
5,000
5,000
Lord Mayor's
Big Curry Lunch
Mansion
House Scholarship
Scheme
Addey and Stanhope
School
City of London Police Widows and Orphans
Pembroke
House Food Distribution
Hub		 3,250
3,000
1,000
1,000
1,000
MapAction
Royal British Legion's Poppy Appeal
City Giving Day
Grants written back		 523
300
30
(8,700)
Total Wardens 208,454
SUPPORT OF THE CRAFT (including
The Goldsmiths'
Centre		 Covid-19 Fund) 1,894,862
Hardship
grants
in support of Silversmiths
The Silversmiths
and Jewellers
Charity		 and Jewellers 712,500
75,000
Apprentice
Retention
Grants
Jewellery
Futures
Fund		 Total Support ofthe Craft 15,500
10,000
2,707,862
Restricted Funds
Members'
Charitable
Fund
The Goldsmiths'
Centre - Career Catalyst		 Grants 15,000
1327Members'
Charitable
Partnerships		 Scheme
Goldsmiths'
College		 16,300
Aidan Threlfall Trust
F.C.Z. Mollett 1,500
Brian Wood Memorial Fund
C. Ng 1,000
SirMartin Bowes Charity
HomeStart
Greenwich		 6,500
HER Centre 6,500
Greenwich
Refugee Aid		 6,500
Total Restricted Funds 53,300
TOTAL GRANTS PAID 4,079,367