2023-03-31-accounts - The Goldsmiths' Foundation

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

							2023	2023		2022
						Unrestricted	Restricted	Endowment	Total	Tota I
						Funds	Funds	Funds	Funds	Funds
					Note
Income from
Donations					2	20,000	77,233		97,233	51,798
Investments					2	3,350,772	15,785		3,366,557	3,122,255
Other					2					252
Total						3,370,772	93,018		3,463,790	3,174,305
Expenditure on
Raising funds:
Investment management				fees				516,716	516,716	571,193
Charitable activities:
General grants					3	1,337,651	22,967		1,360,618	1,462,295
Support of the	trade				3	2,181,404	57,926		2,239,330	2,042,099
Total charitable	activities					3,519,055	80,893		3,599,948	3,504,394
Tota I						3,519,055	80,893	516,716	4,116,664	4,075,587
Net expenditure and gains		before		transfers		(148,283)	12,125	(516,716)	(652,874)	(901,282)
Transfers between			funds			434,334		(434,334)
Net gains/(losses)			on investments				(28,752)	(8,481,229)	(8,509,981)	8,527,247
Net income/(expenditure) net movement in funds				and		286,051	(16,627)	(9,432,279)	(9,162,855)	7,625,965
Total funds brought			forward			3,291,019	1,535,262	165„595,485	170,421,766	162,795,801
Total funds carried			forward			3,577,070	1,518,635	156,163,206	161,258,911	170,421,766

			2023	2022
		Note
Fixed assets
Heritage assets		6	540,596	520,596
Investments		7	155,420,495	160,521,699
			155,961,091	161,042,295
Current Assets
Debtors		8	244,048	199,177
Cash at bank			5,611,834	9,821,666
			5,855,882	10,020,843
Current liabilities
Creditors falling due within one year		9	558,062	641,372
Net current	assets		5,297,820	9,379,471
Net assets			161,258,911	170,421,766
Funds
Endowment	funds	12	156,163,206	165,595,485
Restricted	funds	12	1,518,635	1,535,262
Unrestricted	funds	12	3,577,070	3,291,019
			161,258,911	170,421,766

				2023	2022
Cash flows from operating activities
Net income/(expenditure) for the year per		SoFA		(9,162,855)	7,625,965
Adjustments for:
Net (gains)/losses on investments				8,509,981	(8,527,247)
Dividends, interest and rents from investments				(3,366,557)	(3,122,255)
Increase/(decrease) in debtors				(44,872)	144,485
Decrease in creditors				(83,309)	(22,064)
Net cash used in operating activities				(4,147,612)	(3,901,116)
Cash flows from investing activities
Dividends, interest and rents from investments				3,366,557	3,122,255
Proceeds from sale of investments				53,195,828	53,911,906
Purchase of investments				(56,641,355)	(50,033,038)
Net cash (used in)/provided by investing		activities		(78,970)	7,001,123
Change in cash and cash equivalents	in	the year		(4,226,582)	3,100,007
Cash and cash equivalents at the beginning ofthe period				14,213,076	11,113,069
Cash and cash equivalents at the end		ofthe period		9,986,494	14,213,076
Analysis ofcash and cash equivalents
Cash at Bank				4,598,727	5,312,959
Deposits with maturity in less than 12	months			1,013,107	4,508,707
Subtotal cash not available to investment		managers		5,611,834	9,821,666
Cash available for investment held by investment			managers	4,374,660	4,391,410
Cash and cash equivalents at the end		ofthe period		9,986,494	14,213,076
Analysis ofchanges in net debt
Cash and cash equivalents at the beginning ofthe period				14,213,076	11,113,069
Cash flows				(4,226,582)	3,100,007
Cash and cash equivalents at the end		ofthe period		9,986,494	14,213,076

			2023
		Unrestricted	Restricted Endowment	Total
		Funds	Funds Funds	Funds
Voluntary Income
Donations and	legacies	20,000	77,233	97,233
Total Voluntary Income		20,000	77,233	97,233
Investment Income
Dividends and	Interest	3,055,786	13,828	3,069,614
Rent		107,674		107,674
Bank and Other Interest		187,312	1,957	189,269
Tota I Investment	Income	3,350,772	15,785	3,366,557
Other Income
Commission on sale of merchandise
Tota I Other Income
Totallncome		3,370,772	93,018	3,463,790

			2022
		Unrestricted	Restricted Endowment	Tote I
		Funds	Funds Funds	Funds
Voluntary Income
Donations and	legacies		51,798	51,798
Total Voluntary Income			51,798	51,798
Investment Income
Dividends and	Interest	2,935,789	13,758	2,949,547
Rent		136,375		136,375
Bank and Other Interest		36,312	21	36,333
Tota I Investment	Income	3,108,476	13,779	3,122,255
Other Income
Commission on sale of merchandise			252	252
Total Other Income			252	252
Tota I Income		3,108,476	65,829	3,174,305

3. Expenditure	o	n c	ha	ritable activities
						2023
					Unrestricted	Restricted	Total
					Funds	Funds	Funds
General grants
Charity Committee					624,660		624,660
Education Committee					228,906		228,906
Wardens Grants - General					182,085		182,085
Other Grants - General						22,880	22,880
Total Grants - General					1,035,651	22,880	1,058,531
Goldsmiths' Centre					1,777,176	12,151	1,789,327
Goldsmiths' Centre	- Capital		Funding		110,000		110,000
Wardens 8 Other Grants - Support oftrade					73,599	45,722	119,321
Covid-1 9 Fund Grants -		Support oftrade			88,050		88,050
Total Grants - Support	ofthe Trade				2,048,825	57,873	2,106,698
Tota I Grants					3,084,476	80,753	3,165,229
Charitable activities	(non-grant)				107,782		107,782
Total Grants & Other	Charitable			Activities	3,192,258	80,753	3,273,011
Support costs (see	note	4)			326,798	140	326,938
Total expenditure					3,519,056	80,893	3,599,949
						2022
					Unrestricted	Restricted	Total
					Funds	Funds	Funds
General grants
Charity Committee					700,050		700,050
Education Committee					268,950		268,950
Wardens Grants - General					122,907		122,907
Other Grants - General						77,646	77,646
Total Grants - General					1,091,907	77,646	1,169,553
Goldsmiths' Centre					1,724,000	718	1,724,718
Goldsmiths' Centre	- Capital		Funding		50,000		50,000
Wardens & Other grants		- Support oftrade			142,019	36,900	178,919
Covid-19 Fund Grants - Support				of trade	3,000		3,000
Total Grants - Support	ofthe Trade				1,919,019	37,618	1,956,637
Total Grants					3„010,926	115,264	3,126,190
Charitable activities	(non-grant)				65,226		65,226
Total Grants & Other Charitable			Activities		3,076,152	115,264	3,191,416
Support costs (see note		4)			312,863	115	312,978
Total expenditure					3,389,015	115,379	3,504,394

					2023
				General	Support of
				grants	the Trade	Total
Unrestricted funds
Management Recharge
Staffing Costs				158,411	39,505	197,916
Office Costs				79,206	19,753	98,959
				237,617	59,258	296,875
Direct costs				14,747	15,175	29,922
Total support costs				252,364	74,433	326,797
Direct expenditure (see note 3)
Grants - General				1,035,651		1,035,651
Grants - Support	ofthe Trade				2,048,825	2,048,825
Charitable activities		(non-grant)		49,636	58,146	107,782
Total unrestricted fund expenditure				1,337,651	2,181,404	3,519,055
Restricted funds
Direct costs				87	53	140
Total support costs				87		140
Direct expenditure
Total Grants - General				22,880		22,880
Total Grants -Support ofthe Trade					57,873	57,873
Total restricted fund	expenditure			22,967	57,926	80,893
Total expenditure on	charitable		activities	1,360,618	2,239,330	3,599,948

						2022
					General	Support of
					grants	the Trade	Total
Unrestricted funds
Management Recharge
Staffing Costs					146,277	38,473	184,750
Office Costs					73,138	19,237	92,375
					219,415	57,710	277,125
Direct costs					17,781	17,957	35,738
Total support costs					237,196	75,667	312,863
Direct expenditure		(see	note 3)
Total Grants	-	General			1,091,907		1,091,907
Total Grants	-	Support ofthe Trade				1,919,019	1,919,019
Charitable activities			(non-grant)		55,474	9,752	65,226
Total unrestricted		fund expenditure			1,384,577	2,004,438	3,389,015
Restricted funds
Direct costs					72	43	115
Total support costs					72	43	115
Direct expenditure
Total Grants	-	General			77,646		77,646
Total Grants	-	Support ofthe Trade				37,618	37,618
Total restricted fund expenditure					77,718	37,661	115,379
Total expenditure	on charitable			activities	1,462,295	2,042,099	3,504,394

			2023	2022
Apportionment	of	Staff Costs	72,537	8,684
Professional	fees	(audit, legal)	16,806	24„490
Trustee Indemnity		Insurance	3,496	3,453
			92,839	36,627

		2023	2022	2021	2020	2019
Balance brought	forward	520,596	520,596	520,596	520,596	481,596
Purchases						39,000
Donations		20,000
Impairment
Balance carried	forward	540,596	520,596	520,596	520,596	520,596

		2023	2022
Endownent	Funds
Valuation	brought forward	3,677,000	3,527,000
Additions	at Deemed Cost	799,019
Net Gain	on Revaluation	(249,019)	150,000
Valuation	carried forward	4,227,000	3,677,000
Historical	Cost	799,019
Accumulated Gains		3,427,981	3,677,000

b) Investments
			2023	2022
Endowment Funds
Valuation brought forward			151,942,380	147,456,657
Disposal Proceeds			(53,193,927)	(53,909,913)
Profit/(Loss) on Disposals			(4,626,011)	4,791,473
Additions at Cost			55,820,894	50,031,044
Net Gain/(Loss) on Revaluation			(3,606,199)	3,573,119
Valuation carried forward			146,337,137	151,942,380
Historical Cost			132,637,814	128,615,836
Accumulated Gains/(Losses)			13,699,323	23,326,544
			2023	2022
Restricted Funds
Valuation brought forward			510,909	498,253
Disposal Proceeds			(1,901)	(1,993)
Additions at Cost			1,442	1,994
Net Gain/(Loss) on Revaluation			(28,752)	12,655
Valuation carried forward			481,698	510,909
c) Investment cash
Cash held for the purpose	of investing	is as follows:
			2023	2022
Endowrrtent Funds
Cash available for investment			4,374,660	4,391,410
			4,374,660	4,391,410
Total Investments valuation	carried forward		155,420,495	160,521,699
Investments are held in the	following	asset classes:

Investment	s are held	in the following asset classes:
			2023	2022
Investment	properties		4,227,000	3,677,000
Intestment	property	fund	6,528,559	8,133,205
UK equities			31,244,641	39,122,293
Overseas	equities		88,074,357	94,919,023
Fixed interest			17,771,606	10,278,768
Private markets			3,199,672
Cash			4,374,660	4,391,410
			155,420,495	160,521,699

investmen	t strate	gy of the Ch	arity. The amo	unts c	ommitted at 31 March	2023, expressed in sterling, are	as follows:
						2023	2022
						R
Partners	Capital	Condor Fund	XV (Cayman)	LP		812,541	1,200,000
Partners	Capital	Secondaries	SMA 2022 (Cayman)		LP	1,458,198	2,000,000
						2,270,739	3,200,000

				2023	2022
Investment Income receivable				207,175	188,847
Sundry		debtors and prepayments		36,873	10,330
				244,048	199,177
9.	Creditors
				2023	2022
Falling		due w'thin one year
Related		party creditors		69,515	57,539
Grants		payable		300,450	397,220
Investment Management			fees	140,176	143,423
Rental		income received	in advance	26,130	26,750
Sundry		Accruals		21,789	16,440
				558,060	641,372

				2023	2022
Operating	lease receipts	which	fall due:
Within one year				73,310	107,000
After one year but within		five years		7,260	428,000
Later than	five years				4,868,500
				80,570	5,403,500

				Balance				Net gain/	Balance
				brought				(loss) on	carried
2023				forward	Income	Expenditure	Transfers	investments	forward
Endowment Funds
Permanent Endowment				127,383,430		(397,481)		(6,581,602)	120,404,347
Expendable Endowment				38,212,055		(119,235)	(434,334)	(1,899,627)	35,758,859
Total Endowment				165,595,485		(516,716)	(434,334)	(8,481,229)	156,163,206
Restricted Funds
Members' Industry	Scheme			224,315	36,012	(16,643)			243,684
Charitable Partnerships		Scheme		137,313	38,564	(85)			175,792
Subtotal 1327Funds				361,628	74,576	(16,728)			419,476
Members' Charitable	Fund			97,701	3,786	(41,283)			60,204
Ihrelfall				67,951	1,781	(500)		(3,437)	65,795
Wood				38,714	959	(1,000)		(1,995)	36,678
Bowes				319,635	8,617	(19,502)		(17,311)	291,439
Milne r				129,037	3,299	(1,880)		(6,009)	124,447
Silver Trust				520,596					520,596
Total Restricted Funds				1,535,262	93,018	(80,893)		(28,752)	1,518,635
Unrestricted Funds
General Fund				3,097,019	3,370,772	(3,431,006)	(939,766)		2,097,019
Goldsmiths' Landmarks		Programme	Fund				1,374,100		1,374,100
Covid-1 9 Fund				194,000		(88,050)			105,950
Total Unrestricted	Funds			3,291,019	3,370,772	(3,519,056)	434,334		3,577,069
Total Funds				170,421,766	3,463,790	(4,116,665)		(8,509,981)	161,258,910

			Balance				Net gain /	Balance
2022			brought forward	Income	Expenditure	Transfers	(loss) on investments	carried forward
Endowment Funds
Permanent Endowment			121,247,161		(435,471)		6,571,740	127,383,430
Expendable Endowment			36,682,464		(135,722)	(277,539)	1,942,852	38,212,055
Total Endowment			157,929,625		(571,193)	(277,539)	8,514,592	165,595,485
Restricted Funds
Members' Industry	Scheme		201,210	23,140	(35)			224,315
Charitable Partnerships		Scheme	166,346	25,364	(54,397)			137,313
Subtotal 1327Funds			367,556	48,504	(54,432)			361,628
Members' Charitable	Fund		131,779	3,548	(37,626)			97,701
Ihrelfall			64,791	1,647			1,513	67,951
Wood			36,881	955			878	38,714
Bowes			323,225	8,293	(19,502)		7,619	319,635
Milner			127,329	2,882	(3,819)		2,645	129,037
Silver Trust			520,596					520,596
Total Restricted Funds			1,572,157	65,829	(115,379)		12,655	1,535,262
Unrestricted Funds
General Fund			3,097,019	3,108,476	(3,386,015)	277,539		3,097,019
Covid-19 Fund			197,000		(3,000)			194,000
Total Unrestricted	Funds		3,294,019	3,108,476	(3,389,015)	277,539		3,291,019
Total Funds			162,795,801	3,174,305	(4,075,587)		8,527,247	170,421,766

				2023	2023
			Unrestricted	Restricted	Endowment	Total
			Funds	Funds	Funds	Funds
Funds balances	represented	by:
Heritage Assets			20,000	520,596		540,596
Investments				481,698	154,938,797	155,420,495
Current Assets			3,969,765	521,531	1,364,585	5,855,881	.
Creditors			(412,695)	(5,190)	(140,176)	(558,061)
			3,577,070	1,518,635	156,163,206	161,258,911

				2022	2022
			Unrestricted	Restricted	Endowment	Total
			Funds	Funds	Funds	Funds
Funds balances	represented	by:
Heritage Assets				520,596		520,596
Investments				510,909	160,010,790	160,521,699
Current Assets			3,741,402	551,323	5,728,118	10,020,843
Creditors			(450,383)	(47,566)	(143,423)	(641,372)
			3,291,019	1,535,262	165,595,485	170,421,766

14. Unreal	ised gains	includ	ed	in en	do	wment	fund
								2023	2022
Unrealised gains/(losses) included in			the	Endowment		Fund
Investment	properties							4,227,000	3,677,000
Investments								13,699,323	23,326,544
Unrealised gains carried forward								17,926,323	27,003,544
Reconciliation	of movements	in unrealised		gains	in Investments
Unrealised	gains brought	forward						27,003,544	27,651,104
Net gain/loss on property		revaluation						550,000	150,000
Previously	recognised net	(gain)/loss		realised	on	investment	disposals	(6,021,022)	(4,370,679)
Unrealised	net gain on investment		revaluation					(3,606,199)	3,573,119
Unrealised gains carried forward								17,926,323	27,003,544

							2022	2022
						Unrestricted	Restricted	Endowment	Total
						Funds	Funds	Funds	Funds
Income from
Donations							51,798		51,798
Investments						3,108,476	13,779		3,122,255
Other							252		252
Total						3,108,476	65,829		3,174,305
Expenditure	on
Raising funds:
Investment	management			fees				571,193	571,193
Charitable	activities:
General grants						1,384,577	77,718		1,462,295
Support ofthe		trade				2,004,438	37,661		2,042,099
Total charitable		activities				3,389,015	115,379		3,504,394
Total						3,389,015	115,379	571,193	4,075,587
						(280,539)	(49,550)	(571,193)	(901,282)
Transfers between			funds			277,539		(277,539)
Net gains on investments							12,655	8,514,592	8,527,247
Net income	S net movement				in funds	(3,000)	(36,895)	7,665,860	7,625,965
Total funds	brought		forward			3,294,019	1,572,157	157,929,625	162,795,801
Total funds	carried		forward			3,291,019	1,535,262	165,595,485	170,421,766

Recipient					Grant
Unrestricted funds
CHARITY COMMITTEE
General Welfare
DEC - Turkey 8 Syria Appeal Freemen's Widows					25,000 3,550
			General Welfare: Sub Tofal		28,550
Prisoner Resettlemenf
No Going Back Pan-Livery		Project			55,000
Goldsmiths' College Prisoners Abroad					50,930 33,600
Birth Companions					33,000
Prison Reform Trust Prisoners' Education	Trust				33,000 33,000
Women In Prison					33,000
Anawim					32,000
Not Beyond Redemption					30,000
Hardman Trust					30,000
Hibiscus					30,000
Landworks					30,000
Prison Radio Association					30,000
Shannon Trust					30,000
Unlocked Graduates					30,000
Spark Inside					22,000
Standout					22,000
2MAKEIT					15,000
Pentonville Proposals					11,880
Sherriff &Recorders	Fund				10,000
			Prisoner Reseftlement:	Sub Total
					594,410
Youth
Just for Kids Law					1,700
			Youth:	Sub Total	1,700
			Total Charity Commitfee
					624,660

EDUCATION COMMITTEE
Museum of London The Grand Theatre Blackpool							45,000 34,960
National Literacy Trust							29,209
Children's University							25,000
Literacy Pirates							20,000
Aurora Orchestra							17,500
Royal Shakespeare Company							15,400
Pembroke College, Oxford							15,000
BookTrust St Paul's Choir School							15,000 11,837
				Total	Education	Committee
							228,906
WARDENS
University of Cambridge							50,000
Goldsmiths' Craft and Design	Council						49,950
Goldsmiths North							30,000
Goldsmiths College: Centre for Contemporary DEC Pakistan Appeals				Art			30,000 25,000
South House Silver Trust: Expansion			of the Graduate		Training Scheme		12,000
Lord Mayor's Appeal							10,000
South Yorkshire Police Bravery Awards Wallace Collection							6,000 5,000
Wentworth Woodhouse Preservation			Trust				5,000
Coronation Canopy The British Museum: Silver in	Late Antiquity						5,000 4,700
Platinum Jubilee Pageant St Christopher's Hospice							4,075 3,600
Inspiring Leadership The Lord Mayor's Big Curry Lunch							3,600 3,250
Mansion House Scholarship Scheme							3,000
Herefordshire Hoard Queen Elizabeth Scholarship Trust The Pan Livery Impact Report The Lady Mayoress' Big Sleep Out		(QEST)					3,000 2,880 2,000 1,000
Summer Music in City Churches							1,000
Cambridge University - Goldsmiths'		prize and		medal			500
Prisoner's Abroad							500
Goldsmiths Choral Union							500
Portrait of Robert Trappes at Gonville			and Caius College, Cambridge				480
Grants written back							(6,351)
					Total Wardens
							255,684

SUPPORT OF THE CRAFT	(inclu	di	ng Covid-19	Fund)
The Goldsmiths' Centre					1,887,176
Silversmiths Jewellers					40,000
The Benevolent Society Cost of Living Grant to existing		apprentice			40,000 8,050
				Total Support ofthe Craft
					1,975,226
Restricted Funds
Members' Charitable Fund
Made by Pivot					12,500
Creative Dimension Trust The Goldsmiths' Centre - Access			Fund		8,000 7,873
Creative Mentors					6,400
Goldsmiths Centre Foundation Theo Salanson		Programme			5,000 1,500
1327Members' Charitable	Training		Grants
Flourish Jewellery Project					11,600
Foundation Programme The Creative Dimension	Support Trust		Fund		3,000 2,000
Aidan Threlfall Trust
Ella Jones Moore					500
Brian Wood Memorial Fund
Martina Kocianova					1,000
The Milner Fund
South Yorkshire Police Bravery		Awards			1,650
Anthony Blakemore					230
Sir Martin Bowes Charity
HomeStart Greenwich					6,500
HER Centre					6,500
Greenwich Refugee Aid					6,500
				Total Restricted Funds	80,753
				TOTAL GRANTS PAID
					3,165,229