The GOLDSMITHS, Company Charity Annual Report and Financial Statements For the year ended 31 March 2024 Company number.- 11048746 Charity number.. 1175593
Table of Contents Directors, Report.......................................................................... .......................................................................................... Indewndent Auditor's Report to the Members..................................................................................................................... 13 Slalement of Financial Activilies......................................... 16 Income and Expenditure Accounl........... .17 Balance Shegt.......... .................... .......................................................................... 18 Statement of Cash Flows............................................................................................................... ...................................... 19 Notes lo the Financial Stalements......................... .20 The Goldsmiths, Company Charity- Annual Report and Financial Slalemenls 2024
Directors, Report The Trustees present their annual report and financial ststernenls of the Goldsmiths, Company Charity for the year ended 31 March 2024. The financial ststements comply with the Charities Act 2011, the Companies Act 2006. the Memorandum and Articles of Association. and Accounting and Reportin9 by Charities= StsleTnent of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Ireland IFRS 1021. This report has been prgpared taking advantage ol the exemptions available lo small companies under the Companies Act 2006. Objectives and activities The Goldsmiths, Company Charity was established by the Goldsrnilhs, Company. one of the Twelve Great Livery Companies of the City of London. The Charity has Ihiee charitable objects.. The rellef of poverty in the Greater London area and elsewhere in the United Kingdom. The advancement of education- and The advancement of such other charitable purposes (according lo the law of England and Wales) as the Trustees see fil from lime lo time. The Charity recognises two separate charitable activities undertaken in furtherance of the ¢harilable obje¢tives.' General grant-making (through the Charity Committee, Education Committee and Court of Wardensl., and Grant-making and other advities in support of the Goldsmiths. and allied trades (through the Collections Commlttee. and by fundlng of the Goldsmiths, Centre}. Several advisory Committees with relevant skills and expertise in their respective areas have b8en established, to which the Directors delegate responsibillty for grant-making and other decisions on activities and spending. Each of these Committees has a separate constitution and meets regularly to address ils areas of responsibility. repon9 lo the Directors, who are responsible for approving all of their work. The Directors meet seven times 8 year and consider matters that relate lo the Charity's activities. Formal dele9alions lo the Chairs of the Committees have been agreed lo ensure the timaly and slruclured conduct of business. The Diwlors Confirm that they have roferred lo the Comfflission's general guidance on public benefit when reviewing the Charrty's aims and objectives and in planning their activities for the year. The following rewew of achievements and performance shows how the public benefft Tequirements have been met. Achievements and performance As part of the 700th anniversary celebrations of the founding of the Goldsmiths, Company in 1327, the Charity made an exceptional donation of £10m lo the new Lon(Son Museum and initiated a new Goldsmiths Landmark Grants Programme. Museum of London Founder Donor Grant In September 2023 the Charity signed an agreement lo give a £10m grant as a Founder Donor of the new Museum of London. This exceptional grant suppotts a once-in•a-generalion opportunity lo creat8 a spectacular new home for history and stories of London, reimagining what a museum for London can be. The Goldsmiths, Gallery will be at the heart of the new museum. displaying The Cheapside Hoard, as well as highlights from the Goldsmiths, Company's world-renowned collection. The museum is on track lo opgn in the historic Smilhfield market buildings as the London Museum in 2026. The grant is being paid in three annual instalments commencing in September 2023. Goldsmiths, Landmark Grants Programme Whilst the Charity conb'nued lo support existing grant streams and commitments with current and new partners, Directors focused their vision this yearwilh the launch and implemenlalion of the Goldsmiths. Landmark programme. This programme will award up lo £10 million worth of grants in three tranches between 2023 and 2035. 11 will maximise the Charity's impact through supporting projects lo alleviate poverty, create opportunities, and accelerate skills development. Grants of £500,000 over four years and subject lo annual monitoring and reporting requirements, were awarded to Aston University Engineering Academy. the National Literary Trust, St. Giles Trust. and St. Paul's Cathedral. Each project is underpinned by a Theory of Change. The Goldsmiths, Landmark prDJramme will be independently evaluated, by Bean Research, over the next four years and we will measure Social Return on Investment al the end of the grant period. The Goldsmiths. Company Charty- Annual Report and Financial Statements 2024
Directors, Report (continued) Charity Committee The Charity Committee has continued to prioritise grants for projects in the criminal justice sector. This sector highlights and addresses the unmet needs of some of the most excluded communities, individuals suffering multiple disadvantages, and those whom mainstream services often fail lo reach. The work ol the funded partners we support is ¢(dUcted both inside and outside prisons (with some doing both), ensuring continuity of support beyond the prison gale. The Charity has renewed funding agreements with existing. trusted partners working in prisoner rehabilitation. This has enabled us lo support the work of these partners over multiple years and often with core oyJsts. New grante&s in the portfolio this year include Beating Time Ilnside Jobl, One Small Thing, Terence Higgins Trust. the National Women's Justs'ce Coalition (Women's Centre Cornwalll. and Project Remake. Inside Job is a peer-led initiative that finds jobs for people while they a serving their sentences. It identifies the best candidales by using talented, molivaled and well-respecled prisoners as Iheir'lnlernal Recruiters.. One Small Thing is a residential home for womèn leaving the ¢riminal justice system. Ils vision is a justice system that can recognise, understand, and respond lo trauma. Their mission is lo redesign the justice system for women and their children. The Goldsmiths, Company Charity supported a pilot by the Terence Higgins Trust lo raise awareness of issues relating to HIV and AIDS in the prison system. The National Women's Justice Coalition is a group of women's sector leaders working collaboratively to strengthen the voice of wornen's cenlres and specialist organisations. The group works with wom&n affected by the ciiminal justice system and builds capacity for influencing change. We have funded their National vol and Advisory Panel. Project Remake, is a 12-week entrepreneurship training programme for people who were formally in prison. Thg programme teaches basic business s.11$, helping them lo build. launch and sustain self-employed businesses. r randstad INSID JOB human BEATING IME forwdrd. •+ Efftployer interviewsurgeries at the Birmingham offKe- out in the community. Allowing work-reody Condidates to meetond be interviewedby employers. The Goldsmiths. Company Charty- Annual Report and Financial Statements 2024
Directors, Report (continued) Education Cotnmillee The Education Committee continued to focus on Primary Literacy, Numeracy and Oracy, supporting young people and their parents. A new grantee for this year is Wondersg8kers Iformalty, Winchester Science Centrel. The project wlll work wlh earfy years praclilioners, artists, an entomologist and early years children lo develop understsnding, skills and expertise needed lo create a brand new environmenial themed indoor experience, Mini Beasts & Me, and an outdoor experience, Habitat PlayparkT. The Education Committee reinvested in the work of The Grand Theatre, Blackpool and the Royal National Springboard Foundation. This year. the Committee launched a four-year Northeast Maths Project, buildlng on the success of the five-year GveghaM aths Prolecl. Four primary schools in deprived foimer mining communities in County Durham were selected and teacher. Sam Patterson. was appointed as the Specialist Maths Teacher lo lead this worff. A programme baseline was carried out by The National Centre for Social Research. Second-year funding was confirmed for Aurora Orchestra and Literacy Pirates. The Aurora Orchestra offers flexible lesson plans and inlegraled teacher support lo enable non-specialist primary staff to deliver music in the dassroom. Literacy Pirates is an innovative charity working to develop the literacy. confidence and perseverance of children aged 9-12 years okl, in the London Boroughs of Hackney and Haringey. Lastly. in June 2023, eight schools from 170 enlranls aChed the finals of the Goldsmiths, Awards for Community Engagement al Goldsmiths, Hall. The winners were The Mosslands School from the Wirral. The M05slands School's local area has been seriously impacted by County Lines gangs. To keep young people away from crime, Mosslands students worked with Merseyside Police to deliver an Active Citizenship project. The runners-up were Ferryhill School, in County Durham. Young PITales artending bveekly atter-school sgssiorts and are guided on their learning journey by qualified teachers and communily trained volunteers The Goldsmiths, Company Charity- Annual Report and Financial Slalements 2024
Directors, Report (continued) Court of Wardens The Compan*s Wardens disburse grants to chaiitable activity in the City of London and in support of nallonal inslilulions, some of which relate directly lo the ¢raft of silversmithing and jewellery making and design. Grants were given lo the Goldsmiths, Craft & Design Council towards the cost of their annual competition and awards, and lo The Lord Mayorfs Appeal. Further grants were given in the City of London to the Mansion House Scholarship Scheme and to Sl Paul's Cathedral to fund a chorister. The Mansion House Scholarship Scheme provides bursaries lo overseas students to complete a Masters, degreè in the UK. For FY23134 the Scheme appointed ils first ever Republic of Ireland scholar, as well as three Scholarships to women from the Ukraine and Scholars from Chile, Ethiopia and S8negal. Funding a chorister at st Paul's Cathedral is a long-standing, recurring grant commitment. The Wardens fund a 'Goldsmilhs' Chorister, and supports that individual through their lime al the Choir School. The current Goldsmiths, Chorister sang al a Ilvery dinner this year. Wardens continue lo fund the Silversmiths and Jewellers. Charity which provides grants to individuals working in, or retired from. the Craft and trade of silversmithing and jewellery making who fa financial hardship. City Gtving D8y, hostedby The Lord Mayorts Appe81, unites &tYcompanS and employees lo 18br8te andpromote 1heirphi18nlhropi¢ and volunteering a¢hi&vem6nts The Goldsmiths, Company Charity- Annual Report and Financial Slatsments 2r124
Directors, Report (continued) The Goldsmiths. Centre The Charity's support for the craft, trade and industry is delivered predominantly through ils funding of the Goldsmiths, Cenlre. A charity established by the Goldsmiths, Company. the Centre's Purpose is lo advance, maintain and develop art, craft, design and artisan skills, incluéing goldsmithing. During the year, the Goldsmiths, Company Charity made revenue and capital grants lo the Goldsmiths, Centre of £2.06m12023- £1.89ml to support the Centre in delivering ils charitable objectives. These include the provision of managed workspace for makers and designers,. education and training for the public benefft.. and the fostering. promotion and expansion of public interest in art. craft. design and artisan skills. Throughout the year, and for the first lime since the pandemic, the Centre has been al full operational capacity across all areas of activity. The lessons learned during the pandemic. which enabled the Centre to continue to operate despite the challenging limes. have been ftjlly inlegraled into an enhanced and expansive programme for the public's benefrt. As the Centre celebrated ils 10th anniversary it provided a perfect backdrop lo reflect upon the prcxjress il has made lo dale and lo look ahead to the futu. This, combined with a visit from His Majesty the King. enabled the Centre lo showcase the depth and breadth of talent within the industry arKt ils commitment lo supporting it, maklng for a memorable and very special year. The year saw Ihe largest ever round of recruilmenl onto the Goldsmllhs Company Apprenticeships Scheme, with four of the new apprentices based outside London and the Southeast. After a thorough review process, a decision was taken not trj embed the Govemmenl Trailblazer Apprenb'ceship into the Apprenticeships Scheffle,. the Centre will continue to monitor the situation and review the decision if appropriate. The Centre successfully launched its Professional Training for Industry {PT4i} programme of short courses and bespoke training for industry. After an extensive process of market reSe3h and development, the Centre launched its Business Giowth Programme for emer9ing makers. Leveraging the expertise of the membership of the Goldsmiths, Company as mentors and recruiting potential mentees via diagnostic panels, this new initiative represents an innovative approach to coaching and support of young businesses. The Cenlre's enhand digital capability has enabled it lo deliver $8veral inteNentions that pleviously would have been impossible. such as Getting Started online, which has enabled the Centre to increase and widen participation in this flagship course through online delivery. With the support of the Goldsrnilhs, Company Charity's 1327 Fund, the Centre was, for the first Ume, able lo offer grants to learners on low incomes andlor benefits. This was a significant slep towards the Centre reaching its equity, diversity and inclusion objectives which. combined with online delivery, meant that far more people were able to engage with and receive the Centre's support. Linked to the Goldsmiths, Company Charity's donation lo the Museum of London IMOLI, the Centre team instigated and developed a pilot project al MOL Docklands. Linked lo the Centre's "Making the Maker Market Ready Programme the project gave a group of young designers the opportunity to design products for sale in the shop at MOL Docklands, and enabled both organisalions to explore how we might collaborate in the future. The Gddsmilhs, Company Charity- Annual Report and Financial Slalements 2024
Directors, Report (continued) Performance against internal objectives The principal intemal objective was lor the Charity to operate effectively and within ils means. Each Committee was given a budget that Vered the year and was charged with operating within it. which they did successfully. Factors that impacted on the ability lo achieve Ihe Chaiily's objectives No laclors have been identified that impaGled on the abllity lo achieve the Charity's objeclives other than those identified in the Risk Assessment Policy. Plans for future years The Directors are reviewing the governance structure and objectives ol the Charity. This has been a significant piece ol work this year, with the aim of establishing a strong foundation from which lo introduce a modernised govemance structure. It is proposed that in the next financial year the Goldsmiths. Company Charity will be relaunched as tha Goldsmiths, Foundation. It is anticipated that the Foundation will continue to support the activities of the Goldsmhhs, Cenlre. In addition to these ongoing grants and aclivilie8. there is an ambition to revitalise fundraising through member philanthropy. Financial Review Reserves policy The Charitys total funds at 31 March 2024 were £166,393,69512023 - £161,258,911 } ol which £131,464.10512023 £120,404,347) was permanent endowment, £29,427,53012023 - £35,758,859) was expendable endowment, £1.593.538 12023 £1.518,6351 was restricted funds and £3,908,52212023 - £3,577.0701 was unrestricted funds. Unrestricted funds included £65.950 {2023 - £105,950} in the designated Covid-19 Fund and £1.589,765 in the designated Goldsmtths, Landmarks Piogramme Fund {2023 - £1,374.1001. Free reserves were £2.252,807 (2023 - £2.097.019) which was just above the target level of reserve 01 £1,800,000 to £2,000,000. The Directors, Fleserves Policy for the Charity is lo maintain a free reserve of between £1,800,0(X) 10 £2,000.OCK), to ensure the Charity could continue to meet its longer-lerm commitments in the face ol a sudden downturn in income and recognise the intention to provide an operallng grant lor the Goldsmiths, Cenlre. The level of reseNes which should be retained in Ihg Charity is reviewed annually. Principal funding sources The Charity delivers its charitable activities using funds stemming Irom endowments bequeathed over the centuries, and the Diredors are not required to raise further funds lo meet their objectives. The endowments are primarily invested in the stock market and are managed, on behalf of the Directors, by the investmgnl managers listed on page 12. 1327 Fund The Charity runs a charitable giving inilialive, the 1327 Fund, to enable members ol the Goldsmiths, Company to contribute lo the Charity's work. Mgmbers wishing lo support the trade donate lo the Members. Industry Scheme, focussing on young people, emerging lalenl, and established makers who are working or aspiring to work in the jewellery, silversmithing and allied industries. Alternatively, members can donate lo the Members, Charitable Partnerships Scheme, which contributes to other causes via charitable and educational partners. During the year. the Members, Industry Scheme recèived donations 01 £31.418 {2023 - £36.012} and the Members, Charitable Partnerships Scheme received donations of £31,176 {2023 - £38,564). 1iiveslmonl po1ics' The Directors review the ChariWs Investment Policy every year. The Charity considers il best to hold the majority ol its assets in the form of marketable securitiès. In 2023, the Charity set up a programme to invest in private equity and debt Th8 Goldsmiths, Company Charity- Annual Report and Financial Statements 2024
Directors, Report (continued) managed by Partners Capital LLP. 11 is the intention to dispose of the remaining investment properties when the liming is right. In inslrucling the investment managers, the Dlrectors have decided lo pursue an investment policy for the Charity which both provides income lo enable them to address their current objectives and enhances income and capital growth over the longer term, thereby enabling the Charity lo meet its objectives into the future. The invgslmenl managers are roquired to pay attention lo the standard investment criteria, namely the suitsbility of the class of the investment and the need for dlversificalion when appropriate. Restrictions on the type of invesknenls or markets in which the investment manager can invest are sel out In wrtting. Over the year of this report, no restrictions were placed on the investment manager other Ih8n that no derivative transactions were to be undertaken wilhoul prior written permission. Environmental, Social and Corporate Governance In today's wortd, the Charity recognises that il needs lo have an investment strategy that reflects the 'Principles of Responsible Investing, IPRII in its investment approach. These principles, which the United Nations defined in 2006, relate lo the environmentsl and social impact of an entity's activity and how a business is managed. Togethgr, these factors are known as Environmental. Social and Cortx)rate Govemance IESGI. The main objective of the Charity's investment pollcy is to maximise investment retums in a way that preserves and enhances the Charity's capacity to make grants and gives it financial flexibility lo help achieve that objective. The Charity has always attached great importance to the piotection of its reputation in making investment decisions. The Charity recognises the growing integration of the PRI and that responsible ownership and business success go hand in hand. Accordingly, il has an ESG PDli¢y which aims lo ensure that the Charity understands and incorporates best practice ESG analysis in its investment thinking and engages collaboratively with its delegated managers and advisers lo ensure that there is consistency in approach and implemgntalion. Investment powers, policy objectives The Charity's investment powers are set out in its Articles of Association. Supervision of th8 investment managers and the propety sutveyor is exercised by the Investment Commtttee of the Goldsmiths. Company. The Charbty has adopted the total return approach lo investing. Under the total return approach. the permanent endowment fund receives ils share of investment returns, whether in the fom) of income or realised or unrealised gains. With full regard lo the overriding duty to maintsin a fair balance beeen the interests of current and all future beneficiaries, the Goldsmilhs, Company Charity makes transfers out of the permanent endowvnenl fund lo th& general fund equal lo the income received to help meet grants and other costs. The remaining unapplied total return is retained within the permanent endowment fund. The balance of monies lo support grants and other costs under total retum is taken from the expendable endowment. Transf&rs from the expendable endowment to the general fijnd are guided by a withdrawal rale of 3.0% of the total endowment. The base dale for the total ielurn approach was 30 September 2002. 81 which point the value of the permanent endowment was £47.9 million. This Is based on the date investment values nomialised after the dot ¢om bubble and the amalgam8lion of the prior charities under the Charity Commission scheme of 19 June 2001. Further details of the permanent endowment are given in note 8 Idl on page 26. The standing investrnent objectives set down for the investment managers are as follows.. a. The equal importance of preservation and real growth of capital value for the benefit of fLslure generations., b. To invest the assets on a total return basis in a baland portfolio, which will consist mainly of equities and fixed income s8cu¥i118s'. and c. To provide a level of income agreed annually by the Investment Committee on behalf of the Charity that is appropriate to the portfolio. Performance of the portfolio is measured against inftalion (UK CPI) +3.5% over a rolling 5 y8ar peri¢JJ. The Goldsmiths, Company Charity- Annual Report and Financial Ststements 2024
Directors, Report (continued) Investment pèrformance against investment objectives The Charity's total investment portfolio had a market value on 31 March 2024 of £160.8m12023- £155.4ml. inclusive of investments attributable lo restricted funds and cash available for investment. The value of the endowment fund portfolio managed by the investment managers increased by 3.8% 10 £146.9m Including investment cash (2023- decreased by 4.610k to £141.5ml- Other investments hgld were allemalNe investments of £4.4m 12023 £3.2ml held in Private Equity Funds, and £6.1 m12023 - £6.5rnl in a propety investment fund. The value of investment properties included in the Charity's investment portfolio decreased to £3.5m12023- £4.2ml a decrease due to reductions in central London property values following IneaSeS in interest rates during the year. Income achieved from the porttolio was £3.6m12023- £3.1 ml which was an annual return of 2.14Yo12023- 1.9%) on the opening investment portfolio managed by the investment managers. The Directors are mindful of the continuing challenging economic conditions and wider political developments. Through the Investment Committee, which meets quarterly, they will keep under review the income largels, capital growth performance and investment mix lo minimise risk. Fundraising activities The Dire¢lors take sèriously their responsibilities under the Charities (Protection and Social Investment) Act 2016 and have considered the implications on their fundraising aclivilies. The Charity does not raise funds directly from the general public. The Charity does not receive commercial sponsorship. The Directors are not aware of any complaints made in respect of fundraising during the year. Risk assessment policy A risk assessment report is reviewed al least once a year by the Directors. The five principal areas of risk that have been Kienlified and require lo be managed are deemed lo be.. the protection of assets- the protection of income,. stsffing issues.. the protection of repulalion,. and effective granl-making. The Directors keep under review the major risks facing the Charity and are satisfied that appropriate systems and processes are in place lo mitl9ale these risks, summarised below. Protection of assets: immediate oversight is provided by th8 Investment Committee, which consults professional advisors and monitors their perforrnance. Cash is spread between various banks with appropriate credit ratings. The Charity's investment values have increased during the year. However. markets remain volatile due to high inflation and political instability. The Investment Committee has continued lo assess and miligale risk as considered appropriate. Protection of income.. an expenditure budget is sel agalnst forecast income each year. A free reserves policy has been sel to gljard againslfaclors outside the control oflhe Directors that may adversely affect income. Investments are now managed on a lolal return basis, with the expendable endowment available to support charitable giving while continuing to maintain the overall endowment in real tems over time. Staffing issues.. the Charity does not employ staff directly. All staff working on behalf of the Charity are employed by the Goldsmiths, Company. which makes a management recharge from the Charity. The Directors are satisfied that the Goldsmiths, Company holds appropriate insurances and has suffi¢ienl Capacity and disaster reVery plans lo continue lo prov¥Je admlnistralion services for the Charity in the event of contingency silualion8 or foreseeable disaster8. Protection of reputation.. the Directors are careful lo observe procedures laid down in relevant legislation, stsndards and guidance from regulator5. Solicitors are appointed lo give advice on any ¢harilable matter the Directors deem appropriate. The Charity is a membgr of the Associath)n of Charitsble Foundations which gives advi on updated regulations and best practice. The Charity does not make grants lo any body with an evident paty-polllical stance. or any body that might adversely affect its reputation. Th9 Goldsmiths, Company Charity- Annua5 Report and Financial Ststements 2024
Directors, Report (continued) Effective granl-making.. grant-making is normally confined lo the Greater London Area. national Charities and community foundations. Grant applications are received via an application form available on the Charity's website, supported by the applicant's latestfinancial statements. Where necessary, the applicant is visited andlor independent referees are consulted. Grants are decided by the Directors via the relevant Committee. Grant recipients are asked to submit a report detailing how the grant has been used and the impact achieved. which is reviewed by the relevant Committee. Overview The Charity's nel assets have increased lo £166.4m {2023- £161.3ml. The In¢aSe was mainly due lo recovery from the financial market after the fall in infflalion. On the balance sheet dale the Charity held £14.7m in bank balances12023- £10.Oml of which £2.1m12023- £4.4ml was cash held as investments by the investment managers. Cash is being held in the Charity lo fund the upcoming inslalmenls to the Museum of London and two years of commitments. Statement of Directors, Responsibilities The Directors ao resw)nsible for preparing the Directors, report and the financial ststements in accordance with appltcable law and regulations. Company law requires the Directors lo piepare financial statements for each financial year. Under that law they are requlred to prepare the financial statements in accordan with UK Accounting Stsndards including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the Directors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the excess of income over expenditure for that year. In preparing these financial statements, the Directors are required lo.. select suitable accounting polScies and then apply them consistently.. make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subjgct lo any material departures disclosed and explained in the financial statements-, and prepare the financial slalemenls on the goin9 concern basi5 unless il is inappropriate to presume that the charitable company will continue its activities. The Directors are responsible for keeping adequate accounting records that are sufficjenl lo show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial stalem8nts comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open lo them lo Safuard the assets of the charitable company and to prevent and delecl fraud and other irregularitses. The Directors who held office at thè date of approval of the Directors, report ¢onfirm that. so far as they are aware, there Is no relevant audit information of which the Charity's auditor is unaware. Furthermore, the Directors are of the view that, under their delegated authority. the members of staff working on behalf of the Charity have taken all appropriate steps to make themselves aware of any relevant audit information and lo establish that the Charity's auditor is aware of that information. Pursuant to Section 487 of Companies Act 2006, the auditor will be deemed to bè reappointed and Saffery LLP will therefore continue in office. Reference and Administrative Details The Goldsmlths. Company Charity is a charitable company limited by guarantee and does not have share capital. The company was formed on 6 November 2D17 in England and Wales with company number 11048746 and registered with the Charity Commission for England and Wales on 7 November 2017 with charity numb8r 1175593. The principal and registered office of the company is Goldsmiths, Hall, 13 Foster Lane, London EC2V 6BN. The Goklsmilhs, Company Charity- Annual Report and Financial Slalemenls 2024 10
Directors, Report (continued) The Directors of the company Iwho are also Trustees of Ihg Charity for the purpos8s of charity lawl are as follows.. Mr R.H. Reid- Chair Mr E.C. Braham Mr E.M. Harley The Lord Bridges Mr R.A.R. Hayes- appointed 17 May 2023 Dame Lynne Brindley Miss E.K. Himsworth- appointed 17 May 2023 Mr G.G. Macdonald Ms V.R. Broa¢kes Brigadier E.A. Butler Professor C.G. Mackworth-young Mr N.A.P. Caison- resigned 15 May 2024 Mr R.R. Madeley- died 19 May 2024 Mrs J.A. Cobham-L(Iwe- retired 17 July 2024 Mr H.J. Miller- retired 17 July 2024 MrW.H.M. Parente MrA.P.A. Drysdale Mr M.C.T. Prideaux Mr T.R.B. Fattorini MrT.B. Schroder Mr R.N. Fox Mr A.M.J. Galsworthy- retired 26 September 2023 Mr J.R. Skeates - appointed 21 February 2024 Ms J.F.C. Goad Mr M.J. Wainwright SJ. Hardy Ms N.L.L Wickes- appointed 17 May 2023 Structure, Governance and Management Board of Directors- Selection and Induction Directors are elected to the board through a process of selection from the Livery of the Goldsmiths, Company. Upon election, each new Director of the Charity meets with the Clerk of the Goldsmiths, Company who, in their capacity as Clerk and Correspondent lo the Charity, briefs the new Director on the role and responsibilities of a Director. Each Director is also issued with a pack of appropriate do¢umenls induding the Charity Govemance Code as well as the following Charity Commission publications.. CC3 "The Essential Trustee- What you need lo know.; CC8 "Intemal Financial Controls for Charities"; CC26 "Charities and Risk Management.. The Directors monitor their own performance and ensure that they ar8 kept up lo date on all the relevant changes to the legal and accounting requirements for a Charity of this size. Key management personnel The Charity does not ilseK employ any staff. The Key Management Personnel of the Charity are the Directors, who a not remunerated. The Directors delegate day to day management of the Charity to the following: Ms A.C. Warburton - Clerk and Chief Executive- appointed 16 January 2024 Sir David Reddaway- Clerk and cOrSpOndent- resigned 27 April 2023 Mr S.G. Hutchinson- Deputy Clerk- resigned 6 February 2024 Mr R.W.J. Preece- Director of Finance Further details of the Committees of the Charity are given on page 2. Professional advisors Solicitors= BDB Pitmans LLP One Bartholomew Close London EC1A 7BL Surveyor.. CBRE Ltd Henrietta House Henrietta Place London W1G ONB Auditor.. Saffery LLP 71 Queen Victoria Street London EC4V 4BE The Gokismiths, Company Charty- Annual Report and Financial Slalemenls 2024 11
Directors, Report (continued) Investment Managers.. Sarasin & Partners LLP Juxon House 100 Sl P2uI's Churchyard London EC4M 8BU Waverton Investment Management Limited 16 Babmaes Street London SW1Y 6AH Private MaetS Manager.. Partners Capital LLP 5 Young Street London W8 5EH Banker.. Barclays Bank plc I Churchill Place London E14 5HP This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime wSlhin Part 15 of the Companies Act 2006. These financial slalements were approved by the Di¢10rS on and are signed on their behalf by.. /¥/.J Date.. 2 4 &f4e¥fibe< y Mr R.H. Reid Chair The Gold5miths' Company Charity- Annual Report and Financial Statements 2024 12
Independent Auditor's Report to the Members Oplnlon We have audited the financial statements of The Goldsmiths, Company Charity for the year ended 31 March 2024 which compiise the Statement of financial activities, Balance sheet, Cash flow stslemenl and notes lo the financial statements, includin9 signleanI accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom GenerallyAccepled Accounting Practice). In our opinion the financial statements.. give a true and fair view of the charitable Company's slate of affairs as a131 March 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended., have been properly prepared in accordartrce with United Kingdom Generally Accgpted Accounting Practice; and have been prepared in accordance with the Companies Ad 2006. Ba$ls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial ststements section of our report. we are independent oflhe charitable company in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK, including the FRC'S Ethi¢al Standard, and wo have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffiuenl and appropriate to provide a basis for our opinion. Conclusions rolatlng to going concern In auditing the financial statements, we have concluded that th8 dlrectors, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforrned. we have not identified any material uncertainties relating lo events or conditions that, individually or Collectively, may cast significantdoubt on the charitable company's ability lo continue as a going concern for a p&rKJd of al least bNelve months from when the financial statements are authorised for issue. Our reswnsibilities and the responsibili11gs of the diredors with respect lo going concern are described in the relevant sections of this report. Other infomiation The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our audilor's part Ihereon. Our opinion on the financial statements does not cover the other information and, exp1 to the extent otherwise explicitly ststed in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read tho other information and, in doing so, consider whether the other Information is materially inwnsislenl with the financial slalemenls or our knowledge obtained in the course of the audit or otherwise appears to be materially mis51ated. If we identify such material inconsistencies or apparent material misstatements. we are required lo determine whether this gives rise to a material misstatement in the financial slalemenls themselves.11. based on the work we have perfomied. we conclude that there is a material misststement of this other information we are requlred lo report that fact. We have nolhlng to report in this regard. Opinlons on other mattérs prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. The Gohdsmiths, Company Charity- Annual Report and Financial Statements 2024 13
Independent Auditor's Report to the Members (continued) the information given in the Directors, Report for the financial year for whlch the financial slalements are prepared is consislenl with the financial ststemenls.. and the Directors, Report has been prepared in accordan with applicablelggal requirements. Matters on which we are required lo report by exception In the light of the knowledge and understanding of the charitable company and ils enmronment obtained in the course of the audit, we have not idenlrfied material misstatements In the Directors, Report. We have nothing lo report in respect of the following matters where the Companies Acl 2006 requires us lo report lo you if. in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not bggn r9c8ived from branches not visited by us. or the financial slalemenls are not in agreement with the accounting records and tums- or rtain disclosures of directors. iemuneralion specified by law are not made; or we have not received all the infomialion and explanations we require for our audr(: or the directors were not entitled lo prepare the financial statements in accordan wilh the small companies regime and lo lake advantage of the small companies exemption in preparing the Directors, Report and from the requirement lo prepare a Strategic Report. Responsibiliti0$ of dlrectors As explained more ftjlly in the Statement of Directors, Responsibilities sel out on pag& 10. thè directors (who are also truste&s of the charitable company for the purposes of charity lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fairview, and for such internal control as the directors determine is necessary lo enable the preparation of financlal statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial statements, the directors are responslble for assessing the charitable company's ability lo continue as a going concem, disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company orto cease operations. or have no realistic allernalive to do so. Auditor's re$ponslbllltles for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misststement, whether due to fraud or eiror. and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran, bul is not a guarantee that audit conducted in 8¢cordance with ISAS (UK) will always detect a material misststemenl when it exists. Misstatements Can arise from fraud or error and are considered material rf. individually or in the aggregate, they coijld reasonably be expected lo influence the economic decisions of users tsken on the basis of these finanual ststements. Irregularities, including fraud. are instsn¢es of non•compliance Mth laws and regulations. We design procedures in Ilne wlth our responsibilities, outlined above. to delecl material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent lo which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related lo irregulari119S- We assessed the susceplibilily of the charitsble company's financial slalemenls to material misstalemenl and how fraud might occur, including through discussions with the directors and informed management, discussions within our audit team planning meeting, updating our rerd of internal controls and ensuring these controls operated as intended. We evaluated possible incentives ar opportunf(ies for fraudulent manipulation of the financial statements. We identified laws and The Goldsmiths, Company Charity- Annual Report and Flnancial Statements 2024 14
Independent ALSditor's Report to the Members (continued) regulations that are of signrficance in the context of the charitable company by discusslons with directors and updating our understsnding of the sector in which the charitable company operates. Laws and regulatnS of direct significance in the context of the charitable Company include the Companies Act 20t*. and gUIdan issued by the Charity Commission for England and Wales. Audit response lo risks identified.. We considered the exlenl of compliance with these laws and regulations as part of our audit procedures on the lated financial statement items including a review of financial slalemenl disclosures. We reviewed the charitable company's records of breaches of laws and regulations, minutes of meetings and Corresponden with relevant aulhoiilies to identify potential material misstatements arising. We discussed the charitable company's polrcies and procedures for compliance with laws and regulations with members of management responsible for compliance. During thg planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired ol management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any aclual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by lesling the approprlal&ness of journal entries and idenlitying any significant transactions that were unusual or outside the nomial eourse of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit. the engagement partner's review included ensuring that the team had approached their work with appropriate prof&ssional scepticism and thus the capacity to Identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial slalemenls, the less likely we would become aware of it. Also, the risk of not delecling a material misslalement due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresenlalions, or through collusion. A further description of our responsibililles Is available on the Financial Reporting Councd's website at.. www.frc.o .uklaudilorsres onsibililies. This description foms part of our auditor's report. Usg of our report This report is made solely to th& Charitable company's members, as a t¥)dy, In accordance wlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste lo the charitable company's membèrs those mallers we are required lo slate lo them in an audltor's report and for no other purpose. To the fullest gxtgnt perfflitted by law. we do not accept or assume spOnsibl111Y lo anyone other than the charitabla Company and the charitsble company's members as a body, for our audit work, for this report, or for the opinions we have formed. Helen Wilkie Isenior Slalulory Audilorl for and on behalf of Saffery LLP Slalulory Auditors 71 Queen Victoria Street London EC4V 4BE Date.. Saffery LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006 The Goldsmiths. Company Charity- Annual Report and Financial Slalemenls 2024 15
Statement of Financial Activities For the year ended 31 March 2024 2024 2023 Unrestricted Restricted Funds Funds Endowment Funds Total Funds Total Funds Note Income from Donations In*slmenls Other 64,692 18.878 58 64,6¥2 4,220,996 58 4,285.746 97,233 3,366,557 963,379 3,238.739 Total 963,379 83,628 3,238,739 3,463,790 Expendllure on Raising ftjnds.. Intment management fees Property management costs Total raising funds 547,747 547,747 161,755 709,502 516.716 161.755 161.755 547,747 516.716 Charitable aclimlies.. General grants Support of the trade Total charitable aclimties 11,419,340 2.289,571 13.708,911 13.870.666 3.434 45,384 48,818 48,818 11.422,774 2.334.955 13.757,729 14,467,231 1.360.618 2,239,330 3,599,948 4.116,664 Total 547,747 Net {axp•ndltureVincome before transfers and gains 112.907.2871 34.810 2,690.992 (10. 181,485) 1652,8741 Transfers between funds Nel gainslllossesl on inleslments 13,238.739 113.238.7391 15.276,176 40,093 15,316.269 18,509.9811 Net in¢oTnellexpenditLEro1 and net movèmont in funds 331.452 74,9)3 4.728.429 5, 134.784 19,162.8551 Total funds brought forward Total funds Carried forward 3,577.070 3.908,522 1,518.635 156,163,206 161.258.911 170.421,766 1,593.538 160,891,635 166.393.695 161,258,911 All amounts relate lo continuing operations. The Charity has no recognised gains or losses other than tho net movement in funds for the year. A comparative Ststement of Financial Activities in included in note 16. The Goldsmiths. Company Charity- Annual Report and Financlal Statements 2024 18
Income and Expenditure Account For the year ended 31 March 2024 2024 2023 Total income (including transfers from endowment funds) 14.285,746 Total expenditure 113.919.4841 Net gainslQosses) on inwtmonls 40,093 Proflt for the year 406,355 3,898,124 13.599,9481 128,7521 269,424 The in¢ome and expenditure account excludes all movements on the Charity's er0wment funds so as lo comply with the requirements of Companies AGI 2006. The notes on pages 20 to 36 forni part of these financial statements. The Goldsmiths. Company Charity- Annual Report and Financial Slalemenls 2024 17
Balance Sheet As al 31 March 2024 Company number 11048746 2024 2023 Note Fixed assets Heritage assets InstmentS 540,596 160,842,546 161,383.142 540,596 155,420,495 155,961,091 Current Ats Debtors Cash at bank 252,185 12.598,507 12,850,692 244,048 5,611,834 5.855,882 Current liabilities Creditors falling due within one year 10 4.506.806 558,062 Net current assets 8,343,886 5.297.820 Non<urrent liabilities Creditors falling due in more than on8 year 10 3,333.333 Net assets 166,393,695 161,258,911 Funds Endowment fvnds - permanenl endowrnent Endowment fvnds - expendable endowment Restricted fiJnds Unrestricted funds 13 131,464.105 13 29.427,530 1.593,538 3,9)8,522 120,404.347 35.758.859 1,518,635 3,577,070 13 13 166.393.695 161.258,911 This report has been prepared in accordance with the provisions applicable to eompanies subject to the small companSes regime within Part 15 of the Companies Act 2006. The notes on pages 20 to 36 form part of these financial statements. Signed on behalf of the Board of Directors by.. Mr Richard Reid- Chair Mr Edward Butler- Director Date.. 24 effjlx( g£J2t Dale.. 2(+ SyleMEel 202 The Goldsmiths, Company Charity- Annual Report and Financial Slalemenls 2024 18
Statement of Cash Flows For the year ended 31 March 2024 2024 2023 Cash flows from operating activitles Net in¢omel{expendlture) for the year per SOFA Adjustments for.. Nel Igainsyloss8s on inlestments Dimdends, interest and rents from inStmentS Increaselldacreasel in debtors Increasel{decrease) In Creditors Nel cash used in operating actlmties 5.134.784 19, 162.8551 {15,316,269) {4,081.3851 18, 1371 7,282.077 16.988,930) 8.509.981 {3,366.557) (44,872) 183,3091 14. 147.6121 Cash flows from investlng act5vltios Dividends. interest and rents from invastments Proceeds from sale of inStmentS Purchase of investments Net cash (used inypromded by iniEsting actimties 4.081,385 52.402.383 144,735,478) 11.748.290 3,366,557 53.195,828 156.641.3551 178,9701 Change in cash and cash equi)ralents in the year Cash and cash equivdlents at the beginning of the pertod Cash and cash equivalents at tha ènd of the perlod 4,759,360 9,986,494 14.745,854 (4,226.582) 14,213.076 9,986.494 Analysis of cash and cash equlvalents Cash at Bank Deposlts th maturity in less than 12 months Subtotal cash not available to instment managers Cash A118b1 for intment held by instment managers Cath and cash oqulvalents at the end of the period 12.598,507 4,598.727 1,013.107 5,611,834 4.374.660 9.986,494 12,598,507 2.147,347 14,745,854 Analysls of changes In net dèbt Cash and cash equivalents at thè beginning of the p8rlod Cash Ilows Cash and cash equlvalènts at the end of th• period 9.986.494 4.759.360 14,745.854 14,213.076 14,226,582) 9,986.494 The notes on pag8s 20 10 36 form part of these financial slalemenls. The Goldsmiths, Company Charity- Annual R8POrt and Financial Statements 2024 19
Notes to the Financial Statements For the year ended 31 March 2024 Charity Information The Charity is a Company Ilmited by guarantee Iregislered number 110487461, which is incorporated and domiciled in England and Wales, and is a public benefit entity. The registered office is Goldsmiths, Hall. Foster Lane, London. EC2V 6BN. Principal accounting policies al The financAal slalemenls have been prepared untjer the historical o)sl convention, with the exception that investment properties and investments are included al market value. The ffnancial ststements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recomtnended practi applicable to charities preparing their accounts in accordan with the Financial Reporting standard applicable in the UK and Republic of Ireland {FRS 1021 and the Financial Reporting Standard IFRS 1021 applicable in the United Kingdom and Republic of Ireland and the Charities Act 2011, Companles Act 2006, and UK Generally Accepted Accounting Practice. bl After making appropriate enquiries, the trustees have reasonable expectation that the charitable company had adequate resources lo continue ils activities for al least 12 months following the approval date of these accounts. Accordingly, they continue lo adopt the going concem basis in preparation the accounts. The trustees do not consider there lo be any material uncertainties about the charity's ability to continue as a going concern. c) The Charity is a public benefit entity. dl The financial slalemenls are prepared in pounds sterling. el Incom8 is brought into account when receN8ble- dividends are recognised once the dividend has been declared and the amount is known. Expenditure is accounted for on an accruals basis. gl Charitable activities The Directors consider that the Charity is involved in areas of charitable activity: direct grant making and activities which are in support of the goldsmilhing, silversmithing and allied trades. h) Support costs The Charity does not employ any staff. A management recharge is made by the Goldsmiths. Company which includes staffing and asso¢i8led costs on a time-apportionmenl basis. The majority of these costs 8UPPK)rt the grant-making activity. with a small proportion being allocated lo governance costs. il Govemance costs comprise all costs involving the public accountability of the Charity and its compliance wth regulation and good practice. These include costs related lo statutory audit and leg81 fees and Director insurance, and are part of the supwrt costs. 11 Grants payable are recognised in the year in which the commitment is made. Commitment is made wh8n the Charity is obligated lo pay the grant. for example-. when the grantee is notified in writing of the award, or.. the grant is paid. kl Heritage assets are a ¢olle¢tion of various pieces of deCorate Sier owned by the Silver Trust held at 10 Downing street. Heritage assets are held at cost and depreciation is not charged. Thè Directors carry out an impairnienl review annually. l) Investment management and property valuation fees are charged to the Endowmgnt Fund. ml Valuation, capilalisalion and depreciation of property Investment propertles are included in the finawal slalements al open market values. Gains or kjsses on revaluation are included in the Endowment Fund. The Goldsmiths, Company Charity- Annual RerKJrt and Financial Statements 2024 20
Notes to the Financial Statements (continued) n) Investments are included on the Balance Sheet at market value. Investment gains and losses are calculated by reference to opening market value and disposal proceeds and are recognised as mov&ments in the Endowment Fund. Cash available for investment. held by the Charily's investment managers is included in investments. o) Cash al Bank - Included in this figure a amounts held 1ctlY by the Charity in a number of bank accounts. together with amounts held by the investment managers due lo be returned lo the Charity's bank accounts. pl Areas of significant estlmalion orjudgemenl- investment properties are valued each year on a market value b8818. in accordance with practice statements of the Appraisal and Valuation Manual of the Royal Institution of Chartered Suryeyors. No other si9nfficant estimations orjudgemenls have been Identified. ql Following the amalgamation of three Charle$ in 2001 the permanent and expendable endowment funds presented in these financial statements are based on those inherited Irom the predecessor ¢harili&s. Specific movements allribulable lo the brought fotward pemanenl and expendable endowment funds are allocated lo Ihefunds lo which they relate. All other movements are allocated to the funds based on the relative percentages of the permanent and expendable endowment funds al the beginning of Ihg year (see note 131- r) The base value of the permanent endowfflent may not be spent for income purposes. However. the trustees have discretion lo transfer funds lo income from the unapplied return on invested funds. The expendab @ndowment tnay be used as the Directors see fit. s) Any transfers from the unapplied lolal return on the p8rmanent endowmant and any income generated by the expendable endowment funds are allocated lo the Unieslricted Fund for expenditure in furthering the objects of the Charity. 11 Taxation - the Charity is exempl from direct laxallon on ils income and galns lo the extent that they are applied exclusively to charitable activities. The Charity currently conducts no activities deemed as business for Valued Added Tax purposes, therefore irrecoverable Input Tax is included within the relevant c051 heading. ul Prior year restatement the trustees have adopted a total return approach lo the investment of the charity's permanent endowment. cOnsUentIy, in accordan with Charities SORP, the investment return generated by the permanent endowment has been allocated lo the endowment column in the Statement of Financial Activities with any amount transferred lo income being recorded in the Transfers line in the Slalemenl of Financial A¢tivilies. This is a change of presentation from the prior year when the income generated by the permanent endowment was allocated directly to the income fund. The prior year figures have been reststed so as to be directly Comparable. The revision has no impact on the overall result for the prior year or the reserves carried forward at ygar end. The Goldsmiths, Company Charity- Annual Report and Financial Statements 2024 21
Notes to the Financial Statements (continued) Income 2024 Unrestrict&d Funds Restricted Funds Endowment Funds Total Funds Voluntary Income Donations and legacies Totsl Voluntary Income 64.692 64.692 64,692 64.6S2 Inv&stment Incomg DiNidends and Interest Rent Bank and Other Interest Totsl Inve#ment In¢ome 840.756 14.336 2.731,541 108,807 398,391 3,238,739 3,586,633 108,807 525,556 4.220,996 122.623 963,379 4,542 18.878 Other Income Commission on sale of merchandise Tolal Other Income Total Incomo 58 58 83.628 58 58 4.285.746 963,379 3,238,739 2023 Irestatedl Unrestricted Restricted Endowment Funds Funds Funds Total Funds Voluntsry In¢ome Donations and legacies Total Voluntary Income 20,0(J) 20,OC 77,233 77,233 97.233 97.233 Investment Income DiiAderKls and Interest 721.752 13,828 2,334,634 107.674 143.107 2,585,415 3,069,614 107,674 189,269 3,366,557 Rent Bank 8nd Other tnleresl Totsl Invgstmgnt Income 44,205 765.357 1,957 15,785 other Income Commission on sale of merchandise Total Other Incom¢ Total Income 785.357 93,018 2,585,415 3,463,790 The Goldsmiths, Company Charity- Annual Report and Financial Slalemenls 2024
Notes to the Financial Statements (continued) Expenditure on charitable activities 2024 Unre8trlcted Ftsnd5 Restricted Funds Total Funds Genaral grants Museurn of London Charity Committee Education Cofflmittee Warden8 Grants - Gerwdl Landmaths Programrne Other Grants Gengral Total Grants - G8n8ral 10.000.000 462,048 126,258 ?03,668 385,989 10,0(M).000 462,048 126,258 103,868 385,989 3,354 11.081.317 3.354 3,354 11,077,963 Goldsmiths, Centre Goldsmlths, C$ntrg - Capital Fundlng Ward8ns & Other Grants - Support of trade Coiid-19 Fund Grants - Support of trade Total Grants - Support of the Trade Total Grants 1,867,290 192.000 58.008 40,0] 2.157.298 12.151 1.879,441 1,000 91,195 40,OCKS 2.202.636 33,187 45.338 13.235.261 48,692 13.283.953 Charitable actitIeS {non-gr&ntl Total Gronts & Other Charitable ActiK4ties 54.155 13,289,416 54,155 13,338.108 48.692 Supwrt Costs (see note 51 Total exp8nditure 419.495 13.708.911 126 48.818 419,621 13.757.729 2023 Unrestricted Funds Restri¢ted Funds Total Funds Gener81 grants Charity Committee Education Committee Wardens Grants - General Other Grants - General Total Grants - General 624,660 228,906 182,085 624.660 228.906 182,085 22.880 1,058,531 22,880 22,880 1,035.651 Goldsmiths, Centr8 Goldsmiths. C&ntre- Capital Funding Wardens & Other grants - Support of trade Cmid-19 Fund Grants - Support of trade Total Grants - Support of the Tr&Je Total Grants 1,777.176 110,000 73,599 88,050 2,048,825 12.151 1,789,327 110,000 119,321 88,050 2,106.698 45,722 57,873 3.084,476 80.753 3,165,229 Charitable actitI&$ Inon4Jrantl Total Grants & Other Charitable A¢li%ilies 107,782 3,192,258 107,782 3.2n.011 80.753 supp costslsee note 51 Totd expenditure 326,798 3,519,056 140 80.893 326.938 3,599,949 A full list ol grants is included on pages 35 to 36. The Goldsmiths, Company Charity- Annual Report and Financial Slalemenls 2024 23
Notes to the Financial Statements (continued) Support costs The Charity does not itself employ any staff. The Key Management Personngl of the Charity are the Directors, who are not remunerated. Management recharges from the Goldsmllhs, Company for central support functions and grants administration are calculated to indude staffing and associated costs on a lime-apportionment basis. The total amount of management recharges from the Goldsmiths, Company in the year was £363.705 {2023- £296.8761. Professvjnal fees include the auditors, remuneration of £18,35412023- £16.6971. None of the Directors recelved any remuneration in the year12023- £nill. No expenses were reimbursed lo any Director during the year. 2024 General grants Support of the Trade Total UnStrICted funds Management Rech8rg9 St8ffing Costs Office Costs 179,183 89,591 268,774 27.774 296.548 63,287 31,644 94.931 28,016 122.947 242,470 121,235 363.705 55.790 419.495 Dlrect costs Total support costs Direct expenditure (see tN)te 41 Grants - General Grants - Support of tha Trade Charitable actilities Inon-grantl Total unrestricted fvnd expendrture 11,077.963 11.077,963 2.157.298 54.155 13,708.911 2,157,298 9,326 2.289.571 44.829 11.419,340 RestrS¢ted funds Direct cost5 Total support Costs 80 126 80 46 126 C)irect expenditurè Totsl Grants - General Total Grants - Support of the Trade Total r8Stri¢ted fvnd expenditure 3.354 3.354 45,338 48,818 45.338 45,384 3,434 Total expenditure on charitable actiMti8s 11,422.774 2.334,955 13.757,729 The Goldsmiths, Company Charity- Annual Rerx)rt and Financial Slalemenls 2024 24
Notes to the Financial Statements (continued) 2023 GenÈral grants Support of thè Trade Total Unrestrlcted funds Management R8charg8 Staffing Costs Offi¢e C05t5 158,411 79,206 237.617 14.747 252.364 39.505 19.753 59,258 15,175 74,433 197.916 98.959 296.875 29.922 326,797 Direct costs Total support Costs Direct 8xp&nditure (see note 41 Total Grants - General Total Grants - SuprM)rt of the Trade Charitable 8CtiMties Inon-granti Total unrestricted fund 8XP8ndlt(J 1.035.651 1,035,651 2.048,825 107,782 3.519.055 2.048,825 58.146 2.181,404 49.638 1,337.651 Restrlcted fund$ Dir8Ct costs Total support ¢osts 87 87 53 53 140 140 Direct 8XP8ndltu Total Grant8 General Total Grants - Support ofthe Trade Total restricted fund 8xpenditure 22,880 22,880 57.8n 80.893 57.873 57,926 22,967 Total expenditUTe on charitable aCtItIeS 1,360,618 2,239.330 3,599.948 Governance costs Goveman¢e costs are Includèd within total support costs in note 5 and include costs related lo the stslulory audit, legal fees and Director insurance, together with an allocation of costs for stsff time involv9d in supporting the goVeanCe of the Charity. 2024 2023 Apportionment of Stair Cost$ Professional fees laudit. legall Trustee IreMnitY Insurance 81.241 5t}.165 875 132,281 72,537 16,806 3,496 92,839 The Goldsmiths. Company Charity- Annual Report and Financial Statements 2024 25
Notes to the Financial Statements (continued) Heritage Assets The heritage assets of the Charity are 8 collection of various pieces of decorativ& silver owned by the Silver Trust a linked charity held al 10 Downing Street together with items gifted to the charity. The Directors reviewed the heritage assets against their carrying values as al 31 March 2024 and no impairmgnts lo value were identified. The &year history of the heritage assets is shown below. 2024 2023 2022 2021 2020 Balance brought forward [nationS Balanc8 carried foward 540,gJ6 520,596 20,000 540,596 520.596 520,59fj 520,596 540,596 520,596 520,596 520.596 Investments al Investment properties The Charity's inve51menl propertlgs comprise one City of London office property, a housing trust and sundry other properties in Aclon. Thg historical cost of the properties is £868,621. The properties wero revalued al 31 March 2024 by Deloitte LLP. 1 New Slreet Square. London EC4A 3HQ, on a fair value basis. in accordance with practice statements of the Apprais81 and Valuation Manual of the Royal Institution of Chartered Surveyors. 2024 2023 Endobvnent Funds Valuatlon brought fDWdrd Additions at Deemeij C05t Net Gain on Rwdluatlon Valuation carried forward 4,227,000 69.602 1844,6021 3,452.000 3.677,000 799.019 1249,0191 4,227.000 Historical C05t Accumulated Galns 868.621 2.583,379 799,019 3,427.981 bl Inveslm8nls 2024 2023 Endov*nent Funds Valuation brought forward Dlsposal Proceeds ProfiUILossl ¢)n Disposals Additions at C05t Net GanllLossl on ReluatIon Valuation canied forward 146.337, 137 151,942.380 152.400,5171 {53,193,9271 1.881,398 14,626.0111 44,865.876 55.820,894 14,239.380 13,606,199) 154,723,2T4 146.337,137 Hi$torical Cost A¢¢urnulated GaSwllLosse¥l 129.161.723 25,561,551 132.637,814 13.699,323 The Goldsmiths. Company Charity- Annual Report and Financial Slalements 2024 26
Notes to the Financial Statements (continued) 2024 2023 Reslricled Funds Valuation brought forward Dispos Proceeds Additions 81 Cost 481,698 {1,8661 510,909 11.9011 1,442 128.7521 481,698 Nel GainllLossl on ReluatIOn Valuation carried brvrdrd 40,093 519.925 cl Movement on Ljnapplied lolal return The Charity invests ils pemianent endowment on a lolal retum basis (see annual report for further delailsl. The note below sets out the movements on the permanent endowrnenl fund in the year and shows how much of the permanent endowment Is represented by the base value of the gift, which must be retained as capital. and how much reflects the accumulated investment return Ilhe unapplied total return}. Transfers from the unapplied total retum to Income are guided by the Charity's spending rule. This is explained further in the annual report. 2024 Trust for Invesment UnapplFed Total Return Total permanent endowment In¥estment at 1 April 2023 47.921,647 72,482,700 120.404.347 Investment retums". Realised and unre81is8d inKestment gains/ (losses) Income from investments Expenditure on inwstment managemeni fe8S 11.482.080 11.482.080 3.238,739 (422,3221 3,238,739 1422.3221 Total relum". Transfers to income {3.238.739) (3.238,739) InStmentS at 31 March 2024 47.921,647 83,542.458 131.464,105 The Goldsmiths. Company Charity- Annual Report and Financial Slalemenls 2024 27
Notes to the Financial Statements (continued) 2023 Trust for invesment Unapplied Total Return Total perman•nl endowment InStment at 1 April 2022 47.921.647 79.461,783 127,383.430 Instment retums.. Realised and unrealised inStMent gainsl (losses) {6,581.6021 (6.581,602) Incorn8 from insIMontS Expenditure on instment management fees Total retum: Transfers to income 2,585,415 1397.4811 2,585.415 1397.481) (2.585,4151 {2.585.415) InStMentS at 31 March 2023 47.921,647 72,482,700 120,404.347 dl Investment cash Cash held for the purpose of investing is as follows.. 2024 2023 Endomfnent Funds Cash adilable for i$tment 2,147.347 2,147.347 4,374,660 4.374,660 Total InstMentS luatiOn c8rried forward 160,842,546 155.420,495 Investments are held in the following asset classes.. 2024 2023 In51ment properties Inlment property fijnd UK equilie5 O¥erseas equities Fixed interest Privdle markets Cash 3.452.000 4,227,000 6,092,822 6.528,559 21,306,807 31,244.641 103.195,6e5 88,074,357 20,210.331 17,771,606 4,437,554 3.199,672 2,147.347 4.374,660 1fKJ,842,546 155.420,495 el Inveslrllenl commitments As at 31 March 2024 the Charity is committed to provKling funds lo certain inv8stsnenl vehides as part of the over811 investment strategy ofthe Charity. The total amount committed at 31 March 2024 was £4,820,212 {2023- £2.270,7391. The amounts committed are due on call. The Goldsmiths, Company Charity- Annual Report and Financial Statements 2024 28
Notes to the Financial Statements (continued) Debtors 2024 2023 Inleslmenl Income reCeible Sundry debtors and prepayments 176,744 75.441 252.185 2D7,175 36,873 244,048 10. Creditors 2024 2023 Falling due uthin one year Related party creditors Grants payable InStm8n1 ManaJement Rentsl income [eceid in advance Sutvjry AccJuals 585,262 3.695.941 134,277 9,155 82,171 4,506,806 69.515
0,450 140.176 26,130 21.789 558,060 2024 2023 Falling due in more than one year Grants payable 3.333.333 3,333,333 11. Operating lease income The Charity's investment property is let under an operating lease. The future minimum lease payments receivable under nonncelIable leases are as follows.. 2024 2023 Operating lease elp1S which f811 due.. Within one year After one year bul within years Laler than year5 93.830 191.270 73,310 285,1(M) 80,570 12. Related party Iransactions In addition lo the management recharges made by other Goldsmiths, enlilies which are explained In note 5, there are expenses paid by the Goldsmiths, Company on behalf of the Charity which the Charity then reimburses to the Goldsmiths, Company. The balance due lo the Goldsmiths, Company of £89,32412023- £69,515) represènts unpaid management charges and other reimbursable expenditure. The balance due lo the Goldsmiths, Centre of £495,938 {2023 expenditure. nil) represents grants payable and other reimbursable The Goldsmiths, Company Charity- Annual Report and Financral Statements 2024 29
Notes to the Financial Statements (continued) The Charity made purchases of £18712023 - £2,264> from Thomas Fattorini Limited, a company owned by one of the Directors of the Charity. Donations made to the Charity's 1327 Fund by the Directors during the year carne to £9,50312023- £14.0021. 13. Funds movements al Endowment Funds The permanent endowment is that part of the endowment whlch relates to the fomier General and John Peryn Charities. The General Charity arose from the Consolidation of various smaller charilles under Schemes approved by the Charity Commission. while tho John Perryn Charity is from the will of John Perryn in 1656. Both charities had endowments held in propety, investments and cash. The expendable endowment is that part of the endowment which derives from the former Goldsmiths Charitable Donation Fund, which was set up by Deed of Trust in 1961 without any commencing capital. No property was ever held by that charity. The Truste&s may use the expendable endowment to further the Charity's objects, including lo fund charitable spending which cannot be fully met from income. 11 is antlClP8ted that the long-lerm capital growth of the overall endowment funds will exceed that required lo protect them from the effects of inflation. On that basis. the Directors have decided lo allo¢ale some of that capital glowth lo support current expenditure. The transfer from the expendable endowment to the general fund lo fund the donation to Museum of London in 2024 was £10.000,00012023- £434.3341. bl Restricted Funds Members of the Goldsmiths, Company are encouraged to donal& lo the 1327 Fund. a restricted fund established during the 2019-20 year. The 1327 Fund is split between our trade and non-trade philanthropic activity. The Members. Charitable Fund set up for members of the Goldsmiths, Company to support charitable support of the trade, it is intended that this fund will cease aftgr spending the remaining balance. This Fund. as described, is being spent down. Vve anticipate the remaining balance running out in 2024125. Other restricted funds are as follows.. Aan Threlf811 Trust - set up by Deed of Trust dated 9 June 1976. The purpose of the Trust is to encourage promising young painters. This could be through the award of a travel scholarship in order lo provid& inspiration and motivation for an individual's work. or in the form of a grant towards the fulfilmenl of a spgcific project which would further their art education or career. One award is fnade each year. The Brian Wood Memorial Fund - sel up on 23 April 1996 by donation. The objedive of the Trust Is lo award a travelling scholarship lo a student of jewellery in their second or third year lo enable them lo travel lo study aspects of culture, design and craft in other countries. Sir Martin Bowes Charity- set up by the will of Sir Martin Bowes dated 20 Seplembar 1562. Grants are made for the alleviation of poverty in the London Borough of Greenwich. The Milner Fund~ set up by Deed of Trust dated 5 Seplernber 1973. To recognise by financial reward and act or acts of bravery in support of law and order performed by persons not being members of her majesty's amied forces nor members of a police for and payments lo the person who receives the Captsin R D Binney Memorial Medal and such other person as the selection committee shall recommend. The Silver Trust sel up by Deed of Trust dated 29 March 1988. The Silver Trust promotes the education, understanding and appreualion of the art, design and craft of British silver. To do so it has formed a national collection of contemporary Brrtish silver held at 10 downing Street. Uniquely the collection. owned by the Trust and funded entirely through donations, was conceived and is designed lo be used in official government residences and to represent 8nd promote the talented silversmiths working throughout the United Kingdom. Iv. The other restricted funds are linkgd charitles under Charity Commission schemes dated 13 March 2018 and 13 June 2019 and are incorporated into these accounts. cl Unr&slriGled Funds In 2021. the Trustees transferred £1,000.000 from the expendable endowment to the Covid-19 Fund, a designated fund within unrestricted funds. Al th& end of the year. the balance remaining of this fund was £65,95012023- £105,950). During the year, the Trustees transferred £601,654 12023 - £1.374,1001 from the general fund to Ihe Goldsmiths, Landmarks The Goldsmiths, Company Charity- Annual Report and Financial Slalements 2024 30
Notes to the Financial Statements (continued) Programme Fund, a designated fund within unrestricted funds. Total grants paid during the year from the Goldsmiths. Landmarks Programme Fund was £385,98912023- £nill Al 31 March 2024 the unrestricted funds balance was £3.839,73012023 - £3.577.0691, which included £65.95012023 - £105,950) in the designated Covid-19 Fund and £1,589.765 in the designated Goldsmiths, Landmarks Programme Fund 12023- £1,374,100). Free reserves were £2,184.01512023 - £2.097.0191 which was above the laig81 level of reserve of £1.800,000 to £2,000.000. The balances and movements of all funds during the year follow. 13. Funds movements (continued) Balan brought fomard Net galn I Balance (Ios51 on carried Expenditure Transfers Investments forward 2024 Inme Endowment Funds Permanent Endowrnenl Expendable Endowment Total Endowment 120,41M,347 3.238.739 35,758,859 156,163,206 1422.3221 13,238.7391 11,482,080 131,464,105 1125.4251110,000.0001 3,794,096 29.427,530 1547.7411 113,238,739) 15,276,176 160.891,635 3.238,739 Restrictsd Funds Members. Industry Scheme Charitable Partnerships SChe Subloial 1327 Funds Members. Charitat4e Fund Thre11 243,684 175,792 419,476 60.204 65.795 38,678 291,439 124,447 520,596 1,518,635 31,418 31,176 62,594 (361 1691 11051 145,3471 12.5011 I1,3) 275,C 206,899 481,965 19,817 70,123 39.451 324,444 137,142 520,596 1,593,538 4,793 2,781 24.138 8.380 Wo( 8owes Milner SIFW Trusl 8,872 4.171 144 Total Ro*i¢led Funds 83,628 148.8171 40.2 Unreth¢¢gd Funds Generd Fund Gddsmilhs. Landmaths Pr(wamme Fund Co¥id-19 Fund 2,097.019 1,374,1] 105,950 3,577,069 g63.379 113.444,6761 12,637,085 IW,9891 601,654 140.0001 963,379 113,870,665) 13,238.739 2,252.807 1,589,765 65,950 3,908,522 Total Unrestricted Fund5 Tolal Funds 161,258,910 4,2,146 114,467,229) 15,316.269 166,393,695 Thg Goldsmiths. Company Charily- Annual RepL)rt and Financial Slalemenls 2024 31
Notes to the Financial Statements (continued) 13. Funds movements (continued) Balanc¥ brought fonyard Netgainl Balance Ilossl on ¢orried Expenditure Transfors Invements forward 2023 Irgstatedl Income Endowment Funds Pemanent Endowment Expendable Endowment Total Endowment 127.383,430 2,585,415 38,212,055 165,595,485 1397,4811 (2,585.4151 {6,581,6021 120,404.347 1119,2351 1434,3341 11,899.6271 35,758.859 1516,7161 13,019,749) 18.481.229) 156.163,206 2,585.415 Rerf¢ted Funds Members, Industry Scheme Charitable Partnerships Scheme Subtotal 1327 Funds Membe. Charitable Fund Threffdl Wood 224,315 137,313 361,628 97,701 67.951 38,714 319,635 129,037 520.596 1,535.262 36,012 38,564 74,576 3.786 1.781 959 8,617 3,299 116,6431 1851 116,7281 141,2831 15001 11,DDDI 119,S)21 11,8801 243,684 175,792 419.476 13.4371 11.9951 117.3111 16,0091 65,795 36,678 291,439 124.447 520,596 1,518,635 Bcwes Milner Silr Trust Total Restricted Funds 93.018 180,8931 128,7521 Unrestficted Fund$ Gener81 Fund Goldsmiths, Landrnarf(s Proyarnme Fund C4xid-19 Fund 3.097,019 785,357 13.431,OJ6} 1,645.649 1.374.100 2,097,019 1,374,1fy) 105.9 3,577,069 194,OIN) 3,291,019 188,0501 785.357 {3,519,0561 3.019,149 Total Unrèstrictsd Funds Total Funds 170,421,766 3,463.790 14,116,6651 18,X)9,9811 161,258.910 14. Analysis of net assets between funds 2024 Unrestrlctgd Funds Rèstricted Funds Endowmènt Funds Total Funds Funds balances represented by.. Heritage Assets InstmentS Current Assets 20.000 520,596 519,925 553,017 540,596 160,322.621 160,842,546 703,293 12,850.893 1134.2791 (7.840,1401 160.891,635 166.393.695 11.594,383 [7.705,8611 3.908,522 Creditors 1.593.538 The Goldsmiths. Company Charity- Annual Report and Financi81 Slalements 2024 32
Notes to the Financial Statements (continued) 2023 Unrestrlcted Funds Restricted Funds Endowment Fund5 Totsl Funds Funds balances repres8nted by.. Heritage Assets InStMentS Current Assets Cr8ditors 20,000 520,596 481,898 521.531 {5,190} 1.518.635 540,596 1SS,420,495 5,855,881 (558.0611 161,258.911 154.938,797 1.364.585 1140,1761 156,163,206 3.969,765 1412,6951 3,577,070 15. Unrealised gains included in endowment fund 2024 2023 Unrealised gainslllossesl included In the Endowment Fund Instment properti8S IntMentS Unreallsed gains canied forward 3,452.000 25.561.551 29,013,551 4.227,000 13,699,323 17,926,323 Reconciliation of movèments in unrealised gains in In*slmenls Unrealised gains brought forward Net gainlloss on property reydlualion Premously recognised net Igainyloss realised on Itment disposals Unrealised nel gain on InStMent reIatIon Unrealised gains carried forward 17,926.323 {775,0001 {2,377,1521 14,239,380 29,013.551 27,003,544 550,000 16,021,022) 13,606.1991 17.926.323 The Goldsmiths, Company Charity- Annual Report and Financial Statements 2024 33
Notes to the Financial Statements (continued) 16. Comparative Statement of Financial Activities (restated} The Statement of Financial Activities for the year ended 31 March 2023 is shown below. in order to provkle comparative figures. 2023 Unr8strlctsd Restrlct&d Endowm&nt Funds Funds Funds Total Funds Income from Donations InStMentS Other Total 20.000 765,357 77.233 15,785 97,233 3.366,557 2,585,415 785,357 93.018 2,585,415 3.463,790 Expenditure on Raising knnds.. In*slmenl management fees Charitable actiiilie5' Gerra1 grants Support of the trade Total charitable acli14ties Total 516.716 516.716 1,337.651 2,181.404 3,519,055 3,519,055 22,967 57,926 80,893 80.893 1,360,618 2,239,330 3,599,948 4,116,664 516,716 Net18xpanditureySncom& btrfore transfers and gains P.733,6981 12.125 2.068,699 1652,8741 Transfers between funds Nel gains on InstMentS 3,019,749 13,019,749) 128,7521 18.481,2291 18.5CB.981} Net income & nat movement In funds 286,051 116.6271 {9,432,2791 19,162,855) Total funds brought forward Total funds ¢arried fOard 3,291,019 3.577,070 1.535,262 165.595.485 170,421.766 1,518,635 156,163,206 161,258,911 The Gok1smiths' Company Charily- Annual Report and Financial Ststements 2024 34
Notes to the Financial Statements (continued) 17. Grants committed during the year Reciplent Grant nrestricte funds Museum of London 10,000,000 10,000,000 CHARITY COMM[EE General Wellare Freemen's Widows 2,050 General Welfare." Sub Total 2.050 PrlsonerResettlement Prisoners Abroad Landworks Hlbiscus Not Beyond Redemption Shannon Trust Hardman Trust Prison Radio Association Unlocked Graduates Beating Time One Small Thing Tgrr8nce Higgins Trust Women's Centre Cornwall Project Remake Grants written back 28,333 30,000 30.000 30.000 30.000 28,333 28,333 30,000 58.333 58,333 30,000 58,333 30,000 110,0001 Prlsoner Resettlement.. Sub Total 459.998 Landmarks Programme st Paul's Cathedral St Giles Trust Aston University National Literacy Trust Bean Reseaich.. Impact 182,000 83.333 62,500 50,740 7.416 Landmarks Programme." Sub Total 385.989 Total Charity Committee 848,037 EDUCATION COMMirrEE Royal National Children's SpringBoard Foundation NE Maths Project Evaluation Primary Schools - Maths Teacher Wingat& Primary School) Grants written back 5,000 74,464 55,000 18,2061 Total Education Committee 126,258 The Goldsmiths, Company Charity- Annual Report 8nd Financial Slalements 2024 35
Notes to the Financial Statements (continued) WARDENS The Lord Mayor's Big Curry Lunch South Yorkshire Policè Bravery Awards Cafflbridge University- Goldsmiths. prize and medal Lord Mayor's Appeal Mansion House Scholarship Scheme GC&DC 2023 Competition South House Silver Trust.. Expansion of the Graduate Training Scheme St Paul's Cathedral Choir School Goldsmiths North The Sick Childrens Trust Barts Charity XLP Jubilant Trust Pearson Silver Foundation Sl Chrislopherfs Hospice The Lady Mayores5 Appeal The Old Bailey.. Trial & Error Events City Music Foundation Grants written back 3,250 6.000 500 10,000 3.000 58,008 12.000 12,808 35,000 3,600 900 3.600 1.000 4,500 5,760 250 200 1,800 15001 Total Wardens 161.676 SUPPORT OF THE CRAFT Ilncluding Covid.19 Fund) The Goldsmiths, Centre Silversmlths Jewellers 2.059,290 40,000 Total Support of the Craft 2,099,290 trl¢ted Funds Members. Charitable Fund The Goldsmiths. Centre- Access FLtnd Business Catalyst Goldsmiths Centre Foundation Programme Alton Arts Festival Kristina Merchant Creative Dimension Trust 8,823 18,915 4.500 4,800 300 8.000 Aldan Threifall Trust H Armstrong E Maguire 2.000 498 Brian Wood Memorial Fund Katrina Gostsnian 1.000 The MllnerFund Police Public Bravery Awards Write Off Balan$ 750 {8941 Total Restricted Funds 48,692 TOTAL GRANTS PAYABLE 13.283,953 The Goldsmiths. Company Charity- Annual RetM)rt and Financial Slalemenls 2024 36