THE SILVERSMITHS AND JEWELLERS CHARI REPORT OF TrIE COUNCIL AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Corrwny Nth 518834 R•g18t•r•d Charfty No. 205785
The Sllversmiths and Jewellers Charlty CONTENTS P490 Rarant8 and Administrative D8tails Rop)rt of the Council Oonation3 and Sub5criptionB Independent E¥arniner's Report ststemenl of Financial Activilies Balance Sheet 10 Notes lo the Financwl Statements
The Sllversmlths and Jewellers Charlty R•f•rnn¢• and Admlnlstratlv• D•tsll¥ Patron HRH princ Mthael of Kenl Councll (IA. Tru•tse•l Anlony Vanderpump- Sltrling CrealKJns- Chaim)8n Grani G Macdonald Grant Macdonald Ltd -Vi-chaInn#n John M 8ovle5- Retired Robert W J PeCe- Th• Gold$miths' Company- Director ol Financ8 Mrs Victori8 E Cox- Relld Riehard Jafvis Richard JaTrls ol Pall Mall -resigned July 2023 David A Marshall- Davit1 Marshall London Ltd Ms Zoa Hill- Retirefj lan Thornson- Retired Gary Williams- Presman Mastgrrn¢lt Kerry Gregory- Gemmobgy Rocks Ben PouLsom- Pure Imagin8tKJn Jewellers M•lani• Eddy- Melanie Eddy Jewellery Man•oer I S•cr•lary Julie Grrffin Company Numb•r 518834 Ch*TIty Numb•r 205785 Prlnclpal and R•ql•t•r•d Offlc• POBox61660 Indopend•nt Examlner John Howard Azets Audit Services 2n4 Fbor. Regis House 45 KINJ William Stwat Lon¢Jon EC4R 9AN 8onk•r¥ CAF Bank Limited 25 Kiros Hill Av8nu8 Kings Hill Wèst Malliryd Kènt ME19 4JQ Sollcllorn Charles Russell Speechtys 6 New Street Square London EC4A 3LX Inv•¥¢rn•nt M•n•g•r• JMFinn&Co 4 Coleman stet London EC2R STA
The Silversmiths and Jewellers Charity Report of The Council The Council submit their Annual Report, together with the Statement of Financial Aclivilies, IncoTne and Expenditure Account, Balance Sheet and accompanying notes for the year ended 31 Dember 2023. Structure, Governance and Management The Charrty's objects and regulations under a Memorandum and Articles of ASS0¢tIon were renewed and adopted by special resolution on 7th October 2021. Unijer that document the Charity is constituted as a company limited by guarantee not having a share capitsl However. the Charity originated in 1827 when, with the support of The Goldsmiths, Company, a Charitable inslilulion for goldsmiths and silversmiths was established under the patronage ol King George IV. There were other small chari18ble Trade inslilulions that c8me into existence later dunng the 19th century, such as The Silver Trade Pension Society. These organisations amalgamated to foTm one all-embracing Ch8rity in 1953 under the title The Goldsmilhs,, Silversmiths, and Jewellers, Benevolenl Society. On 1 January 2005 the name was changed to The Silversmiths and Jewellers Charily. Council Mèmbèrs and Management The Council acl$ as Corpor81e Trustee lo the Charity. Council members, who are directors for the purposes ol company law. are elected by exisling members. bul iwo of their number are appointed by The Gold5miths' Cornpany Charty as stipulated in the Articles ol As50cialion. Details of members of the Council as at 31 May 2023 appear on the Reference and Admini51ralive Details page After the sad dealh of previous Chairman lan Morton in 2022, Antony Vanderpump was elected as Chairman on January 1st . Grant Macdonald who had been acting as Chairman temporarily, reverted lo Vice-Ch8ifman. The Council were pleased to be able to meet in person and did so in March, July and November. Al the March meeting all the existing grantees were forfflally ratified for the year. 11 was not found necessary lor the Executive Commiltee to meet. There is a process of induction lor new Council members which includes meeting with current members and the provision of key inlomiation. The Charity is organised so that the Council of Trustees or, in rn8llers of urgency, the Chaimian manages the ordinary business. The Manager carries out the day lo day administralion of the Charity. DinnerlGolf Committee The Committee undertakes the organisalion of the Charity's chief annual fund raising event. Committee members in 2023 were.. Antony Vanderpurnp G8ry Williarns Jenny Bell Mafk Griffin Simmone We51emian
The Silversmiths and Jewellers Charity Report ofThe Coun¢ll Annual General Meeting The Annual General meeting of the Charity look pla on 4th July 2023. Six members of the Council were due to retire in accordance with the Articles of Association. These were". John BovAes, lan Thomson, Antony Vanderpump. Gary Williams, Kerry Gregory and Richard Jarvis All were éuly re- elected except for Richard J8rvis. Richard tendered his resignation, thanks were noted for his time spent on the cornmittee. Antony Vanderpump was re-elected as Chaim8n and Grant Macdonald was reelected as Vice- Chairman. Rlsk M8nagomenl The Council continues lo keep under review the potential major risks lacing the charity and is salisfied that appropriate systems have been established whereby the Chairman is regularfy updated so that any necessary steps may be taken lo milig8le those risks. Contingency plans are in place in the event of the Charity's secretary being incapacrtaled for any length of lime. Investment funds are managed on behalf of the Charity by a repulable third party with whom frequent liaison is undertaken by the Secretary and the portfolio performance is regularly monitored by ihe Council. A copy of Ihe Risk Assessment Policy document. approved by the Council, is available for inspection lo any interested parties. Objectives and Actlvlties The Charity is a trade Charity. The objects of the Charity are lo apply the capital and income of the charitable funds for the purpose ol providing financial relief in Ihe case of need, hardship or infimiily lo persons who are or have been employed in all sectors of the silversmithing and jewellery trade and the widowslwidowers of-jch persons. There is no longer lem objective which dffers from the main objects. The Charity's strategy foi the achievement ol these objectives is lo generate sufficient income from investments, donations and special events so as lo wver annu81 grantee Commitments and govemance ¢ostS. Reserves Policy 11 is the policy of the Charity to maintain unrestricted funds which have been generated from investment a¢livities in fixed assds Ilhe 'income lund'l al a level which equates to approximately six lo nine months ol unrestricted expenditure. This is intended to Pfovide suffi¢ienl funds lo cover 8dminislr8lion and support costs and to respond to emergency applications or other contingencies which arise from lime lo b'me. Income funds were maintained at this level throughout the year. The Council confirms that the funds of the Charity will enable it lo meet its current commitments for the nexl twelve Tnonths. 8llhough the cash temporarily dropped below the policy. this has now been corrected The Charity plans to continue operating on similar lines to those sel out in Ihis Report and lo conlinue supporting a similar pattern of charil8ble expenditure for the foreseeable future subject to availability of funds. Inv•stmgnt PolScy There are no reslricliorss on the Charrty's power to invest. The unreslricled funds may be invèsted in any type ol investment. The airll of the Council in ils investment policy remains long-lemi stability and growth while at the same time generating suffi¢ienl income to meet the Charity S grantee commitments and administrative costs.
The Silversmiths and Jewellers Charity Report of Thè Coun¢il" Grant Making Policy Applications Applications for assistance are considered on their merits and grants are awarded at the discretion of the Council or of the Ch8imian whose decision Ihen has to be ratified by the Council 81 the next followtng Council rneeling. Ouring the year 22 ordinary 8ppli¢alions for assistance were received. Most were either ineligible or referred lo other charities, Four new members We accepted by the Council. Three member's 9ranls were reviewed and extended. Eight individual grants were awarded. Sadly. four members died during the ye8r. At the c105e of the year the Charity had 39 granlees. Payments to Grantees, During the year the Charity distributed £116,410 12021". £131.1211 in cash grants and special need payments. The payments are made monthly. In addition. a summer gift of £200 was paid and Christmas gift of £300. Christmas hampers were a150 sent lo granlees. An extra payment of £300 to help wlh Utility Bills was paid in January. New Hardshlp Fund The monies left in the Hardship Fund. hawng been closed in November 2022, were used lo make an extra payment of £300 to all members lo help with Ulilrty Bills. This was paid in January. Achi•v•ments and Financial Review Investment Performan¢• As al 31 December 2022 the Market Value of the Charity's investments was £1,975.538 12022.. £1,899,677) The Council and the Charity's investment advisers regularly monitored the performance of the portfolio in the light of the global recession. Overall the value of the portfolio has increased by 4°h. Taking all into consideration the CoLJn¢il was satisfied that the Charity's inveslmenl advisers had taken all appropriate action available lo them to Safeguard the Charity's assets. The Composition ol the investment portfolio at 31 December 2023 was as follows.. Fixed Income UK Equities Equity Funds & Overse8s Equities Allematives Cash deposits 384,609 486,472 874,405 219,999 10,053 19.47 24.62 44.26 11.14 0.51 1.975,865 100
The Silversmiths and Jewellers Charity Report of The Council Incoming Resources Donations are now negligible. The serious deeline in financial support from the trade, which gener811y ignores its appeals for funds, continues to be 8 cause of concern to the Charity. The Council has organised a new fund raising activity, and are hoping to raise the profile of the Charity and awareness of its work from a greatly chang¢d Irade to something approaching its former level. The income from lisleé investments was £53,231 12022.. £58,005>. Inte$1 receivable amounted lo £805 12022." £2211. To this may be added the proceeds from the Charity Dinner and fundraising events. This gives a lolal gross income for the year of £178,573 {2022. £139,987). Against this are amounts totslling £74.318 12022". £70.6811 relating lo costs in generating the income, covering expenditure on the Charity Dinner and fundraising events and investment management fees. This leaves 2 net income available lor charitable a¢livilies for the year of £104,25512022' £69.3061. Charitable Expendilure Payments lo grantees, lolalled £130.200 12022 £116.4101 to which is 8dded staff and other direct expenditure, to give resources expended on charitable activities of £171,439 12022.. £153.1221. The Charty's adminislralive and governance costs for the year were £4,80012022." £5.4001. Appre¢lation The Annual Dinner was held on May 19th, and for the first time al Goldsmiths. H811. It was a fantastic evening. where everyone was entertained by So Sin8lra. the avclion was conducted by Hugh Edmeades and a short talk on the import8nce ol charity was given by Paul Holly from Beaverbrooks. The Golf Day was held al the Royal Blackhealh Golf Club on September 29th. We were invited to attend the Jewellery Valuers Association Conference in September, where the proceeds of their raffle was donated to the charity. Gem A also donated the prOed5 of the raffle held at their Conference The Council wishes to place on record ils appreciation to all those who have generously assisted the Charity al these events, or in the past year, whether in fi'nancial Contributions or the 9iving ol their time. The Council is espe¢ially indebted to The Goldsmiths, Company Charity. Statement of Councll Members. Responslbllltles The members of the Council, as Iru51ee5 (who are a150 direclors of the Silversmiths and Jewellers Charity for the purposes of Company lawl are responsible for preparing the Report of the Council and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). Company law requires the members of the Council lo prepare financial statements for each financial year which give a true and lair view ol the $18le of affairs tsf the Charity and ol the incoming resources and application ol resources, including the income and expenditure, ol the Charity for Ihat period. In preparing these linanci815talemenls the members of the Council a requireé lo.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable UK AGcounling Standards have been followed, subject lo any material departures disclosed and eKpl8ined in the fin8n¢ial slalements., prepare the accounts on the going concem basis unless il is inappropriate to assume the Charity will conlinve in business. The members ol the Council are responsible lor keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the Charity and to enable them lo ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the preventlon and election of fraud or other irregularities.
ThÈ SllveFSmllhs and Jewellers Charlty Report of The CwnGII Thls report was approved by Ihe Council on $pÈual provisions 8pVic4Ye 10 5rnall toryan$ cMleired by P .11712 .18king advaniage ol 15 ol Ihe ¢pan5 Aci Th)6 Coun¢il M¢rnb•rffOlre£lor On 51[ ol the Cour*il Company numb¢r". S18834 Charity numb¢r". 205785
The Sllversmlths and Jewellers Charlty Donatlons and Subscrlptions (Includlng Sponsors of th• Charity Oinngr and Golf Dayl For th• y•ar •nded 31 December 2023 A Bedford Bezant Ltd Boodles J Bourdon-smith Brown & Namrth G Caldicoti Calla9han Chatila Cookson Gold Cox 8 Power DesKJn. Build. Cast ALC Eley JMFinn Gemmology Flocks The Goldsmrths, Company Charfty C R Green Griffin ol London Hancocks & Co Tony JaNis 8ulllon D•vid Lawos Lockstone London R Malins Grant Macdon8ld THM?rth David M¢Carty J Mitchell Shirfey Mitchell Bi$by H Munt a Sons Pre5m8n Mastemielt Primasure Pro-3D M Pugh Refined Predous Metals Richemont International S J Polishing Sterling Creations Clare Street SVS Deslgn War<J GaMstceS Stoph•n W•b$t¢r W•stM Beamor G F Williams
The Silversmiths and Jewellers Charity Independent Examlner's Report I report to the charity trustees on my exarnInat of the accounts ol th8 company for the year ended 31 Décember 2023 which are set out on pag85 9 to 20. R¢spon$lbllltlo8 and ba61$ of report requirements ol the Charities Aol 2011 I'lhe Act'i. I report in respect of my examination of the Company's accounts carried out under section 145 of the Act and in rarrying out rny examination I have followed all applicable Directions given by ihe Charity Commission under sethon 1451SXbl of the Act Independent examiner's statement I have completed my examination I confirm Ihat no matt8rs have corne to my attention in nneCti)n wtth the examination giviNJ me cause io believe that in any material r8SP8Ct'. accountiry recDrds were not kept In respect ol the company as required by se10n 386 of the 2006 Act.. or the a¢nts do not accord with ihose rOrds,. or the accounts not comply wrth the accountin9 requirements of seclK)n 3% 01 the 2006 Act other than any requirernent that the accounts give a 'trve and fair view, whi¢h is not a matter considered as part of an indep8ndent examination., or the accounts have nol been prepared In accordance with the methods principle5 of the Statement of Recommended Practice for accounting and reporting by charitie5 applicable to charitl8s preparing their accounts in accordance th8 Financial Reporting Standard applicable in the UK 8nd R8public of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection wlh the examination to whi¢h atlentk)n should be érawn In this report in orderto enable a proper understanding of the accounts to be reached. John Howard FCA (Senlor Ststutory Audltorl For and on behalf of Azets Audlt SeTrvl¢e$ 2na Floor. Regis House 45 King William stet London EC4R 9AN Dale.. X> 2tLf
The Sllversmiths and Jewellers Charlty Statsm•nt of Flnanclal Activiti•¥ For thè Y¢ar End•d 31 D•c•mb•r 2023 2023 Unr••trlctsd R•strleted Fund• Fund$ 2022 Totsi Funds Total N<)t•8 Incomlng from Donations Oiher trading actr'vtties Inveslrnents Other Incomo 49.661 75.509 53,231 172 49,661 7S,509 53.231 172 5,655 76.235 58,005 92 178,573 178,573 139.987 Exp•ndllur• on., Rsing ltsnds 74,318 74,318 70.681 Chariiabla aetivrttS$ 171.439 171.439 153,122 Total •xp•ndltur• 245.757 245,757 223,803 outgolng r••ourc•• b•for• oth•r 09n1d g•ln• and IosM• 167,1641 187.1841 183,8161 Oth•r r•eognls•d g•ln8 and 1088e8'. Realised and unr&¥lised 98ins Ilossesl on investrnent assets 11 78,924 78.924 14¢)0,4191 Transf•r b•lw••n fund# Net mov•m•nt In funds 11,740 11.740 14842351 Fund balane•* brought fonyard 1 January 2023 2,052.636 2.052.836 2,537,079 Fund balan¢•s urrl•d foThvard 31 D•rnts•r 2023 14 2,064176 2,IX4.576 2.052,836 All the figures indud8d in th8 Stat•mont of Fin8nci4 Actiwties derive from nIinlng actrti5. All r8eognis8d gains Itss595 are included in the Ststement of Financial A1110S. The notes on pages 12 10 18 lomi part of the FinaneA81 Statèm•nts.
Thè S51versmtths and JwÈllers Charlly B•l•nc• Sh••t AE •t 31 Do¢ember 2023 Note 2O2J 2022 F4•d As6ets 642 1.099.677 Invt$imETrts 1.9SS.S98 1.965.832 1,9W.319 Curr•ni Ass•i¥ Deblot5 In¥Èglrnoni- bbftk baiknces Viiih Ihv?stment Managor4 Cash alb pTrJ In ha 1? 203 203 10.380 93.996 36.142 122.515 104 519 158.160 CThdll'. Amounts laliry¢ve one ye&1 1J 15.J351 16.3431 N•1 A•s•ts 98 744 NolA$sei$ 2.e61.S76 2.052.036 R•w•$4nl•d by". Resirdeo fuMS Unr¢strKied IS 14 2.W 576 2.052.8 2,061.$76 2.052.836 The finarKJ siawis have been pPared ffi wrdjnce IhÈ p$5 ol Port 15 d P Cvrnpan5 20ffi T¥aliNg kn small C4nPa5. AppTove .1 sli 124 and sonÈdunltril b•h41 by Countsl MemoerlThrectoi SOn page5 12 10 18 tNm oflh25e FinWl31 SNernerts. io
The Silversmiths and Jewellers Charity Not•s To The Flnan¢lal Stat¢m•rtts For the Year Ended 31 December 2023 ACCOUNTING POLICIES Cornpany Status The Charity is incorpora¢ed as a company limiled by guarantee and ¢)es not therefore have a Share Capital. The maximum liability of each member is £1 The address of the registèred office 15 given in the charity information on page 1 of these finanual statements. The natu of the chanty's operations and prinopal aclivities are 581 out on pag8 3. Dlre¢lors All referen$ lo.Memr$ ol the Counal, In these Financial Statements should be construed as relating to Ihe equivalent ol ijireclors of a u)rnpany lor the purpos8s ol Cornpanies Act requirernenls Basls of preporatlon The charity u)nstilutes a pu1¢ benefit entsty as defined by FRS 102. The finan81 staternents have been pared in acetsrdan with Aceounling antj Reportiry by Charities." Sialement of Recommended Practice applicable to charitie5 preparing Iheir accounts in accordance with the Financial Reportin9 Standard appliG8ble in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014. the Finanaal Reportiro Standard applicable In the Unite(l Kingdom and Republic of Iland IFRS 1021. th8 Charities Act 2011 and UK Generally Accepled Pr8Clice as it applies from 1 January 2016. The financial stat8ments are prepared on 8 going eonc8m basis under the historical ct>st convention, modified lo inclLJdÈ certain items al fair value. The financial slalements are prepa in sterling which 15 the functional currency of the chanty. The significant accounting policies applied in the prtrparatn of these finanaal stalernenls a sel out b8low. These policies have been ¢onsislently applied to 811 year5 presented unless olherwise slated. Going Concom The Trustees We pleased that a full programme of èvents wère taking pl8ce in 2023. At th8 date of approval of these financial slatemenls, the Trust885 Ix)ntinue to take all available steps 10 maintain sufFi¢ienl resources In order that the Charity Can Continue as a going concern and meet the needs of ils beneficiaries and crediiors. Conseouenlly. the Trustees have a r8asonabl& expectation that the Charty wll have suftiuenl funds to continue to meel lis liabilities as they fall due for the foreseeable future and therefore have prepared the financial slalernents on a going conc8m b851S. Offic¢ Equlpmnt Additions lo office eouipmenl are wntten off lo the Income and Expenditure Acwunt in the year in whith they a Incurred unless the arnounls involved a material. in which ca58 they ar8 capi181ised and depreciated over 3 years 5traighl line. Inv•$tmgnt Ass Investment assets are included in the Financial statem1$ a¢ their market value or esb'male thereof. Inveslmenis which rnalu or are to be realised wlhin twelve months a categorised as current as5els. All gains and 105ses on inv8strnents, both realised and unrealiseij are recognised in the Slatement of Financial Activitie5 and are Iransf8rred to the Capital Account in oriler to preserve the k)ng-temi ¢apiial of the Charity.
The Silversmilhs and Jewellers Charity Notes To Thè Financial Stat•m¥nts For tho Year Ended 31 Docember 2023 ACCOUNTING POLICIES Icontlnu•dl Incomlng Resources All incoming resour¢es are included in the Statement of Finan£i81 Activities when the Ch8rily is enlilled lo Ihe Income and the amnI can be quantified with reasonable a¢curd¢y. The followng specific politses 8re 8pplièiJ to particular categories of incnme. Voluntsry income indudes Income from The Goklsmiths, Company Charity. ijonalions and legacies. Income from subsciiplions and donations is arLounted for when Teceivable and Include recoverab tax credits during the year from Grft A4d schernes. La¢S a in¢lude(J when the Charity is a¢Jvi5e(J by the personal representative ol an eslale that payment be rnade and th8 amount involved ean b8 quanlif18d with re850nable cèrtainty. Acti*ities for generating funds Inc¢udes income from speck81 events. sh as Ihe annual (Jinner. accounted for on a recewable basts. Income from listed investments 15 accounted for in th8 year in which the Charity is entitled lo CeIpt antj Includes the relevant transitional r8ligf to the extent that such tax is 0verable. Resources Expended Expenditure is acujunted for on an accruals basis. The irrecovernble dernent of VAT is induded with the item of expense to which It relates. Charitable expenditure comprises those costs incurred by the Charity in the delivery of ils activities and servK8s for it5 b8nefiuari8s. It indu¢Jes b)Ih costs allocated dI¢11Y to such activiti85 and th058 (x)sts of an indirecl natur8 n8ce5Sary to support them. Grants payable are accounte(J for when the Ch8rity is cornrnitt8d to paying them and legally bindiro commitment5 are induded a5 liabilities. whe promises of financial support have been given but such offers are conditional or tjiscretionary. such 9rants a wognised as expenditure when any Jndilions hav8 been mel or the deasion has been taken to make payment. Govemance costs include those incurred in the govemance of the Chanty and are primarily a5S0Ck3ted with constitutional and statutory wuiremenls Costs 8re 811oc8ted b81we8n cost CalOrieS actording to the nature ol the cost. Wh8re iterns involve more than one GSte)ry they are apw)riioned behveen the categories acttjrding to the nature of the cost. Detailed analysis of the allocatson of cost$ is giv8n in mle 5 below. Funds Aeeountlny unrestrict funds- these are lunds whictt can be used In accordance with the charitsble objects at the discretion of the Trustees. 1.10 Taxation The charitable cotnpany is nSIdered lo pass the tests set out in Paragraph 1 Sd)edule 6 Finance Act 2010 and therefore it m88ts the definition ol a charrtable company for UK wrporation tax purp05e5. Accnrdingly. the charity is potentially exempt from taxation in respeet of income or capital gair6 r8ceived within Gglegori88 covered by Chapter 3 Part 11 Corporation Tax Aci 2010 or Section 256 of the TaKatKJn ol Chargeable Gains Act 1992, to Ihe extent that suth incorne or gain$ are applied exdusively to charitabk purposes. Debtors and erèdltors rtetlvable I payable wlthln one ar Debtors and creditors with m stated inter8St rate and receivable or pèyable hvrthin one year are re(x)r¢Jed al trans8dn price. Any losses arisi from imp3rment are r8coJnised in expenditure 12
The Silversmiths and Jewellers Charlty Notes To The Financial Statements For th• Year Ended 31 Docomber 2023 ACCOUNTING POLICIES Icontinuedl 1.12 Judgements and key •our¢e$ of e$tlmatlon un¢ertolnty Accounting estimates and jud9ements are continually evaluated and a based on historical expenence and other factors, tncluding expedations of future events that are b81ieved to be reasonable und8r the r¢M$18nceS. The following judgements (apart from those involving eslimalesl have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial 5ta18rnent5'. Uselul economic lives of tangible assets The annual depreciation charge for tangible assets ¢s sensitive lo changes in the estirnal useful economic live5 and residual values ol the as5e15. The useful economic lives 8nd residual values are re- assessed annually. They are amended when necessary to reflect Current estimates, based on lechnological 8dvancement. future investments. eeonomic ulilisalion 8nd the physical condition of the assets See note 10 for the cafrying amount of the office equipment. and notè 1.5 for the useful economic lives for each class of assets. There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reportirp dale that have a significant risk of causing a material adjustment to thè earrying amounts of assets and liabilities within the next finanoal year. 1.13 Pension costs The Charity operates a defined contribution pension scheme. Contributions payablè to the Charity's pension scheme Bre charged lo Slalement of Financial Activities In the period to which they late. Income from grants and donations 2023 2022 Donations 49.661 5,655 49,661 5.655 Income from other tradlng a¢tlvltle$ Income from speaal events 75.509 76.235 75.509 76.235 Investment Income Dividends and Interest from listed se¢urits'e$ 8ank and other interest recewable 52,426 805 57,784 221 53.231 58,005 13
The Silversmiths and Jewellers Charity Notes To The Flnancial Stat•ment$ For the Y¢ar Endèd 31 D•cemb•r 2023 An?ly$i$ of expendltu Dlrect Costs Support Costs Total 2023 Total 2022 Ralglny funds 51.6 22,628 74.318 70,681 Charitable a¢llvltle8: Grant5 and other 130.200 41,239 171,439 153.122 Total r8aource• expended 181.890 63.867 245,757 223,803 All wsls a allocate(J between the expenditure categories noled above on a basi8 desyned to llect the use of the resourcè. Costs ]lIrJ lo 3 parbcular activity are allocated dir8Ctly. others a apportK)ned on an appropriate basis, for example. 'rne spent, per capita or floor area. Analy$ls of Grants These comprise.. Monthly paynts together with sumrner and Chri4lma$ gift payments to grantees. Chrislmas hampers to grantees. Special needs payments. The Report of the Council provides h further breakdown of gr8nt5 P8id. Co8t8 of raising fund8 2023 2022 Investment manager's fees Speci81 activities wsls Allocation of support C051s 14,9 36,694 22.628 16,302 35.049 19,3 74,318 70,681 Grants and oth•r c08ts Stsff costs Telephone Prinliry. postsge and stationery Insurances and general expenses Depreciation Bank ch8rges Audit. examination and 8C(x)untarcy costs Leg81 and professional fees Website costs Promotional expenses Hampers 43,284 300 1,407 6.013 348 124 7.174 40.48B 1.22B 3.48B 567 158 6,360 1.200 1,371 1,182 1.268 389 3,560 63.867 56,042 Govemanee Costs Auditots, reMun8ra.on - for 8udit Ind8P8nd8nt examiners fee 5,400 4.800 4.800 5,400 14
The Sllver3mlths and Jewellers Charlty Not To Thg FlnanGl•l Statgmonts For tho Y•ar Endg¢ 31 DoG•mbor 2023 Stff co8ts and r•mun•ratlon 2023 2022 Gross wages and salarfes Employer's national insuraneé costs Pènsv)n ¢ontribution$ 41.520 38.804 1.764 1.628 43,284 40,498 The average number of employees. excluding members of the Countil wa$ 112022.. 11, who dld not have 8moluments 8xc8edirrtJ £60.00012022". none exceeding £60.CMJOI. The members of Counc•l were nol MlMeraIed for their services nor were they mmburs for any of thelr expenses dunry the year. 10. Flxd A¥••ts Equlpm•nt Co•t At 1 January 2023 Additions 4,924 At 31 December2023 4.924 D•pr•elatlon At 1 January 2023 Charge for the year 4.282 348 At 31 2023 4.630 N•t Book Vilu• At 31 D0Ml 2023 At 31 D8c•mb•r 2022 642 11. Flx•d AM•t Inv•*tm•nt• Oth•r Inv••trn•nt¥ At valu¥lign'. At 1 January 2023 Addrtions at cost Dlsposals Gains/llos$g$1 for the year 1,899.677 461.676 1474.7391 78,924 At 31 D•umb•r 2023 1.965,538 At 31 D8cernber 2022 1.899.677 Hl•torSc81 co•t'. At 31 Dgc•rnb•r 2023 1,424,382 At 31 DKember 2022 1.YJ4.048 15
The Silversmilhs and Jewellers Charity Notes To Thg Flnanclal Statements For the Year End•d 31 De¢tmb&r 2023 11. Fid Asset Investments Icontinuedl Investments at 31 December 2023 comprise securitres listed on the London Slod( Exchange at market value of £716.522 12022 £772.0651 and uThli5t8d inv85trnents in a common investment fund at maal value of £1,249,016 12022 £1,127,612). Investments in excess of 5% of the Charity's portfolio as al 31 December 2023 are.. JPMorgan Arnerican Investment Trust Ord GBP 0.25 shares S&P500 Findlay Park Funds PIC Amerkan USD inc Fundsmith LLP Scottish Mortgag8 Inv Trust 122,837 108.460 109.706 105,461 105,040 12. Debtors 2023 2022 Due wthin one yeèr Prepayments 203 203 203 203 13. Creditors: Du8 within one year Accruals Other CrltOrS 4,800 1,035 5.400 5.835 14. Movements In fundg Other recognised galns and losses Al 01.01.23 In¢omlng R•Sour8 Resour¢es e¥pended At Transfers 31.12.2023 Restricted funds Hardship Fund Unreslricted funds General funds 2.052.836 178.573 1245.7571 78.924 2,064.576 2.052.836 178.573 1245.7571 78.924 2.064.576 Movoments In fund$ Iprlor ygarl re¢ognlsed 9*ins and 1058e8 At 01.01,22 Incomlng R8soure•$ Re$ource$ eyndod At 31.122022 Transfers Rostricte(J funds Hardship Fund 16,717 17501 115,9671 un$trled funds General lund5 2.520.354 139,987 1223,0531 I41.419) 15.967 2,052,836 2,537.071 139,987 1223.8031 1400.4191 2.052,836 16
The Silversmiths and Jewellers Charity Notes To The Financial Statemènts For th• Y¢ar Ended 31 December 2023 15. Flnanclal Commltm&nts The Charity is continuing lo make gUlar payments to grantees approved by the Council prior to 31 Decernbpr 2023. Such amoun15 paid after 31 Dernber 2022 do not represent either a cornmitment or constructive obligation on the part of the Charity 8t the Ba18nce Sheet dale since all such payments remain al the discr8tK)n of the Couneil. Capital Commitments There were no capital eommitrnènis at 31 Dnber 2022 and 31 December 2023. Penslon Commmments The Charity makes CL)nlributK)ns to personal pension schernes for staff. Th8 assets of the sthernes are totally separate from those of the Charity in independently administered funds. The pension cost charged in the finan(ièl statement5 In th8 year w85 £1,76412022' £1.6281. At the end of the year there were Outst<11ng contribution5 Payable of £22612022 £2091. 16. R•lat•d Parti•s The Charity is Th)t (trOlled by any individu81 or rpOr9On. 17. Statement of Flnan¢lal A¢tlvlllgJ (Prlor y•aT} 2022 Unf98tr1¢ted Re$trl¢ted Fund$ Funds 2021 Unrestrlctsd Funds Total Notes Incomlno from Donations Other trading activities Inv8slm8nls Other income 5,655 76,235 58.005 92 5,655 76.235 58.(K)S 92 29,024 16.526 60.3C Total incoming 139.987 139,987 105.859 EXnditUre on: Raising funds 70,661 70,681 47,475 Charitable 8cb'viti88 152,372 750 153,122 188.J5 Total ¢xp¢ndlturè 223,053 750 223.803 236,080 Nel outgolng resource$ before other r•¢o9nls¢d 9ain$ and loss 183,0661 17501 183,8161 1130,2241 Other recognlsed galn5 and losses: Re81ised and unrealised gains IkJsse51 on investment assets 11 14(K),4191 1400.4191 272.241 Transfer3 botw•8n fund5 15,967 115,9671 Net movement In lunds 1467,5181 116.7171 1484,2351 142,017 Fund balaThS brought forward 1 January 2022 2,520,354 16,717 2,537,071 2.395.054 Fund balan¢e$ ¢arri*d fornard 310tcember 2022 14 2,052,836 2.052.836 2,537,071 17