THE SILVERSMITHS AND JEWELLERS CHARITY REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 Company No. 00518834 R•gl•t•r•d Charfty No. 205785
The Silversmlths and Jew•llors Charity CONTENTS Refer8nce and Admonlslralfr Detslls R8FQrt ofthe Councll DonalKJns and SubscrlpUon$ Independent Examlnorf$ Rewi Stslement of Financlal ActlvlU&s Balan Sheet Notes lo thg Flnanclal Statemènts 10-17
The Sllversmiths and Jewell•rs Charity Referenu and Admini$trntlv• Detall• Patron HRH Princess Michael of Kent Councll11.•. Tru8t••#1 A C VandevpLrmp- SterflrKJ Cr88lions- Chaiman G G Macdonald GrBnl Macilon81d Ltd-VrEChalrman J M Bowl&s- Retired C E Buckb- Appolnted 28 October 2024 V E Cox- Redred S Dobson- Appolnted 2 July 2024 M N E Eddy- M8lanie Eddy J8w8118ry K H Gr89ory- Gemmology Rocks Z C Hill- Rgllfgd B Poulsom- Pure Imagination Jewolr8 l Thomson- Retlred G S Willlam$- Presman Maslerme J F Williams- Appointed 2 Juty 2024 Davld A Marshall- David Marsh811 London Ltd- r88igne(J 14 Novemb8r 2024 Robert W J Pregce- Tha Goldsmiths, Company- Difeclor of FIna- r8slgng(114 November 2024 Managor I Se¢r•t*ry J Griffin Company Numb•r 00518834 harfty Numb•r 205785 Prfn¢lp•l #nd R•gl•t•r•d Offlc• 314 Avery Hill Road London SE9 2J Ind•p•nd•nt Examln•r John Howard FCA Azets Audit Services 2nd Floor, Regis House 45 KirrfJ William Street London EC4R 9AN Bank•rn CAF Bank Limitsd 25 Kl¢wJs Hlll Avenue Kings Hlll West MaNin9 Kent ME19 4JQ 3oll¢ltorn Charfes Russ911 Spgechtys 6 New Street Square London EC4A 3LX Inv•$tm•nt M4nag•r• JMFinn&Co 4 Coleman Street London EC2R STA
The Silversmiths and Jewellers Charity Report of The Council Th6 Council subrnil their Annual Report, together with Ihe Ststemenl of Financial A¢tivtties. Balan Sheet and a¢con7panying noles for the year ended 31 Decembei 2024. Stru¢ture, Governanc• and Management The Charity's obj'ects and regulations under a Memorandum and Artic$ of AsS(latiOn wele r8newed and adopted by special resolLJtion on 7th October 2021. Under that dctument thg Charity is constsluled a$ 8 company lirniled by guarantee not haviThJ a share capital. However, Ihe Charity originated in 1827 when, wth Ihe support of Thè Goldsmiihs, Company, a charitable institution ft)r gold5mrths and silversmiths was established under the patronage of King George IV. There were other small charitsble Trade instilutions that came into exislerKe later during the 19th century, such as The Silver Tradè Ponsion Society. These org8nisal.ons amalgamateil to fom all-embraang Charity in 1953 under the ts'tla The Goldsmiths., SiersTlIhS. and Jewellers, Benevolent Society. On 1 January 2005 the name was changed to The Silversmilhs and Jewèllers Charity. Counc51 Members and M•nag•ment Thts Council acts as Corporato Trustee lo the Charity. Council members, who are directors for the purposes ol company bw, are elected by existing members, but two of their number ale appointed by The Gold5miths' Foundation Ipreviously called the Goldsmiihs, Company Chartyl as stipulated in the Articles of AsS(latiOn. Datsils of mernbers of the Covn¢il 85 at 31 December 2024 8ppear on the Refencts and Administrative Details page. Antony V8nderpump sefves a5 the Chairrnan. with Grant Ma¢don8ld holdiThJ the ptisitK)n of Vice-Chaim8n Thè Ctsun¢il were pleased to be able 1¢ meet in person and did so in March, July and November. At the Maroh meeting all the existing granteès were foallY ratified for tyle year. It was not found necessary for the Executive Committetr to meet. There is a proGess of induciion for new Council members ¥%thich includes meeliwJ wth currgnl membors and the provision of key infornation. The Charity is organised so that the Council of Twstees or, in mattèrs of urgency, the Chairman manages the ordinary business. The Manager carries out tho day-to-day adminislralion of the Charity. DlnnerlGolf Commltt The Commiitee undertakes the organisalKJn of Ihe Charity's chief annual fund-raisir¥J event. Committee membèrs in 2024 were.. Antony Vanderpump Gary Williams Jenny Bdl Mark Griffin Simrnone Wesiemian Annual General Meetlng The Annual General meetirrtJ of the Charity took place on 2nd July 2024. One member of thè Council was due to retire in accordance with the Articles of Assooiation. Grant Macdonald agreed lo seNe for a further year, and as such was duly rè4lecled. Antony Vanderpump was re-el8Cted as Chalmian and Grant Macdonald was rtr-elected as Vice-Chairm8n.
The Silversmiths and Jewellers Charity Report of Tho Councll Ri$k Management The Council continues to keep under review the potential major risks facing the Charity and is satisfied Ihat appropriate systems have baen established whereby the Chaimian is gUlartY updated so that any necessary steps may be taken to mitigat8 those risks. Contingency plans are in place in the event of the Charity's Manager being incapacitated lof any length of lime. Investment funds are managed on behalf of the Charity by a repuiable third party with whom freqijenl liaison is undertakan by the Manager and the porffolio perfomance is gulartY monitored by the Council. A copy of the Risk Assessment Policy document, approved by the Council, is availablè for inspection to any interested parties. OblKtlves and Aetlvltlos The Charity is a trade Charity. The objects of the Charity are lo appty the capitsl and income of the charitable funds for the purpose of providing financial relief in the c858 ol need. harrjship or infimiity lo persons who a or have been employad in all torS of Ihe silv$rsrnilhiro and jewellery tr*1e and the widowslwidowers of such persons. There is no longer terni objective which differs from lh8 rnain objects. The Charity's strategy for the athievement of the$¢ objectives is to general& sufficient income from investrnents, donats'ons and special events so as lo cover annual grantee commilments and governance costs. R•ser¥gs Pollcy It is the poIY of the Charfty to maintain unreslricted funds which have been genèrated from investment activities in fixèd assets lihe 'income fund'l al a level which equatas lo approximately six lo nine months ol unrestricted expenditure. This is intended to provide sufficient funds to cover administration and support costs and to respond lo emèrgency applications or other eonlingencies which arisè frorn time to time. Income funds were maintained al this level throughout the year. The Council confimis that the funds of ihe Chanty will en8ble it to meet its currenl commilm8nls for the next fv4elve months. The Charity plans to contsnue operating on sitni18r lines to those sel oul in this Report and lo continue supporting a similar pattem of ¢haFitable expenditure for th8 foreseeable fijlure subjecl lo availability ol funds. Investment Palicy There are no restrictions on the Charity's power lo invest. The unrestri¢ted funds may be invested in any type of investment. The aim of ihe Council in ils investment policy remains long-tem stability and growih while at Ihts same time generating sufficient incomg lo rneet the Charity's 9rantee commitments and administrative costs. Grant MakSng Pollcy Appllutions Applications for assistan ar8 considered on their merits anil grants are awarded 3t the discretion ol the Council or of the Chaiman whose decision then has to be ratified by th8 Council at the next loll(w4ing Council me&tiF¥J. During the year 21 ordinary applications for assistance were received. Klost were either inèligible or referr8d lo other charities, one new member was accepted by the Council. Four mernber's grants were reviewed three of which We extènded. One member felt that Ihgir grant was no longer needed. Four substantial individual grants were awarded. Sadly, two members died durir¥J the year. At the close ofthè yèar tts Charity had 36 membèrs.
The Silversmiths and Jewellers Charity Rèport ofThe Council Payments lo Grants&s' During the year the Charity distributed £116,40012023." £130,200) in cash granls and special nè8d payments. The paymenis are made monthly. In addition, a summer gift of £200 was paid and a Christmas grft 01 £300. Christmas hampers were also Sent lo gr8ntees. Achlevemonts and Financi41 Revlew Investment Performan¢¢ As al 31 December 2024 the Market Value of the Charity's investments w85 £1.932,30512023". £1,975,5381. The Council and the Charity's investment advisers wularty monitored the perfomiance of the portfolio in the light of global economic events. Overall the value of ihe ptsrtlolio has incre85ed by 40/0. Taking all Into consideration the Council was satisfied that the Charity's invesiment advisers had taken all appropriaie aclion available to Ihem lo safeguard the Charity's assets. The o)mposib'on ol the investrnent wrtlolio at 31 December 2024 was as follows". Fixed Incorne UK Equities Equity Funds & Ov&rsea$ Equities Alternabves 317.108 645,074 777,176 192,947 16.26 33.07 39.84 9.89 1,932,305 18,448 C88h deposits 0.95 1,950,753 100.00 Incoming Resources The decline in financial support Irom the trade. which generally noreS its appeals lor funds, continu8s lo be a ause of concem to the Charity, allhough IheiT events are reasonably wéll supported. A legacy payment was re¢eived from the estate of long-time chaiTty supporter Roger Malins. As well as the fundraising Dinner and Golf Day, a Quiz Night w8s held, a Hall-marathon was run, a conference Gala Dinner and Awards Evening were hèld. The proceeds from each event were donaled to the Charity. The Council are aware of the need to raise the profile of thè Charity 8nd as such a new website was launched and the first lan Morton Award was given in support of the foundation Students at the Goldsmiths, Centre. The incorne from listed investmènts was £55,911 12023.. £52,426). Intest receivaN8 amounted to £1,14212023.. £8051. To Ihis may be acsded the proceeds from the Charity Dinner and fundraising events. This gives a total gross income ft)r the year of £186,62012023.. £178,573). Against this are amounts lotalling £77,70612023'. £74.3181 relating to costs in g8n8r8ting the income, covering expenditure on the Charity Dinner and fundraising events and investment managemenl fees. This leaves a nel inrne available for charitable activities for the year of £108,91412023.' £104,255). Charltablo Expendlture Payments to grantees lotalled £116,40012023'. £130.2001 to which is added Staff and other direct expenditure. to give resources expended on charitable activities of £161.13112023.. £171,439). The Charity's administralive and gov8man¢tr costs for the year were £4,80012023.. £4.8001.
The Silversmiths and Jewellers Charlty Report ol The Councll Appreclatlon The Annu81 OinneF was held on 17 May 2024al Goldsmiths, Hall It was 8 fanl8stic evening, where everyone wès Èntertained by Pure Diamond. and the aucticy) Was codUCted by Gary Mfilliams A short talk about the Goldsmillis Company and Ihe importance of charity wa5 given by thr Clerk and CEO. Annie WaFburton The Goll Day was held at Ihe Roy818kohealh GDSI Club on 27 SeplerniEI 2024. We were orrE again Invited to aryend the Jewdlery Valuers Association Conference in September. where the pro¢$ of their raffle were don21ed lo Ihe Chanty. On October 81h. Andrew and Louise Berry from AtTheBench ran the Cardiff Half Maratho and on November 14" GemmdoJy Rocks held a Pub auiz at the Argyle, Hallon Garden Both donated Ihwi prcceeds to the Charity The National Assoaalion of jewel$ Awards Evening was held In October where I raffje proceeds were Shad beiween the trad2 Charities The Counal wishes to Pla on iewrd Its appreciaiion to all those who have generously assisted Ihe Charty at the8e event$, (y ln the past yew, %thelher In financial contDbulions or the giwng of their time The Counil Is espe(Jally indebte¢J lo The GrA(tsmilhs' Foundation. Statement of Coun¢ll M¢Mr$, ReBpon61bllltle5 The mernbers ol the CounThl, as Iruslees (who are aso Oirectors of Ihe SilVeMIths and jllerS Charity for the purposes o,, Cornpany lawl are responsible for preparing the Report of the Ciyjnal and the fin8ncial statements in accordan with applicable law and United lQngdom Aunb"n9 Slanéaids (UK Genei4ly AIx8pled Ar£ouniing Practice) Cornpany law require5 Ihe meMS of the Cwnol to prepare finaThJal stai6rnent5 for esch fin8ncial year which give 8 tre and lair wew of the slate ol affairs ol the Charity and ol the inming reSoUrS and application ol resources. Induding the income and expenditure. of the Charty that period In pParIng these financial statements the members ofthe Council are reqUId to. select suitsble accounting Folioe6 and then apply them ¢ssIentty. obseprfe the rnethods and prinCipS in the Charities SORP.. m8ke iudoemenis and estimates that are reasonable and kyudent.. Stsle whether aWicab UK Aco7unbng Standards have been fdl¢x¥ed. 6ubied tts any matenal departures d15GIose¢ 8nd explained in the fn8noal statements. prepare the account5 on th2 gorrfJ ¢otTcern bas unless it Is inapyopriate io assume the Charity wll continue in business The mernbers of the Coun1 a respon&ble for keeping prOr accounting iecoids whith dixlose wrth ieèsonable accuracy al any lime the finants31 position of Ihe Charity and to enable them to ensure that the finanaal statements comply wth the C1NnpaeS Aci 20C6 They are also responsible foi safeguarding the a58ets of the Charity and hence for taking re8sonatse steps tor the prevenlion and detection of fraud or other This feport was approved by the Counal 151 JY 2025 taking than18ge of special provi&ons applicable lo srnall cornparlies conferred tiy Part 15 ofthe Companies Act 26 Name.. .. Council Me berlDirector On behal I the Council Company number Charity numbei. 00518834 205785
The Sllv•rsmiths and Jewellers Charlty Donatlon8 and Sub$¢rlptlons lineludlng 8pon$ors of tho Charlty Dlnn?r and Golf Day) For the year •ndod 31 Do¢•mbor 2024 Beaverbrooks A Bedford Bezanl Ltd Boodles J Bourdon-smilh G C8ldicott M Callaghan Challla Cleave & Co Cooksongold Vlcloria Cox Dgslgn, Build, C8sI ALC EI&y JMFlnn Gemmolo9y Rocks Th9 Goldsmiths. Company Charlty C R Green Grfffrn of London Hanco¢ks & Co Zoè Hlll D Hu¢chlns IBB Stephgn James BMW Tony Jarv1$ Bullion Jewellery Valuers Asscthlion L & R Josyfon Landsbarg & Son David Lawes Lockstone London R Malins Grant Macdonald T H March Bisley H Munt & Sons Pre$man Mastem)ell Pro-30 M Pu9h Refined Precious Metals Rich8rnont Intemafjonal Silverton Clamond$ Society ol Brhlsh Jgwell8r8 Sterfing Creallons Clare Street SVS Design Ward Gemstones Stephen Webstgr Weston 8earnor G F Williams
The Sllversmlths and Jewellers Charity Independent Examiner's Report l Teport to the charity trustees on my examination of the accounts of the company for tho year ended 31 December 2024 which are sel out on pages 8 to 17. Responslbllltl83 and basis of report As the charity's trusl89s of Ihe Company land also its directors for the purposes of company lawl you are responsible for the pr8paration ol the accounts in accordance with Ihg requirements of the Companies Act 2006 Ilhe 20 Act,). Havin9 satisfied myself that the accounts of the Company are ntst required lo be audrted under Part 16 of the 2006 Act and arè eligible for in(Jependent examination, l port in respect of my examination of your charity's accounts as carried out under section 145 of the Charits"es Act 2011 Ilhe 2011 Act'l. In carrying out my examinali(x) I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Ind•p•ndènt •xamlner'B Btatement I have completed my examinats'on. I confim) ihat no matters have com8 to my attention in connection with the examination giviro me ¢ause lo b81ieve'. accoUnng Yecords were not kept in respect ofthe Company as required by section 386 of the 2006 Act,. or the accounis do not acGord with those records.. or the accounts do not compty with the accounting requirements of s6dion 396 of the 2006 Act othar than any requirernenl thal the accounts gi a 'true and fair view, which Is not a m8lter Ctsndered as part of an independent examination., or the accounis have not been prepared in accordance with the methods and prinotples of Ihe Statemènt ol Recommended Practice for aGcounling and report+'ng by charities applicabl8 lo charities paring their accounts in accordance wth Ihe Financi81 Reportiro Standard applicable in the UK and Republic of Ir8lÈnd IFRS 1021. I have no concems and have come across no other matters in connection wth the examination to which attention should be dra¥ in this report in order lo enatAo a proper understanding of Ihe accounts to b8 reacheil. John Howard FCA (Senior Statutory Audltorl For and on bèhalf tsfAzets Audlt Servlces 2nd Floor, Regis Hou59 45 King William Street London EC4R 9AN Datg.. Iw 4. ?.tix)
The Sllversmiths and Jew•ll•rs Charlty Statement of Financlal Activitles For the Year End 31 D•cember 2024 2024 Unr•8trlrt•d R•strl¢ted Funds Funds 2023 Tot41 Funds Total Not•s In¢omlng from Donations Oiher Ir&ling activitN?s Investments Other income 55,19) 74,377 57,053 55,190 74,377 57,053 49.661 75.509 53.231 172 Total In¢omSng 180,820 186,620 178,573 Exp•ndllur• on: Ralsing funds TT,706 77,706 74.318 Charitabl& acvvlties 161,131 161,131 171.439 Total •xp•ndltur• 238,837 238.837 245.757 N•t outgolng re8ourc•s Wor• oth•r r•¢ognl8•d galn8 and loss•s 152,2171 152.2171 187.1841 Oth•r r•¢ognl••d galns and lo$$•$,' Rgalised and unrealised gains Iloss&sl on Investrnent 888ets 11 88,528 88.528 78,924 N•t mo¥•mont Sn fund8 36.311 36,311 11.740 Fund balances brought forw•rd 1 January 2024 2,064,576 2.084,576 2.052,836 Fund b•lan¢es urrfed forward 31 Decomber 2Q24 14 2.100,887 2.100.887 2.064.576 All the figures includod In th8 Statement of FInala1 Athlttgs derfv8 from continuin9 act18$. All recognlsed galns aThJ losses are Included in Iht Statement of Flnonclal Activities. Th& notes on pages 10 to 17 fomi part of the Fin8nrAal Statements.
The Silversmiths and Jewellers Charity Balance Sheet As at 31 December 2024 Com an number.. OOS18834 Note 2024 2023 Fixed Assets Tangible assets Investments 10 11 1.932.305 1,965.538 1.932,3( 1.%5.832 Current Assets Debtors Investmenl- bank balances th Investmern Manager5 Cash ai bank ané In hand 12 203 203 18.448 155.766 10,380 93,9 174,417 104,579 Credltors.. Amounts falling due wthin one year 13 15,8351 15.8351 Net Current Assets 168,582 98 744 Net AB8ets 1100MB7 2,064,576 Represented by". Restricted funds Unresiricied fund5 14 14 2.100.887 2,084.576 2.100.887 2,064.S76 The Charitable Comp8ny Is ened to exemption trom 8Yrt under Section 477 of Ihe CpanIeS Act 2LY26 for the ye31 endèd 31 December 2024. The rnerntArs h8ve Th)t required rnpany to ct)tain an audit of Ils financial $laietnents for the year ended 31 December 2024 In accordance th Section 476 of thÈ Companws Act 20L The trustees a¢knobedge their responsibiliNes for ensuring that the th)niab Mp3fty keeps accoulllg records that c(InY %%ith *lions 386 and 367 of ¢he Companies Act 2(Kb and preparing financial statements whith give a true and fair view ol the state ol atsirs ol the charitable company as al the end of each financial year and of ils surplus or deficit lor each finartial year In accordance wilh Ihe requirements ol Sections 394 and 395 and which othÈrwse comply with the requiretnenls of the Cotnpanies Act ?0 relaling to financial slalernenls, $0 far 8$ applicAtAe lo the Charitab rA)mpany Ibl These finanu81 statements have been piepared in aco)rdance with the Special prow&ons of Part 15 of the Cofflpaiiie5 Aci relating lo chantsble srnall companies rnen s were approved by the Coun(il on 131 July 2025 and 51oned on Iheir behalf by MemberlDifector Se¢fetary LJWUL Ciiiif[ Ik4 Name Natne. The noles on pages 10 to 17 foim part ol these Findncob StsiettlLis
The SilversmSths and Jewellers Charity Notes To The Financial Statements For the Year Ended 31 December 2024 ACCOUNTING POLICIES Company Statu$ The Charity is incorporated as a company limited by guarantee and does not theT0 have a Sh8re Capital. The maximvm liability of each member is £1. The address of the registered Offi is given in the charity inlortnalion on page 1 01 these financi81 ststem9nts. The nature of the Charity's operations and principal activitiès are set out on page 3. Dlrectors All references lo"Members of the Council" in these Fin8nci81 Statements should be constwed as relating to the equivalent of direotors of a company for th$ purposes of Companies A¢t requirements. Basls of pr•paratlon The Charity constitutes a putAic benefit ontity as dtrfined by FRS 102. The finana81 ststements have been ppared in a¢¢tsrd8n wth Accountsng and Reporting by Charities." Statement of Recommended Practice applicable lo ¢harities preparing their )UnIS in accordance wilh the Financial Reptsrbng Standard applicable in the UK and Republic ol Ireland IFRS 1021 issued on 16 July 2014. the Financjal Reptsrting Slandar(5 applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Gen8rally Awepted Practice as rt appligs from 1 January 2016. The financlal statements are prepared on a going concem basis under the historical cosl convention, modified lo include certain items al fair value. financial statements are prepared in sterfing which 18 Ihe fvnctional currency of the Charity. The signrfunt accounting policies applied in the pparation of these financial statements are set out below. These policles have bÈ8n oonsistenly applied to all ye8rs presenled unless otherwse stated. Going Concern Al the date of approval of these finr181 staternents. the Council contsnues to take all available steps to maintsin sufficienl resources in ord8r that the Charity can conbnue as a going concern ar meet the needs Of its beneficiaries atvj creditors. The Council has a reasonable expectation that the Charity will havè sufficient funds lo conlinue lo meet its liabilities as Ihey fall due for the foreseeable futu and therafore have prepared the financial stalernenis on a going conc¢rn bass. Offic• Equipment Additions to oifice equipment are vrritten off lo the Statement of Finan¢ial Activib'es in Ihe y68r in which they are incurT8d unless the amounts Involved #re Mater1, in whid) case Ihey are capitalisgd and depreciated over 3 ygars straMJht line. In¥*¥tm•nt Ass•ts Investment assets ar8 inGluded in ihe financial statements al their markel value or estimale thèrèof. Investments which maturo or are to be realised within tw¢lv& months are categorised as curren( assets. All gains and losses on investments, both realised and unaliSed are recognised in the Statement ol Financial Activilies and are transfèrred to the Capital Account in Order to presetve the long-term capital of the Charity. 10
Th• Silversmiths and Jewellers Charity Notes to the Flnancial Statements For the Year Endèd 31 December 2024 ACCOUNTING POLICIES {contlftu•dl Incoming Resources All incoming resources are included In the Statement of Financial Activities when the Charity is ented to Ihe income and the amount can be quanlffied with reasonable &curary. The following specrfic pOIleS are appld to particular categ1&5 of income.. Voluniary income includes in¢ome from The Goldsmiths. Foundab'on. donations and leg8¢ies. Income from subscriptions and don8tions is accounted for when r8oeivable and include recoverable lax credits during the year Irom Gift Aid schemes. Legacies are included when ihe Charity is advised by the personal repr8$entalive of an estate that paymènt will be rn8de and the amount involved can te quanb.fiod wrth r$asonable certainty. Activities for generating funds includes income from sp8cial events. such as the annual dinner, accounted for on a receivable basis. Income frc¥n listed invèstments is accounted for in the yèar in which the Charity is entitled lo receipt and includes the relÈvanl transiti'onal r81iel to the extent that such tsx is recoverable. Resources Expended Expenditure is accounted for on an accru8ls bass. The irrecovefabl• element of VAT is incjuded with the item ol expense lo which it r6lat8S. Charitable expenditurè compds8s thos& costs incurred by the Chality in the delivery of its actiwlies and services for its benefiuari8s. 11 includes both costs allocated dir9clly lo such activrties and those costs of an indirect nature nè¢8ssary to sUPPOrt them. Grants payable are accounted for wh8n the Charty is committed to paying them and legally binding commitrnents are included as liabilities. Where promises ol financial support have been givèn bul such offers are condilional or discretionary, such granls are recognis8(l as expenditure when any condrtions have been met or the decision has been taken to make payment. Govem8nce costs include those incufred in the govemance of the Charity and are prlmadly associated with constituiional and statttsry requirements. Costs are allated befven cosl categoria$ according lo the nature of the cost. Where items involve more than one category they are apportioned bebveen the categories according to thè naknre of the cost. Detailed analysis of the all(8*.0n of costs is given in note 5 bekiw. Funds Accountlng unStriCted funds- these ar8 funds which can be used in accordance wth the charitable objects at the discretion ol the Counul. Taxation The charitable company is con$MJgred to Pa88 the tests set out in Paragraph 1 Schedute 6 Financ& A 2010 and therefore il meets the definition of a charitable company lor UK Gorporatson tax purposgs. Acwrdingly, the Charity is potentially exempt from taxatson in respect ol income or capital gains received wilhin categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation ol Chargeable Gains Act 1992, to the èxtenl that such income or gains arè applied eKclu&vely to charitable purposes. 1.11 Debtors and credltor$ r•ceivable I payable wlthln onè Debtors and creditors with no staled interest rate and receivable or p8yable within one year a re¢orde(I at transaction price. Any lossès arising from impairment are racognis8d in expenditure.
The Silversmiths and Jewellers Charity Notes to the Financial Statements For the Year Endad 31 December 2024 ACCOUNTING POLICIES Ic¢ntinuedl 1.12 Judgements and k•y sourcès of estimatkni uncertainty AGcounting estsmates and judgements are continually evaluated and are based on histoncal experience anil other faclors, including expectations of future events Ihal are believed to be raasonable under the circumstances. The following judgements lapart from those involving 8slimale51 have been made in Ihe process of applying the above accr>unting policies that have had the most significant effect on amounts recognised in the financial statèments.. Useful economic lives of lan9iblè a88ets rhg 8nnual deprecialion charge for tangible assets is sènsibvg lo changes in the gstimated useful economic lives and residual values of the assels. The useful econL¥nic lives and residual values are ra- assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments. economic ub'lisa.on and Ihe physical condition of the asseis. See note 10 for the ¢Arying 8mount of the offlce equipment. and note 1.5 for the useful economic lives for each class of assets. There are no key assumpts.ons concerning the future and other key sources of estimation uncertainty at the reporting date that have a signifieanl risk of causing a matèrial adjustment lo the carry4ng amounis of assets and liabililies within the next financial year. 1.13 P•n5ign costs The Charity operates a defined contribubon pension schemè. Conlributions payable to the Charity's p@ngon stheme are charged to Statement of Financial Actwities in Ihè p8riod lo which they r&lale. Income from gr•nts and donatlons 2024 2023 Donations s5,1) 49,661 SS,190 49,681 Incom• from other trading actlvltlfrs Income trom special 8venls 74.377 75,509 74,377 75,509 Invostsnont Incom8 Dividends and inleresl from listed securities Bank and other intÈr85t receÈvable 55,911 1,142 52,426 805 57,053 53.231 12
The Silversmiths and Jewellers Charity Notès to the Financial Statements For the Ygar Ended 31 December 2024 Analys58 of expendFiur• Dlrect Costs Support Costs Total 2024 Total 2023 Ralslrtg fvnds 52,803 24,903 77,706 74,318 Charftable actlvltl•s: Grants and other costs 116,41KJ 44,731 161,131 171,439 Total resources expend•(I 169,203 69,634 238,837 245,757 All costs are allocated belwegn the expenditure tAl$gories noted above on a basis designed to reflect the use of the resource. Costs relatiro to a particular activity are allocated directty, oth8rs ar¢ apportw)ned on an appropriate basis. for example, time spent, per ¢apila or floor area. Analy$l$ ¢f Grants Thesè ¢¢)mprise'. Monthly payments togelher summer and Chri$lm85 gift payments to grant6&s. Christsnas hampers to grantees. SpÈ¢ial needs payments. Thè Report oflhe Council provides a lurther breakdown ol grants paid. Costs of raislng fund 2024 2023 Investment manag8rfs fees Spe¢ial activities costs Allocation ofsupport costs 15,390 37,413 24,903 14.996 36,694 22,628 77,706 74,318 Grants and other costs Stsff costs Travel Telephonè Printing, postage and stabonery InSUranS and general axpgnses Depreciation B8nk charges Audit, examination and aGcountsn¢y costs Website costs Prornotional expenses Hampers 46,561 148 43,284 300 1,407 6,013 348 124 7,174 1,268 389 3,560 787 5,799 294 128 7,248 1.161 4,044 3.276 69,634 83,B67 Gov¥rnance Costs Independ6nt èxaminer8 fee 4.800 4,800 4,800 4,800 13
Tha Sllv•rsmiths and Jewell•rs Charlty Notes to th• Finan¢ial Statoment• For tho Y•ar Ended 31 Decemb•r 2024 Staff coBls and r•mun•ratJon 2024 2023 Gross wages and salaries Employef's nalK*nal insuran¢9 costs Pension Contributions 44,641 41,520 1.920 1.784 46.501 43.284 The average number of employegs. excILKIINJ members of the CoutKII was 112023.. 11, who did Th)1 have emoluments exceeding £eLJ,00012023: none exceeding £eo.0001. Thg members of Council w8re not remuner8le(J for their servkes nor wem they reimburs8d for any of Iholr expens68 during the year. 10. Flx•d Ass•ts Offl¢• qulpment Cost A11 January 2024 Addttlon$ 4,924 At 31 Decemr 2024 4.924 D•pr•clallon Al 1 January 2024 Charge for the year 4.630 Al 31 Detsmber 2024 4.924 N•t Book Valu• At 31 00mber 2024 At 31 December 2023 11. Flx•d Au•t Inv•itm•nts Oth•r Investm•nls At valuatmjn: At 1 January 2024 Additions al ¢08t DiskX)$818 G8insIIIo88esl for the year 1,965.538 533.696 1655.4571 88.528 At 31 D•umb•r 2024 1.932,305 14
The Sllv•rsmiths and Jewellers Charlty Notes to the Flnancial Statements For the Year Endèd 31 Decernber 2024 11. Flx•d A•••t Investm•nts (¢wtlnu•dl 2024 Mark•t Valu• 2023 Market Valu• CoBt Cost Flxed Interest UK Equities Over8ea8 Equibes Altemalives 349.119 509,248 458,448 192,591 317,108 645,074 777.176 192.947 408,151 391,189 399,612 215,050 384,810 519,212 841,717 219.999 1,509,400 1.932,305 1,414,002 1.965,538 Investments In excws of S% ofthtt Charity's portfollo as 8131 Decemb8r 2024 are.. Mercantile Inveslment TST Ord G8PO.025 Vanguard Investments UK Ltd FTSE UK ALL SHARE INDEX INC JPMorgan American Investrnent Trust Ord GBP 0.05 Ishares S&P500 Inve8co Market$111 Pk 110.670 5.73 97,6CNJ 5.05 139,558 7.22 113.511 5.87 116.311 6.02 12. D•btxs 2024 2023 Due within one year. Prepayments 203 203 203 203 13. Cr•dllorn: Due w6th1n one year A¢¢fual8 Other creorS 4,800 1,035 4.8CKI 1.035 5,835 5,835 14. Mov•m•nt• In fund8 Oth•r r•¢ognls•d golns and lo$s•• At In¢omlng R•Bourc•s 01101r2024 R•8ourus xnded At Tr•nsf•r$ 3111212024 Unrestricled funds General funds 2,064,576 188.10 {238.8371 88.528 2.100,867 2.064,$76 186,620 {238.8371 88,528 2,100,887 15
The Sllversmlths and Jowollers Charfty Note8 to the Financlal Statements For th¢ Y•ar End•d 310ecember 2024 14. Movements In funds Icontlnu•d} Movements In funds Iprlor yoarl Oth•r r•cognls•d galns and losus At Incomlng 0110112023 Re8ourc•s R••ourc•• •xpndod At Tran8f•r$ 31112rI023 Unrestricted funds General 2,052,836 178,573 1245,7S71 78,924 2.064,576 2,052.836 178,573 {245,7571 78,924 2,064,576 15. Flnan¢l41 Commltm•nl• The Charity is continuing io make regular payments to grantses 8pproved by the Coun¢ll priw 10 31 Oecember 2024. Such amounts paid after 31 December 2024 do not represent eiiher a commitment or con$lrudive obligation on th9 part of the Charity at the Balance Sheet date nce all such payments rgmaln al the discretion of the Council. Capltal Commltmonts There were no captsl commthenls al 31 December 2023 and 31 Decemtor 2024. P•n8lon Commltm•nt# The Charfty makes Contn'butlons to personal penson 8¢h8mes for staff. Th6 assets of the schemes are totally separate Irom those of Ihe Charty in independgntly admlnistsred lunds. The pension cost charged In th& flnancial statements in the year w88 £1.92012023'. £1,7641. At the end of the year there were outstandlng ¢onlribvtions payabl8 of£24712023.. £226). 18. R•lat•d Partl•s The Charity 5$ not controlled by any individual or uxpordlion. 16
Th• Silversmlths and Jewellers Charlty Notes to th• Flnan¢lal Stat•ments For th• Y•ar End•d 31 Deeomber 2024 17. Statement of Flnan¢lal Artlvltl•s (Prfor r) 2023 Unre8trtcl•d R••trlct•d Funds Fund$ Total Incomlng from Donations Other trading actIvi•S Investrnenls Other income 49.e61 75.509 53.231 172 49,£61 75.509 53.231 172 Total Incomlng 178,573 178.573 Exp•ndliur• on: RaIn9 funds 74,318 74.318 Charflable actlvllles 171.439 171.439 Totsl •xpendltur• 245,757 245,757 Ntrt outgolng r•soure•s b•fty• other re¢ognls•d galns and 108$0S 167.184) 167.184) Oth•r r•cognlsed galns and lo••••: Realised and unrealised gains Ilo$sesl on Investsnenl assets 11 78,924 78,924 Tr•n•fers bthM•n funds N•t mo¥•m•nt In fund¥ 11.740 11,740 Fund balanc•• brought lopard 1 January 2023 2.052,836 2.052,836 Fund balancoi rrI•d fopA•rd 31 D0mb*r 2023 14 2,064,570 2.004,576 17