THE WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND Reglstered Charlty: 802491 TRUSTEES, ANNUAL REPORT & FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 THE WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees present their report and financial statements of the Worshipful Company of Gold and Silver Wyre Drawers Second Charltable Trust Fund I'the charity) for the year ended 31 December 2021. Reference and Administrative Details The charity is registered under the charity number 802491. The trustees of the charity who have held office since l January 2021 are as follow5.' M. l. Gun5ton- Master 2020 and 2021 M. A. Craig- Master 2019 B. C. Turner Alr Cdre C. R. Fowler R. W. Carter C. M. R. Carr- appolnted 11/112021 The principal address of the charity is the offices of The Worshipful Company of Gold and Silver Wyre Drawers at Lye Green Forge, Lye Green, Crowborough, East SussexTN6 IUU. The Clerk to The Worshipful Company of Gold and Silver Wyre Drawers, Mark C. Dickens, is responsible for the day-to-day management of the charity. The trustees have made the following professional appalntments: Accountants & Audltors Darren Harding For Richard Place Dobson Services Ltd TIA Alexandra Durrant IOa/12a High Street East Grinstead West Sussex RH19 3AW page 2 THE WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND TRUSTEES, ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 310ECEMBER 2021 Bankers Barclays Bank plc I Churchill Place London E145HP Investment Managers Brewin Dolphin 12 Smithfield Street London ECIA 9LA Structure, Govemance and Management status and Hlstory The Worshipful Company of Gold and Silver Wyre Drawers was incorporated by charter of William and Mary on 16 June 1693 and for many years has collected monies and applied them for the charitable purposes set forth In a Deed of Trust dated 8 April 1940. This deed was replaced by a new Deed of Trust dated 6 January 1969 - The Second Charitable Trust "the charity.. The deed provldes that the power of appointment of new or additional trustees shall be vested in the Court of Assistants of The Worshipful Company of Gold and Silver Wyre Drawers. The original trustees have now retired and the Court of Assistants appoint5 the holders of the offices of the Master and Wardens of The Worshipful Company of Gold and Sllver Wyre Drawers to be the trustees of the Charlty. The Second Charitable Trust became a registered charlty on 30 September 1989 and is still governed by the rules and regulations set down in the deed of trust dated 6 January 1969. Publlc Beneflt The trustees have considered the issues surrounding public benefit as outlined in the guidance issued by the Charity Commission and believe that they meet all the requirements listed. The remalnder of this report clearly illustrates the benefit to the public at large from the activities of the charlty. page 3 THE WORSHIPFUL COMPANY OF GOLDAND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND TRU5TEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 Structure, Governance and Management (continued Organlsatlon Structure The overall strategic direction of the charity is determined by the trustees. who have overall responsibility for the management, administration, policy and decision making for the charity. The trustees of the ch8rlty meet quarterly to make policy decisions. set an annual financial budget and sanction all grant making activities of the charity. Applications for grants are considered and a review of actual and budgeted expenditure is carrled out at each meeting. The necessary authority required to administer the day-to-day affairs of the charity has been delegated by the trustee5 to Mr Dickens, the Clerk of The WorshSpful Company of Gold and Silver Wyre Drawers. Mr Dickens attends the meetings of the trustees and reports to the meetings on matters that have arisen in the past quarter. Through this mechanism, the trustees of the charity are able to monitor, supervise and control the day-to-day management of the charlty. Method of Recruitment, Appointment. Election, Inductlon and Training of Trustees Recrultment The trustees are all recruited from the Court of Assistants. Standing orders of the charity require that priorto filling any vacancy in the Court, the Master and Wardens forthe time being shall make enquiry as to the character, *itness, responsibility and eligibility of members of the Livery, as the Court In its discretion shall direct, due regard being given to seniority. The Master's committee will interview prospective candidates and make a recommendation to the Court to fill any vacancies. Election is by ballot. Standing Orders further provide that no Liveryman who has been declared bankrupt or who has compounded with his creditors shall be elected to the Court unless his bankruptcy has been discharged. page 4 THE WORSHIPFUL COMPANY OF GOLD AND SILVER VVYRE DRAWERS SECOND CHARITABLE TRUST FUND TRUSTEES, ANNUAL REPORT (contlnued} FOR THE YEAR ENDED TO 31 DECEMBER 2021 Structure, Governance and Management {continued) Appolntment ond election The offices of Master, Flrst Warden, Second Warden, Third Warden and Fourth Warden are held for one year. Nominations for Fourth Warden are considered fram the members of the Court of Asslstants by the Past Masters, Committee and their proposed candidate is put forward for election by the Court. Under normal circumstances after one year in post the Fourth Warden will be nominated for Third Warden, the Third Warden for Second Warden, the Second Warden for First Warden, and the First Warden for Master. Changes to this standard progression can be made If necessary. All these appointments are elected by the Court of Asslstants and thelr Installation takes place at Common Hall in the presence of the Llvery. Inductlon and trninlng Before any member of the Court of Assistants becomes eligible for appointment as a trustee, they will already have served a period of induction of normally five years or more and will have served as a member on some of the charltvs tommittees. This ensures that, prior to their appointment as a trustee, each candldate is familiar with all aspects of the governance of the charity, including the grant rnaking policy, the management of investments and the accounting procedures. The chalrman of the charity's Finance and Investment Committee is responsible for ensuring that new directives and legislation connected with charitable bodies are brought to the attention of the Court, fellow trustees and the other members of the committee. This provides a framework for the on-going educational development of the trustees. Courses are also offered by external providers as required. Rlsk and Corporate Governance Matters The trustees are collectively responsible for rlsk and corporate governance matters and are as51sted in this respect by the Clerk. A high prlority is placed on ensuring that the charity is properly managed and is not exposed to risk. Update5 on legislation and advice on risk and corporate governance is also provided by the City Corporation under the Lord Mayor of London as well as the Fellowship of Clerks. The trustees reviewed the operational risks that the charity faces in year. No new risks were identified that requlred preventative measure being taken. page 5 THE WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND TRUSTEES, ANNUAL REPORT {contlnued} FOR THE YEAR ENDED 31 DECEMBER 2021 Covid-19 The trustees have ensured that government advice and correct practice has been maintained through the covid-19 pandemic and City Corporatlon guidelines followed. All risks to the charity have been assessed. From the introduction of lockdown all events have been cancelled so events and fund ralslng income reduced in 2021 and this has continued. However, the trustees have considered the effect of this pandemic on the financial position of the charity and due to prudent fund management In prior years the trustees have no issues regarding going concern. Objectives and Activities Charitable ObJe¢tlves The charitable objectives for whlch the charity was established and registered are to raise money from investments. donations and fund raising activitle5 for the benefit of charities selected by the Court or for such other charitable purposes and in such manner and subject to such terms and conditlons as the charity may from time to time in its uncontrolled discretion think fit. Charitable Activities The charity conducts fundraising throughout the year to Increase resources available for making charitable grants. These funds are allocated in grants which are carefully scrutlnised to ensure that they all comply with charitable purposes as defined by current leglslation and in accordance with the grant making policy, Grant Making Pollcy The policy on grant maklng Is that of all donations made: 13% to affiliations wlth armed forces unlts, cadets and schools 26% to providing bursaries for Guildhall School of Music and Drama students, St Paul'5 School chorister5 and Royal Ballet School students as well as links with The Lord Mayor's charities, Sheriffs, Fund, Poppy Appeal and the Guilds 13% to links with the gold and silver wire trade including bursarles for students/trainees at the Royal School of Needlework and prSzes in embroidery, lewellery and needlework page 6 THE WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 Grunt Making Pollcy (contlnued) 48% to specific charities recommended by the Charity Fundraising and Events committee and approved by the Court. These primarily follow this criteria: Small charities with low expenses benefiting greatly from a limited size grant Llnks to the GSWD trade and assoclation with GSWD Liverymen Links to the City of London and to the Lord Mayorfs charlties Links to medical, education, music and children< charities Links to our affiliations and the armed forces The flnal decision to award all grants rests with the trustees. The policy Is revlewed annuallv. Financlal Results of Attlvltles and Events The financial results of the charity for the year are Set out Sn the Statement of Financial Activities on pa8e 15. The charity held fund raising events for the benefit of its own charitable trust and the Masterfs chosen charity. Total income generated throughout year to 31 December 2021 wa5 £83,83713111212020_ £73.5451 and expenditure on direct charitable activities was E93,751 13111212020 - £84,718). Investment management costs were £10.50313111212020 - £9,2801. This resulted in net loutgoingl resources of (£20,417) for the year13111212020- £20,453). The net movement in fund5 for the year ended 31 December 2021 was a Surplus of £106,027 13111212020- £102,822). At 31 December 2021 the reserves of the fund amounted to £1.755,29513111212020- £1,649,268). The charity's reserves are largely represented by its investment portfolio of £1.700,377131/1212020 - £1,600,567). The trustees use an expert fund manager, Brewln Dolphin, to manage the charSt¢s investments and feel the increase in value15 a satlsfactory result given current market conditions. page 7 THE WORSHIPFUI COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND TRUSTEES. ANNUAL REPORT {continued) FOR THE YEAR ENDED 31 DECEMBER 2021 Reserves Policy The primary source of annual incomlng resources for the charity Is its Investment portfollo and interest receivable on short-term surplus cash deposits. Ad hoc donations and donations made by standing order under the Glft Ald scheme from individual members of the company continue to be Important additional sources of incoming resources for the charity. The trustees are concerned about the potential for dlmlnutlon in the value of annual incoming resources from lower retLtrns of investments due to economic factors largely beyond their control. Therefore, in order to avoid reliance upon voluntary income to supplement the annual budget for grant giving, particularly in relation to recurrent grants. the trustees have set an investment strategy such that over time its investment portfolio can be expected to Erow. Investment Pollcy Under the terms of the deed of trust, the investment powers of the trustees are unlimited within the scope of the laws and regulat5ons applying in the United Kingdom. As previously stated, the key investment of the charity is Its investment portfolio. The charity's investment strategy is reviewed annually by the trustees taking approprlate advice from the charity's investment managers. The trustees have not chosen to adopt formal ethical investment policies. The trustees, policy is to maintain the level of investment incorne having regard to their commitment to fund donations balanced with maintaining the growth of the portfolio at a low rlsk level. Plans for Future Perlods Future Stn7tegv The trustees, long-term goal for the charity is to secure its financial stability in perpetuity, so that it can continue indefinitely to meet its recurrent commitments and deliver grant ald to other 5ultable beneficiaries. The charity's reserves and investment pollcies are derived directly from this long-term goal and are, therefore, the key to future strategy. The guidlng principles of the charity remain to provide charitable donations in accordance with overall policy approved by the Court of Assistants. page 8 THE WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND TRUSTEES, ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2021 Future Activities ond Events The trustees over-riding oblective for the coming year is to ensure that sufficient resources are secured to cover the glvlng of all recurrent grants and they are confident that this can be achleved. Impart of Future Artivities and Events The proposed budget for charitable donatlons during the course of the coming year has been set at £80,000 and the amount of surplus in excess of the budget, if any, that Is distributed wlll provlde a quantitative measurement against which the charity's Performan￿ during the coming year can be a55essed. An an8ly5is of letters and other feedback received from beneficlaries will be carrled out to provide a qualitative measurement of the charittys performance. Trustees. Responsibilities in the preparatlon of Financial Statements The trustees are responsible for preparing the trustees. annual report and the financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The trustees have also complied with the requirements of the Charities Act 2011. The law applicable to charities in England & Wales required the trustees to Prepare flnancial statements for each financial year which give a true and fair vlew of the state of affalrs of the charlty and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accountlng policies and then apply them consistentlv; observe the methods and principles in the Charities SORP; make Judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements: prepare the flnancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. page 9 THE WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND TRUSTEES, ANNUAL REPORT {continued) FOR THE YEAR ENDED 31 DECEMBER 2021 Trustees, Responsibilities in the preparatlon of Flnanclal Statements l¢ontinued) The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Chailty (Account5 and Reports) Regulations 2008 and the provision of the trust deed. They are also responsible for s8feguardlng the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of dtsclosure to the Auditors As far as the trustees know, there is no relevant Information of whlch the auditors are unaware and they have taken all the steps they ought to have taken to make themselves aware of any relevant information and to establish that the auditors are aware of that information. This report was approved and authorised by the trustees on 4th July 2022 and was signed for and on behalf of the trustees by.. M. l. Gunston- The Master 2021 page 10 Independent Audltors Report to The Trustees of The Second Charitable Trust of The Worshipful Company of Gold and Sllver Wyre Drawers Reglstered Charity: 802491 We have audited the financial statements of the Second Charitable Trust of the Worshipful Company of Gold and Silver Wyre Drawers Ithe charity) for the year ended 31 December 2021 on pages 15 to 21 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS102 The Financial Reporting StGTndard applicoble to the UK und Republlc of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- gwe a true and fair view of the state of the charltvs affairs as at 31 December 2021 and of it5 incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United KinBdom Generally Accepted Accounting Practice- have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audlt In accordance with International Standards an Auditing IUKI IISAS IUKII and applicable law. Our responsibiif(ies under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5ponsibilitie5 in accordance with these requirement5. We believe that the audit evidence we have obtained Is sufflcient and appropriate to provide a basis for our opinlon. Concluslons relating to golng concern In auditing the financial statements, we have concluded the trustees, use of the going concern ba515 of accounting In the preparation of the financial statements in appropriate. Based on the work we have performed, we have not identified any material uncertalnties relating to events or conditions that, individually Dr collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the flnancial statements are authorised for issue. Our responsibilities and the responsibilities of the tNstees with respect to goinB concern are descrlbed in the relevant sectlons of thls report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Page 11 Independent Auditors Report to The Trustees of The Second Charltable Trust of The Worshlpful Company of Gold and Sllver Wyre Drawers Reglstered charlty: 802491 Other information Icontinuedl In connertion with our audit of the financial statements, our responsibility is to read the other information antl, in doing so. consider whether the other information is materially inconsistent with the finar)cial statements or our knowledge obtained in the audit, or otherwise appears tu be materially misstated. If we identify such material in¢onslStencies or apparent material misstatements, we are required to determine whether there Is a material misstatement in the rinancial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a materlal misst3tement of this other information, we are required to report that fact We have nothlng to report in this regard. Matter5 on which we are required to report by exception We have nothlng to report in respect of the following matters in relation to which the Charitie5 (Accounts and Reportsl Regulations 2008 require us to report to you if, in our opinion: the information given the finanaal 5tatementS15 inconsistent in any material respect with the tIU5tee5' report; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responslbilities of trustees As explained more fully in the statement of trustees, responsibilities the trustees are responsible for the preparation of the financial statements and for being satisfied that they Eive and true and fair view, and for such internal control as the trustee5 determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for a55essing the charity's ability to Continue 35 a going concern, disclosin& as applicable, matters related to going concern and using the going concern basi5 uf accounting unless the trustees either intend to cease operations, or have no realistic alternative but do to so. Auditorfs responslbllltles for the audlt of the flnanclal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Att and relevant regulations made or having effect thereunder. Our objectlves are to obtain reasonable assurance about whether the financial ststements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance but it not a guarantee that an audit condutted in acctsrdance with ISAS IUKI will always detert a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. PaEe 12 Independent Audltors Report to The Trustees of The Second Charitable Trust of The Worshipful Company of Gold and Sllver Wyre Drawer5 Registered charity: 802491 The extent to which this audlt was consldered capable of detecting irregularities, including traud Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain suflicient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determinatlon of material amounts and disclosures in the financial statements. to perform audit procedures to help identify InStan￿S of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified durin8 the audit. In relation to fraud, the objectives of our audlt are to identlfy and assess the rlsk of material misstatement of the financial statement5 due to fraud. to obtain sufficient appropriate audlt evidence regarding the assessed risks of material misstatements dkje to fraud through designing and implementing appropriate re5ponse5 and to respond appropriately to fraud or suspected fraud identified during the audit. However it is the primary responsibility of management, with the oversight of those charged with governance. to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention ènd detection of fraud. In identifying and assessing the risks of material misstatement in respect of irregularities, includlng fraud, the audit engagement team made enquiries of management, and those charged with governance, regarding the procedures relating to identifyin& evaluating and complying with,. l. laws and regulation5 and whether they were aware of any instances of non-compliance,. 2. detetting and responding to the risks of fraud and whether they have knowledge of any actual, Suspected or alleged fraud; 3. the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulation5; As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, General Data Protection Regulations, Charities Act 2011 and Charities Statement of Recommended Practice. We performed audit procedures to detect non-compliance, which may have a material impact on the financial Statements. These included reviewing financial statement disclosures and evaluating advice received from external advisors. There were no significant laws and reEulations we deemed as having an indirect impact on the flnancial statements. The audit engagement team identified the risk of management override of controls a5 the area where the financial Statements were most susceptible to material mlsstatement due to fraud. Page 13 ## **Independent Auditors Report to The Trustees of The Second Charitable Trust of The Worshipful Company of Gold and Silver Wyre Drawers Registered charity: 802491** ## **The extent to which this audit was considered capable of detecting irregularities, including fraud (continued)** Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the rationale in relation to any significant, unusual transactions and transactions entered into outside of the normal course of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http s ://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees, as a body, for our audit work, for this report or for the opinions we have formed. ## **Darren Harding** **For Richard Place Dobson Services Ltd T/ A Alexandra Durrant** Eligible to act as an auditor in terms of section121 of the Companies Act **Chartered Accountants and Statutory Auditor** 10a/12a High Street East Grinstead West Sussex RH193AW Date: 2 August 2022 Page 14 The Second Charitable Trust of The Worshlpful Company of Gold and Sllver Wyre Drawers Reglstered Charity: 802491 statement of Financlal Actlvltles for the year ended 31 December 2021 Notes 31-Dec-21 31-Dec-20 Incoming Resources from Generated Funds Investment income Voluntary income Activities for generating funds 36,728 38,526 8,583 83,837 34,602 36.398 2,545 73,545 Resources Expended Direct Charltable Expendlture Charitable activities Fundraising costs Managemer)t charge from General Fund Investment management costs 80,976 775 12,000 10,503 104,254 72,S88 130 12,000 9.280 93,998 Net {Outgolng>llncomlng Resources 120.4171 120,4531 Other Recognlsed Galns and Losses Realised gains on sale of investments Adjustment to opening unrealised gains for sales Unrealised gains/llossesl on investments 75,594 159,3861 110,236 126,444 33,147 io 90,128 123,275 Net Movement in Funds 106,027 102,822 Balance Brought Forward as 1st January 2021 1,649,268 1,546.446 Balance Carried Forward at 31st December 2021 1,755,295 1,649,268 Approved by the Court on M.l.Gunston-The Master 2021 M.C.Dickens- Clerk Page 15 The Second Charltable Trust of The Worshlpful Company of Gold and Silver Wyre Drawer5 Reglstered Charlty.. 802491 Balance Sheet at 31 December 2021 Notes 31-Dec-21 31-Dec-2Q Investments io 1,700,377 1,600,567 Current Assets Cash at Bank Debtor5 and Prepayments 80,404 21,182 101.586 49.276 2,040 51.316 Current Llabilitles Creditors li 46,668 46,668 2,615 2,615 Net Current Assets I (Llabilltiesl 54,918 48.701 Net Assets 1,755,295 1,649,268 Represented bv: Funds and Resources Unrestrlcted Funds 1,755,295 1,649,268 1,755,295 1.649,268 Approved by the Court on 4th July 2022 M.l.Gunston-The Master 2021 M.C.Dlckens - Clerk Page 16 THE WORSHIPFUI COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND Charity Number: 802491 Notes to the Financlal Statements for the Year Ended 31 Detember 2021 11 Accounting Policies counting conventlon The financial statements of the charlty, which Is a public benefit entily under FR5102, have been prepared in accordance wlth the Charities SORP IFR51021 "Accounting and Reporting by Charities- statement of Recommended Practice applicable to charities preparing their financial statements In accordance with the Financial Reporting Standard appliiable to UK and Republic of Ireland IFRS102 effective l January 2015", Flnancial Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic Df Ireland" and Charities Act 2011. The financial Statements have been prepared under the historical cost converbtiorb WFth the exception of investments whlch are included at market value. Financial Reporting Standard 102- reduced dlsclosure exemption The charity has taken advantage of the following disclosure exemptlon in preparing these financial statements 3s permitted by FRS102 'The FRS applicable to UK and Republic of Ireland the requirement of section 7 statement of cash flows Going concern The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 month5 from the date on which the report and financial statements are signed. For thi5 reasorb it continues to adopt the going concern basis in the financial statements. Incoming resources Investment income comprises bank Interest and dividends and is credited to income when received. Voluntary income includes donations and legacies. Donations are accounted for as received together with the appropriate gift aid tax reclaimed from HMRC. Legacie5 are credited to Income when received. Activities for generating funds comprises receipts for charity events held during the year. Expendlture recognltion Charltable expenditure includes expenditure on grants whlch are aCCOL¢nted for when pald. Fixed assets Fixed assets are capitalised only where the cost exceeds £1,000. The notes form part of these financlal statements Page 17 THE WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUNO Charity Number: 802491 Notes to the Financial Statements for the Year Ended 31 December 2021 Icontlnuedl 11 Accounting Policies- continued Flxed asset Investments Investments are initlally recognlsed at their transaction value and then measured at market value at the balance Sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposal during the year. Realisetj gains and1055es on investments are calculated as the difference between sale proceeds and their opening carrying value or their purchase value if acquired during the financial year. Unrealised gains and losses are calculated as the difference between the fairvalue atthe year end and the carrying value. Realised and unrealised gains and losses are combined in the Statement of Flnancial Activities. Cash and cweditors Cash at bank includes cash held in current and deposlt accounts. Creditors are recognlsed when the charity has a present obligatlon resultlng from a past event that will probably result in the transfer of fijnds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount. Judgement and key sources of estimation or uncertalnty The preparation of the financial statements requires the trustees to make judgements, estlmates and assumptions that affert the amount reported for a55et5 and liabllities at the balance sheet date and the amounts reported for revenue and expenses during the year. However the nature of estimation means that actual outcomes could differ to those estimates. The maln judgement and accounting estimates included in the financial statements is accruals. The trustees have made estimates to establish costs in respect of potential liabilities at the balance sheet date. Fund Atcountlng Unrestrictedfunds are LÉsed for making charitable grants as approved by the trijstees. Restrictedfunds can be used for the speciflc purposes as laid down by the donor and may not be used for any other purpose. 21 Taxatio No liability to taxation arise5 as the charity is exempt from income tax and capital gains tax. 31 Trustees Remuneration and Relmbursed EKpen5es No trustee received any remuneration for their dutie5 nor were they reimbursed expense5 incurred on behalf of the charity. (Year to 31 December 2020- Nil) The notes form part of these financial statements Page 18 THE WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLETRUSTFUND Charity Number: 802491 Notes to the Financial Statements for the Year Ended 31 De￿mber 2021 Icontlnuedl 41 Staff Costs There were no staff costs in the year to 31 December 2021 lyear to 31 Deiember 2020- NIL) 51 Investment Income 2021 Year 2020 Year Dlvldends received Interest received 36,716 12 34,514 88 £36,728 £34,602 61 Voluntary Income Charitable donations 2(X) Club income Legacy Gift aid tax repayments 18,642 6,3iJ) 177 13,407 21.941 5,452 2,032 6,973 £38,526 £36,398 71 Activltles for generating funds and fund ralslng costs Lockdown qulz VC talk Virtual tour of city Magical evening Haven lunch 2,545 1,415 1,875 1,663 3,630 8,583 775 2,545 130 Fundraising costs £9,358 £2,415 81 charltable activities Grants made in the year 80,976 72,588 £80,976 £72,588 The notes *orm part of these financlal statements Page 19 THE WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND Charity Number: 802491 Notes to the Financlal Statements for the Year Ended 310ecember 2021 Icontlnuedl 91 Auditorfs Remunèralion The auditoEs remuneratlon for the charity was paid for by The Livery Company £2,50012020- £2,400). 101 Fixed Asset Investment Investments are held with Brewin Dolphin. 2021 2020 shares at market value at 111121 Purchases Sales Unrealised gains 1,565,755 249,035 278,425 110,236 1,406A22 328,988 259,783 90,128 Shares at market value at 31112121 £1,646,599 £1,565,755 Cash held for investment with Brewin Dolphin £53.778 £34,812 Total investments £1,700,377 £1,600567 11) Cweditors, amounts lalling due within one year 2021 2020 Accrued expenses Deferred income- 400 year anniversary appeal 15,318 31.350 2,615 £46,668 £2,615 121 Reserves- Restrl£ted Fund 2021 2020 At l January 2021 Transfer to unrestricted fund 500 15001 At 31 December 2021 £NIL £NIL The rbotes form part of these financial statements Page20 THE WORSHIPFVLCOMPANY OF GOLO ANO SILVER WYRE DRAWERS SECOND CHARITABLE TRUST FUND Charlty Number: 802491 Note5 to the Financial Statements for the Year Ended 31 December 2021 Icontinued) 13} COVID 19 In March 2020 COVID 19 was designated a global pandemic and following Government guidance the charity has suspended activities involving face to face meetings. At the date of approval of the financlal statements it has not been possible to quantify or ascertain with any certainty the financial impact of COVID 19. No adjustments have been made to any figure5 111 the financial statements as a result of the pandemic. 141 Related Party The livery company, The Worshipful Company of Gold and Silver Wyre Drawers, supports the charity by covering some of the runnlng costs of the charlty. The trustees of the charity are members of the livery company. During the year the charity tiansferred £12,000 to the general fund of the livery company as a contrlbution towards those to running costs. The notes form part of these fillancial statements Page 21