Charit!, registration number 802491 (England and Wales) WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHAIUTABLE FUIND ANNUAL REPORT AIND UNAUDITED FIINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Worshipful Company of Gold & Silver Wyre Drawers (Appointed 6 January 2025) Charity number 802491 Registered office 40 Woodcote Road Wanslead London EII 2QA Independent examiner Darren Harding ACA FCCA DChA For Richard Place Dobson Services Ltd 1-7 Sialion Road Crawley Wesl Sussex RHIO IHT Bankers Barclays Bank PIC Barclays Bank Level I I I Churchill Place London E145HP Investment advisors Brewin Dolphin Securities 12 Smiihfield Street London ECIA9LA
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND CONTENTS Page Trustees, report Independent examiner's report Ststernent of financial activities Balancc 5hcct Notes to the financial statements 9-17
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The truslees present their annual report and financial stalements for the year ended 31 December 2024. The financial statements have been prepared in accordance wilh ihe accouniing policies set out in nole I lo ihe financial statements and comply with the charity's deed of trnst, the C harities Act 2011 and "Accounting and Reporting by Charities: Statcmcnt of Rccommcndcd Practicc applicablc to charitics prcparing thcir accounts in accordancc with thc Financial Rcporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective l January 2019). Objectives and actiTrities Charilable Objectives The charitsble objectiN'es for which the charity was established and registered are to raise money frorn investments, donations and fund Taising activitics for thc bcncfit of charitlC5 sclcctcd by tbc Court or for such othcr charitablc purposcs and LD such manner [d subject to such iemis and conditions as the chatity may from lime to time in its uncontrolled discretion think fit. CharilableActivilies The charity conducts fundraising throughout the year to increase resources available for making charitable grants. These funds are allocated in grants which are carefully scrutinised to ensure that they all comply with charitable pUoseS as defined by curreni legislation and in accordance with the grant making policy. Grant Making Policy The policy on grant making is that of all donations made: 13°/o to affiliations with anned forces units, cadets and schools 26O/ts to providing bursaries for Guildhall School of Music and Drama students. St Paul's School choristers and Royal Ballct School sludcnls as ivcll as links with Thc Loid Mayoi's chatitics. Shcriffs, Fund, Poppy Appeal and the Guilds 13°/0 lo links wilh the gold and silver wire irade inLluding bursaries lor sludentslirainees ai the Royal School or Needlework and prizes in embroidery, Jewellery and needlework 48lb/o to specific charities recommended by the Charity Fundraising and Events committee and approiwed by the Court. ThLSC primarily follow this crilcria-. Small charities with low expenses benefiling greatly from a limiied siLe grant Links to the GSWD trade and aswiation wilh GSWD Lii'erymen Links to the City of London and to the Lord Mayor's charities Links to mcdical. education. music and childrcns, charitics Links to our affiliations and the arnied forces The final decision to award all grdnts rests with the trustees. The policy is reviewed annually. Public benefit 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. Aehievements and performance Significant activities and achie&ements against objeclives The charity continues to give grants in line wilh its charitable objectives and grant making policy from funds raised donations and invcstmcT]ts. Less grants wcre given in 2024 but they ivcie eithcr of a largcr avnounl OT over a longer tiinc scale. Thc grants were also made based on specific items 01 support requesie(L such as iraining courses or malerials, as opposed io general support granls. This has made it easier to demonstrate that grant money has been used as intended and thus appropriately.
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial revieiv The f1nancial results of Ihe charity for the year are sel out in ihe Sialemeni of Financial Activities on page 6. The charity held fund raising events for the benefit of ITS 07 charitable tn]st and the Master's chosen charity. Total income generated throughout year to 31 December 2024 was £97,837 (2023 - £167,110} aiid expenditure on direct Charlble aclivities was £101,450 (2023 - £118,907). Investment management costs were £10,024 (2023 - £9,640}. The net movement in funds for the year ended 31 Decetnber 2024 was a surplus of £71,856 (2023 - £33,018)- Ai 31 December 2024 the unrestricted reserves of the fund amounted 10 £65,977 (20?3 - £67.404). The charity's reserves are largely represented by its investment portfolio of £1,56?,243 (2023 - £1,488:093), this is now held as a designated fund to give a n]ore accurate representation of unrestricted fimds available. The trustees use expert fi]nd manager, Brewin Dolphin, to manage the charity's investhients and feel the increase in value is a satisfactory result given current market conditions. Reservespoli The primary sourcc of annual incoming rcsouiccs for the chatity is its invcstmcnt portfolio aTJd intercst rcceivablc on short-tcrm surplus cash deposits. Ad hoc donations and donations made by standing order under the Gift Aid scheme from individual members of ihe company continuc to bc important additional sourccs of incoming rc50urccs for thc charity. The truslees are concerned about the potenlial for diminution in the value of annual incoming resources from lower returns of investments due to economic factors largely beyond their control. Therefore, in order to avoid reliance upon voluntary income to supplcmcnt ihc annual budgct for grant giving. particularly in rclation to rccurrcnt graT]ts, thc tru5tCC5 havc sct an invcstincnt strategy suuh that over time its investhleni portfolio can be expected to grow. Iniyestment Poli Under the tern)s of the deed of trusi. The inveslment powers of ihe tnteeS are unlimited within the scope of the laws and regulations applying in the United Kingdom. As prei'iously stated, the key investment of the charity is its ini'e£trnent portfolio. Thc charity's invcstmcnt stratcgy is rcl-icwcd annually by thc trustccs taking appropriatc advicc from thc charity's invcstmcnt managers. The trustees have noi chosen to adopt fomial ethical investment policies. The trustes, policy is to maintain the level of investment income having regard to their commitment fund donations balanccd with maintaining thc growth of thc portfolio at a low risk Icvcl. Plans for future periods The trustees, long-teLin goal for tbe charity is to secure its fmancial stability in peLpetuity, so that it can contlDue indeflnitely to meet its recurrent commitmellls and deliTr'er grani aid lo other suithble beneficiaiies. The charity's reserves and investment policies are derived direcily from Ihis long-lenn goal and are, Iherefore. the key to future slracegy. The guiding principles of the charity remain to provide charitable donations in accordance M'ith overall policy approl'ed by the c.ourt of Assistants. There is a move towards giving fem'er but larger grants, some over multiple years to increase the illteraction between tbe recipient charitics and the charity. The over-riding objective for the coming year is to ensure that sufficient resources are secured to cover the giving of all recuent grants and they are confident thal this can be achieved. The proposed budget for charitable donations during the course of ihe coming year has been sel ai £70,000 and the amount or surplus in excess of ihe budget, if any, that is distributed will provide a quantitative measurement against which the charity's performance during the coming year can be assessed. An analysis of letters and other feedback received from beneficiaries will bc Larricd out to providc a qualitativc Tnca5ufcTncnt of thc charity's pcrformancc. Thc budgct has bccn rcduccd to Tcflcct a reduLtion in the charitable income from boih the membership and ini'eslments. The charity holds £40,(K)O being the surplus from the 41KYh Anniversary exhibition. this to be used for purposes laid down by thc Court rclatcd to cducation and con5crYation.
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structureg governance and management Status and History Thc Worshipful Company of Gold and Silvcr Wyrc Drawcr5 wa5 illcoTporatcd by chartCT of Williavn and Mary on 16 Junc 1693 and for many years has collected monies [d applied them for ibe charitable Purposes set forth in a Deed of Trust dated 8 April 1940. This deed was replaced by a new Deed of Trust daied 6 January 1969 - The Second Charilable Trust "the charity" The deed proN'ides that the power of appoiniment ot neTh' or additional trustees shall be vested in the Court of Assistants ot The Worshipful Con]pany of Gold and Silver Wyre DraeTs. The original trustees haTrTe noMT retired and the Court of Assistants appoints the holders of the offices of the Master and Wardens of The Worshipful Company of Gold and Silver Wyre Drawers to be the trustees of the charity. The Second Charitable Trust became a registered charity on 30 November 1989 and is still governed by the rules and regulations sei down in the deed of trust dated 6 January 1969. Organisation Structure The overall strategic direction of the charity is determitLed by the trustees, who have overall responsibility for the management, administration, policy and decision making for thc charity- The trustces of thc charity mcet quartcrly to makc policy dccisions, set an annual financial budget and sanciion all grant making aLlivilies of ihe Lharily. Applicalions for granls are considered and a review of actual and budgeted expenditure is carried out at each meeting. Thc ncccssary authority rcquircd to admini5tcr thc day-to-day affairs of thc charity has bccn dclcgatcd by thc trustccs to Mr Utling, the Clerk ofThe Worshipful Company ofGold and Silver Wyre Drawers. Mr Uiting alndS ihe meetings of the Iruslees and reports to the meetings on matters ihat have arisen in ihe past quarter. Through this mechanism, the trustees of Ihe charity are able to monitor, supervise and control the day-t(Fday management of the charity. The trustees who served during the year and up to the date of signature of the financial statements were.. C M R Carr- The Master (Resigned 6 January 2025) R W Carter (Resigned 8 January 2024) D W Utting DL (Resigned 6 Januar! 2025) A M Edgcumbe (Resigned 6 January 2025) JRay (Resigned 6 January 2025) T MacAndrews (Resigned 6 January 2025) H F. H Hobson (Appoinled 8 January 2024 and resigned 6 January 2025) Worshipfvl Company of Gold & Silver Wyre Drawers (Appointed 6 January 2025)
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Recruitment and appointment of trustees
A Governance review in 2024 identified that the Company was not following the Second Charitable Trust (2CT) document in relation to the appointment of trustees. In the trust document it says that the sole trustee of the trust is the Worshipful Company of Gold and Silver Wyre Drawers (GSWD). The responsibility thus rests with the Court of Assistants as the governing body of the GSWD. There is then a Committee of Management appointed by the Court of Assistants a ually. This advises the Court on any decisions to be made in respect of the 2CT.
In light of this all the existing trustees were stood down on the 6[th ] January 2025 and the GSWD appointed as the sole trustee. There will thus be no recruitment of trustees in the future.
Standing orders of the charity require that prior to filling any vacancy in the Court of Assistants, the Master and Wardens for the time being shall make enquiry as to the character, fitness, responsibility and eligibility of members of the Livery, as the Court in its discretion shall direct. 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 of Assistants unless his bankruptcy has been discharged.
Appointment and election
The offices of Master, First Warden, Second Warden, Third Warden and Fourth Warden are held for one year. Nominations for Fourth Warden are considered from the members of the Court of Assistants 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 Assistants and their installation takes place at Common Hall in the presence of the Livery.
Induction and training
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 charity's committees. This ensures that, prior to their appointment as a trustee, each candidate is familiar with all aspects of the governance of the charity, including the grant making policy, the management of investments and the accounting procedures. The chairman 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.
Risk and Corporate Governance Matters
The trustee is collectively responsible for risk and corporate governance matters and is assisted in this respect by the Clerk. A high priority is placed on ensuring that the charity is properly managed and is not exposed to risk. Updates 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 Committee of Management reviewed the operational risks that the charity faces in year. No new risks were identified that required preventative measure being taken.
The trustees' report was approved by the Board of Trustees.
..... C' .. o� J c��eMaster __(j;wf_ On behalf of Worshipful Company of Gold aud Silver Wyre Drawen Date: .... J ... . d . iA.� .. k.C
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND
I report to the trustees on my examination of the financial statements of Worshipful Company of Gold and Silver Wyre Drawers Second Charitable Fund (the charity) for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records[; ] or 3 the financial statements do not comply with the applicable requirements concer g the form and content of financial statements set out in the Charities (Accounts and Reports[) ] Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Darren Harding ACA FCCA DChA
Richard Place Dobson Services Limited 1-7 Station Road
Crawley West Sussex RHlO lHT
Dated: ........................ . 18 September 2025
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND STATEMENT OF FINANCIALACTIVITIES IINCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Curren¢ financial year Unrestricled Unreslrieted funds (unds general Designated Fund 2024 Restricted funds Total To¢al 2024 2024 2024 2023 l%otes Income from: Donations and legacies Charitable activilies Investments 42,754 11,287 43,796 42,754 11,287 43,796 37,520 84,521 45,069 Total income 97.837 97,837 167,110 Expenditure on: Raising funds Charitablc activilics 22,046 IIK),583 22,046 101,450 63,611 118.907 867 Total expenditure 122.629 867 123,496 182,518 Nct gainsl(losscs) on investments 12 97.515 97,515 48,426 Net ineomel(expenditure) 72,723 (867) 71,856 33,018 Transfcrs bctwccn funds (114,150) 114,150 INet movement in funds io (41,427) 114,150 (867) 71,856 33,018 ReeonciliAtion of funds: Fund balances at l January 2024 67,404 1.488,093 867 1,556,364 1,523,346 Fund balances at 31 December 2024 25,977 1,602,243 1,628,220 1,556,364 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive frun] cuntinuing actii'itics.
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND STATEMENT OF FINANCIALACTIVITIES (CONTINUED) IINCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Prior financial year Unreslrieted Unrestricted (unds funds general Designated Fund 2023 Restric¢ed funds To¢al 2023 2023 2023 ]%otes Income from: Donations and legacies Charitable activilies Investments 37.520 83.654 45,069 37,520 84,521 45,069 867 Total income 166.243 867 167,110 Expenditure on: Raising funds Charitablc activilics 63.611 118,907 63,611 118.907 Total expenditure 182,518 182,518 Nct gainsl(losscs) on invcstmcnts 12 48,426 48,426 Net ineome 32,151 867 33,018 Transfcrs bctwccn funds (1,488,093) 1,488,093 INet movement in funds io (1.455,942) 1,488,093 867 33,018 ReeonciliAtion of funds: Fund balances at l January 2023 1.523,346 1,523,346 Fund balances at 31 December 2023 67,404 1,488,093 867 1,556,364
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND
BALANCE SHEET
AS AT 31 DECEMBER 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 14 | 1,562,243 | 1,488,093 | ||
| Current assets | |||||
| Debtors | 15 | 10,021 | 7,869 | ||
| Cash at bank and in hand | 60,910 | 66,596 | |||
| 70,931 | 74,465 | ||||
| Creditors: amounts falling due within one | 16 | ||||
| year | (4,954) | (6,194) | |||
| Net current assets | 65,977 | 68,271 | |||
| Net assets | 1,628,220 | 1,556,364 | |||
| The funds of the charity | |||||
| Restricted income funds Unrestricted funds - general Unrestricted funds - Designated Fund |
17 18 |
25,977 1,602,243 |
867 67,404 1,488,093 |
||
| 1,628,220 | 1,556,364 | ||||
| ere approved by the truste s on.1..JJt.b-.2S .- CUGMaster |
Company of Gold and Silver Wyre Drawen
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information The Worshipful Company of Gold and Silver Wyre Drawers Second Charitable Twsi Fund is a charity with registered oftice of 40 Woodcote Road, Wanstead, London E I12QA. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Declaration of Trust, the Charities Act 2011, FRS 102 "Thc Financial Rcporting Standard applicablc in thc UK aiid Rcpublic of Ircland" ("FRS 102") and thc Cbarities SORP Accounting and Reporting by Chatiiies: Statement of Recommended Practice applicable to charities preparing their accounis in accordance wilh the Financial Reponing Standard applicable in Ihe UK and Republic of Ireland {FRS 102)" (effective l January 2019)- The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the proTr'isions in the SORP for charities not to prepare a Statement of Cash Flows. The fjnancial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to prowide a true and fair N'iew. This departure has involied follo,1g Ihe Siatement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Prdctice which is referred to in the Regulations but whicb has since been withdrawn. The fmancial statements are prepared in sterliDg, which is the fimctional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The fjnancial statements bave been prepared under the historical cost convention. The principal accounting policies adopted are sel oui below. 1.2 Going concern Ai the lime of approving the financial staiements. Ihe Usiee5 have a reasonable expecialion that the charity has adequate resources to conrinue in operational existence for the foreseeable thture. Thus the tThtee5 continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds Comprise funds which have been set aside at ihe discretion of the Irustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally elltitled io il after any performance conditions have been met, the amounts can be measured reliably, and it is probable Ihal income will be received. Cash donations are recognised on receipl. Other donations are recognised once the charity has been notified of the donation. unlcss pcrfomiancc conditions rcquirc dcfcrral of thc atnount. Incomc tax rccovcrablc in rclation to donations receivtrd under Gift Aid or deeds ofcovenanl is recognised ai ihe lime of the donalion. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is kno], and rcccipt is cxpcctcd. If thc amount is llot known, thc Icgacy is trcatcd as a contingcnt assct. Investment income which includes dividends received, other lisied invesiment income and inierest receivable is included in the statement of financial activities in the year in which it is receivable. Event incotne relates to income relating to our 400th Anniversary and other fundraising events. It is included in the statement of financial activilies in Ihe year in which it is receivable.
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aceounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there 15 a legal or constructive obligatlOD to transfer econornic benefit to a third party, it is probablc that a transfcr of cconomic bencfits will be requircd in scltlcmcnt. and thc amount of thc obligation can bc measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involvcd in undcrtaking cach activity. Dircct costs attributablc lo a singlc activity arc allocatcd direcily to that activity. Shared costs which Contribu io more Ihan one aclivily and support cosls wliich are nol attributable to a single activily are apportioned between those activities on a basis consistenl with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the assct's usc. 1.6 Fixed asse¢ investments Fixed assei investments are initially measured at tran&tIOn price excluding transaction costs, and are subsequenily measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand. dewTrsils held at call with banks, other short-tern) liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charity has elected to apply the provisions of Section I I 'Basic Financial Instrumenls, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its fuwlcial instruments. Financial inslrumenls are recognised in the charity's balance sheet when the charity becomes party lo the contractual provisions of the instrwnent. Financial asscis and liabilities arc offsci, with the nct amounts prcscntcd in the financial statements. when thcrc is a legally enforceable right to set off the recognised amounls and Ihere is an inienlion io seitle on a net basis or to realise the asset and seltle the liability simulianeously. Basicfinancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective inlerest method unless the arrangLnicnl conslilutcs a financing transaction, whcrc thc transaction is mcasurcd at thc prcscT]t valuc of thc futurc receipts discounted at a market rate ol interest. Financial assets classified as receivable M'ithin one year are not amortised. Basicfinaneial liobilities Basiu financial liabilities, including creditors and l)ank loans are initially recognised at transaction price unless the arrangemenl constitules a financing Iransaction, where Ihe debt instrnment is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortiscd. Debt insirumenls are subsequenily carried at amortised cost, using Ihe effective interest rate method. TTadc crcditors arc obligations to pay for goods or scrviccs that havc bcctL acquircd in thc ordinary coursc of OPCTations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade crediiors are recognised inilially ai (ransaciion price and subsequenily measured at amortised cost using the effective interest method.
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aceounting policies (Continued) Derecognition o Inancial liabilitie5 Finat]cial liabilities are derecognised when the charity's contrdctual obligations expire or are discharged or cancelled. Critical accouDting estimate5 and judgement5 In the application of the charity's accounting policies, the trustees are required to rnake judgements, estinlates and assumptions about the carrying amount of asseis and liabilities that are not readily apparent from other sources. The eslimales and associated assumpiions are based on hislorical experience and other factors thai are considered to be relevant. Actual results may differ from these estimates. Thc cstimates and undcrlying assumptions arc rcvicwcd on an ongoing basis. Rcvisions to accounting cstimatcs are recognised in the period in which ihe estimaie is revised where the revision affects only thal period, or in Ihe period of the revision and tUre periods where the revision affecls both currenl and tUre periods. Valuation of investments Valuation of investments at market value, based on calculation by the investment fund manager. The investments held are all shares listed on a recognised stock exchange and have an easily identifiable market value. Income from donation5 and legacie5 Unrestricted funds 2024 Unrestricted funds 2023 Donalions and gifts 42,754 37,520 Income from chydritable YdctiiTrties Unrestricted funds 21124 Restricted funds 2024 Total Unrestrieted funds 2023 Restrieted funds 2023 Total 2024 2023 Charitable activities Event income 11,287 11,287 83,654 867 84,521
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Income from listed investmen Interest receivable 42,112 1,684 44,614 455 43,796 45,069 Expenditure on raising funds Unrestricted Unrestrieted funds funds 2024 2023 Fundraising and publieitv Sccking donations, grants and Icgacics 400th aptKal cxpcnditurc 216 53,755 12,022 12,022 53,971 Investment nlagement 10,024 9,640 Total costs 22,046 63,611 Expenditure on charitable aCtitieS Charitable activities Charitable actii'ities 2024 2023 Direct Costs Grant funding of activities (see note 8) 81,996 101,153 Share of support and goverllante Costs (see note 9) Support CJovernance 18,282 ,172 13,764 3,990 101,450 I I S,907 Analy515 by fund Unrestricted fimds - general Restricted funds 100,583 867 118.907 101,450 118,907
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants pa)able Provision of Provision of grant5 grants 2024 2023 CJrants to individuals 81,996 101,153 81,996 101,153 Support costs allocated to activities 2024 2023 Management fees Bank charges Governance costs 18,277 13,750 14 3,990 19,454 17,754 Analysed betsTr'een: Charitable aciivities 19,454 17,754 2024 2023 Governance costs comprise: Independent Examination lees 1,172 3,990 1.172 3.990 10 Net movement in funds 2024 2023 The nei movement in funds is sthted after chargingl(crediting): Fees payable for tbe independent examination of the cbarity's fmancial statements 1,172 3,990 li Trustees None of tbe trustees (or any persons connected with them) received any remuneration or benefits from tbe charity during the year.
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Gains and losses on investments Unrestricted Unrestricted funds funds 2024 2023 Gains/(losses) arising on.. Revaluation of inveslments Sale of investmenis 95,513 2,002 51,264 (2,838) 97,515 48,426 13 Taxation The charity is exempi from taxation on ils activities because all its income is applied for charitsble pUoses. 14 Fixed asset investments Listed investments Cgsh in portfolio Total C05t or valuation At l January 2024 Additions Valuation changes Cash movements Disposals 1,439,816 265,644 95,513 48,277 1,488,093 265,644 95,513 {7,216) (279,791) (7,216) (279,791) At 31 Decetnber 2024 .521,182 41,061 1,562.243 Carrying amount At 31 December 2024 ,521,182 41,061 1,562,243 Ai 31 December 2023 1,439.816 48,277 1,488,093 Historical costs: At 31 Decernber 2024.. £1,268,611 At 31 December 2023.. £1,298,473 Investmenis that had a value of5 /0 or more ofihe markel value held al year end are: Dodge & Cox Worldwide- £99,931 Schroder Unit Trusts - £92,938 Vanguard IT]v UK LT US Equity - £107,479 Revaluation reserves of £252,570 (2023.. £141,343) are included in unrestricted funds.
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Debtors 2024 2023 Amounts falling due Mithin one year: Other debTors 10,021 7,869 16 Creditors: amounts falling due within one }ear 2024 2023 Other crediTors Accruals and delerred income 146 4,808 96 6,098 4,954 6,194 17 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as io how they may be used. At l Janua 2024 Incoming resources Resources.4t 31 December eipended 2024 Master's Charity 2023 867 (867) PreTrryou5 year: At l Januar). 2023 Incoming resourees Re50urccsAt 31 December eJpended 2023 Master's Charity 2023 867 867 Master's Charity 2023 - Donations received in respect of The Mastees norninated charity for the year, The Chiltern Ccntrc.
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Unrestricted funds - Designated Fund These are unrestricted funds which are material to the charity's activities. At l Januarv 2024 Tr4n5fersAt 31 December 2024 Investment fund 400th Anniversary Exhibition 1.488,093 74,150 40,000 1,562,243 40,000 1.488,093 114,150 1,602,243 Previous year: At l January 2023 Trgn5fcrsAt 31 December 2023 Investment fund 1,488,093 1,488,093 The Investment fund has been sel aside to lo represent the funds tied up in the investments of the charity from which the incomc gcncratcd will bc uscd to furthcr thc charity'5 objcctivcs. The 40(hh Anniversary Exhibilion surplus fimds have been designated by the Court for the purpose of educalion and conservation. 19 Unrestricted fund5 The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to spccific conditions by donors and grantots a5 to how thcy inay bc uscd. Thc5c includc dcsignatcd funds which haiwc bccn strl aside out ol unrestricted funds by the (rusiees lor specific purposes. At l Januar), 2024 Ineoming resources Resourees expended Transfers Gains andAt 31 December osses 2024 General funds 67.404 97,837 (122.629) (114.150) 97,515 25,977 Previous )'ear: At l Januan. 2023 Incoming re50urce5 Resources expended Transfers Gain5 and.4t 31 December losses 2023 General funds 1.523,346 166,243 (182.518) (1.488,093) 48,426 67,404
WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Analysis of net assets between funds Unrestritted Unrestrieted funds ruDd5 general Designated Fund 2024 Restricted funds TotAI 2024 2024 2024 At 31 December 2024: Inveslments Current assetsl(liabilities) 1,562243 40,000 1,562,243 65,977 25,977 25,977 1,602,243 1,628,220 Unrestricted Unrestrieted funds funds general Designated Fund 2023 Restricted funds Total 2023 2023 2023 At 31 December 2023: Investments Current asscts/(liabilitlC5) 1,488.093 1,488,093 68,271 67.404 867 67,404 1,488.093 867 1,556,364 21 Related party transactions The livery company, The Worsbipthl Company of Gold and Silver Wyre DraeTS, SUPPOrts the charity by covering some of the running costs of the charity. The tteeS of the charity are members of the livery company. During the year the charity Iransferred £18,277 (2023 £13,500) to the generdl fund of the livery coinpany as a contribution towards those running costs.