**Charity registration number 802491 (England and Wales)** ## **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustee** Worshipful Company of Gold & Silver (Appointed 6 January 2025) Wyre Drawers **Charity number** 802491 **Registered office** 40 Woodcote Road Wanstead London E11 2QA **Independent examiner** Darren Harding ACA FCCA DChA For Richard Place Dobson Services Ltd 1-7 Station Road Crawley West Sussex RH10 1HT **Bankers** Barclays Bank Plc Barclays Bank Level 11 1 Churchill Place London E14 5HP **Investment advisors** Brewin Dolphin Securities 12 Smithfield Street London EC1A 9LA ## **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **CONTENTS** ||**Page**| |---|---| |Trustee's report|1 - 4| |Independent examiner's report|5| |Statement of financial activities|6 - 7| |Balance sheet|8| |Notes to the financial statements|9 - 18| ## **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **TRUSTEE'S REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ The trustee presents its annual report and financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's deed of trust, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). ## **Objectives and activities** ## _**Charitable Objectives**_ The charitable objectives for which the charity was established and registered are to raise money from investments, donations and fund raising activities 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 conditions 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 scrutinised to ensure that they all comply with charitable purposes as defined by current legislation and in accordance with the grant making policy. ## _**Grant Making Policy**_ The policy on grant making is that of all donations made: - **13%** to affiliations with armed forces units, cadets and schools - **26%** to providing bursaries for Guildhall School of Music and Drama students, St Paul’s School choristers 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 bursaries for students/trainees at the Royal School of Needlework and prizes in embroidery, jewellery and needlework - **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 - Links to the GSWD trade and association with GSWD Liverymen - Links to the City of London and to the Lord Mayor’s charities - Links to medical, education, music and childrens’ charities - Links to our affiliations and the armed forces The final decision to award all grants rests with the trustee. The policy is reviewed annually. ## **Public benefit** The trustee has 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. ## **Achievements and performance** ## _Significant activities and achievements against objectives_ The charity continues to give grants in line with its charitable objectives and grant making policy from funds raised by donations and investments. Less grants were given in 2025 as there were grants given in 2024 which were for more than one year thus reducing the available funds. The grants were also made based on specific items or support requested, such as training courses or materials, as opposed to general support grants. This has made it easier to demonstrate that grant money has been used as intended and thus appropriately. Members of the Company have also been allocated to each charity to improve the follow up on grant awards. page 1 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **TRUSTEE'S REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **Financial review** The financial results of the charity for the year are set out in the Statement of Financial Activities on page 6. The charity held fund raising events for the benefit of its own charitable trust and the Master’s chosen charity. Total income generated throughout year to 31 December 2025 was £86,473 (2024 - £97,837) and expenditure on direct charitable activities was £108,732 (2024 - £101,450). Investment management costs were £10,488 (2024 - £10,024). The net movement in funds for the year ended 31 December 2025 was a surplus of £120,536 (2024 - £71,856). At 31 December 2025 the unrestricted reserves of the fund amounted to £12,632 (2024 - £25,977). The charity’s reserves are largely represented by its investment portfolio of £1,690,529 (2024 - £1,562,243), this is now held as a designated fund to give a more accurate representation of unrestricted funds available. The trustee uses an expert fund manager, Brewin Dolphin, to manage the charity’s investments and feel the increase in value is a satisfactory result given current market conditions. ## _Reserves policy_ The primary source of annual incoming resources for the charity is its investment portfolio and interest receivable on short-term surplus cash deposits. Ad hoc donations and donations made by standing order under the Gift Aid scheme from individual members of the company continue to be important additional sources of incoming resources for the charity. The trustee is concerned about the potential 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 supplement the annual budget for grant giving, particularly in relation to recurrent grants, the trustee has set an investment strategy such that over time its investment portfolio can be expected to grow. ## _Investment Policy_ Under the terms of the deed of trust, the investment powers of the trustee are unlimited within the scope of the laws and regulations 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 trustee taking appropriate advice from the charity’s investment managers. The trustee has not chosen to adopt formal ethical investment policies. The trustee's policy is to maintain the level of investment income having regard to their commitment to fund donations balanced with maintaining the growth of the portfolio at a low risk level. ## **Plans for future periods** The trustee's 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 aid to other suitable beneficiaries. The charity’s reserves and investment policies are derived directly from this long-term goal and are, therefore, the key to future strategy. The guiding principles of the charity remain to provide charitable donations in accordance with overall policy approved by the Court of Assistants. There is a move towards giving fewer but larger grants, some over multiple years to increase the interaction between the recipient charities 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 recurrent grants and they are confident that this can be achieved. The proposed budget for charitable donations during the course of the coming year has been set at £70,000 and the amount of surplus in excess of the 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 be carried out to provide a qualitative measurement of the charity’s performance. The budget has been reduced to reflect a reduction in the charitable income from both the membership and investments. The charity now holds £46,000 being the surplus from the 400th Anniversary exhibition and a donation from AON in memory of Past Master Paul Constantinidi, this to be used for purposes laid down by the Court related to education and conservation in relation to the Company history. page 2 ## **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **TRUSTEE'S REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **Structure, governance and management** ## **Status and History** 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 provides that the only trustee of the Charity is The Worshipful Company of Gold and Silver Wyre Drawers. The Second Charitable Trust became a registered charity on 30 November 1989 and is still governed by the rules and regulations set down in the deed of trust dated 6 January 1969. ## **Organisation Structure** The overall strategic direction of the charity is determined by the Court of Assistants of the Worshipful Company of Gold and Silver Wyre Drawers, who have overall responsibility for the management, administration, policy and decision making for the charity. The Court is advised by a Management Board, which comprises the Master, Wardens and Immediate Past Master. The recommendation on grant awards and other matters affecting the Charity is made by the Charity, Fundraising and Events Committee. The Court as trustee of the charity meets 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 carried out at each meeting. The necessary authority required to administer the day-to-day affairs of the charity has been delegated by the trustee to Mr Utting, the Clerk of The Worshipful Company of Gold and Silver Wyre Drawers. Mr Utting attends the meetings of the trustee and reports to the meetings on matters that have arisen in the past quarter. Through this mechanism, the trustee of the charity is able to monitor, supervise and control the day-to-day management of the charity. The members of the trustee who served during the year and up to the date of signature of the financial statements were: C M R Carr (Resigned 6 January 2025) D W Utting DL (Resigned 6 January 2025) A M Edgcumbe (Resigned 6 January 2025) J Ray (Resigned 6 January 2025) T J MacAndrews - The Master (Resigned 6 January 2025) H E H Hobson (Resigned 6 January 2025) Worshipful Company of Gold & Silver Wyre Drawers (Appointed 6 January 2025) ## _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 annually. 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. page 3 ## **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **TRUSTEE'S REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **Risk and Corporate Governance Matters** The trustee is 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. page 4 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEE OF WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** I report to the trustee 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 2025. ## **Responsibilities and basis of report** As the trustee 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: - 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning 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 Ground Floor 1-7 Station Road Crawley West Sussex RH10 1HT Dated: ......................... 10/07/2026 page 5 ## **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**Current financial year**
**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**Designated**
**Fund**
**2025**
**2025**
**2025**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
33,368
212
7,190
Charitable activities
**4**
2,590
-
-
Investments
**5**
43,113
-
-
**Total income**
79,071
212
7,190
**Expenditure on:**
Raising funds
**6**
10,488
-
-
Charitable activities
**7**
106,925
617
1,190
**Total expenditure**
117,413
617
1,190
Net gains/(losses) on
investments
**12**
153,283
-
-
**Net income/(expenditure)**
114,941
(405)
6,000
Transfers between funds
(128,286)
128,286
-
**Net movement in funds**
**10**
(13,345)
127,881
6,000
**Reconciliation of funds:**
Fund balances at 1 January 2025
25,977
1,602,243
-
**Fund balances at 31 December 2025**
12,632
1,730,124
6,000|**Total**
**2025**
**£**
40,770
2,590
43,113
86,473
10,488
108,732
119,220
153,283
120,536
-
120,536
1,628,220
1,748,756|**Total**
**2024**
**£**
42,754
11,287
43,796| |---|---|---| |||97,837| |||22,046
101,450| |||123,496| |||97,515| |||71,856
-| |||71,856
1,556,364| |||1,628,220| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. page 6 ## **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**Prior financial year**
**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**Designated**
**Fund**
**2024**
**2024**
**2024**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
42,754
-
-
Charitable activities
**4**
11,287
-
-
Investments
**5**
43,796
-
-
**Total income**
97,837
-
-
**Expenditure on:**
Raising funds
**6**
22,046
-
-
Charitable activities
**7**
100,583
-
867
**Total expenditure**
122,629
-
867
Net gains/(losses) on investments
**12**
97,515
-
-
**Net income/(expenditure)**
72,723
-
(867)
Transfers between funds
(114,150)
114,150
-
**Net movement in funds**
**10**
(41,427)
114,150
(867)
**Reconciliation of funds:**
Fund balances at 1 January 2024
67,404
1,488,093
867
**Fund balances at 31 December 2024**
25,977
1,602,243
-|**Total**
**2024**
**£**
42,754
11,287
43,796| |---|---| ||97,837| ||22,046
101,450| ||123,496| ||97,515| ||71,856
-| ||71,856
1,556,364| ||1,628,220| page 7 ## **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2025**_ |**Notes**
**Fixed assets**
Investments
**14**
**Current assets**
Debtors
**15**
Cash at bank and in hand
**Creditors: amounts falling due within one**
**year**
**16**
**Net current assets**
**Net assets**
**The funds of the charity**
Restricted income funds
**17**
Unrestricted funds - general
Unrestricted funds - Designated Fund
**18**|**2025**
**£**
7,379
57,188
64,567
(6,340)|**£**
1,690,529
58,227
1,748,756
6,000
12,632
1,730,124
1,748,756|**2024**
**£**
10,021
60,910
70,931
(4,954)|**£**
1,562,243
65,977| |---|---|---|---|---| |||||1,628,220| |||||-
25,977
1,602,243| |||||1,628,220| |||||| T J MacAndrews - The Master **On behalf of Worshipful Company of Gold and Silver Wyre Drawers** page 8 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **1 Accounting policies** ## **Charity information** The Worshipful Company of Gold and Silver Wyre Drawers Second Charitable Trust Fund is a charity with registered office of 40 Woodcote Road, Wanstead, London E11 2QA. ## **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 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustee has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustee continues 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 trustee in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustee 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 entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Investment income which includes dividends received, other listed investment income and interest receivable is included in the statement of financial activities in the year in which it is receivable. Event income relates to income relating to our 400th Anniversary and other fundraising events. It is included in the statement of financial activities in the year in which it is receivable. page 9 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be 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 involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent 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 asset’s use. ## **1.6 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently 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, deposits held at call with banks, other short-term 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 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial 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 interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument 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 amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. page 10 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **1 Accounting policies** ## **(Continued)** ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future 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. ## **3 Income from donations and legacies** ||**Unrestricted **|**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Total**| |---|---|---|---|---|---|---| ||**funds**|**funds**|**funds**||**funds**|| ||**general**|**Designated**|||**general**|| |||**Fund**||||| ||**2025**|**2025**|**2025**|**2025**|**2024**|**2024**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Donations and gifts|33,368|212|7,190|40,770|42,754|42,754| ## **4 Income from charitable activities** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |**Charitable activities**||| |Event income|2,590|11,287| page 11 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**5**|**Income from investments**||| |---|---|---|---| |||**Unrestricted**|**Unrestricted**| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||Income from listed investments|33,183|42,112| ||Interest receivable|9,930|1,684| |||43,113|43,796| |**6**|**Expenditure on raising funds**||| |||**Unrestricted**|**Unrestricted**| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||**Fundraising and publicity**||| ||400th appeal expenditure|-|12,022| ||Investment management|10,488|10,024| ||Total costs|10,488|22,046| |**7**|**Expenditure on charitable activities**||| |||**Charitable**|**Charitable**| |||**activities**|**activities**| |||**2025**|**2024**| |||**£**|**£**| ||**Direct costs**||| ||Conservation Expenses|617|-| ||Grant funding of activities (see note 8)|86,771|81,996| ||**Share of support and governance costs (see note 9)**||| ||Support|18,281|18,282| ||Governance|3,063|1,172| |||108,732|101,450| ||**Analysis by fund**||| ||Unrestricted funds - general|106,925|100,583| ||Unrestricted funds - Designated Fund|617|-| ||Restricted funds|1,190|867| |||108,732|101,450| page 12 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**8**|**Grants payable**|||| |---|---|---|---|---| |||**Provision of**||Provision of| |||**grants**||grants| |||**2025**||2024| ||||**£**|£| ||Grants to individuals|86,771||81,996| |||86,771||81,996| |**9**|**Support costs allocated to activities**|||| |||**2025**||**2024**| |||**£**||**£**| ||Management fees|18,277||18,277| ||Bank charges|-||5| ||Printing, Postage and Stationary|4||-| ||Governance costs|3,063||1,172| |||21,344||19,454| ||**Analysed between:**|||| ||Charitable activities|21,344||19,454| |||**2025**||**2024**| ||**Governance costs comprise:**|**£**||**£**| ||Independent Examination fees|3,063||1,172| |||3,063||1,172| |**10**|**Net movement in funds**|**2025**||**2024**| |||**£**||**£**| ||The net movement in funds is stated after charging/(crediting):|||| ||Fees payable for the independent examination of the charity's financial statements|3,063||1,172| ## **11 Trustee** The trustee (or any persons connected with them) did not receive any remuneration or benefits from the charity during the year. page 13 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **12 Gains and losses on investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| |Gains/(losses) arising on:|**£**|**£**| |Revaluation of investments|149,602|95,513| |Sale of investments|3,681|2,002| ||153,283|97,515| ## **13 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **14 Fixed asset investments** |**Listed**
**investments**
**£**
**Cost or valuation**
At 1 January 2025
1,521,182
Additions
229,746
Valuation changes
149,602
Cash movements
-
Disposals
(236,454)
At 31 December 2025
1,664,076
**Carrying amount**
At 31 December 2025
1,664,076
At 31 December 2024
1,521,182
**Historical costs:**
At 31 December 2025: £1,248,578
At 31 December 2024: £1,268,611|**Cash in**
**portfolio**
**£**
41,061
-
-
(14,608)
-
26,453
26,453
41,061|**Total**
**£**
1,562,243
229,746
149,602
(14,608)
(236,454)| |---|---|---| |||1,690,529| |||1,690,529| |||1,562,243| |||| Investments that had a value of 5% or more of the market value held at year end are: Dodge & Cox Worldwide - £102,853 Vanguard Inv UK LT US Equity - £115,793 Revaluation reserves of £415,497 (2024: £252,570) are included in unrestricted funds. page 14 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**15**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2025**
**£**
1,000
4,016
2,363
7,379|**2024**
**£**
-
10,021
-| |---|---|---| |||10,021| ## **16 Creditors: amounts falling due within one year** |Other creditors
Accruals and deferred income|**2025**
**£**
-
6,340
6,340|**2024**
**£**
146
4,808| |---|---|---| |||4,954| ## **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 to how they may be used. ||**At 1 January**|**At 1 January**|**Incoming**|**Resources**|
**At 31 December**|
**At 31 December**| |---|---|---|---|---|---|---| |||**2025**|**resources**|**expended**||**2025**| |||**£**|**£**|**£**||**£**| |Master's Charity 2025||-|500|(500)||-| |Constantinidi Bequest||-|6,000|-||6,000| |Felix Dinner||-|690|(690)||-| |||-|7,190|(1,190)||6,000| |**Previous year:**|**At 1 January**||**Incoming**|**Resources**|
**At 31 December**|| |||**2024**|**resources**|**expended**||**2024**| |||**£**|**£**|**£**||**£**| |Master's Charity 2023||867|-|(867)||-| page 15 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **17 Restricted funds** ## **(Continued)** Master's Charity 2023 - Donations received in respect of The Master's nominated charity for the year, The Chiltern Centre. Master's Charity 2025 - Donations received in respect of The Master's nominated charity for the year, Noah's Ark. Constantinidi Bequest - A donation recieved from AON in memory of Past Master Paul Constantinidi to go towards the conservation of artefacts belonging to The Worshipful Company of Gold and Silver Wyre Drawers. Felix Dinner - Money raised through the attendance at a dinner to be paid to the Felix Fund alongside any other contribution the Company is making to that fund. ## **18 Unrestricted funds - Designated Fund** These are unrestricted funds which are material to the charity's activities. |**At 1 January**
**2025**
**£**
Investment Fund
1,562,243
Legacy and Conservation Fund
40,000
1,602,243
**Previous year:**
**At 1 January**
**2024**
**£**
Investment Fund
1,488,093
Legacy and Conservation Fund
-
1,488,093|**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
-
-
212
(617)
212
(617)
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
-
-
-
-
-
-|**TransfersAt 31 December**
**2025**
**£**
**£**
128,286
1,690,529
-
39,595
128,286
1,730,124
**TransfersAt 31 December**
**2024**
**£**
**£**
74,150
1,562,243
40,000
40,000
114,150
1,602,243|**TransfersAt 31 December**
**2025**
**£**
**£**
128,286
1,690,529
-
39,595
128,286
1,730,124
**TransfersAt 31 December**
**2024**
**£**
**£**
74,150
1,562,243
40,000
40,000
114,150
1,602,243| |---|---|---|---| ||||1,602,243| The Investment fund has been set aside to to represent the funds tied up in the investments of the charity from which the income generated will be used to further the charity's objectives. The Legacy and Conservation Funds have been designated by the Court for the purpose of education and conservation. page 16 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **19 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustee for specific purposes. |**At 1 January**
**2025**
**£**
General funds
25,977
**Previous year:**
**At 1 January**
**2024**
**£**
General funds
67,404
**Analysis of net assets between funds**
**At 31 December 2025:**
Investments
Current assets/(liabilities)
**At 31 December 2024:**
Investments
Current assets/(liabilities)|**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Gains and**
**losses**
**At 31 December**
**2025**
**£**
**£**
**£**
**£**
**£**
79,071
(117,413)
(128,286)
153,283
12,632
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Gains and**
**losses**
**At 31 December**
**2024**
**£**
**£**
**£**
**£**
**£**
97,837
(122,629)
(114,150)
97,515
25,977
**Unrestricted**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**general**
**Designated**
**Fund**
**2025**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**£**
-
1,690,529
-
1,690,529
12,632
39,595
6,000
58,227
12,632
1,730,124
6,000
1,748,756
**Unrestricted**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**general**
**Designated**
**Fund**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
-
1,562,243
-
1,562,243
25,977
40,000
-
65,977
25,977
1,602,243
-
1,628,220|**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Gains and**
**losses**
**At 31 December**
**2025**
**£**
**£**
**£**
**£**
**£**
79,071
(117,413)
(128,286)
153,283
12,632
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Gains and**
**losses**
**At 31 December**
**2024**
**£**
**£**
**£**
**£**
**£**
97,837
(122,629)
(114,150)
97,515
25,977
**Unrestricted**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**general**
**Designated**
**Fund**
**2025**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**£**
-
1,690,529
-
1,690,529
12,632
39,595
6,000
58,227
12,632
1,730,124
6,000
1,748,756
**Unrestricted**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**general**
**Designated**
**Fund**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
-
1,562,243
-
1,562,243
25,977
40,000
-
65,977
25,977
1,602,243
-
1,628,220| |---|---|---| |||**Total**
**2025**
**£**
1,690,529
58,227| |||1,748,756| |||**Total**
**2024**
**£**
1,562,243
65,977| |||1,628,220| ## **20 Analysis of net assets between funds** page 17 **WORSHIPFUL COMPANY OF GOLD AND SILVER WYRE DRAWERS SECOND CHARITABLE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **21 Related party transactions** The livery company, The Worshipful Company of Gold and Silver Wyre Drawers, supports the charity by covering some of the running costs of the charity. The livery company is the trustee of the charity. During the year the charity transferred £18,277 (2024 - £18,277) to the general fund of the livery company as a contribution towards those running costs. At the year ended 31 December 2025, The Worshipful Company of Gold and Silver Wyre Drawers Second Charitable Trust Fund was owed £4,091 by the livery company (2024 - £2,594). page 18