Charity registration number SC037088 (Scotland)
Company registration number SC295131 (Scotland)
SILVER OF THE STARS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
SILVER OF THE STARS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
J B Stirling
R Laurie
J F Eldon
J Lim
Secretary
K Young
Charity number (Scotland)
SC037088
Company number
SC295131
Registered office
Goldsmiths Hall
24 Broughton Street
Edinburgh
EH1 3RH
Independent examiner
Jennifer Alexander CA
Azets Audit Services
Chartered Acountants
Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG
Bankers
Bank of Scotland
75 George Street
Edinburgh
EH2 3EW
Solicitors
Gillespie Macandrew LLP
5 Atholl Crescent
Edinburgh
EH3 8EJ
SILVER OF THE STARS
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 9
SILVER OF THE STARS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The trustees, who are also directors for the purpose of company law, have the pleasure in presenting their report and financial statements for the year ended 30 June 2025.

The financial statements have been prepred in accordance with the accounting policies set out in Note 1 of the accounts and comply with the charity's constitution, Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the United Kingdom and R epublic of Ireland' ("FRS 102"), the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice as applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Objectives and activities

The principal objective of the charitable company is to advance the education of the general public and in particular, their knowledge, understanding and appreciation of art, design and craft and especially the art, design and craft of British gold and silver and the hallmarking thereof and any pertinent matters related thereto. The charitable company may also make financial contributions and donations to any other bodies established with solely charitable purposes.

Report on the activities of the Company

During the year to 30 June 2025 there were no formal exhibitions of the Silver collection and the Bute House collection is on loan to the Scottish Government for display at Bute House.

Financial review

During the year to 30 June 2025, income amounted to £nil (2024: £nil). The directors confirm that the charitable company's assets are available and adequate to fulfil the obligations of the charitable company.

Reserves and grant making policy

The trustees pursue a policy of maintaining a free reserve to be used in the furtherance of the charitable company's objectives as well as covering future needs opportunities, contingencies and risks. The trustees have continued their policy of making donations to those organisations they feel most require support and whose purposes fall within the spectrum of the charitable company's objectives.

Structure, governance and management

The company was incorporated as a private company limited by guarantee on 6 January 2006. The company is limited by quarantee having no share capital and is governed by a Memorandum and Articles of Assocation dated 6 January 2006. The company is registered as a charity in Scotland.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

T K Murray
(Resigned 10 November 2025)
J B Stirling
R Laurie
J F Eldon
J Lim

Appointment and training of trustees

Directors of the charity (who are also the charity's trustees) are appointed as a result of their appointment to the Court of Wardens of the Incorporation of Goldsmiths of the City of Edinburgh. The Court of Wardens are persons who have an interest or concern in the continuance of hallmarking and silversmithing in Scotland. The board does not feel that any additional training is required for trustees.

SILVER OF THE STARS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

Decision making

The Trustees are the key management personnel of the charitable company and make decisions following discussions at Trustees' meetings.

Risk management

The Trustees have assessed the major risks to which the charitable company is exposed, in particular those related to the operations and finances of the charitbale company and are satisfied that systems are in plae to mitigate exposure.

The Trustees' r eport was approved by the Board of Trustees.

J Lim
Trustee
12 January 2026
SILVER OF THE STARS
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SILVER OF THE STARS
- 3 -

I report on the financial statements of the charitable company for the year ended 30 June 2025, which are set out on the Statement of Financial Activities, Balance Sheet and related notes.

This report is made solely to the charitable company's Trustees, as a body, in accordance with section 44 (1) (c) of the Charities and Trustee Investments (Scotland) Act 2005. My examination has been undertaken so that I might state to the charitable company's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charitable company's Trustees as a body, for my examination, for this report, or for the opinions I have formed.

Respective responsibilities of Trustees and examiner

The charitable company’s Trustees, who are also the directors of Silver of the Stars for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Jennifer Alexander CA
Azets Audit Services
Chartered Accountants
Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG
Dated: 19 January 2026
SILVER OF THE STARS
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -
Unrestricted
Revaluation
Total
Unrestricted
Revaluation
Total
funds
reserve
funds
reserve
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Net income for the year/
Net movement in funds
-
-
-
-
-
-
Fund balances at 1 July 2024
186,935
49,403
236,338
186,935
49,403
236,338
Fund balances at 30 June 2025
186,935
49,403
236,338
186,935
49,403
236,338

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 6 to 9 form part of these financial statements.

SILVER OF THE STARS
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 5 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
288,433
288,433
Current assets
Cash at bank and in hand
63
63
Creditors: amounts falling due within one year
5
(52,158)
(52,158)
Net current liabilities
(52,095)
(52,095)
Total assets less current liabilities
236,338
236,338
Capital funds
Endowment funds
49,403
49,403
Income funds
Unrestricted funds
186,935
186,935
236,338
236,338

The notes on pages 6 to 9 form part of these financial statements.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2025.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 12 January 2026
J Lim
Trustee
Company registration number SC295131
SILVER OF THE STARS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
1
Accounting policies
Charity information

Silver of the Stars is a charitable company limited by guarantee, registrered in Scotland, company number SC295131. The registered office is Goldsmiths Hall, 24 Broughton Street, Edinburgh, EH1 3RH. Silver of the Stars is recognised as a charity for tax purpose by HMRC and is registered with the office of the Scottish Charity Regulator (OSCR) under charity number SC037088.

These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which the charitable company's transactions are denominated.

1.1
Accounting convention

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ("FRS 102") (United Kingdom Generally Accepted Accounting Practice), the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)', the Compnaies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

Silver of the Stars meets the definition of a public benefit entity under FRS 102. Assets and liabilities are intitally recognised at historical cost unless otherwise stated in the relevant accounting policy.

The principal accounting policies applied in the preparation of these financial statements are noted below. These policies have been applied consistently to all the years presented in dealing with items which are considered material in relation to the charitable company's financial statements unless otherwise stated.

1.2
Going concern

The chartiable company meets it's day to day working capital requirements through a loan from The Incorporation of Goldsmiths of the City of Edinburgh.

The Trustees are of the opinion that the charitable company can meet its obligations as they fall due for the forseeable future. On this basis the Trustess consider it appropriate to prepare the financial statements on the going concern basis.

1.3
Recognition and allocation of income

Income is recognised when the charitable company has legal entitlement to the funds, the receipt is probable, and the amount can be measured reliably. Income is credited to the statement of financial activites when it is receivable.

1.4
Recognition and allocation of expenditure

Expenditure is included in the Statement of Financial Activities when there is a legal or constructive obligation committing the charitable company to the expenditure. All costs have been directy attributed to one of the functional categories of resources expended in the Statement of Financial Activities. Charitable expenditure comprises those costs incurred by the charitable company in the delivery of its activities for its beneficiaries.

Governance costs relate to costs associated with statutory requirements and other professional fees. Costs of raising funds comprise those costs associated with running exhibitions to promote Scottish silversmithing.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

SILVER OF THE STARS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 7 -
1.5
Fixed assets and depreciation

Fixed assets, which comprises of the Silver Collection and Bute House Collection, are stated at fair value.

Any revaluation increase arising on the revaluation of such assets to the revaluation reserve, except to the extent that it reserves a revaluation decrease for the same asset previously recognised as an expense, in which case the increase is credited to the Statement of Financial Activites to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of such assets is charged as an expense to the extent that it exceeds the balance, if any, held in the revaluation reserve relating to a previous revaluation of that asset.

When revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings.

No depreciation is provided on the charitable company's tangible fixed assets as it is the trustees' belief that the residual value of the assets is at least equal to the carrying value. Having regard to this, it is considered that the depreciation of such assets as required by the Companies Act and standard accounting practice would not be material.

Tangible fixed assets are reviewed for impairment at the end of each year in accordance with the requirements of FRS 102. An impairment review comprises a comparison of the carrying amount of the asset with its recoverable amount, being the higher of net realisable value and value in use. An asset is impaired to the extent that the carrying amount exeeds the recoverable amount.

Financial assets and liabilites

Financial instruments are recognised in the balance sheet when the charitable company becomes a party to the contractual provisions of the instrument.

Financial instruments are initially measured at transaction price. Subsequent to initial recognition, they are accounted for as set out below.

Financial instruments are classified as 'basic' in accordance with Chapter 11 of FRS 102.

At the end of each reporting period, basic financial instruments are measured at amortised cost using the effective interest rate method or fair value.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or when the charitable organisation has transferred substantially al the risks and rewards of ownership. Financial liabilities are derecognised only once the liability has been extinguished through discharge cancellation or expiry.

1.6
Creditors and provisions

Creditors and provisions are recognsied where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.7

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated or restricted for any other purpose.

SILVER OF THE STARS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2
Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the Trustees are 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.

The Trustees are of the opinion that there are no significant estimates or judgements that would have a material impact on these financial statements.

3
Staff costs and trustee remuneration

The charitable company did not have any employees during the year (2024: none), therefore no employee in either year received benefitted in excess of £60,000. No fees, expenses or remuneration has been paid to the trustees, which are the key management of the charitable company (2024: £nil).

4
Tangible fixed assets
Silver Collection
Bute House Silver
Total
£
£
£
Cost
At 1 July 2024
163,433
125,000
288,433
At 30 June 2025
163,433
125,000
288,433
Carrying amount
At 30 June 2025
163,433
125,000
288,433
At 30 June 2024
163,433
125,000
288,433

The silver is stated at the trustees' valuation at 30 June 2025. The assets were purchased on 1 July 2006 for £75,597.

5
Creditors: amounts falling due within one year
2025
2024
£
£
Loan from Incorporation of Goldsmiths (see note 8)
50,000
50,000
Other creditors (see note 8)
907
907
Accruals and deferred income
1,251
1,251
52,158
52,158
SILVER OF THE STARS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
6
Analysis of net assets between funds
Unrestricted funds

Revaluation reserve

Total
Unrestricted funds

Revaluation reserve

Total
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Fund balances at 30 June 2025 are represented by:
Tangible assets
239,030
49,403
288,433
239,030
49,403
288,433
Current assets/(liabilities)
(52,095)
-
(52,095)
(52,095)
-
(52,095)
186,935
49,403
236,338
186,935
49,403
236,338
7
Members

The charitable company is limited by guarantee and has no share capital. All members and directors are liable to £1 each, towards liabilties, in the event of winding up.

There were 5 (2024: 5) members of the charitable company during the year.

8
Related party transactions

T K Murray, who was a director of Silver of the Stars, is also the Deacon of The Incorporation of Goldsmiths and a director of the Scottish Goldsmiths Trust. J B Stirling, who is a director of Silver of the Stars, is Law Clerk to The Incorporation of Goldsmiths. All directors of Silver of the Stars are members of the Court of Wardens of The Incorporation of Goldsmiths.

The charitable company recevied a loan of £50,000 from The Incorporation of Goldmsiths during the year ended 30 June 2007, which was outstanding at the year-end (2024: £50,000). In addition, included within other creditors is a balance of £907 (2024: £907) due to The Incoroporation of Goldsmiths, due to the services provided to the company during a prior year.

The loan, other creditors and other debtors balance are interest free and there is no formal repayment schedule.

The independent examination costs of £1,500 are being paid by the Incorporation of Goldsmiths.

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