a multi-method evaluation of service provision in england ... · was commissioned by golden-oldies...
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Paul Marshall(MSc, PGDip, PGCE/FE, BSc)
Report submitted following a participant focussed evaluation of Goldies’service provision in both England and Wales;
conducted between December 2019 and February 2020
DATE REPORT SUBMITTED: 12th March 2020
A multi-method evaluation of serviceprovision in England and Wales - focusing on
well-being and overall effectiveness
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Goldies Evaluation Report 2020
About the AuthorPaul Marshall (MSc, PGDip, PGCE/FE, BSc) works freelanceas an independent social researcher and consultant withinthe Voluntary, Community and Social Enterprise sector andwas commissioned by Golden-Oldies to conduct an evaluationof the impact of service delivery in Wales and England. Hecarried out a similar evaluation of Goldies Cymru, reportingin 2016. He has substantial experience of conductingresearch and evaluations within the Voluntary, Charity andSocial Enterprise (VCSE) sector, with specialisms in the social isolation and lonelinessof older people, co-production, mental health and post-16 education. He is also amusician and a father of three children.
Contact: paulgmarshall@hotmail.com
AcknowledgementsA huge thank you to all the staff at Goldies who planned and organised the datacollection events, making them enjoyable for participants and all who attended. A bigthank you also to all who volunteered on both days, running focus groups, supportingparticipants with completing questionnaires and consent forms, conducting the filmedinterviews and providing refreshments. I would also like to thank all the Goldiesparticipants for sharing their views, ideas and experiences.
Best regards,
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Goldies Evaluation Report 2020
ConclusionThis new study reports that the Golden-Oldies Charity not only reduces the incidence but also theprevalence of loneliness and social isolation. Moreover, it suggests that the positive effects aresustained and endure over time, long after the ‘Goldies’ session has ended. The report states thatGoldies does not just create opportunities for social interaction but also communities to which everymember feels that they belong. And when beneficiaries start coming to Goldies, they stay!
“I was surprised at just how friendly it [Goldies] was and how much I enjoyed it. I didn’t really expect
to. I didn’t think it was for me. I love music but I can’t sing but then I was surprised that it didn’t matter
and how much I enjoyed it.“
“When you start coming, you want to keep coming.“
Participants reported that the singing, music and social networks that Goldies creates act as a form ofreminiscence therapy, particularly with reference to dementia but also to those with different culturalbackgrounds. The function of singing communally and the experience of music was highlighted ashaving a notable impact on both beneficiaries’ psychological and physiological well-being, helpingpeople with poor mental health and bereavement, highlighting the therapeutic nature of attendingGoldies. For some, the extent of these benefits has been transformational and has fundamentallychanged people’s lives for the better.
“I didn’t think it would change me, but it has. I feel so great afterwards.“
“My friend said it was a lifeline when her husband had died. It was her connection with the community.“
“It has totally changed my life. It brings me joy and peace. I struggled to cope with understanding the loss of my
husband and found it hard to find any happiness. Goldies takes me out of depression and has helped me immensely.“
Picture taken at Focus Group Meeting in Cardiff.
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Goldies Evaluation Report 2020
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V$0"5"%'-)"'&$'&8"'%"#$%&"-',+#34&'$.'/$1"/,1"(('$1'3(#"4&('$.'0"//T*",12M',&',('
[)(&,.,"-'&$',14/)-"'/$1"/,1"(('+"3()%"(',1'&8,('"53/)3&,$1M',1'&8"'4$1&"X&'$.'&8"'
,+#34&'$.'6$/-,"('$1'&8"'$5"%3//'8"3/&8'31-'0"//T*",12'$.'#3%&,4,#31&(U'
'
12
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
:8,(&'/$1"/,1"((',('3'#8"1$+"1$1'&83&'3.."4&('&8"'08$/"'#$#)/3&,$1M',&',('$.&"1'
4$1(,-"%"-'&$'*"'3'($4,3/'#%$*/"+M'08,48',('3(($4,3&"-'0,&8'$/-"%'#"$#/"U'K1'=>?=M'
&8"'F..,4"'.$%'g3&,$13/'G&3&,(&,4('NFgGQ'%"#$%&"-'&83&'$1"',1'&8%""'$.'&8$("'32"-'c>'$%'
3*$5"'%"#$%&"-'.""/,12'/$1"/BU'D8,('32"'2%$)#'03('3/($'+$%"'&831'&0,4"'3('/,R"/B'&$'
%"#$%&'.""/,12'/$1"/BM'4$+#3%"-'&$'&8$("'$.'0$%R,12'32"'31-'&8$("'32"-'W`'l'a@'
NFgGM'=>?=QU'!"("3%48'4$1-)4&"-'*B'<BR(&%3'"&'3/U'N=>>`Q'31-'S,4&$%'31-'i312'N=>??Q'
3/($'()##$%&'&8"'5,"0'&83&'&8,('32"'2%$)#'"X#"%,"14"('8,28"%'#%"53/"14"'%3&"('$.'
/$1"/,1"((U'J$%"'%"4"1&'%"("3%48'*B'&8"'FgG'%"./"4&('3'48312,12'/31-(43#"'$.'
/$1"/,1"((M'0,&8'?W'l'=]'B"3%'$/-('1$0'%"#$%&,12'#%$#$%&,$13&"/B'8,28"%'/"5"/('$.'
/$1"/,1"(('&831'3//'$&8"%'32"'2%$)#(M',14/)-,12'&8"'$5"%'a`('NFgGM'=>?c*QU'V$0"5"%M'
&8"B'3/($',-"1&,.B'$&8"%'483%34&"%,(&,4('3(($4,3&"-'0,&8'.""/,12'/$1"/BM'+31B'$.'08,48'
431'*"'3(($4,3&"-'0,&8'$/-"%'32"M'08,48',14/)-"L'*",12'0,-$0"-M'*",12',1'#$$%'
8"3/&8'31-'835,12'3'("/.T%"#$%&"-'-,(3*,/,&BU':$+"1'0"%"'%"#$%&"-'*",12'/$1"/B'
+$%"'$.&"1'&831'+"1'3/&8$)28'&8,('4$)/-'*"'"X#/3,1"-'*B'+"1'*",12'/"(('/,R"/B'&$'
%"#$%&')1-"(,%3*/"'.""/,12(M'()48'3('/$1"/,1"(('NI$%B('31-'E"%/+31M'?@c`;'g,4$/3,("1'
31-'D8$%("1M'=>?]QU'E"$#/"'0,&8'43%,12'%"(#$1(,*,/,&,"('3%"'3/($',-"1&,.,"-'3('*",12'3&'
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'
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32"-'$5"%'W`',1'&8"'HhM'0"%"'/$1"/B'3//'$%'+$(&'$.'&8"'&,+"'NI$/&$1M'=>?=QU'C2"'Hh'
N=>?cQ'%"#$%&'&83&'&8"'1)+*"%'$.'$5"%'`>('"X#"%,"14,12'/$1"/,1"((',('("&'&$'%"348'&0$'
+,//,$1'*B'=>=`P=W'4$+#3%"-'&$'?U]'+,//,$1',1'=>?WP?a;'31',14%"3("'$.']@mU'S,4&$%'
N=>>ZQ'8$0"5"%'3%2)"('&83&'&8"'"X&"1&'$.'/$1"/,1"(('83('%"+3,1"-'e.3,%/B'(&3&,47'$5"%'
&8"'/3(&'(,X'-"43-"(M'(&3&,12'&83&'()%5"B('$5"%'&8,('#"%,$-'%"./"4&'&83&'cT?>'#"%4"1&'$.'
13
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
$/-"%'#"$#/"'3%"'3/03B('$%'$.&"1'/$1"/BU'D8,(',14%"3("-'#%"53/"14"'431'&8"%".$%"'
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G&3&,(&,4('N=>?c3QU'D8"B'#%"-,4&'&83&'&8"'#"%4"1&32"'$.'&8"'2"1"%3/'#$#)/3&,$1'08$'
3%"'W`'31-'$5"%'0,//',14%"3("'.%$+'?cm',1'=>?W'&$'=Wm',1'=>]?M'08"1'&8"%"'0,//'*"'31'
"(&,+3&"-'=>U]'+,//,$1'#"$#/"',1'&8,('32"'2%$)#M'0,&8'&8"',14%"3("'8,28"(&'3+$12(&'
&8$("'32"-'c`'31-'$5"%U'S,4&$%'N=>??Q'3/($'()22"(&('3'48312,12'#%$.,/"',1'&8"'$/-"%'
#"$#/"'#$#)/3&,$1'$5"%'&,+"M'0,&8')%*31'4$++)1,&,"('4$+#%,(,12'8,28"%'1)+*"%('$.'
$/-"%'#"$#/"'.%$+'"&81,4'+,1$%,&,"(M'08$'0$)/-'835"'4$+"'&$'&8"'Hh',1'&8"'?@W>(U'
G8"'2$"('$1'&$'(&3&"'&83&'&8"%"'3%"'+$%"M'$/-"%'#"$#/"'0,&8'(,21,.,431&'#8B(,43/'
-,(3*,/,&,"('31-'#$$%'8"3/&8M'08$+',1'#%"5,$)('B"3%('0$)/-'835"'-,"-',1'48,/-8$$-'
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#"$#/"'#$#)/3&,$1M',('4$1(,-"%"-'3'+3[$%'8"3/&8'#%$*/"+U'V$/&T^)1(&3-'"&'3/U'N=>?>Q'
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14
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
2"1-"%'31-',1,&,3/'8"3/&8'(&3&)(U'D8"B'3/($'%"#$%&"-'&83&'1$&'835,12'($4,3/'
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,($/3&,$1'.$%'&8"'G$4,3/'O3%"'K1(&,&)&"'.$%'9X4"//"14"M':,1-/"'"&'3/U'N=>??Q'8,28/,28&"-'
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-"+31-'$1'8"3/&8'31-'($4,3/'43%"'("%5,4"(U'D8"B'3/($'%"#$%&"-'&83&'3//"5,3&,12'
/$1"/,1"(('0$)/-'835"'0,-"%'#$(,&,5"'*"1".,&('.$%'4$++)1,&,"('*B'%"4$11"4&,12'
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'
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15
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
o?J'&$'8"/#'$/-"%'#"$#/"'08$'3%"'3&'+$(&'%,(R'$.'48%$1,4'/$1"/,1"(('31-'($4,3/'
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.$%'#%"5"1&,$1;'8"/#,12'$/-"%'#"$#/"'&$'%"+3,1'34&,5"M',1-"#"1-"1&'31-'"1232"-'
0,&8'($4,"&B',1'#$(,&,5"'03B(M'.$//$0,12'%"&,%"+"1&U'D8"'O3+#3,21'&$'91-'^$1"/,1"(('
3(("%&'&83&'&3R,12'34&,$1('&$'#%"5"1&'#"$#/"'*"4$+,12'48%$1,43//B'/$1"/B',('3'
%"\),%"+"1&')1-"%'&8"'0"//*",12'#%,14,#3/'31-'#%"5"1&,$1'-)&B'$.'&8"'O3%"'C4&'
N=>?]QU'D8"'^$43/'6$5"%1+"1&'K1.$%+3&,$1'H1,&'N^6KHQM'0,&8'&8"'()##$%&'$.'&8"'
O3+#3,21'&$'91-'^$1"/,1"((M'4/3,+'&83&'&8"'I"&&"%'O3%"'A)1-'431'*"'344"(("-'.$%'
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3*,/,&B'&$'"1232"'0,&8'6$/-,"(U'C'(&)-B'*B'6$//'"&'3/U'(=>?`)',-"1&,.,"-'3'1)+*"%'$.'
*3%%,"%('&$'($4,3/'#3%&,4,#3&,$1M'3+$12'$/-"%'3-)/&('"X#"%,"14,12'/$1"/,1"((U'D8"("'
,14/)-"-'+$%"'$5"%&'*3%%,"%('()48'3(:',//1"((M'-,(3*,/,&BM'/$(('$.'.%,"1-(M'/$(('$.'
4$++)1,&B'31-'3'#"%4",5"-'/34R'$.'($4,3/'$##$%&)1,&,"(U'D8"'(&)-B'3/($'%"#$%&"-'&83&'
,1-,5,-)3/(7'%"(#$1("('&$'&8"("'$5"%&'*3%%,"%(M',1'&"%+('$.'4$#,12'(&%3&"2,"(M'+,28&'
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,14/)-"-'(&%3&"2,"('()48'3(:'+,1,+,(,12'&8"'-,..,4)/&,"('$.'/$1"/,1"((M'1$&'(""R,12'
($4,3/',1&"%34&,$1M'35$,-,12'($4,3/'$##$%&)1,&,"(M'%"/B,12'$1'&8"'&"/"#8$1"'31-'
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.$%'"X3+#/"'*",12'%"["4&"-'*B'#""%('3('0"//'3('."3%'$.'/$(,12'3'%312"'$.'#%"."%%"-'
,-"1&,&,"(M'3/($'34&"-'3('"+$&,$13/'*3%%,"%(U'
'
'
'
16
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
KJR!L*)!E)/)0'&1!+0!B+##$/.%!>'/6'/6!
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*"1".,&(',14/)-"L'/$0"%,12'(&%"(('/"5"/(M',+#%$5,12'+"1&3/'3/"%&1"(('31-'34&,12'3('3'
13&)%3/'31&,T-"#%"((31&U'G$4,3/'*"1".,&(',14/)-"L'0,-"1,12'.%,"1-(8,#'4,%4/"(M'*$$(&,12'
4$1.,-"14"M'*%$3-"1,12'4$++)1,43&,$1'(R,//('31-',14%"3(,12'3*,/,&B'&$'3##%"4,3&"'
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O8)%48'H1,5"%(,&BM'835"'4$1&%,*)&"-'3'53/)3*/"'*$-B'$.'%"("3%48'&$'&8"'3%"3'$.'
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$)&'3'/3%2"'(43/"'N1q??=]Q'(&)-BM'&$',15"(&,23&"'&8"'#"%4",5"-'*"1".,&('$.'48$%3/'
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F%231,(3&,$1'N:VFQ'(&31-3%-,("-'+"3()%"'$.'\)3/,&B'$.'/,."'N:VF__^TI!9AQU'D8"B'
4$14/)-"-'&83&'3'/3%2"'+3[$%,&B'$.'48$%,(&"%('32%""-'&83&'(,12,12'83('3'#$(,&,5"'
,+#34&'$1'#"%($13/'0"//*",12U'D8,(',('()##$%&"-'*B'3'+$%"'%"4"1&'\)3/,&3&,5"'(&)-B'$.'
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&8%""'2"1"%3/'&8"+"(',1'%"/3&,$1'&$'$/-"%'#"$#/"7('"1232"+"1&'0,&8'4$++)13/'
(,12,12L'($4,3/'4$11"4&,$1M'3'("1("'$.'0"//T*",12'31-'($4,3/'"1232"+"1&U'D8"B'3%2)"'
17
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
&83&'48$,%('#%$5,-"'$##$%&)1,&,"('.$%'($4,3/'4$8"(,$1M'#$(,&,5"'32",12'31-'+)(,4'
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"1232"+"1&'31-'%"(,/,"14"U'O/,.&'31-'V314$X'N=>?>Q'%"#$%&"-M'.%$+'&8"'(3+"'4$8$%&'
3('&8"'O/,.&'"&'3/U'N=>>cQ'(&)-BM'&83&'0$+"1'0"%"'(,21,.,431&/B'+$%"'/,R"/B'&$'"1-$%("'
&8"'53/)"'$.'(,12,12'.$%'0"//T*",12'31-'8"3/&8'4$+#3%"-'&$'+"1U''
'
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e2"1"%3&,5"'+"4831,(+(7M'08,48'3%"'#3%&,4,#31&(7'("/.T%"#$%&"-'344$)1&('$.'!"#'
(,12,12'#$(,&,5"/B',+#34&('$1'&8",%'8"3/&8'31-'0"//T*",12U'D8"("',14/)-"L'48$%3/'
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/"3%1,12M'08,48'R""#('&8"'+,1-'34&,5"'31-'4$)1&"%34&('-"4/,1"'$.'4$21,&,5"'.)14&,$1('
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'
18
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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19
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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' '
20
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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21
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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'
22
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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23
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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24
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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Goldies Evaluation Report 2020
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Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!'
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Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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36
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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37
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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Mobility (n=123) Score Frequency
1 56 2 30 3 27 4 8 5 2
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Self-care (n=118) Score Frequency 1 104 2 8 3 3 4 2 5 1
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38
Goldies Evaluation Report 2020
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Pain/Discomfort (n=120) Score Frequency
1 31 2 43 3 31 4 11 5 4
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Anxiety/Depression (n=118) Score Frequency
1 78 2 27 3 11 4 2 5 0
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Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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40
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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What participants like about Goldies Frequency Companionship 90 Singing 66 Enjoyment 32 Well-being 25 Meeting new people 24 Music 23 Session Leader 20 Atmosphere 19 Dancing 6 Passes time 4 Brings back memories 4 Total 313 !
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Suggestion to Improve or Change Goldies Attend more often 23 Longer sessions 19 More information/publicity 6 Sing with other groups 5 Wider song choice 5 Bigger space 4 More involvement 4 Total 66 !
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Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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HIG-5+%A!E"3,J&-*3*-("&4-!+,-!3&E)5;-)5;-%4-,+)((G-(%D4+;-!+,-&9%,%4&/-O!+-#)&->+,G-
#",,%+;-)E"34-'"*%5A-E+')3&+-&!+-&)%;F-U%D-=-',GF-=-)*-5"4-A"%5A-4"-'"*+-)A)%5/M-=-
&)%;F-U%D-G"3-',GF-;"5J4-#",,G-E+')3&+-5"V"5+-#%((-4)@+-)5G-5"4%'+/M-O!+-')*+-)5;-&!+-
4!","3A!(G-+5T"G+;-!+,&+(D/-O!+-E,"3A!4-&"*+"5+-+(&+-)&-#+((L-N6$/-,"('#3%&,4,#31&M'
:3/"(QU'
'
C('&8"'(3+#/"'4$1(,(&"-'$.'6$/-,"('#3%&,4,#31&(M'&8$("'&83&'4$1&%,*)&"-'-3&3'83-'
+3132"-'&$'$5"%4$+"'31B'*3%%,"%('31-'3&&"1-'&8",%'.,%(&'("((,$1U'J$(&'83-'2$1"'
0,&8'3'.%,"1-'31-P$%'0,&8'($+"'%"3(()%314"'&83&',&'0$)/-'*"'(),&3*/"U'G$+"'
#3%&,4,#31&('8$0"5"%M'+3132"-'&$'4$+"'$1'&8",%'$01'31-'$.'&8",%'$01'344$%-L'
56
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
'
H=-&)#-)5-);>+,4-%5-)-*)A)W%5+-)5;-')*+-)("5A/L-N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
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&8"%"'0"%"'2$,12'&$'*"'3)-,&,$1(M'+$*,/,&B',(()"('31-'1$&'R1$0,12'083&'&$'"X#"4&U'K&'
,('R1$01'&83&'#"$#/"'08$'835"'*""1'($4,3//B',($/3&"-'.$%'($+"'&,+"M'"X#"%,"14"'
*3%%,"%('&$'344"((,12'($4,3/'34&,5,&,"(U'O$1&%,*)&$%('83-'3//'+3132"-'&$'$5"%4$+"'31B'
*3%%,"%('&8"B'+3B'835"'*""1'"X#"%,"14,12'&$'*"'3*/"'&$'3&&"1-'&8",%'.,%(&'("((,$1M'
0,&8'$%'0,&8$)&'()##$%&U'K&'0$)/-'*"'3'53/)3*/"'"X"%4,("'&$'4$//"4&'-3&3'.%$+'&8$("'
08$'83-'1$&'+3132"-'&$'3&&"1-'31-'0"%"'($4,3//B',($/3&"-'31-P$%'/$1"/BU'I3%%,"%('
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08$'3%"'+$%"'($4,3//B'4$11"4&"-U'
'
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3//3B"-'31-'&8",%'3##%"8"1(,$1'()*(,-"-L'
'
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%4/-=-;%;5J4-,+)((G-+K9+'4-4"/-=-;%;5J4-4!%5@-%4-#)&-D",-*+/-=-(">+-*3&%'-E34-=-')5J4-&%5A-E34-
4!+5-=-#)&-&3,9,%&+;-4!)4-%4-;%;5J4-*)44+,-)5;-!"#-*3'!-=-+5T"G+;-%4/L-Y8"(;%+&-
9),4%'%9)54F-C5A()5;Z/-
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H=-T"%5+;-8"(;%+&-#!+5-%4-D%,&4-&4),4+;-%5-"3,-),+)/-Q!+5-=-D%,&4-')*+F-=-D+(4-)-(%44(+-
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("5A-4"-A+4-4"-@5"#-+)'!-"4!+,PL'N6$/-,"('#3%&,4,#31&M':3/"(QU'
'
57
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
D8"'("((,$1'/"3-"%('31-'$&8"%'#3%&,4,#31&('0"%"',1(&%)+"1&3/',1'+3R,12'#"$#/"'
.""/'3&'"3("L'
'
H:!+-&+&&%"5-(+);+,-#)&-A,+)4/-O!+-)&@+;-*+-*G-5)*+-)5;-*);+-*+-D++(->+,G-
'"*D",4)E(+-"5-*G-D%,&4-;)G/L-N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
HIG-D,%+5;-&)%;F-U9(+)&+-'"*+-9(+)&+-'"*+M/-:!+G-&)%;-9%'@-)-&"5A-)5;-#+-&35A-%4/-
]3,-&+&&%"5-(+);+,-*);+-+>+,GE";G-!)99G/-Q+-#+,+-&%5A%5A-)5;-;)5'%5A-)5;-=J>+-
E++5-+>+,G-*"54!-&%5'+/L-N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
D8"'.,%(&'("((,$1L'3'#%,$%,')1-"%(&31-,12'S('34&)3/'"X#"%,"14"'31-',+#34&'$1'0"//T
*",12'
'
O$1&%,*)&$%('%"#"3&"-/B'%"43//"-'835,12'&8",%'(#,%,&('/,.&"-'31-'&8"'"1[$B+"1&'&8"B'
"X#"%,"14"-'3.&"%'&8",%'.,%(&'("((,$1M'*"B$1-'&83&'08,48'&8"B'"X#"4&"-U'D8,('
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0"//T*",12'.%$+'&8"'$)&("&L'
'
HIG-D,%+5;-&)%;-#"3(;-=-(%@+-4"-4,G-%4-)5;-=-(">+-4"-E+-&"'%)(-)5;-*++4-9+"9(+-E34-=-
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D",-)-'!"%,-&"-=J>+-)(#)G&-(">+;-&%5A%5A/-:!+-+,)-"D-&%5A%5A-4)@+&-G"3-E)'@-)-E%4-)5;-=-
,+)((G-+5T"G+;-%4/L-N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
H=-,+*+*E+,-*G-D%,&4-&+&&%"5^-=-D+(4-&"-39(%D4+;/-=-#+54-!"*+-)5;-&)%;-4"-*G-;)3A!4+,F-
U"!-*G-A"";5+&&-=-D++(-&"-A"";-)D4+,-4!)4-&+&&%"5F-&"-39(%D4+;M-)5;-%4-&4)G+;-#%4!-*+-
D",-\3%4+-)-("5A-4%*+-)D4+,#),;&/-N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
H=4-#)&-E+44+,-4!)5-=-+K9+'4+;/-C>+,G"5+-#)&-&"-D,%+5;(G-)5;-%4-#)&-&"-%5D",*)(/-X((-
4!+-);>+,4%&%5A-;"+&-&)GFM-D35-&%5A%5A/ML-N6$/-,"('#3%&,4,#31&M':3/"(QU'
'
D8"("'4$15"B'&8"',++"-,3&"'#$(,&,5"',+#34&'$.'3&&"1-,12'6$/-,"('31-'&8"'*"1".,&',&'
83('.$%'0"//T*",12U'K&',('3/($'3##3%"1&'&83&'&8,(',+#34&'"1-)%"('3.&"%'&8"'("((,$1U'D8"'
58
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
/3(&'\)$&"'3*$5"M'-"+$1(&%3&"('8$0'-"(#,&"'3-5"%&,(,12'-"(4%,*,12'8$0'"1[$B3*/"'
&8"'("((,$1('3%"M'4$1&%,*)&$%('0"%"'(&,//'()%#%,("-'*B'8$0'#$(,&,5"'&8"'"X#"%,"14"'$.'
3&&"1-,12'&8",%'.,%(&'("((,$1'03('.$%'&8"+U'E"%83#('0$%-('4311$&'.)//B'-$'6$/-,"('
[)(&,4"b'C'()22"(&,$1'+,28&'*"'.$%'6$/-,"('&$'"X#/$%"'&8"',-"3'$.'+3R,12'+$%"')("'$.'
.,/+(P5,-"$('31-',+32"(',1'&8",%'3-5"%&,(,12M'&$'2,5"'#"$#/"'3'.)//"%'("1("'$.'8$0'
6$/-,"(',('"X#"%,"14"-'*B'#3%&,4,#31&(U'D8"%"'3%"'8$0"5"%'/,R"/B'&$'*"'($+"'
4$1(,-"%3&,$1('$.'344"((,*,/,&B'$.'.,/+('31-'5,-"$(M'2,5"1'&8",%'&3%2"&'#$#)/3&,$1'31-'
&8"',(()"'$.'&8"+'*",12'/"(('/,R"/B'&$'344"(('&8"',1&"%1"&;'3('5$,4"-'*B'$1"'
#3%&,4,#31&L'
'
H<+"9(+-"3,-)A+-;"5M4-4+5;-4"-3&+-)-'"*934+,-_-=-;"5M4-+>+5-!)>+-"5+P/-&"-
);>+,4%&%5A-%5->),%"3&-9()'+&-(%@+-(%E,),%+&F-!)%,;,+&&+,&F-'"DD++-&!"9&-)5;-;"'4",&-
&3,A+,%+&-#"3(;-E+-A"";L-N6$/-,"('#3%&,4,#31&M':3/"(QU'
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D8,(',(()"'$.'&8"'/,+,&3&,$1('$.'#%,1&"-'+"-,3M',('()##$%&"-'*B'4$1&%,*)&$%(7'
%"(#$1("('%"/3&,12'&$'&8"'\)"(&,$1'$.'08"&8"%'&8"B'&8$)28&'&8"B'83-'"1$)28'
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6$/-,"(',('%"3//B'/,R"M'*B'&83&'+"-,)+L'
'
HQ+-;%;5J4-@5"#-#!)4-#"3(;-E+-%5>"(>+;-E34-#+-')*+-4"A+4!+,F-&"-%4-#)&5J4-,+)((G-)5-
%&&3+/L-N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
HQ+-;%;5J4-,+)((G-!)>+-)5G4!%5A-)5;-%4-#)&-;%DD%'3(4-#!+5-%4-&4),4+;-E34-#!+5-%4-A,+#-
)5;-E+')*+-+&4)E(%&!+;F-%4J&-E+'"*+-+)&%+,-4"-D%5;-"34-)E"34-%4/L'N6$/-,"('#3%&,4,#31&M'
:3/"(QU'
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,+#%$5"-'$5"%'&,+"U'O$1&%,*)&$%('08$'."/&'(3&,(.,"-'0,&8'&8"',1.$%+3&,$1'&8"B'83-'
*""1'2,5"1M'83-'$.&"1'34\),%"-'3--,&,$13/'R1$0/"-2"'$.'6$/-,"('&8%$)28'0$%-'$.'
+$)&8U'D8,('#%$5,-"-'&8"'$##$%&)1,&B'.$%'3'&0$T03B'-,3/$2)"M'\)"(&,$1('&$'*"'3(R"-'
31-'31B'#$&"1&,3/'0$%%,"('5$,4"-'31-'3//3B"-L'
59
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
'
HN-')*+-4"-3&-)5;-4"(;-3&-#!)4-%4-#"3(;-E+-(%@+F-&"-#+-@5+#-#!)4-%4-#"3(;-E+-(%@+/L-
N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
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#",,%+;-)E"34-*G-*"E%(%4G-%&&3+&-E34-4!)4-%&-5"4-)-9,"E(+*/L-N6$/-,"('#3%&,4,#31&M'
:3/"(QU'
'
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9+"9(+-4"-4!+-&+&&%"5&F-8"(;%+&-&!"3(;-);>+,4%&+-*",+/-<+,!)9&-%5-4!+-'!3,'!-
*)A)W%5+-%4&+(D-)&-)-("4-"D-9+"9(+-,+);-4!)4/-=4-'">+,&-)-E%A-),+)/L-N6$/-,"('
#3%&,4,#31&M':3/"(QU'
'
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*)(M'/$43/'1"0(M'/$43/'#3#"%(M'()#"%+3%R"&'1$&,4"'*$3%-(M'#$(&'$..,4"(M'/,*%3%,"(M'
($4,3/'("%5,4"('31-'03%-"1'./3&(U'C'."0'4$1&%,*)&$%('5$,4"-'&83&'6$/-,"('(8$)/-'
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+$)&8'$5"%'#%,1&"-'+"-,3L'
'
H<+,!)9&-)5-);>+,4-%5-4!+-("')(-9)9+,/-Q",;-"D-*"34!-%&-\3%4+-A"";-E+')3&+-G"3-')5-
&)G-!"#-39(%D4%5A-%4-%&-)5;-!"#-D,%+5;(G-%4-%&/L-N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
Ha"')(-);>+,4%&%5A-E34-9)&&%5A-4!+-*+&&)A+-4!,"3A!-#",;-"D-*"34!/-=D-4!+G-;"5J4-(%@+-
%4F-4!+G-#"5J4-'"*+/L-N6$/-,"('#3%&,4,#31&M':3/"(QU'
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#3%&,4,#31&M'912/31-QU':8,/(&'&8,('03('(3,-',1'["(&'31-'4$)/-'*"'4$1(,-"%"-'31'
60
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
)1%"3/,(&,4'$#&,$1M'$1"'431'4$1(,-"%'8$0'".."4&,5"'&8,('4$)/-'*"',1'%"4%),&,12'+$%"'
#"$#/"M'3(',&'0$)/-L'N,Q'#%$5,-"'&8"'$##$%&)1,&B'.$%'3'#"%($13/'(&$%B'$.'"1232"+"1&M'
N,,Q'"13*/"'#$&"1&,3/'#3%&,4,#31&('&$',-"1&,.B'0,&8'31',1-,5,-)3/M'#$((,*/B'835,12'(,+,/3%'
0$%%,"('&$'&8"+("/5"('31-'835,12'&8"("'0$%%,"('-,(4)(("-'31-'3//3B"-M'N,,,Q'*"'31'
".."4&,5"'+"-,)+'.$%'4$15"B,12'&8"'34&)3/'"X#"%,"14"'$.'3&&"1-,12'6$/-,"(M'N,5Q'*"'
3,+"-'3&'6$/-,"(7'&3%2"&'#$#)/3&,$1'31-'N5Q'#$&"1&,3//B'%"348'&8"'($4,3//B',($/3&"-'31-'
83%-"(&'&$'%"348U'
'
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'
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6$/-,"('e03('.$%'"5"%B$1"7'3('0"//'3('08"&8"%'&8"B'&8$)28&'&83&'31B'2%$)#('0,&8,1'
&8"'&3%2"&'#$#)/3&,$1'0"%"',13-5"%&"1&/B'"X4/)-"-U'!"(#$1("('.$4)(("-'#%,+3%,/B'$1'
&8"',14/)(,5,&B'$.'6$/-,"(U'K&'(8$)/-'*"'1$&"-'&83&'31B$1"'08$'83-'."/&'"X4/)-"-'
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"X#"%,"14"-'31-'$*("%5"-U'O$1&%,*)&$%('0$)/-'4$15"B'#$0"%.)/'(&$%,"('3*$)&'
&8"+("/5"('$%'($+"$1"'"/("M'08$'83-'*""1'"X#"%,"14,12'-,..,4)/&,"('$.'($+"'R,1-'
31-P$%'*3%%,"%('&$'3&&"1-,12'31-'&8)('83-'&8"'#$&"1&,3/'&$'*"'"X4/)-"-U'D8"'(&$%,"('
0$)/-'&"//'$.'8$0'&8"("',(()"('83-'*""1'$5"%4$+"'31-'$.'8$0'&8"B'83-'*""1'
344"#&"-'31-',14/)-"-'*B'&8"'2%$)#;'/"3-,12'&$'&8"',1-,5,-)3/'*"1".,&&,12'.%$+'&8"'
#$(,&,5"',+#34&'$.'3&&"1-,12'6$/-,"('("((,$1(U'D8"'-3&3'()22"(&('&83&'2"1"%3//BM'
#3%&,4,#31&('31-'("((,$1'/"3-"%('+3R"'2%"3&'"..$%&('&$'+3R"'#"$#/"'.""/'0"/4$+"'
31-'*"/,"5"'&83&'&8"B'*"/$12M'3('0"//'3('3//$0'#"$#/"'&$'.""/'4$+.$%&3*/"'&$'"1232"'
,1'&8"'03B(',1'08,48'&8"B'0,(8'&$L'
'
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61
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
"(;+,-9+"9(+/-O!+-#)&->+,G-5+,>"3&-)4-D%,&4-E34-5"#-&!+-(%5+V;)5'+&/-O!+-#)&-,+)((G-
;"#5-)5;-5"#-&!+-D++(&-'"*D",4)E(+-#%4!-3&/L-N6$/-,"('#3%&,4,#31&M':3/"(QU'
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'"*9)5G-E34-;"+&5J4-&%5A/L-N6$/-,"('#3%&,4,#31&M':3/"(QU'
'
HQ+-)(&"-!)>+-9+"9(+-'"*%5A-#%4!-'),+,&-E34-+>+,G"5+-4)(@&-4"-4!+*-)5;-*)@+&-
4!+*-#+('"*+/L-N6$/-,"('#3%&,4,#31&M':3/"(QU'
'
6$/-,"('4/"3%/B'83('3'*"1".,4,3/',+#34&'$1'&8$("'08$'3&&"1-'("((,$1(U'D8"'2%$0&8'$.'
2%$)#('$5"%'&,+"'%"./"4&('&83&'%"4%),&+"1&',1'$12$,12'31-'3&&%,&,$1',('+,1,+3/U'D8"'
,14/)(,5"'13&)%"'$.'&8"'2%$)#('31-'-,5"%(,&B'0,&8,1'&8"+M'-"+$1(&%3&"'&83&'&8$("'
08$'0$)/-'#$&"1&,3//B'835"'*3%%,"%('&$',1,&,3//B'"1232,12'0,&8'6$/-,"(M'3%"'(&,//'
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8"/#,12'&$'%"-)4"'*3%%,"%('&$'344"((U'F14"'#"$#/"'"1232"',&',('+$(&'/,R"/B'&8"B'0,//'
4$1&,1)"'&$'#3%&,4,#3&";'3('$1"'4$1&%,*)&$%'#)&(',&L'
'
HQ!+5-G"3-&4),4-'"*%5AF-G"3-#)54-4"-@++9-'"*%5A/L-N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
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/"3-"%M'48314"'&$'.$%2"&'3*$)&',//1"(('$%'-,("3("'31-'&8"'+)(,4U'
62
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
'
G$+"'$.'&8"'4$1&%,*)&$%(7'%"(#$1("('()22"(&"-'3'&8"%3#")&,4'%"3($1'.$%'3&&"1-,12'
6$/-,"(U'D8,('.34&$%'03('1$&'"5,-"1&',1'&8"'\)31&,&3&,5"'-3&3M'#$((,*/B'-)"'&$'
4$1&%,*)&$%('1$&'$5"%&/B'%"4$21,(,12',&'&8"+("/5"(U'G$+"'83-'"X#"%,"14"-'/$(('$%'
$&8"%'-,..,4)/&,"('31-'3&&"1-,12'6$/-,"('83-'8"/#"-'0,&8'&8,(',1'($+"'03BL'
'
HIG-&%&4+,-#)&-4)@+5-%((-)5;-&3;;+5(G-;%+;/-O!+-#)&-)-A,+)4-D)5-"D-4!+-I"5@+G&M-
&"5A&-#!+5-&!+-#)&-)-4++5)A+,-)5;-%4-#)&->+,G-;%DD%'3(4-4"-&%5A-4!"&+-&"5A&-D",-)-
#!%(+-E34-5"#F-#!+5-#+-&%5A-4!+*F-=-4!%5@-"D-*G-&%&4+,/-:!)4J&-"5+-"D-4!+-,+)&"5&-=-
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'"54,"((%5A-)5;-=-D%5;-%4-!),;-4"-!)>+-4%*+-"5-*G-"#5-)&-)5-%5;+9+5;+54-9+,&"5/-O%5'+-
*G-)''%;+54F-=-!)>+-!);-4"-!)>+-)-&4%'@-)5;-=-')5M4-A+4-),"35;-(%@+-=-;%;/-X&-=-&)%;F-=-
3&+;-4"-E+-%5-)-'!"%,-E34-=-')5M4-A+4-4!+,+-)5G-("5A+,/-B"*%5A-4"-8"(;%+&-*+)5&-4!)4-=-
A+4-4"-E+-*G&+(D-D",-)5-!"3,F-4)(@-4"-*G-D,%+5;&-)5;-!)>+-)-()3A!/-N-4""@-*+-35;+,-
!+,-#%5A-)5;-(""@&-)D4+,-*+/-Q+-)((-(""@-"34-D",-+)'!-"4!+,/-=-(">+-&%5A%5A-)((-4!+-
4%*+/L-N6$/-,"('#3%&,4,#31&M':3/"(QU'
'
H=-!)>+-4"-&)G-=-4!%5@-4!+-&+&&%"5-(+);+,-%&-%5',+;%E(+/-Q+-(">+-NM&-&+&&%"5&/-=-(">+-
*++4%5A-39-#%4!-`-)5;-+>+5-4!"3A!-4!+,+-%&-)-&+&&%"5-5+),-*+F-=-(%@+-4"-'"*+-4"-4!%&-
"5+-4"-')4'!-39-#%4!-D,%+5;&/-a"&%5A-*G-!3&E)5;-()&4-G+),-!);-&3'!-)5-%*9)'4-"5-*G-
&"'%)(-(%D+-)5;-4"A+4!+,F-`-)5;-=-!)>+-E+'"*+-*",+-'"5D%;+54-)5;-"34A"%5A-&%5'+-
'"*%5A-)5;-*++4%5A-5+#-9+"9(+/L-N6$/-,"('#3%&,4,#31&M':3/"(QU'
'
HIG-9+,&"5)(-(%D+-!)&-E++5-&"-;%DD%'3(4-)5;-=-!)>+-&4,3AA(+;-4"-'"9+-)4-4%*+&/-=-
)E&"(34+(G-(">+-&%5A%5A-)5;-@5"#-4!)4-=-!)>+-)-A"";->"%'+/-=-("&+-*G&+(D-%5-4!+-&+&&%"5-
)5;-D++(-D,++-4"-+5T"G-)((-4!+-*3&%'/-=-)99,+'%)4+-#!+5-=-)*-!+,+F-!"#-;%DD+,+54-
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)5;-'),+-D",-+)'!-"4!+,/-=-#%&!-*",+-9+"9(+-#"3(;-+5T"G-4!+-E+5+D%4&-"D-4!+-A,"39/L-
N6$/-,"('#3%&,4,#31&M':3/"(QU'
'
63
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
D8"("'344$)1&('-"+$1(&%3&"'&8"',14,-"1&3/'&8"%3#")&,4'.)14&,$1'$.'6$/-,"('.$%'
($+"'4$1&%,*)&$%(M',1'8"/#,12'0,&8'#%$4"((,12'/$((M'*),/-,12'4$1.,-"14"'31-'
%"-,(4$5"%,12'("/.U'D8"'4$++)1,&,"('&83&'-"%,5"'.%$+'6$/-,"('#%$5,-"'($4,3/'()##$%&'
1"&0$%R('.$%'#3%&,4,#31&(M'0,&8'(,21,.,431&'#"%($13/'*"1".,&('.$%'4$1&%,*)&$%('08,48'
3((,(&',1'$5"%4$+,12'#"%($13/'-,..,4)/&,"(U'
'
O$1&%,*)&$%(7'"53/)3&,$1'$.'6$/-,"('
'
:8"1'3(R"-'083&',&',('&8"B'/,R"-'3*$)&'6$/-,"(M'%"(#$1("('$.&"1'%"./"4&"-'083&'83-'
*""1'+"1&,$1"-',1'&8"'\)"(&,$113,%"('*)&'&8"%"'0"%"'3'."0'3--,&,$1(U'K&"+('
,14/)-"-L'&8"'+)(,4M'(,12,12M'&3R"('B$)'*34R'&$'B$)12"%'-3B(M'($4,3/'"5"1&(M'
.%,"1-(8,#M'+""&,12'1"0'#"$#/"M'($4,3/,(,12M'*"(#$R"'($12'("/"4&,$1('&$'(),&'"&81,4'
+,1$%,&,"(M'"1[$B+"1&M'-314,12M'835,12'($+"&8,12'&$'-$M'%".%"(8+"1&(M'23+"(M'&8"'
$##$%&)1,&B'&$'*"'(,//B'31-'48,/-,(8M'/3)28&"%M',14/)(,5,&BM'%"/3X"-'31-'.%,"1-/B'
3&+$(#8"%"M'83##,1"((M'.""/,12')#/,.&"-'31-'&8"'("((,$1'/"3-"%U'D8"'*"(#$R"'($12'
("/"4&,$1('.$%'IJ9'2%$)#('%"./"4&('6$/-,"('"..$%&('&$'43&"%'.$%'&8"'1""-('$.',1-,5,-)3/'
2%$)#(M',1'344$%-314"'0,&8'&8"'9\)3/,&B'C4&'N=>?>QU''
'
:8"1'3(R"-'3*$)&'083&',+#%$5"+"1&('6$/-,"('4$)/-'+3R"M'4$1&%,*)&$%('
4$1(,(&"1&/B'0,(8"-'.$%'("((,$1('&$'*"'+$%"'.%"\)"1&M'"X4/)-,12'&8"'2%$)#'08$("'
("((,$1('0"%"'0""R/BU'95"%B'.$%&1,28&'%"#"3&"-/B'3%$("'3('&8"'$#&,+3/'.%"\)"14B'.$%'
("((,$1(U'O$1&%,*)&$%('4/"3%/B'/$$R'.$%03%-'&$'3&&"1-,12'6$/-,"(M'.$%'($+"',&',('&8"'
8,28/,28&'$.'&8",%'+$1&8M'($',&'/$2,43//B'.$//$0('&83&'4$1&%,*)&$%('0$)/-'0,(8'&$'+3R"'
&8"'"..$%&'&$'3&&"1-'+$%"'.%"\)"1&/BU'O$1&%,*)&$%('3/($'%"\)"(&"-'&83&'("((,$1('*"'
/$12"%'31-'$1"'31-'3'83/.'8$)%('3%$("'3('&8"'$#&,+3/'&,+"'-)%3&,$1L'
'
H=4J&-A"";-E+')3&+-G"3-')5-4)(@-4"-9+"9(+-)5;-D%5;-"34-)E"34-"4!+,-4!%5A&-4"-A"-4"/-=D-
&+&&%"5&-),+-,3&!+;F-4!+,+-%&5J4-*3'!-4%*+-4"-'!)4-E34-("5A+,-&+&&%"5&-#"3(;-!+(9-
4!%&/L'N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
'D0$'%"3($1('0"%"'2,5"1'.$%'&8,(M'&8"'+3,1'$1"'*",12'&83&',&'#%$5,-"-'+$%"'&,+"'&$'
($4,3/,("U'K.'("((,$1('0"%"'(48"-)/"-'+$%"'%"2)/3%/BM'&8,('+3B'1"23&"'&8"'1""-'.$%'
64
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
("((,$1('&$'*"'/$12"%'$%'3&'/"3(&'1$&'3(T/$12T3('4$1&%,*)&$%('4)%%"1&/B'()22"(&U'K&'
03('3/($'1$&"-'&83&'($+"'4$1&%,*)&$%('."/&'&8"%"'03('&$$'+)48'&3/R,12'-)%,12'&8"'
("((,$1(U'K&',(')1-"%(&31-3*/"'&83&'6$/-,"(',('&%B,12'&$'#%$5,-"'&8"'$##$%&)1,&B'.$%'3('
+31B'#"$#/"'3('#$((,*/"'&$'3&&"1-'6$/-,"('31-'&8"%".$%"'.,1314,3/'4$1(,-"%3&,$1('
+3B'%"\),%"'/"12&8'$.'("((,$1('&$'*"'4$+#%$+,("-',1'.35$)%'$.'*%"3-&8U'V$0"5"%M'
&8"%"'+3B'*"'($/)&,$1('08,48'431'*"'"X#/$%"-'0,&8',1-,5,-)3/'2%$)#(U'G$+"'2%$)#('
3##"3%'&$'*"'3*/"'&$'("/.T$%231,("'31-'3%%312"'+""&')#('31-'($4,3/'"5"1&('$)&(,-"'
31-',1-"#"1-"1&'$.'6$/-,"(L'
'
H=4J&-4!+-9+"9(+/-O"*+-9+"9(+-;"5J4-&++-)5G"5+-)((-#++@+5;-)5;-4!+G-'"*+-"34-4"-&++-
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D,%+5;&!%9&-)5;-4!)4J&-E,%((%)54/L'N6$/-,"('#3%&,4,#31&M':3/"(QU'
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D8"("'2%$)#('&"1-'&$'835"'31',1-,5,-)3/M'08$'$#"%3&"('3('3'4$++)1,&B'+$*,/,("%'
31-'/"3-('&8,('#%$4"((L'
'
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9%5/L-N6$/-,"('#3%&,4,#31&M':3/"(QU'
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HQ+-)(#)G&-&4)G-D",-)5-+K4,)-!"3,-)D4+,-4!+-&+&&%"5-4"-;,%5@-4+)-)5;-'!)4/L'N6$/-,"('
#3%&,4,#31&M'912/31-QU'
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H]5+-A,"39-,35&-%4&+(D-)5;-4!+-&+&&%"5-(+);+,-;"+&-%4-"5'+-)-*"54!P//L'N6$/-,"('
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31$&8"%'5"1)"'08"%"'($4,3/'3(#"4&('$.'&8"'2%$)#'431'4$1&,1)"M'0,&8$)&'&8"'
65
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
%"\),%"+"1&'$.'3'("((,$1'/"3-"%U'6%$)#('08$'-$'1$&'835"'0"//T"(&3*/,(8"-'
.%,"1-(8,#'2%$)#('+3B'1""-'3'+"31,12.)/'#)%#$("'&$'+""&M'08,48',('08"%"'$.."%,12'
()22"(&,$1('()48'3('$%231,(,12'3'()*T2%$)#'&$'&%B'31-'%"4%),&'+$%"'+"+*"%(M'+3B'*"'
".."4&,5"U''
'
C--,&,$13/'()22"(&"-',+#%$5"+"1&('$.."%"-'0"%"L'+$%"'($4,3/'"5"1&(M'-3B('$)&'31-'
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)1-"%(&$$-'&83&'3'1"0'*$$R'83('[)(&'*""1'+3-"'353,/3*/"'31-'&8,('+3B'1$&'*"'
R1$01'&$'&8"("'4$1&%,*)&$%(Q;'3'0,-"%'32"'%312"'31-'3'+$%"'$#"1'/3B$)&'%3&8"%'&831'
&3*/"(U'!"23%-,12'/3B$)&M',&',('R1$01'&83&'($+"'("((,$1('3%"'%)1'0,&8$)&'&3*/"(U'D8,('
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#3%&,4,#31&(U'V35,12'31'$#"1'/3B$)&'+3B'1$&'(),&'3//'2%$)#('*)&'&8"'#%$4"(('$.'
$12$,12'+$1,&$%,12',('$1"'08,48'0$)/-'8"/#'6$/-,"('"1()%"',&',('+""&,12',&('4/,"1&(7'
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'
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#3%&,4,#31&(U'J31B'$.'&8"'%"(#$1("('&$'&8,('\)"(&,$1'-"(4%,*"-'*"1".,&('-,%"4&/B'
%"/3&,12'&$',+#%$5"-'0"//T*",12M'&%,312)/3&,12'&8"'\)31&,&3&,5"'-3&3'.%$+'&8"'
\)"(&,$113,%"(U'!"(#$1("(',14/)-"-'"+$&,$13/'31-'#8B(,43/'3(#"4&('$.'0"//T*",12U'
A$%'"X3+#/"L'
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H<+"9(+-#+-4)(@-4"-)D4+,-)(#)G&-&)G-%4-A%>+&-4!+*-)-(%D4^-+>+5-D",-3&-#%4!-
35'"*9(%')4+;-(%>+&F-%4-#",@&-D",-3&-4""/L-N6$/-,"('#3%&,4,#31&M'912/31-QU'
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-H=4J&-)->+,G-39(%D4%5A-)D4+,5""5F-+&9+'%)((G-#!+5-G"3-(%>+-"5-G"3,-"#5/L-N6$/-,"('
#3%&,4,#31&M'912/31-QU'
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HC>+,GE";G-A"+&-)#)G-#%4!-)-&*%(+-"5-4!+%,-D)'+/L-N6$/-,"('#3%&,4,#31&M':3/"(QU'
'
66
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
-H=4J&-)-D++(VA"";-D++(%5A-)5;-%4-4)@+&-)#)G-("5+(%5+&&/L'N6$/-,"('#3%&,4,#31&M'
912/31-QU'
'
H=J>+-)(#)G&-!);-)-E);-'"3A!-E34-4!%&-!)&-*);+-*G-E,+)4!%5A-E+44+,/L'N6$/-,"('
#3%&,4,#31&M'912/31-QU'
'
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A,+)4/L'N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
:83&',(',1&"%"(&,12'8"%"',('8$0'&8"'%"(#$1("('$.&"1'.$//$0'3'&8%"3-'.%$+'&8"'*"1".,&'
&$'&8"',+#34&U'D8"%"'0"%"'3'%312"'$.'%"(#$1("('%"/3&,12'&$'4$21,&,5"M'#(B48$/$2,43/'
31-'($4,3/'*"1".,&(M'08,48'3%"'.%"\)"1&/B'4$1(,-"%"-'&$'835"'31',1-,%"4&'#$(,&,5"'
".."4&'$1'0"//T*",12U'G$+"'4$1&%,*)&$%('+3-"'&8,('/,1R'&8"+("/5"(L'
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HO"*+4%*+&-G"3-D",A+4-G"3,-"#5-;%&)E%(%4%+&-)5;-G"3-D++(-6b-G+),&-G"35A+,/L'N6$/-,"('
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:3/"(QU'
67
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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'
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-,(3*,/,&,"(L''
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HO"*+-9+"9(+-#!"-!)>+-!);-)-&4,"@+-)5;-')5J4-4)(@-E34-#!+5-4!+G-&4),4-&%5A%5AF-4!+G-
'"*+-)(%>+/L'N6$/-,"('#3%&,4,#31&M':3/"(QU'
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H=-&++-4!%&-();GF-#!"-*3&4-!)>+-;+*+54%)F-#!"-'"*+&-#%4!-!+,-;)3A!4+,-)5;-)&-&""5-
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H7",-9+"9(+-#%4!-;+*+54%)F-4!+G-'!""&+-&"5A&-)5;-#+-&%5A-&"5A&-#!%'!-4!+G-
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HQ+J>+-A"4-)-#"5;+,D3(-'"**35%4G-)5;-=-;%;5J4-@5"#-)5G"5+-#!+5-=-D%,&4-*">+;-4"-
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68
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
H=4J&-4!+-'"**35%4G-D++(/L'N6$/-,"('#3%&,4,#31&M':3/"(QU'
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x=-3&+;-4"-A"-,"35;-4!+-4"#5-5"4-@5"#%5A-)5G"5+P5"#-=-&++-8"(;%+&-9+"9(+-%5-B"V]9-
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N6$/-,"('#3%&,4,#31&M'912/31-QU'
'
69
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
O$(&'$.'4$++)1,&B'&%31(#$%&'31-'&8"'0"3&8"%'0"%"'3/($',-"1&,.,"-'3('*",12'.34&$%('
08,48'3.."4&"-'3*,/,&B'&$'344"(('&%31(#$%&'31-'&8)(M',1'&)%1M'344"(('6$/-,"('("((,$1(L'
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H=D-4!+-#+)4!+,-%&-E);-%4-*)@+&-%4-;%DD%'3(4-4"-A+4-4!+,+-"5-4!+-E3&/L'N6$/-,"('
#3%&,4,#31&M':3/"(QU'
'
H:!+-'"**35%4G-E3&-%&-4""-+K9+5&%>+-&"-5"#F-4!"&+-#!"-')5-*)@+-%4-4!+,+F-*)@+-%4-
4!+,+-)5;-4!"&+-4!)4-')5M4F-'"*+-EG-4)K%/L'N6$/-,"('#3%&,4,#31&M'912/31-QU'
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F1"'4$1&%,*)&$%'8$0"5"%'(3,-'&83&'&8"'/$0'4$(&'$.'3&&"1-,12'6$/-,"('("((,$1('
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G$+"'4$1&%,*)&$%('83-'+3132"-'&$'4,%4)+5"1&'&8,(',(()"'*B'3%%312,12'/,.&('*"&0""1'
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H:,)5&9",4/-O"*+-9+"9(+-')5J4-'"*+-%D-4!+G-;"5J4-!)>+-)-(%D4/L'N6$/-,"('#3%&,4,#31&M'
912/31-QU'
'
HQ+-),+-(3'@G-E+')3&+-#+-!)>+-&"*+"5+-%5-"3,->%(()A+-4!)4-E,%5A&-+>+,G"5+-4"A+4!+,-
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'
H:,)5&9",4-%&-)-9,"E(+*-D",-&"*+/-:!+,+J&-5"4-+5"3A!-4%*+-%D-G"3J,+-&+44%5A-39-)&-
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C('0$)/-'*"'"X#"4&"-M'43%"%('0"%"'3/($'5,"0"-'3(',+#$%&31&'"13*/"%('.$%'&8$("'&83&'
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'
70
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
H=-')5M4-A+4-"34-"5-*G-"#5-E34-*G-'),+,-E,%5A&-*+-,+A3(),(G-4"-8"(;%+&/-Q+-*)@+-)-
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4%*+-"D-4!+-*"54!-D",-*+/L'N6$/-,"('#3%&,4,#31&M':3/"(QU'
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K1&"%"(&,12/BM'8"3/&8'03('$1/B'%"."%%"-'&$'&0,4"',1'4$1&%,*)&$%(7'%"(#$1("(M'$14"'
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#"%($13/'31-'#%,53&"'13&)%"'$.'&8"+U'D8"%"'03('3/($'($+"',1-,43&,$1'3('&$'&8"'
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7',)2!P#4.3&!
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HP%4J&-'!)5A+;-E+')3&+-=J*-*G-!3&E)5;J&-'),+,F-#!%'!-%&-,+)((G-!),;-E34-#+-'"*+-
4"A+4!+,-)5;-!)>+-&"*+4!%5A-4"-4)(@-)E"34-#!+5-=-'"*+-E)'@/-=4J&-&"-39(%D4%5A/-O"*+-
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A$%'$&8"%(M',&'83-'8"/#"-'.34,/,&3&"'3'+)48T0"/4$+"-'.%,"1-(8,#'2%$)#'31-'83-'
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71
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
'
H]5+-"D-*G-D,%+5;&-&)%;F-UG"3-&++*-4"-@5"#-+>+,GE";G/M-:!+,+-),+-&"-*)5G-"D-3&-&"-
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C'."0'4$1&%,*)&$%('.%3+"-'&8"'48312"'&$'&8",%'/,5"(',1'&"%+('$.'&8"',+#34&'$.'6$/-,"('
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H`+&-%4-!)&/-`"3-*%A!4-A"-;"#5-)5;-!)>+-9,"E(+*&-E34-EG-4!+-4%*+-G"3-A"-!"*+F-G"3-
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H=-;"5J4-4!%5@-G"3-')5-D++(-*%&+,)E(+-#!+5-G"3J,+-4!+,+/-`"3-5+>+,-D++(-*%&+,)E(+-
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H=4-!)&-4"4)((G-'!)5A+;-*G-(%D+/-=4-E,%5A&-*+-T"G-)5;-9+)'+/-=-&4,3AA(+;-4"-'"9+-#%4!-
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912/31-QU'
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G$+"'4$1&%,*)&$%('-"(4%,*"-'8$0'3&&"1-,12'6$/-,"('83-'/"-'$1'&$'$&8"%'&8,12(M'
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'
72
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
HO%5'+-'"*%5A-4"-8"(;%+&^-%4-!)&-"9+5+;-"4!+,-;"",&-D",-*+/L-N6$/-,"('#3%&,4,#31&M'
912/31-QU'
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H7%5;%5A-"4!+,-9()'+&-4"-A"-+/A/7,%;)G-'(3E/L-N6$/-,"('#3%&,4,#31&M'912/31-QU'
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912/31-QU'
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912/31-QU'
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73
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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74
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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'
75
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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76
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !
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77
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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78
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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79
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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80
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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81
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
)5;-%4M&-(">+(G/-Q+-(">+-%4-)5;-%4M&-&3%4)E(+-D",-+>+,GE";G-">+,-4!+-)A+-"D-.iP/-)5;-
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K1&"%5,"0'Z'
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82
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
H=-("&4-*G-!3&E)5;F-%4M&-4!+-E+&4-4!%5A-=-'"3(;-!)>+-+>+,-;"5+/-=-!);-T3&4-*">+;-4"-
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H=M*-*++4%5A-)-("4-*",+-9+"9(+/-=M>+-(%>+;-%5-B(+>+;"5-)((-*G-(%D+-E34-5"#-=-!)>+-)-
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K1&"%5,"0'`'
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'
83
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
H7",-*+-%4-R8"(;%+&S-#)&-,+'"**+5;+;-EG-)-D,%+5;P/L'N:"1-BQU'
'
HD",-*+-%4-#)&-)5-);>+,4-4!)4-')*+-4!,"3A!-4!+-;"",/L'Nf$B4"QU'
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HIG-D,%+5;-&)%;-%4-#)&-)-(%D+(%5+-#!+5-!+,-!3&E)5;-!);-;%+;/-=4-#)&-!+,-'"55+'4%"5-
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HP-("4&-"D-()3A!&F-("4&-"D-D35/-Q+-@5"#-+)'!-"4!+,-&"-#+((/-7,%+5;&!%9-)5;-#+((VE+%5A/-
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K1&"%5,"0'W'
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I3%*3%3'3%&,4)/3&"('[)(&'8$0'+)48'(8"'"1[$B('1$&'$1/B'*",12'3'#3%&,4,#31&'3&'6$/-,"('
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H=M>+-E,"3A!4-("4&-"D-9+"9(+-)5;-4!+-A,"39-!)&-E+'"*+-E%AA+,/-=-(%@+-4"-+5'"3,)A+-
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I3%*3%3'3/($'83-'($+"&8,12'&$'(3B'3*$)&'%"4%),&+"1&'31-'0$%-('.$%'#"$#/"'08$'
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H=M;-&)G-T3&4-'"*+-4!+-"5'+F-G"3M((-E+-!""@+;/-=-4!%5@-4!+-*+5-&4,3AA(+-*",+-E+')3&+-
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84
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
T3&4-'"*+-4!+-"5'+F-%D-=-@5"#-G"3F-=M((-'"*+-)5;-A+4-G"3-)5;-#+M((-A"-4"A+4!+,-"5-4!+-
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NI3%*3%3QU'
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I3%*3%3'0"1&'$1'&$'$)&/,1"'083&'(8"'/,R"-'3*$)&'6$/-,"('31-'8"%'34&,5"'%$/"',1'
()##$%&,12'&8"'4$++)1,&BL'
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HR=-(">+S-4!+-&%5A%5A/-=M*-5"4-)-A"";-&%5A+,-E34-=-(">+-4"-&%5A/-=-&)#-%4-);>+,4%&+;-%5-4!+-
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D$'4$14/)-"M'I3%*3%3'83-'3'()22"(&,$1'%"23%-,12'&8"'5$/)1&3%B'-$13&,$1L'
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HP/-=4M&-)-E%4-35'(+),/-`"3-+%4!+,-9)G-)-D++-D",-4!+-&+&&%"5-",-%4M&-)-;"5)4%"5-E34-4"-&)G-
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K1&"%5,"0'a'
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H=4M&-'!)5A+;-*G-(%D+-%5-)-E%A-#)G-)5;-!)&-!);-)-E%A-+DD+'4-"5-*G-(%D+/-=M*-*",+-
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85
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
'
HP-D",-*+F-)D4+,-E+,+)>+*+54F-=-#)&-"5-4!+-,");-4"-)-E%4-"D-;+9,+&&%"5/-=-')*+-4!+-
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J3%23%"&'0"1&'$1'31-'"X#%"(("-'[)(&'8$0'+)48'6$/-,"('+"31('&$'8"%'31-'8$0'
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'
H=-@5"#-9+"9(+-!)>+-)-("4-A"%5A-"5-%5-4!+%,-!+);&-)5;-')5-E+-355+,>+;-)E"34-%4-E34-
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86
Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
G"3M((-E+-4)(@%5A-4"-+>+,G"5+F-T3&4-(%@+-*+/-`"3-')5-!)>+-)-A"";-()3A!/-=4-*)@+&-)-
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6/$%,3'&$)48"-'$1'&8"'&8"%3#")&,4'".."4&'$.'(,12,12'3.&"%'8"%'*"%"35"+"1&'31-'+3-"'
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H=M>+-A"4-)-A,"39-)4-4!+-E3&-&4"9/-]5'+-#+M>+-;"5+-"3,-&!"99%5AF-#+-)((-&%5A-)5;-4!+G-
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87
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Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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Goldies Evaluation Report 2020' ' ' ' ' ' ' ' ' ' !!
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Goldies Evaluation Report 2020
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97
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Variable 1 Variable 2 Mean 6.5 9.6796875 Known Variance 3.73228 1.2273 Observations 128 128 Hypothesized Mean Difference 0 z -16.15351259 P(Z<=z) one-tail 0 z Critical one-tail 1.644853627 P(Z<=z) two-tail 0 z Critical two-tail 1.959963985 !!! !
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