2020-12-31-accounts

CKARrrY NUMBER.. 1045067 COhlPANI'NUMOER.. OJ0115I0 (FwEIAlld 1ndW#￿) ARTIST sfuDIO COMPANY REPORT AND FINANCIAL STATEMENTS (A Company limited by Guarantee) FOR THE YEAR ENDED 31ST DECEMBER 2020 ali *A4E6WKIW' 0111012021 ¢¢YAPANIES HOUSÉ

ARTISTS sfuDIO COMPANY CottteDts PAge Contents Legal And ldmlntstrgtive inforration Trn$tees' report Iiidependent audito￿. report 8-10 St4t¢mtot of finaneigl ac(Svilie5 ij B#Sance sheet 12 Casb flow sttemetst 13 Notes to the financial ststements 14-20

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ARTLSTS STUDIO COMPAriY RepDriof Ihe for the ytxrendEd Jlst Dt¢embtr 2021 Thc tlljthcs ue plewd (oprtttsittheiTrewrti•¢rwth fjnc1aLstst￿ents of the awity forthe ye•"¢thd 31si De(tm¥￿202O Le881 ¥iJd dmiNistT8tiv¢ Infomiati4￿ %LOUtM pEe thrte forn￿ Mof this rer￿ The Irustecs confirni thatthe annD tyort financ4ql slulrmeD15 oftL Chuity cwty Viith c4vent #abLt(¥y rtwitf4￿ts. tl ￿￿t4￿and￿M And wcJes of aslocirtiort and the WaViSiOn5 oflhe Stai&￿enlOf Pca¢Aiee-AccOwL(i￿¥ITh0 R¢wtinsby Clwrslie5' ISOKP 20051 i&sued in 2005 a5miStI in May 2W8. Aim$ •nd objcctbvesof the Charity "rhe obftctI￿￿s￿fthC Chariiy it. . To advats¢4 the ethCbotyof￿pjbllc in thert& To htyher th¢ al#)v¢ ¢￿)eLl1ve3￿ Clwily in i¥i¢f:_ . Pmvidesor in iht pmvisi(NJ ofatctsmThwdatw spa4 equipnetyAod for istsof PTom¢5¢ t¥ho by rea￿1 orth￿rPO￿crtY arcU￿a￿le to provide 5uth a¢mrnJnthIion.￿d￿ spa¢4tqUipmc￿t atsd unaided. • Prornotes, encourages S[￿[5 woduux ortna1D(ail￿ asysts in thE pr¢JllO¢toJ). $ptsty)ring, Ptoduc¢iaryoTmaintrDanCe ofaucion41 exbibitKM5 and Krfumairt4inpblic spac<4 and else￿WE of paintiw. sculptw4 pl￿￿8r￿4 lit1)ogrAP￿ ￿8￿ving4 iwjrts. ¢Tr•Jo¢li¢tliery. w, rJIn￿ thjmstjtsyi$. pla)Y Must¢￿ WDths. opet4dancc. dtam4 ￿. liw uvrks or cv¢Trts Or￿J$t14 musicd DTlit¢TWy mtrjt.. • Provid4 rnainthits%id impm%%sor in th¢wovBiLm. and itnptVV•)4Lt•f wtmi5t4 of cwtry ¢kStription forcxhibilioAS and Dr ptrfrjnuaocts orpoulljo￿ sculpture¥ P￿P￿Ph$, lilh. enyyvllwctch5Tr83. ¢name15. jewrllcry. 8ufG. film5. xiimalw5. ￿ay musiul tks. opcr4O•rtK lita'ary W¢￿ 4nd • Provides or wists io the PfDVi%ion ofstudia& aTrAothcrptEmi5ts0fevery the slwjy ¥nd ￿Il￿80t rnaile￿ of ￿l￿[ (vlil¢nrylWiL Orgsni5otio The board oftrusu curry0￿y BLuth Ikdte butth¢ lJ¥d Hwy rrtmn timc tol1mtwis￿ tJJrt•5¢ ofmcmb¢ts. Powtts wini trusttts tr￿ortn￿ A thitfLYturfive is by & trustre5 10 mana&tthcday404ay operali¢Jns of thE tarity. IDVCSlni¢nt ptswQt5 The ttU51eeS I￿ve disur4i¢xi L% lo theJknwJneriuwhith fLth ￿ i￿¥￿£d. rAl¥ie¢ in thii rt48yd IJ sought thnwgh the CThariiyt fin￿¢￿¥1 ¥dvi%srlbroku. Truxtce induttion h7iMiNg 'ATUStr￿ pmvidcd wiib iijdtscttoti pxk ¢¢￿taIn￿1￿￿Y as the Chxitycoouniswws. utIc￿ne leaflcl. 'The Essential Trustee. and asuinThwy of th¢Tr￿st￿% ￿ New In￿4$ t erttautaB¢d tilDe￿ Ind￿￿10￿ and meeiith&k¢y ¢mployx4.

ARTts'Js sfvDJO COfvIPANY Reporl of tlLe tYU5ttes for the year tnde4f 3151 DettJwbtr2120 (M4flllwtd) S¢ruci¥re? zov¢rnAncc and New ar¢ qppoinled IlMw8h rE￿￿[￿endatIo￿ irtaWThWith the fvll boattl. T1￿(ruste¢S niallage the ￿ll￿ty. The full board n)ctts ew qU8rter. The fuu botrd of is£¥rten￿wl1h wli¢y Jatters agrtcs board $tr4egiLg •nd #teas ofaclivity forlhe Chartty. Thechief bmiivc Officcr44t¥i th¢ fvll board on iorc (ktsiled InWi￿t￿len1. ￿￿1th thekN)ard revtew i.c. quttrtufy tijtcrnal WUAtiDslfi￿￿￿t. fflouitthingofiDrornt ¢XP2ndiiui'e, stsff$alBri¢S. SnTdio r¢tht rtViCl4 PIDPULY publi¢ W14p￿bliC¢xhibIti￿S artd cvents,risk fulwt othEV iS5ue51ktmtd 44xDpfi When importam uJatt¢f3 arise in cytks thE key staff atsd thll boyd c(Ammunie¥e With otherbyp or etWAil order torexh •dEC4SiDn. In XDrtsecas¥ It75 Felt￿¢ ty hold netin& whoi prop¢rty is acouited •d hEads tequire aÈrecnnL The rtspon$ibilitiC5 fordly-1￿ Ma￿#8￿￿•￿0f theawity li¥ with the ClilefEx¢ty(iNEO￿Lc￿r.￿hO hs th¢powe45and I#¥￿￿51b111Il¢s apwO¥￿ by fhe In¥S(etots io ASCtv¢nts Stsged 8 cxhibilions td eveors Exhtbii¢d 44 artists Pt))vidtd 5 yourtg artists with 4￿A Thy)￿s￿ctItrn1 dig¢ounts for2 y¢8 Pwvided I frte wothspice to Lywn8 tisl foT2 ye Provid2d 32 izttni Braduate artists suffttin8 ftho¢ial bathhipwith 20%[t¢diKW￿ 12mc•d Pmvithd 209 thtits fJo•xial hathip with SO%rn¢di8¢£sths fv 12 ni¢ Covid 19p￿d￿l¢ prt5•rted mthy dballengts lo sofeguord ASC'$staff visit(￿S tt￿ChIlIty ¢aTrceJled 411 its pllblicevcnts beL%veen Awil 21)20 to September2020. Forth18 th¢Dwb¥oFarfists W¢S￿PpDrtth1 Ihrou8h aiibitic opp0th￿ilieS atyl thc nunkn of vist¢tyS M¢l¢oJllcO Y+rrc¢Jr&tC411y tY4JK The pand¢mic resultd in arttth ￿ ￿ake15 ￿lf£￿restI￿r fina￿1￿ hardthp. ASCheW by pnwldi￿2fj9 fiS wlth 50%. lo￿lEntd[SCthu￿ b¢LW IdMy 2020-31st Matdt 2tr21. We •knintrtyJw¢d Rc¢rt(hthMtc SdJe5ne provided 2￿rent disc(vJnL% lo 32 y￿8 ￿￿￿ts for 12 r¥Joths. ASC adopitl eltwi)ativcway$ofMthiry8to saf¢8uJrd thehtalth o1the4yisth¥￿nw visilws Eatly its the JWI'ASC iThtsYJdueed home wtiin84ndpew tecthrf*losy ￿ ajknv rorrnote￿d ￿41n¢ wWking￿￿&

AI4Tisrs sruDIo COMPANY Report of th¢ trnsteu fotr the e•dtd 3lsE D¢¢¢mbtr2020 l¢Dniintted) As a dilectrcsull of tbE ¢%￿1¢￿¢￿{ a laryt incre¢ Kb tuwjl (urn artd y7￿￿￿£e wa￿1¢1￿ howeii leveLsbw¥¢¢d bxk quickly al 31sE IknTLi￿2O20theeIWiry rettsded & tenAlIt 0£cUp￿¢y levcj amss 411 its bDildin8S ￿[stiL￿g 94.56% Thiswas itior¢in owJw¢yof125%from the level recorded the previous yeu. theyEJrASC r¢¢¢ivcd • fomul BJv8k N￿1Cco￿ 99 iwRotrJ. RO￿rhIthC. Tbr NolKC ￿qUI￿ ASC tova￿1¢ l]K property on 1st Febsuary 2WII. ASCSeLved ThDtice ￿ ouriqi￿ts the WDPtsty in 2020. Tjikg was 'nl¢8iiwhiie' building thhLpTvv¥led 32 affo[da￿e￿otytt& t(yther %Yith ￿ art￿$ led 8allery space. ASC fDuJxI wilab •I¢¢m￿Ve ￿rk5p0¢t for IixrA Dfits (Ell￿s FAVJ 'lknis ytnr ASC h4dpl¥n$ io PVEd)ase a 75 fool bwEe With OTr the Cwlll alon85idc the (JT#ani%atiott% alin8 R04d prwrty. IB Brtnt b¥J f¢xmally 8Ére&l tht wrthasc. As a result Df the paftdtthic ASC ckded lo ¢thed pl0￿( 17 ¢r￿strtS A8th loonnKh ofa firi•K4al iisk given ccoJ¥)miGClin￿tt A5C's bU￿ne53p1a￿ isba￿d ￿ woirin8 ncwptwies 4 Wow ¥￿Uc41r[￿ Wc consi&rMw￿vhli¢ and pxmiAneniwpeny. Wedefme r￿1 F¢DPtrly a5 woperly JYJd J¢a5ekno]d{OVCT99 yearn￿)0r fre¢b)Id. ASC is tht choscu opErnioYryJ h¥ a8¥ttd the atfordable wvrkspace elemc41ts in¢fuded in * lluTrbe¥of Iiew build mixed ￿e develop￿1 sthtojes. All the5¢FWiE5h&v¢lKc41off¥ed toth¢Ch¥ity 41 pUrc￿e aDd r¢rtAI pri¢¢5 DL le￿1 50% Trlmvmarkei ¥aJuL ThedthiLs of ctimffter¢iJlly5WtiY& All e und¢r¢on￿ru￿l•rt W¢ plaD iv providc Thwk5Pocc lo artists #nd Jvkus all thrsepwiie5. I'he Charity pOrth￿￿Spa￿ for57 i¥ithmuch impoved facilitiek The purch•se of47C Stre•ibaM Hillhas increased the Charfties portfvlloofpennaThentbuildlngs to three. Thi$ year's Finao¢ial SiatuwiLS show a $utplus 6)rthe yeartotallin8 L1I7.743 compared tk wivious y L¢tslliJig £123.229. The riD￿(l￿ St￿¢D￿￿$ slwa io(w¢ for¥￿Ye￿ lo￿11108￿5)4,g69 compared to the previo yt¥rtOtsllirtÈ£l,139J81. Given the challert￿the ChEnry facd dr41in8with thc Covkd 19 P1ndctt￿￿thC th￿tes#g￿t an in¢re48e in gtuss lOtalliDs£201.WI (tstludir4 Èt#ttts) refledd the Ch¥itits ￿SitiOn ondexcelteni iuufjgeAThtofth¢ctisi%. Re5ervu policynd 175h mina8¢mtst As at 31M DecelD￿2020 ASC tt£orded futth total￿DE£l.655.981. Thccb￿l11uS fttewervtt illclvd¢ £302.500 Tetsjwnable thdmay I4￿lY be uttd rApira]. The ttuMee5 a8ree thalitlurnablc space deposity rn￿tbe held in wJd1ti￿ 10 ¥ minirnum free rtstsv¢ ¢pJxetewiv¥knt thoAih$ Émss I ¢xcJudinggrni l or£585a95. This i% theyjmthe ag￿e is llft&wableswL to.%•ft8udwi￿Lll￿ Ch¥ities Th¢ li￿￿￿¢tS aertt th8iwithitt theirAal fttt ￿$￿Ve5￿P (0£768.086 mtybBu¥dto witre buildinRsot foriwilditt iMprove￿eNL thiEf Ex¢aiv¢ 8 M8ittRiSksRe￿ff dctsilinEthcrththe tharrty isexpthl to. The ate 8&b$fyed the Syste￿ are In placeth mitiBJie expwwrtto Iht rssk> The Cb*iiy Cojjtin¢￿ w maiDts¥n andirnptem￿￿ strir4 finxncial £W￿[DJ5 OTts lo s•feguwd tht ¢h8rity¥ Thc es Thitwih¢ uthtsolS￿L0dleI1IY w ¢[￿￿e they med the charity's nec

ARTISTS sfuDlO COhtPANY 'r1'￿SeCt5. rcpoi't ta). dLe year ended 31 De¢embcr2020 (wkfina¢d) IrJv¢5ImElltfoliey ASC'S iilVe5tsntJits Qrt sJfr8ual￿cd in xrtydJc¥ th¢ Chuifies •d havi￿ Tewd ts) tht TTUS Act 2000. All the Cliartlies tnycth￿nts art held iti low Tisk batskaccouNS The ts￿ste¢￿ u¢4150dire¢wof Astists s￿di0 co￿p￿ trthEptr￿￿c$OfCthpknY Lw. XeTc¥wible for Pttp8ri￿g rhe I'ntgiecs'Annud Report8Trd th¢ in aeairdthit With Bwli¢able livJd rtÈul•iiofv Company lawLtouiiTs the iNsteos I0￿patt Snan¢ial staiemenL$ foreath f￿1￿ciat yeDv. Undet law the trwtecs fflU5I pr<pwE the thiaoaal slAkrnenls accordance With Unita Kirfd4Xb) C￿traIly Ae¢¢plrd Accoun(ing Pr￿¢¢ (Unrted XinEdoth Ac¢uUlltin8S￿d￿[d$ anat they give a true fair viewof the swe of¥traits charitable (w)pany and of tlie ii1toniin8tey￿FC￿Èlld ¥ppli¢itioTJ of res(Atr¢ts, intJudiDktht iiltthJ¢ and expe￿dIt￿r￿ofthE chaylibie crAThpkny Ihatperiod. ' seleerwir2blÈ aeeouniing wli¢4es sod thty) 4ply th¢m CL¥￿1$4)￿Y. obseNc Ihe and pwFfjcipJ2s in tht Cb¥ili48 SORP.. moke judgmettts and estim)its thai teL%onabk Prn¢kni- ' ststc %vh¢thcrapplicable UK Acwntiikg st￿d￿s ha¥e follo￿. yDTr¥i4idtytyrr5 diwJost4J wb cxplairtd io Ili¢ finarnriil slstujcnts. aDd . pr¢paK th¢ fuiHncial stpteme￿ts Ihv &oin8 coJK¢rn utticss iiisiw4Kwfo thatd￿ ehwitable compwiy will wniinue lo fioanci21 positityi of the L'ba¢itJble tomparty sndcnable thcm to Usllrt thai tht f￿￿¢1•1 •Jnents co￿p￿ witb the Conipanies Aei 200& 11Jty pJr Algj Tr$p￿ible for s¥fc8ua71iD8 the a55ets ofth¢ tknritabie(47mPUty knce tthi118 reasoaabk st¢Ps forthe p￿Vention deiedion offraud and oth¢r iftcgulatiti FhÈ lyusltts tonfwjn thDI so f3rslW c mvr< isllo relev￿t fftxlit informalK￿l&sderlttd bysethon 4143) ofthe Cornpath￿ Art2006lof whidi tht rJwritsblB ¢OthPrty's wdiiors They hav t&k¢n ill the steps ib Ought to have tak¢n as UiJ5tces in rth to Dmke tbunsel¥es awartof any relevAal wjdiiiflfrthation andtrbesthblith the ch•ritabie coinwivs auditors Aw4r¢of that iofontt41ity). Auditor In iccord¢e with the Cornp￿￿ tick4 ts te￿I￿10n￿￿3Jn8th￿311￿rl￿￿ne (UK) tiJDik4 be [elp￿A￿led asdilot of tht CDmp&oy will t¢ wt 41 • Gthtsal h4tdin8 Thi$ repDrtJvAs Appi￿Ved by Iht hot)l of tTrvstees o dsieued OA its beli￿rbY.. JHAItirnO￿ C Upso

INDEPENDÈNT AUDLI"OR'S RbPORTTO THE KiEMRERS OF ARTISTS SL'UDIO COMPANY Opiilion fittaneialslat￿NeMts We hav¢ audited the finattcial of Artists St￿￿10 Coitwiy fortheyeaT¢nded 31 IkctmE¢r 2021 C￿lpr￿t theSi8leaneni of Fits8nc4al ActiYiiie4 tt Bala￿￿ Sbet4 Cath Flowgrtd th¢ telatrd Dotss and aCCtsuntin8wli¢it5. The finAIi•AJ rcporfing framewvrk IiWILas bten ippiied in theirry4xration i% 4)pli¢thie lawll¢Ki U￿l￿dKing￿L￿￿ AryAwiitinÉ StandLtdi: incI￿1Thg FI￿)cta1 rewrtUi8 Sithjifd Thc Tri#wi•I Stsnd•d wlbÈable in the UKgnd Republic oflTrtsrtd OJhyted CwrnlAc¢0¢dAcc•M￿1￿8£1?ditt). bj ￿r¢￿p￿1clll the finoDcial sthtcm¢nts.' 8IV¢ 8 tru¢ JTrd fw viEwofthe stste oFthethrit•blecomW￿S iffw.rsas at31 Dettmbu2020 WLd ofits incoming rcsDW¢U 3JHi applsca¢KJD ofrestsurc¢4 includ￿8 ils tiittsnt and ex1￿1(U￿. trthe yeartheftended,. . bave bw wowlypr¢p4od IR x¢ordJce ¥bith U#it¢d Genttally Accepied Accowin8 Pxaclicc: u . have L¢n in attord¥f£wdi the tWuÈrcMen￿Qfthe Charii(tsAct 2011. 15 for OPTThi¢ln We conducted our audil ID xcoidan¢ewith Inlunwal ort AwJiunE (UK) asAs UIK)) And 4¥1ic4bk illw. Our rewsibililies und¢rthosE Stand￿0￿c￿JrtherdCs￿ibtd ifft theAudltor'srespon￿bilitles forllLe aFAditofthE finanrial slalenLfJit55eclioJi ofour irporl. Wt ￿ lnthputhorud￿Ir•tsle in ¥tc<MtlJntt With ihctthlcal req4ituntNts tha¢￿till¢vani w o4tyaudi1of the fjnbrjoal slaltnients in the UK. indu0￿￿ ibe FRC'5 ￿11(81 Stsndatd. ¥iMI have fulfilled our0lhrr￿￿1￿ j¢s￿nSibilitieS SD aecothce writht￿ W¢ believ¢ th•t the audilevid£n¢¢ ha ob(airted is Sufficietit&￿ 3Jwpriateth ptovidea b￿15 forour OPilliQlL inauditin8 the financiaisiatertthts, hAvertyKludE4J th&th¢ VSB of th¢80iD&WK¢rn b¥sis ofawJwitlO8 in the Pf¢P3ntiDll of¢he fwntial statcments 15 ¥KKaryiate. Bosed on dJE h&ve perf￿￿ tth¢ not idowfied •y MAM81 wice4ta￿tCS relaiing toev£n15 W¢Dndil¢ons thÈL indivtknlly or ¢olkciively. may Castsi￿lfi¢alt0oub¢￿ the ilily to ¢Otslinuc going ¢oDce¥n fora petiod of81 t￿Ittl￿1Ven￿nth¥ from tht f￿￿￿1 ststeThKrts•rE thixed for Our wpoiisibilities l￿d the￿%￿bIlitI<50rthZ goin¢ are dcsuad ID th¢¥pJevanl se¢lio￿5 olthts vwort. Olhei. infonnhtiOD The InLSltes Ire YesF￿Nibt¢ fvrth¢oth¢rinform#EiOO. Tr odKriftformiM cunpyses the infOr￿pAi￿ I￿luded in the 'I'A￿l￿s, knual Repxt other ULan the filw￿la1 s￿lEMen￿¥￿￿￿￿￿￿1lorf$ rwrtthu¢on. Our opinion on iht fi%Mncial atcntrllts llOI wverth¢ ¢yhtt W(w)MEiOfft aThd.¢xccrAW thecxl¢nl4)UYn%T¥ expliritly ststrd in owrt4>0¢ Dot ex￿¢55 any forru ofassu(¥nc¢ tonch]siun ¢ty￿￿tion with{￿rI￿dItOrthC finanthal sialcDkents. our tUPODsibiiity Ts torer4J theotherinf<￿￿on aDd. In doiTr830. ￿the o￿T iTrfomiort is m#¥yally inton$isieD¢ wilh Ihe rinarJ¢i)18tatfaWlts orow kDowied8¢obtsiDtil in tht athdiLorothetWi5eaFW itsbc mJiertally IDi851d. If identify sueb rnalcriai anu￿$1￿￿n[Jw maieriai rni55tal￿ arnWUi5td w d¢tuwin¢wlth therc i8 am£ieriaJ i5511teirt¢lll in the fiDartcial slÈtrM￿ orfj matcrillj tDiSyfitCllLetstofth¢ottLeri￿fDNn1tEoll. If. basc4 on tht ￿1￿￿￿17aVC forffl￿. we ￿nd1￿ ih8Lthw¢ ss amthri4J missrwk4wiofthisoLher iTkn, ttquit¢d Iharfau. We hwvt noiliitsgto rerxt in thty￿B¥d. M/ttvs oll Ivhieh r¢q¥ir¢d i• repfyrt by exugfl• JTh ttL¢ li#hiof th¢ knowitdge ¥nd urthrMandin8 of the djtirttablc eawy ￿ its enVir￿en¢0b1I1Ded kn the L¥)Utse of the audiL bave ideDtifJrdmDteriil rni5stan￿ts in thr IrDStedTWL WE have Th￿aU￿S io feport in ofthc follo4ryTr&matters ￿ tel7Aion ID whtth Ihe Cb¥tities (Acctsuntsthl Rep￿$) R¢gulalton$2W8 requ¢re v5 to report Lo if. in owopinion- th¢ ULfovmiio 8rvth inthe •teixJuts is iCtsLSistaM im t¢wi tht Tn￿e¢s. ReporL or th¢ acu)VnL% ar¢ norin wlth theKcowL%tigtYCLYds' or t b•% n¢X All tbe iMfomutÈon explanaticw we ryqul￿ forLvtyJdil

INDETrENDEprfALDrroR'S IIEfoRYIYI THF. MEMBERS OF ARTfsTS STUDIO COMPAPIY Rwonsthilities of tn￿te Ayupla¢n¢d mon fvlly in thc lrnts. re5wn%ibililies st4tcma￿scI page 8. Ihc truste# (who arc Dlso thcdir¢clotS ofihE diaTiibJe vJMpany fw tht WJTPJXS of compwy lawl we rt5ptysible for ihBprcpaTrtioJi Df the ful￿1￿1￿1 slatcttstt fotbeitl8 satisfid that ttxy give a true and fair view. and for5L￿ inttrhal tontsol as ilie tnjslecs thkrmitie ts oecc& lo enabl¢ the prepwfjtton of finaThciEt StateMm￿ thai are fvce from ￿￿111 rnt&thte￿l. wheth¢r due to frllud ￿'em)r. In preparirtB the finai¢iaJ thr¢ma)￿ the tTUSte¥ giifcsp0Tr5itrAe the tharila>k ￿MpanY'S •bilily iocontim as i going Conce￿ dise105in8. as appli(bJ¢.nutte43 rEla￿d to goin8conc¢rn and u5ing(he going toncern basis or aecounii4tr ud¢ss (he (vjsttts to INwith(¢ bj ¢e¥stwli(W. OTknve no ttalimic 8Jiemaitv¢ b￿10￿0 $0. A￿dIto¥,$ JYspon$ihillttes forthe xudit uf the GnAn¢ial stattments ChJrobjeeiivts are lo Obtai￿ rea￿able wufdnc¢ about thelher￿ie finan¢1￿ ar¢ rt¢¢ ￿￿t¢r1￿1 misSth￿l¢n¢ frawi or eTh. HI To i&we an auditor'$ thaLinclud¢5 ￿j[Op￿￿￿). Re4soJiable asyJianc¢ Li a higli level ofwuYanc4 ￿ ¢s • •I￿¢ee udii twdutscd 14 X¢OTthtti%itb ISAS IUKI will alway$deLeci LT1#￿1¥1 iissthtthEntwkn ilexists. Mi￿￿£NLY can ti5e froni tyemwartd Consid￿rd material if, iothvidually ly'in the a88rwte, they cou]d re￿blY bc ¢xpcrlcd ID influ¢nc£ ts ¢vx￿rni¢dc[isIons ofusers thktn on Iht basis of t1￿ finan¢iil simllcnt Ivrwlo¥i¢ie$. indudin8 frxud. are instsnces0fmt￿Mpll4ncC wmh laws rt8ulatifittS. We desiKn woct&Lfcs irt li￿e wilb r rcwbilities. cojtlined abov4 lo deie¢i material misthtcnKnts ITh ￿pe￿Of irrEgula¢itics. iRdudll￿ frtd. The ex￿￿11 Lowthi¢h OL pro¢tdurrs 4tt 0fdettcti￿# ItTt8ulariti4 incltsditi8 fi¥ud. is d¢￿iled below. Di3r4t55iOnS held with. r44uiriu made of. nw¥8tyrtTrL rtd thuK with sovtsnanee a view lo idthiifyirt8 tILage law5 and rwlalirffins that cotsid ￿ txpecled to have a D￿jaI iwp•¢i ihe fjnthcsal slatrfflicnty. Duii Ilie en8aEQkient team ￿lef￿& the ouw¢KneJ ot dKse dis￿5$￿￿1$ trqJitiE5 shaT¢d with the team. as well &s c(m￿lde￿I•D ¥$ tD ¥A￿E howfr4￿M%Yo¢￿rlD th¢￿ilty. l1 followtni l•s￿0 wel￿tions￿￿¢¢idCDilf1¢d# ￿1n￿or SiEnificBrttw th¢uity'. 'Th03e laws and regulatic￿$ considcrtd toha¥e a dlrtdetf￿ffi the fnJaTr¢ial sl•lonwts UK I{qi￿lIng Sithrds Comp8Dy LAW. Employjwi Lw. Flealih ￿ ￿￿Y1￿1$1Itys Dot4 Prodion ￿tE￿I&ll0n, Tax and PertWUJ5 le8islaiioTh. diitributsble profits Wintion. li is thjnsidutd that no laws fr whirh noD nwy be io thc OK￿L￿V Ispects of the b￿51￿£$$. Attdit ￿￿Ce￿llr￿ undertake￿ trl RSPOtL%e 10 the potrniial risks telatin8 tts itTcgulafities {vALid) iDclud¢ fiaud and Mon- Compli￿le£ with laws s￿[ reguliionsl ¢¢4bwd of.. ifjwiries of gtyj dI￿ged will 8ov¢mKe As Lo ht¥ th¢ ¢ftlily coiiiplits WI￿ skncb la￿5 •kl reyJl#tion%' eThqulr￿S With the S￿1¢ ¢¢)ocerning athy BduLI or tKJ12ntTal liti84ion or c]4im8" iwiion of relev￿ W con¥ponthnc<: rcYiEw of boaThl ￿￿￿1¢$. testitsg the apprf)prialenE55 or cntries ID th¢ nomtnal kdger. iL￿UdIngio￿￿al cntiics.. rvii¢wiog ¢r•nydioDs arrfijtyl th¢ ¢nd of the rrportin8 Ptritid. IIK of aalyticthl to idcnfify t41￿X￿£￿ m¢wernuJts ¢D aojunt bttlancu which may Ix Indi￿1￿¥¢ or fraud. No instance5 of MAterI￿ n￿L.ComplI4￿ id￿tifi¢lL Howtru. tb¢likelshotyJ ofddectirtg i￿Ul4￿￿tI irtellldio8bxthd. 1$ I{￿1¢tO by tht inlthrfdiffiatlty iti detecttng irrtBu1ari￿c$. theerreuiventssofthc ¢￿tilY'S colltroh. zttd Ibenaiui4 tinjiog and cxttstof the audit preedurts wfwn2cd. Itre8ulariiies IhatYeMlI from fixud might bc inbC￿t￿Y mojr difficult to detect thaD iAE8¥itilies lh t¢5uII froffl ¢rror. As explaintrj above. thert is an uThavtsidblt tisk ijw MI￿1a1 ￿L%￿teM￿lts may ot be dete¢ted, evcn lhou￿7 the Jdit h8%btts 8rtd iti tO[d￿ceWJth JSA5 (UKI. A fvrtherdes¢riptiM of O￿r￿SPDnSibIliti¢S ftrihe ttudii of tht sw¢m(ts Is ou ¢he Finth¢ial R¢portin8 CouDsiI'8 wtbsile ai: httpsJhM¥.fr&f￿UVIud1lO￿¢4)￿yb1lLts¢￿. ThisdLseririon fornLSPXtofour40diioi sr¢wrt

jNDEPF￿DbNfAtlDJTOR's REPORf TO THE MKPwl8ERS OF SntDiO COMPANY (conlin￿ed1 rtport Ibi5 itp(xt is made solely lo Ihc djaitys In￿¢¢5. ￿ a ￿y. in with Stixion 144 of the ch8ri1￿ 201 L atyl th¢re8ulatiom¥rnède Wd¥Se¢l#￿ IY of thitA& Our•xlitMfjJk h45 so th we mi8ht#ait io di¢ ¢hrityts Ihose •T ¥e4uircd tosr ￿ them in ￿ wditorf Tqm4TrJ Dtherpurw)st. To Lhe fullest ex(tntpe¥tnitttd by IAW, % worussume [esp￿1b]I1ty other I￿n th¢ th4nty And thE¢liaritys trlL%lees 888body. for owAthlil i￿J. forth￿ ftrthcoplnlonsKha￿ knn&l. sifv¢rlKve￿(UKI knffjited S￿￿t￿lY Audit15r Ch8rt¢wtd C¢rtifIcdAc￿J￿aTr 17 W&rrts Strc Lond WI'I'6AD Doe 2910912021 Silv. teyent IUKI LÈthited isclikiblt fortypolrrt￿C￿I a%Mdilorofthctharity. theTtW by vith of itseligibiliry for Ippoinln3erttas aib4itorofJ c(¥wy w1¥5e¢tion 1212 ofibe Comptyni¥ A¢1 2fA6 10

ARTtSTS s-fuDIO COMPANY srATEMENr or FINANCTALACTIVITlfS FOR TItL I'EAM ENDED 31 DECEMBER 2020 1020 2019 INCOME Toc¢me frOlntb￿Jt￿EeadIvrtjrS dio lictyit¢ fe¢5 OtLKr inctyhrhg¢CSOWCeS L327,ffj56 13,922 193,291 l117,71Jl 21,800 l4 TOTAL 114COMK 2.i343&9 2.139.581 EXPENDITUB Trabl¢ xtivittes 2.217.126 2.016J52 TOTAL EXPENDITURE 2 217 126 NET￿c(￿lE 317,743 123329 TOTAL FUNDS BnOiIGITfFORWARD AI. I JANiIARY 2010 1338.238 1,21S009 TOTAL FUNDS CABJ1￿￿ FORWAB AT3J DECEMeER2020 Jo I￿55381 l J38,238 The Mt¢s ￿ pagcs 14 10 19 fwm th¢ frnm￿lI1

ARTtm STUL)IO COMPANY BAIANCE SHEET AS AI"31 DECEMBEtt 2020 2D20 019 Ploie5 nxED ASSErs I'•Ji$ibJe Investsn￿Lp[0pts1IeS 297.213 4.053 678 4J50361 373J90 4,426.074 CURAETrif ASSEJ3 315.505 1.261.824 Csh it blnk in hand 591311 1 607 329 902 74 CMEDITOR5.- IillinE d¥E ITi(ILiTr yer 805.S02 481.073 TOTALASSETS CURR￿ UAYLUTIES 5.15A763 4.914.147 CREDITORS.. Ain0u￿ts falliAide Iler more oTreyeAr 13JfKL782) '(3.575.909) NET A&Sfl'S 1655981 1338 238 FUNDS UJLrestiicted fun Surp1￿ fortheyer lJ38.238 317.743 1215,009 123.229 J'OTAL FUNDS Jo 1655 981 fin￿£￿) sigtements h•ve b¢th prtFwed ill with appjiubk ￿JbitC¢ io the SID￿1 ron>panics rt8ime. The Tiua¢S5 Aii$fied Ihal thE t￿￿F￿nY 15 enlitle4t to &ycMpti￿ frorn thc tequiremenl to obt•ifJ an srdion 477 of Ih¢Compunirs Ad I￿. Hotvet.th¢Ttustrts•rrsuli¥ficd isrewirtd thc ChaTiIKs Acr 2011. Trnsr£¢$' rtspollsibiJiti¥= - The bav¢ wl ratuired the ¢trupw kn obtsin aD a￿diE of its fill￿1•1 #&tcmenL% for th¢ ycar in que#ioll in ttcwrd8Th¢¢ withstttsoo 476 ofthe Compw¢sAd2006. . The Trus￿5 oEknowled8e their re$￿ibilitIC4 for cty)Wying of with r¢sFd ￿0CcOUnti￿g. rtctrd$ th thepreparatioo of [￿anCIal S￿eMents. Approvcd by the Irurteesw 27rt)912021 4Dd siyed thehr beb#lf by.. TruAce". J Tr12mmond TO￿*4.. C Up 12

ARTISTS ¥fuDIO COMPANY cAsn FLUIV sfATEMEKI'FOR THE YEAR EMfvED 31 DECEMBF.R2020 Noits 2020 21119 C•sh flows fi)m oper4linE ctivili Surpl￿￿defiCltI for the ytr 317,743 123,229 AdjvstmeThES ftsr. Lugehold &￿￿1153( Dcpreeiatiorl ofiangil)Jc Irte￿I paid bjtrresl iEceived GtamLYrcceived Cjrattts disbuY8ed Lw repgymcnts Movwii¢nt$ wDrltill¢ V4piixI D¢ciYAseJlin¢rt4sel irt detrtors Intr¢￿11)e£rest) in oYditty7 C45fv Iobsorbtd byygeJbeW¥ftd fk'Om•PtYliDn% 79,61S 4,019 74569 99,9 89,872 lJ71Jl 482.900 (171iOI) (91,6821 {l88,S73) {35.4441 15 678,044 165,025) Is Cl￿1 froin z¢tiVitie5 PutthL%e oftongible fjxed Inlei￿rreCe1v<d N¢1 fagh invesiing adivitits (8531) 172,5041 970 531 71 N¢t ¥rtci%ase4d¢cre%se) ill cxsk eouivakAts C&%h and cash CqUivalents al￿1￿￿ of Cash (ash c4uivlebts at t1￿ ethd ofpErtrod 669,513 J2 592 l2 Casli lliT cRsh •quivknts #t th#¢#d •f p¢rJod Cash a(bw￿aBd in haThJ 592 12 13

ARTISIS STuf)IO LY>MPANY NOTFS TO TH£ FJNI ANCIALsfATFMVnSFOH YEAR Ef4DED JI DECEMBER 2020 I. ACCOIJNTING POLICIF l.l BaSiS of prtPraliO fitsanei•l s1•rtts bave pepEd rn ￿r￿￿aD￿￿iih Acw]nLinEAod RcTrtkti08 by li￿.. SLakftKntofRec¢XY￿en4d Practi¢cwli¢able to ¢harititsKKwtn8 thcirattowmts in accuth￿With the Fil￿￿•8[ Rtportidg stsnd￿d 4yJitsble in th¢ a￿d Republlcofirtj￿ IFRS 1021 (ChariiiCS SORP IFRS10211 ISSU￿ io July 20L4. The fiiwiiial sla¢¢m¢Jts ¥¢ wrparcd (Tr sierfin&ithith is (he c4rncyof thcmmptty. these finallctal $tOteM￿ we lothe￿￿£. Th¢ f￿￿7clAI thaknent hav¢ ixta hisiotivl ￿￿(VIN￿liOn. IIK pincipalgwJunlirrfpoli¢i¥ athpled e5eiOUI bEIow. 12 Going Conrtr The financial slalements have b2eD pi￿Ed Trli•bly. from StsKJto fees is inthe ith the ¢thipw is cutrlttyj tojrrtive the iJKthLi Iprwne fL￿M is indrydcd in in¢oJoin8Trs0wttswh￿ rrreiv8blr. On hold on dtwiiis in¢JL¥kd rettivth Dd th¢ unc￿JAt metswed ttliably by theehar¢ty. thi8 is orn)ally upoo on Miiftcatsollotthe In￿st￿ld orpAyAble by th¢ baok 1.4 ExpÈhdil¥tT and Irre￿￿￿bIt VAT EX￿nd11￿¢ is ￿￿15ed In tk¢ fi)LIEial 5tH￿￿aSS0￿ askn 1$ a kgai or contyathal Obligati￿ Iwiiiittiu8 ￿le charily io thatexpe￿Il1UrE It i$pmb¥bkth81 Will b¢rtqtiited and th¢ amouni ofthE ¢Wi￿1)n ￿ be ￿￿￿￿j1Td All exp&iditu¥e ts acco￿led foriall 4n xw15bL%is. Ir￿0)Ver￿b1V VAT is a5 acost utegwj ofexrothuxe fw tiidL il WAS lowed. I..1 L'aDKible w$5ets T￿Nible fixed asSt¢s e inili•Uy ¢fJrtnd wivwjemlly ￿K￿J1rd aieost0rva￿iD￿.ndQfQk￿eUllt1Qn and DTry impairnxrtt lossc& Fixtd asw toitinÈmore Ihaa £1.￿￿)¢ Depreci￿lOn is recogni8ed so off the ca¥¢orv•iwiw of•sxts kss trirn5idual vJiut4 oytr thE1t￿rru] liv¢5 on Ibe lolloiMv&baEe5'. Lease iinprwm¢ots Short Itasdmbld wowty Motor Vehicle Fi￿leS & filli thE lifeofih¢ le4ye the lifeofthe lease 25%itduci118 25%teducin8 33.3%sErniBhLJine Th¢E8iO or loss the dis¢wl ofoTh assd isdtttMioe4 Is the di(ftrnce the $81¢ wJ(edswTrJ th¢ ¢•TWyiti8 lue of asgd. 4nd uediiedw lo rtsource in theS￿r￿¢￿I ofFiD4nc4al Adiviiie5.

ARTISTS STUJ)VO COMPANY NOTES TO THE FINANCIAL STA T£brfENfsFOR THE y￿RENDE￿ 31 DECEArfB£k2030 AccouNfNGPOLICIES(CON77NUEDJ 1.6 1nweAtiTrQibt Prop¢ilks lrtv¢sfmtnt Ew¢rty. whi¢h i3womy hejd fwcyiJl wdTts￿e. is initially recogni5￿1 atcosi. lu¢h irLclude5 thc purthvx cosi and w diJE¢tiy attribUtsble¢x￿dItyjTc sulw￿nelY rf is ￿faIry￿￿e rcportinee￿jd¥th. Ttse ¢￿der￿]l&)￿tY￿V$t￿jTh is rte0￿1$ed iry w)fJ¢oT Ioss. 1.7 Impairmtnl of fixed xssd A( each rwrtin8 dztq the thuity revi¢wJ Ih¢t#ry￿1tI￿U1￿ ofits ￿￿bIt asos ¢0 d¢wmith¢thher thtrc isally indi¢aion that Ihos¢ assets hayesuffrred impairment I￿. If suth indicatw)n exi4 the tetsivernbte arntsunl ofthc 855etS i5 ¢wmaied in to deteJTh¢nc the Lxteotofu impasrmrth1055 lif inyl. Whe4t itis not P05sibi¢ toesbmale th¢ rt¢ov¢rable 4mount of ao ityjiyxlwl 8ss¢t. thc¢b•¥ily£Yim¥tsthtrecoNtnbl¢￿￿lI0fd1cCaSh-Sr￿alTh8uTh1T I0￿7L￿7 die L%%¢1 b¢ionBs. R¢cov¢rknl¢ amount is th¢ bitsrof f•itvDlue ic%% ry&ts to 8¢11 ar#lvAIuE ￿711￿. lrt a55e%siftgvalve in use. Ik c5tknilcd ture Gash noivs a¥e diSCOun(eé lo theirwcs¢rt value D5in81 pfG-t&Y discount￿t (h￿ reflc¢ts assesmjtnts ofthe lirte valueof th¢riskts spwfi¢¢o th¢ Jwi frJrwthidJ th¢ tstimaieJ of fwllrc tlow¥ rx)I ke If rt¢overablE attWunto(w awl lore•shttwJathElllllI) is estimtd th beless thAkb its carryi118wDoun¥ the Gw'ryin8 anioitsil ofthe a55et l0reaskn-8rtheRii￿ulUtI is teducatth its recOv￿3b]e Ali impE1rn￿nI ID5S ￿ rtcognistd tinuLdi¥t¢ly in proti¢ oy las8 ihE rtle¥Aufs¥dis ckn¢d¥tA in thefttnpBirmenl 1¢ tr¢•l¢d Is • rcvaluttoty d¢cwt45e. Re¢o8rtised imp4imi¢ni Iihsstt uew¢v¢rstd if. (￿lY if. Ihe for iht impairn￿￿ loss have ceased to appty. Wherc rnpairn)crtt lok% subwuently rcvermts. the unying arnDUlltof (he vs inurA5ed lo the rtvi%ede51imat¢ ofits rrcov¢rpbleAmouni. butsothrtthe inw8scd arno￿￿Ld￿ not exceed the carryinB amoun( thatwould bave been d¢icrmiDed had rto inipaiimellt105s totthe in F¢iOf yew. A ￿VerSa10f4Th impJirll)Ml 105$ i3 re¢0￿13¢d iiwn¢dia¢¢ly in rtswurrc th¢ Slo¢em¢¢ ofFinwial Aciiwti¢5. IJ C5h JKt cuh equivakDts and cash equivalent5 2fE ts￿¢ fiThanual a%scts e4th in hawL dwits hem at ¢all Willi b8nks.rthtt￿l0rt- t¢tTr liquid inv¢sirnaits wthoiiBD￿I mabJtiliCS ofthrtt nwthsor baDkov¥thtls. 1.gFTnaei#l Initrllm¢n¢S The ¢hariiy to apply thE Povisioosofstdion I IIILqcFJllan¢¢al Inyrumtntr I￿j 12'0therFiNnr4al InstNnxnts Iswel ofFRS 102 toall olits fuL•Kia] FDATW Fin￿￿¢1￿1 U3sts￿￿7er¢i5 are reco8wd in the dwity's ￿￿te w4Ka the clwily bee4)wpty th d￿￿￿1￿cl￿aL prov15ions of the li￿n￿nL Futhmol assets 8nd lithiliii<4 areoffxLwJd the ttpxted illthtbRiaTht¢dKelwthEnthe¥e ts ￿t￿rr￿￿e&ble right to sd olTihettccyiscd uojrrtjnts aTrdther¢is an iDItsLiion 10 5c4(k allel bis orts) rtalis¢ thtas5etnd ￿1¢ Ihe liabtiity Simultaneo￿]y. ￿￿1¢ fi•Trcial assets fjoaoclal ewts. include aTrJca5h rnd banklbdww iTrili8lly rrusyThl attransa¢tson price srtdLkltD8 trAiisactiOTh U>sts and art￿bSeqU¢￿￿Y ¢4fTied 41 •rnort&Kd ¢ost usthg th¢ ¢rrediV¢ inte¥r5¢m¢tbod uTrless th¢ T￿gement cJJr¥5ti1ut¢s a fiNo¢in8 t￿￿$&(014 thc ts¥ns#diott ¢$ fjtd￿ puentvalueofihe fithKreceipts di5CDUOtd rn¥thLrnofiMIu¢51. Fitknntiil ¥5eLS cl455Èfied as rtceivk within oKyearare 00( nOrtid. 15

ACCOUNTINGJYPUCIES(COIVINUEDJ Impaiynientof finxnciHI sstls Finin¢4al KSCts.dl￿r tbos¢ bEld at fisr Ylue tw profrt aDd Iw we w¢swJ for1d￿[S of impainimt IrrAYlin8 dat assets uti￿pired where tbere is objediv¢¢¥iderfttFo4¥%¥ rtyjliofl￿e￿Ell￿E ￿trIt$ thDE OLthTe41 aft¢rthe UJLtifil rErO8ni￿oft Df thc finzn¢il tsxt.tk cXiTnaiedfknraTrh IIOWS affccknl. If an Isstt is unpoired, ihe It)ipairJueDrlo￿ is 1bedlfferek￿￿wtttt thc£win8)IQL¥lt aod the p[￿tY￿rut0fthC esbOJ¥ted th5h flows diseounled al a￿t'S effeGEiV¢ iDttyttstrau'Ih¢ irnNirnJellt toss is rEwyusd tTh prO￿or103 Jfthere isa der¥easeiTh the impairJneAI loss ar￿11￿8 evthLQe4￿rl￿8 ththe impainneni w&$ rttoglli5d. th¢ imp¥inneni ts r¢vosed.Th¢ r¢Y¢rs•l isyjth th•t¢h¢ ￿rr¢ThI r4rryi1l84ThW￿ldtsts￿ excttd VA￿ thc arnount bEC41. had Ihe iroporrmeni Thxrrtyiousiy beet) YeLryoi5ed. The imvim￿l rtTmsal is in profil or losk Dw'tets¥nitiow of fi￿￿¢i￿1 assets Financial ue derecoEN15ed Mly the contr•du￿ iithts tothee¥h flows the wetexpire $£￿tI. OT wk¢n lhecom￿nY ItDsfu3the srl y￿1￿1n11¥1jY 811 Iherisks nd ¥¢W￿d5 Orow￿clE￿IP ID jothEr￿111ty. ar ir st4￿¢ si8n1f1￿triskS r¢wards of own&thip are retaincd bul Conknl of the aLfet b&strrtsfo7td th•i is ablc 10 sell Trls eniirety th •n ¥nrei¥ed third F4rty. CFwifir¥QTro of firtantial libilitits F%ne481 lifjbililits ond eq4bkty pJcdassifd ¥tuFdiii&¢o th¢3thsttt of llrrnrtgemBnts cTrteYed An equity l[L￿l is evidellces a ￿lthIEl the￿ets of the otNnPAtsy afttrdeduclius￿l of Bstc fw•nw•l liibilitte5 Basic finaftcial li3knljlics.indudl￿c￿￿d1Io￿ bènk l¢JN frIIow8nwJ CUWiL5 aftd prcfertrf¢ slwes that aTe elassifi¢d 45 deb4 are irtitially rtto8nised aitm5atboTr ]xirt utsk&% ￿ a￿8e￿orD(tO￿sllLULets a fjnanc4n8 im5ac4ion. c Eh¢ deL& iDSmcnt 15 n%8wred al U)e pres￿1 value of the f￿￿rePaYments di%c4Mbiied m4thelJte of iiiiaE%I. Financial liabilities eJasgifi¢dA% payJle Within f y¢¥¢ DOLmortise Dtbt i•sth"illlleiltS aQ Subseq4eDIfy tayriod •t tssl. ilbe tlftttlvè iniÈrtsi rAtÈ thÈih•J. Trade ¢teditots xrcobliEaion5 lo pay for 8¢>)th th•ihavtb¢¢Tr a¢4uired iu tht on1inary courdc of bu5ines5 from siipplicr6. An￿￿nt3PaY1bk ￿ da5sified ¥ cuTh¢nt Iiabiliti&r irpayAu￿1 tsdue within oncy¢arvr less. IfttoL th¢y 4 prL%cThted •5 nom-￿￿&111￿?b7j1l•￿.TIadc ¢Ytdiwrs art rt¢wi%td inrknallyol tsnsa¢tion Pri￿ kndsubwiUytnta5UTed at ortised cost WID8 th¢cfTe£live intenstnKIW. DereeDg#itlon orrinincial libtliti FjEWiu￿ liabilitieslre ¢knc478lli%c41 therwwy's exp¥re or•Jr disch¥rB•J tr¢ant£lie l.l• Pejbsions Co$is Thetharity has scbtJn¢ The CO￿ ffj•dc by the chaTÈty Ea ili¢ $d￿n￿ afc charged BSOn¢xpendrfures tbey fall ¢kn. l.lj 0￿rIti￿8 tsAS kartals payablc u￿￿¢T0p￿&1ftg It￿ Inc￿dinÈaThy lease itKetLlive ttryivt4 are to Ib2 Swejntht ofFin•ncial A¢tiviti£5oo astsoi8h¢ lirtv basis overth¢ tel￿ of exLYPtwbsrt gnL4heTrnO￿ Sy5ternatic bk%i5 1$ more TeWeSct￿l1Ve ofthe trrni pattem in ￿1￿5 ecollL¥nic benefits Ow the leasewte C(ALSW￿. The8llin or 1055 arising on the dw58lof an s&￿ ¢I&￿Ined w thE diff£￿te bdmrett thc 5Ble proceeds and the cBrryin8 ¥al￿e of thtwei ￿ is uethiedor rJJarEed lo re50wtt in fv SÉJttytitntof r¢n#rt¢i￿ A¢tTViti¢s. 18

AKTISTS SI'UDIO COMPANV NOTES TO THEFJNANCL4L JYA TEMEN75 THE YEAKENDED31DECEhlBEX 202&fCONTINUED) Funds hEld by thc rh￿￿ty unre4tsiatd Ce￿&11 wtiidl u2ed iQac¢ththo¢¢ with ihe th￿1[able obitets Bl the J.13 T4xatiDn The tt8isltrtd th•Jity I$¢tt￿Pt from ¢ntome ¢¢¥T￿l￿ inw%dof th¢ch#rits￿¢aCts¥I1ies. 2. LECTALSTATUS OFTRK CHAR Theth¥ily is a totnpkny tin)it¢d by 8wJnte¢ rtd has Th04wte apMaL Tr tiatlity UL ￿5p#tO[theÈuarW1tr 1$ limrfcd to £1 perJlleth)berofthe thaity. 3. CHARITABLE EXPkNDITVRE 21no 2019 D¢rn 763,422 156,042 57,743 IJO,413 J57JOO 79.625 381 J43 37,925 37,908 71JJ35 24,A54 9.170 2,590 22.626 1931 126 4.718 3,113 1,912 4,019 4,468 7,308 1,714 175 501 2 217 126 763.422 A56.t142 S7.743 210,413 J57,30CI 781345 101.627 37,300 200.205 93,84.S 99,900 360,483 33J77 30J16 92J31 17,771 8,000 4,416 20.423 3,106 Dir Dire Li£hl a￿1 heJL R¢paiL and Jn¥tnltn>J)te Direci S¢atT¢itne SiatTtit7J¢ Direci Salartes Sotyaj St￿￿ty COSiS Legal woks$ioD Fundin8 & deve1th￿￿t P¢Dsion ¢osts AwYktot5' feJDUll&tlion 14iiitin8? P051a8e station Teleplione costs Compther & exptnse¥ Bank, andolhEr¢harse5 Travelling expw¢s Moror Lxptoses Sundryoffice expaises Deptettaiion 00 fIXts￿ & fittH¢s Stftff wolfatrjtrailllty￿￿tcMj1Th)t isutan¢e Galkry exw 381,943 37908 70J35 24,L51 9.170 2,590 22fft6 Dirtd Ditert Dirt4a Dire Dirr Dirc Dirtta Dirr£t Dircd Dwe Dtiett 126 4.718 3333 1,912 4.019 4.468 7JOS 6,684 3,489 3,840 843 6,049 6JO3 I￿15 1755lJl 2 217 126 2 OJ6 352 S￿[￿(e$0(keY£￿ft.￿etsthtrS io Bovern￿ ubL%ed tiQ¢WLOlI maii4ement and ￿minIStratiO0 4. STAFF COSTS 202 2019 Thestatrcwts Wagts 8nd sAlarie5 Soci#l s¢¢vrity ¢os l>aision ctss(s 381.943 37.925 360,483 33,377 17

ARTISTS SJ'UJ)Io foMPANY NOTES TO THEFJNANCIALSTATEMENTSFOR THE YEAR ENDEIJ31 DECEMBER 2020 fCONTINUEDJ srAFF COSPS I tottidl AdrninisiTaii Tho iiumberor¢m￿0yCtt withio dh¢ ftsJloiTrKbaDSs: £90.(fftI. £1￿.1￿)0 The nuM￿or ttvjpioyccstrith r¢itrM4Jl btsrtfitsgr¢¥tipinÈunder• rMJrch#¢sLcffte lotDtkd 9 (2019. ?). S. MOVEMEKf IN TOTALFVNDS FOR TItKYEAR 21120 2019 Thisis sthted dMrwng". Opcr¥ting Jews- land & buijdinv DerKciarion ofin8rble fixed as5Cts Aiidit4)rs' for4udiis¢fvitts 763.422 83,644 783.345 100.743 & TANGIBLEFIXED ASSETS 51l•Equt￿E t& MllfjyrW¢hkJ¢ Total A¢ l Jknu2ry 2020 al7￿ 4.052.684 16,021 7.538 4.956.208 A￿32 Al 31 Dcceth2020 03 678 23 Depreel•¢ioD At l Janw8ry 2020 Charge for (518.4OD 179,625) {11.7281 14,0191 1530.J3$1 183.6441 Ai31 DertmEKr2¢)20 613 779 bogk ¥aluè¥ Al 31 D¢¢¢mb¥2020 12 61 At 31 DcceJDber2019 074 7. DEFTORS 2021 2019 Trade deblotE PrepsymettLs OtbcTdeblor5 39.957 265.795 39,753 345 505 1.938 297.458 311J 063 18

ARTISTS ThJDIO COMPANY NOTESTO I)JEFINANCIAL &fATtMEKrs (cormNU8DI FOR THE VEAR ENDED 3J DECTrThIBER20 8 cR￿￿'0R$.. AMoiftlYS FAIIIIYG DUE wfTMIN ONE YEAR 2020 2019 'rrde (¥edttors Deposits lieid 8¢¢OJn¢ Cknl Provisions SoGio1 ￿0]rilY othcrta Other utditLYS 75,853 17.458 23.￿[1 11.658 18.581 182.154 165,424 307,399 109.917 15,987 11,407 188.573 88,416 AcL¥uAIs fjrwits 414 9 CREDrroRS.. AMouKf6 FAIiPNG DIJE AFfERMORETHAN ONE YFAR 2020 2019 3.215.740 3,228.434 347.475 3 575 909 DEP05its AQ FUNDS AnAly￿S of mo¥ttb)trt 01 Jall 20 Rcwpts DtsbuJseJrteryts JI D¢¢ 10 cl(wd DpThifuJd% 2 5y069 217.12 Gtrjernl funds tOEDPTisedw)se ful￿wIl1th the kn#(e¢s t fit¢ ￿ us¢ ttr¢ ¢b¥itable obj¢£ts. IbegefuTrds gre rwestnttd by. 202Q 2019 Tan￿1)le r￿ed Cwr¢nLasse($ 4,426,•73 1ffj07,329 91J2 J74 {ÈOi,S27) 1414,3001 3500.782 3 575909 L￿￿knn liabilitiC5

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