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 inforr*ation
Trn$tees' report
Iiidependent audito￿. report
8-10
St4t¢mtot of finaneigl ac(Svilie5
ij
B#Sance sheet
12
Casb flow st*temetst
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 fjn*c1aLstst￿ents of the awity forthe ye•"¢thd 31si
De(tm¥￿202O
Le881 ¥iJd *dmiNistT8tiv¢ Infomiati4￿ %LOUtM p*Ee 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 w*cJes 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 ethC*botyof￿pjbllc in the*rt&
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). $ptsty)ring,
Ptoduc¢iaryoTmaintrDanCe ofauc*ion41 exbibitKM5 and K*rfumairt4inpblic spac<4 and else￿WE of paintiw.
sculptw4 pl￿￿8r￿4 lit1)ogrAP￿ ￿8￿ving4 iwjrts. ¢Tr•Jo¢l*i¢*tliery. w, rJIn￿ thjmstjtsyi$. 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 oftrus*u curry0￿y BLuth Ikdte butth¢ l*J¥d Hwy rrtmn timc tol1mtwis￿* tJJr*t•5¢ ofmcmb¢ts. Powtts
wini trusttts tr￿ortn￿ A thitfLYturfive is by & trustre5 10 mana&tthcday404ay
operali¢Jns of thE t*arity.
IDVCSlni¢nt ptswQt5
The ttU51eeS I￿ve disur4i¢xi L% lo theJknwJneriuwhith fL*th ￿ 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* n*etin& whoi
prop¢rty is acouited •d hEads tequire aÈrecn*nL
The rtspon$ibilitiC5 fordly-1￿ Ma￿#8￿￿•￿0f theawity li¥ with the ClilefEx¢ty(iNEO￿Lc￿r.￿hO h*s th¢powe45and
I#¥￿￿51b111Il¢s apwO¥￿ by fhe In¥S(e<ts.
TntÈttpslDiretlQ
rirJHuciAI S￿le￿¢t￿ w¢R as folw..
J Cassidy
N Flad( I resig￿￿20th Ck*ober2020 )
J H*nmond IChairniATr)
C Uw {S¢(Ycl￿)
A¢bitveintnLh Derfovm*n¢¢ •Thd P￿blIc th• ye%r
In 2020 ASC..
Supkx)rtcd 718 tnakus Withi• 6Lk)Bffcth 8 iticlltions
Sup￿￿e4 3 vrganisationswkthiTr 6 th]dthw)rksp1ttsa￿ 2 loc*ionx
Re¢￿ded 1,590 v¥>tots io ASCtv¢nts
Stsged 8 cxhibilions *td eveors
Exhtbii¢d 44 artists
Pt))vidtd 5 yourtg artists with 4￿A Thy)￿s￿ctItrn1 dig¢ounts for2 y¢8
Pwvided I frte wothspice to Lywn8 *tisl foT2 ye
Provid2d 32 izttni Braduate artists suffttin8 fth*o¢ial bathhipwith 20%[t*¢diKW￿ 12mc•d
Pmvithd 209 thtits fJo•xial hathip with SO%rn¢di8¢£sth*s fv 12
ni¢ Covid 19p￿d￿l¢ prt5•rted mthy dballengts lo sofeguord ASC'$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¢L*W IdM*y 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 wti*in84ndpew 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 y*7￿￿￿£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 year*n￿)0r fre¢b)Id.
ASC is tht choscu opErnioY*ryJ 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% Tr*lmvmarkei ¥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￿<d (*)e of(AWex￿tlnS bJildin8447C sire4th￿￿ Hill. in S¢s*u#l*r 2021. ASC oeoip*d ilic yoperty
thrk J¢45È frw 2C4)6 htlwcvtrjhe ka5ttxpiFed Seplwnber2021 We Bgjted • £2￿.0()) bvm LB L￿rnb￿l to
help cova. purdLKe and rcbJthi%hmentc¢Jsl$ ￿￿]ling a(￿.￿)0. ¢￿TC[￿￿￿thr￿t pl￿% intlllde a new rrA)r. eitdsictl r￿d
h￿l￿&syS￿nI and a ThewpllbJi¢galkry. Tr purchaseofthis woputyhA%3afe8uarrJEd 4(fordabk W>￿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 policy*nd 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.%•ft8u*dwi￿Lll￿ Ch¥ities
Th¢ li￿￿￿¢tS aertt th8iwithitt theirAal fttt ￿$￿Ve5￿P (0£768.086 mtybBu¥dto witre buildinRsot foriwilditt
iMprove￿eNL*
thiEf Ex¢a*iv¢ 8 M8ittRiSksRe￿ff dctsilinEthcrththe tharrty isexpthl to. The ate 8&b$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 xrtyd*Jc¥ 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$OfCthpknY L*w. XeTc¥wible for
Pttp8ri￿g rhe I'ntgiecs'Annud Report8Trd th¢ in aeairdthit With Bwli¢able l*iv*Jd rtÈul•iiofv
Company lawLtouiiTs the iNsteos I0￿patt Snan¢ial staiemenL$ 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$ an<t applirahl¢ INW). Undcr¢4Mpany law the i]V5ttts nill￿ Lot 4¥*ovc finan¢1
$tattJnents u111￿8 they aR tE>at they give a true fair viewof the swe of¥traits charitable (w)pany and of
tlie ii1toniin8tey￿FC￿Èlld ¥ppli¢itioTJ of res(Atr¢ts, intJudiDktht iiltthJ¢ and expe￿dIt￿r￿ofthE chaylibie crAThpkny
Ihatperiod.
' seleerwir2blÈ aeeouniing wli¢4es sod thty) 4ply th¢m CL¥￿1$*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*¥i4idty*tyrr5 diwJost4J wb
cxplairtd io Ili¢ finarnriil slstujcnts. aDd
. pr¢paK th¢ fuiHncial stpteme￿ts Ihv &oin8 coJK¢rn utticss iiisiw4Kw*fo 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$p￿ible for s¥fc8ua71iD8 the a55ets ofth¢ tknritabie(47mPUty knce tthi118
reasoaabk st¢Ps forthe p￿Vention deiedion offraud and oth¢r iftcgulatiti
FhÈ lyusltts tonfwjn thDI so f3r*slW *c mv*r< isllo relev￿t fftxlit informalK￿l&sderlttd bysethon 4143) ofthe
Cornpath￿ Art2006lof whidi tht rJwritsblB ¢OthPrty's wdiiors They hav t&k¢n ill the steps ib* Ought
to have tak¢n as UiJ5tces in rth to Dmke tbunsel¥es awartof any relevAal wjdiiiflfrthation andtrbesthblith the
ch•ritabie coinwivs auditors Aw4r¢of that iofontt41ity).
Auditor
In iccord*¢e with the Cornp￿￿ *tick4 ts te￿I￿10n￿￿3Jn8th￿311￿rl￿￿ne (UK) tiJDik4 be [elp￿A￿led as*dilot
of tht CDmp&oy will t¢ wt 41 • Gthtsal h4tdin8
Thi$ repDrtJvAs Appi￿Ved by Iht ho*t)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 oFtheth*rit•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¢ord*Jce ¥bith U#it¢d Genttally Accepied Accow*in8 Pxaclicc: u
. have L*¢n in attord¥f£w*di the tWuÈrcMen￿Qfthe Charii(tsAct 2011.
15 for OPTThi¢ln
We conducted our audil ID xcoidan¢ewith Inlun*wal 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 ￿ lnthputhoru*d￿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 dcsua*d ID th¢¥pJevanl
se¢lio￿5 olthts vwort.
Olhei. infonnhtiOD
The InLSltes Ire YesF￿Nibt¢ fvrth¢oth¢rinform#EiOO. Tr odKriftform*iM 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 iTrfom*iort is m#¥yally inton$isieD¢ wilh Ihe
rinarJ¢i)18tatfaWlts orow kDowied8¢obtsiDtil in tht athdiLorothetWi5eaFW itsbc mJiertally IDi851*d. If identify
sueb rnalcriai anu￿$1￿￿n[Jw maieriai rni55tal￿ arnWUi5td w d¢tuwin¢wlth therc i8 am£ieriaJ
i5511teirt¢lll in the fiDartcial slÈtrM￿ orfj matcrillj tDiSyfitCllLetstofth¢ottLeri￿fDNn1tEoll. If. basc4 on tht ￿1￿￿￿17aVC
forffl￿. we ￿nd1￿ ih8Lthw¢ ss amthri4J missrwk4wiofthisoLher iTkn, ttquit¢d Iharfau.
We hwvt noiliitsgto rer*xt in thty￿B¥d.
M/ttvs oll Ivhieh r¢q¥ir¢d i• repfyrt by exugfl•
JTh ttL¢ li#hiof th¢ knowitdge ¥nd urthrMandin8 of the djtirttablc eawy ￿ its enVir￿en¢0b1I1Ded kn the L¥)Utse of the
audiL bave ideDtifJrdmDteriil rni5sta*n￿ts in thr IrDStedTWL
WE have Th￿aU￿S io feport in ofthc follo4ryTr&matters ￿ tel7Aion ID whtth Ihe Cb¥tities (Acctsuntsthl Rep￿$)
R¢gulalton$2W8 requ¢re v5 to report Lo if. in owopinion-
th¢ ULfovm*iio 8rvth inthe •teixJuts is i*CtsLSistaM 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 diaTii*bJe 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￿ fr*td. 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¢u*ity'.
'Th03e laws and regulatic￿$ considcrtd toha¥e a dlrtdetf￿ffi the fnJaTr¢ial sl•lonwts UK
I{qi￿lIng Si*thrds Comp8Dy LAW. Employjwi Lw. Flealih ￿ ￿￿Y1￿1$1*Itys Dot4 Pro*dion
￿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￿[ regul*iionsl ¢¢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¥i*tilies lh* t¢5uII froffl ¢rror. As explaintrj above. thert is an uThavtsid*blt 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¢￿. ThisdLserir*ion 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¢
¢h*rityts 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$ibJe
Investsn￿Lp[0pts1IeS
297.213
4.053 678
4J50361
373J90
4,426.074
CURAETrif ASSEJ3
315.505
1.261.824
C*sh it blnk in hand
591311
1 607 329
902
74
CMEDITOR5.- IillinE d¥E
ITi(ILiTr ye*r
805.S02
481.073
TOTALASSETS CURR￿ UAYLUTIES
5.15A763
4.914.147
CREDITORS.. Ain0u￿ts falliAid*e
Iler more oTreyeAr
13JfKL782)
'(3.575.909)
NET A&Sfl'S
1655981
1338 238
FUNDS
UJLrestiicted fun
Surp1￿ fortheyer
lJ38.238
317.743
1215,009
123.229
J'OTAL FUNDS
Jo
1655 981
fin￿£*￿) sigtements h•ve b¢th prtFwed ill with appjiubk ￿JbitC¢ io the
SID￿1 ron>panics rt8ime.
The Tiua¢S5 Aii$fied Ihal thE t￿￿F￿nY 15 enlitle4t to &ycMpti￿ frorn thc tequiremenl to obt•ifJ an srdion
477 of Ih¢Compunirs Ad I￿. Ho*tvet.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¢sF*d ￿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 yt*r
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£re*st) in oYditty7
C45fv Iobsorbtd byygeJbeW¥ftd fk'Om•PtY*liDn%
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 c4uiv*lebts at t1￿ ethd ofpErtrod
669,513
J2
592
l2
Casli *lliT cRsh •quiv*knts #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 prtP*raliO
fitsanei•l s1•*rtts bave pep*Ed rn ￿r￿￿aD￿￿iih Acw]nLinEAod RcTrtkti08 by
li￿.. SLakftKntofRec¢XY￿en4*d 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 $tOteM￿ we lothe￿￿£.
Th¢ f￿￿7clAI thaknent hav¢ ixta hisiotivl ￿￿(VIN￿liOn. IIK pincipalgwJunlirrfpoli¢i¥ athpled
e5eiOUI bEIow.
12 Going Conrtr
The financial slalements have b2eD pi<yartd tyi a￿1￿8 coThtctTh b•14 wjuch I￿￿1£C% of Yie Charitycotsider approwiak.
Th¢ Irwicc5 liav¢ r¢vi¢wcd aCcow)￿￿oied1gll￿ ajd f4JfECa5tsposE and oti thc baw of thi%review,
th¢ truslee5 believe il aprwi* ￿prePa￿ethe Aatem¢otson a g¢to8£4W￿n b•sis.
IJ 1￿come Yecognitio
All iiicome is recwised when the th*ity h&% ￿t11km¢n[th th¢ li is wobabl¢ tli* th¢ will Lx rt¢¢ived
and the ifi¢Ottic ieteiv4blec￿ k mEa>￿Ed Trli•bly.
from StsKJto fees is inthe ith the ¢thipw is cutrlttyj tojrrtive the iJKthLi
Iprwne fL￿M is indrydcd in in¢oJoin8Trs0wttswh￿ rrreiv8blr.
On hold on dtwiiis in¢JL¥kd rettivth *Dd th¢ unc￿JAt metswed ttliably by theehar¢ty. thi8 is
orn)ally upoo on Miiftcatsollotthe In￿st￿ld orpAyAble by th¢ baok
1.4 ExpÈhdil¥tT and Irre￿￿*￿bIt VAT
EX￿nd11￿¢ is ￿￿15ed In tk¢ fi)L*IEial 5tH￿￿aSS0￿ askn 1$ 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 ofexr*othuxe fw *tiidL il WAS lowed.
I..1 L'aDKible w$5ets
T￿Nible fixed asSt¢s *e inili•Uy ¢fJrt*nd 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 tr*irn5idual 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 attW*unto(w awl lore•sh*ttwJathElllllI) is estim*td 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¥Auf*s¥dis ckn¢d¥tA in thefttnpBirmenl 1¢
tr¢•l¢d Is • rcvalu*ttoty 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 C*5h *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 w*thoiiBD￿I mabJtiliCS ofthrtt nwthsor baDkov¥thtls.
1.gFTna*ei#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 reco8w*d in the dwity's ￿*￿te w4Ka the clwily bee4)wp*ty 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 b*is orts) rtalis¢ thtas5et*nd ￿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¥thLrn*ofiMIu¢51. Fitknntiil ¥5eLS cl455Èfied as rtceiv**k within oKyearare 00( *nOrti*d.
15

ACCOUNTINGJYPUCIES(COIVINUEDJ
Impaiynientof finxnciHI *sstls
Finin¢4al KSCts.dl￿r tbos¢ bEld at fisr Y*lue 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 OL*thTe41 aft¢rthe
UJLtifil rErO8ni￿oft Df thc finzn¢i*l 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 $£￿tI. OT
wk¢n lhecom￿nY It*Dsfu3the *srl y￿1￿1n11¥1jY 811 Iherisks *nd ¥¢W￿d5 Orow￿clE￿IP ID *jothEr￿111ty. ar ir
st4￿¢ si8n1f1￿triskS r¢wards of own&thip are retaincd bul Conknl of the aLfet b&str*rtsfo7td th•i is
ablc 10 sell Trls eniirety th •n ¥nrei¥ed third F4rty.
CFwifir¥QTro of firtantial li*bilitits
F%n*e481 lifjbililits ond eq4bkty pJcdassif*d ¥tuFdiii&¢o th¢3thst*tt of llrrnrtgemBnts cTrteYed
An equity l[L￿l is evidellces a ￿lthIEl the￿ets of the otNnPAtsy afttrdeduclius￿l of
B*stc fw•nw•l liibilitte5
Basic finaftcial li3knljlics.indudl￿c￿￿d1Io￿ bènk l¢JN frIIow8nwJ CUWiL5 aftd prcfertrf¢ slwes that aTe
elassifi¢d 45 deb4 are irtitially rtto8nised aitm5atboTr ]xirt utsk&% ￿ a￿8e￿orD(tO￿sllLULets a fjnanc4n8 im5ac4ion.
c Eh¢ deL& iDSmcnt 15 n%8wred al U)e pres￿1 value of the f￿￿rePaYments di%c4Mbiied m4thelJ*te of iiiiaE%I.
Financial liabilities eJasgifi¢dA% pay*Jle Within f* y¢¥*¢ DOL*mortise
Dtbt i•sth"illlleiltS a*Q Subseq4eDIfy tayriod •t tssl. ilbe tlftttlvè iniÈrtsi rAtÈ thÈih•J.
Trade ¢teditots xrcobliEaion5 lo pay for 8¢>)th th•ihavtb¢¢Tr a¢4uired iu tht on1inary courdc of bu5ines5 from
siipplicr6. An￿￿nt3PaY1bk ￿ da5sified ¥ cuTh¢nt Iiabiliti&r irpayAu￿1 tsdue within oncy¢arvr less. IfttoL th¢y 4
prL%cThted •5 nom-￿￿&111￿?b7j1l•￿.TIadc ¢Ytdiwrs art rt¢wi%td inrknallyol ts*nsa¢tion Pri￿ kndsubwiUytnta5UTed at
ortised cost WID8 th¢cfTe£live intenstnKIW.
DereeDg#itlon orrinincial li*btliti
FjEWiu￿ liabilitieslre ¢knc478lli%c41 therwwy's exp¥re or•Jr disch¥rB•J tr¢ant£lie
l.l• Pejbsions Co$is
Thetharity has scbtJn¢ The CO￿ ffj•dc by the chaTÈty Ea ili¢ $d￿n￿ afc
charged BSOn¢xpendrfure*s tbey fall ¢kn.
l.lj 0￿rIti￿8 tsAS
kartals payablc u￿￿¢T0p￿&1ftg It￿ Inc￿dinÈaThy lease itKetLlive ttryivt4 are to Ib2 Swejntht ofFin•ncial
A¢tiviti£5oo astsoi8h¢ lirtv basis overth¢ tel￿ of exLYPtwbsrt gnL4heTrnO￿ Sy5ternatic bk%i5 1$ more
TeWeSct￿l1Ve ofthe trrni pattem in ￿1￿5 ecollL¥nic benefits Ow the leasewt*e 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$¢tt￿Pt from ¢ntome ¢¢¥T￿l￿ inw%dof th¢ch#rits￿¢aCts¥I1ies.
2. LECTALSTATUS OFTRK CHAR
Theth¥ily is a totnpkny tin)it¢d by 8wJnte¢ *rtd has Th04wte apMaL Tr tiat*lity UL ￿5p#tO[theÈuarW1tr 1$
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￿ u*bL%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¢ ftsJlo*iTrKbaDSs:
£90.(fftI. £1￿.1￿)0
The nuM￿or ttvjpioyccstrith r¢itrM*4Jl btsrtfitsgr¢¥tipinÈunder• rMJrch#¢sL*cffte lotDtkd 9 (2019.
?).
S. MOVEMEKf IN TOTALFVNDS FOR TItKYEAR
21120
2019
Thisis sthted dMrwng".
Opcr¥ting Jews- land & buijdinv
DerKciarion ofi*n8rble 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$.. AMoiftlYS FAIIIIYG DUE wfTMIN ONE YEAR
2020
2019
'rr*de (¥edttors
Deposits lieid 8¢¢OJn¢
Cknl Provisions
SoGio1 ￿0]rilY othcrta
Other utditLYS
75,853
17.458
23.￿[1
11.658
18.581
182.154
165,424
307,399
109.917
15,987
11,407
188.573
88,416
AcL¥uAIs
fjrwits
414
9 CREDrroRS.. AMouKf6 FAIiPNG DIJE AFfERMORETHAN ONE YFAR
2020
2019
3.215.740
3,228.434
347.475
3 575 909
DEP05its
AQ FUNDS
AnAly￿S of mo¥ttb)trt
01 Jall 20
Rcwpts DtsbuJseJrteryts JI D¢¢ 10
cl(wd
DpThifuJd%
2 5y069
217.12
Gtrjernl funds tOEDPTisedw)se ful￿wIl1th the kn#(e¢s *t fit¢ ￿ us¢ ttr¢ ¢b¥itable obj¢£ts.
IbegefuTrds gre rwestnttd by.
202Q
2019
Tan￿1)le r￿ed
Cwr¢nLasse($
4,426,•73
1ffj07,329
91J2 J74
{ÈOi,S27) 1414,3001
3500.782
3 575909
L￿￿knn liabilitiC5

ARTwr.q sruDJo COhlPAP4Y
NOTES ro fHE fiNANCTAL SIATIMLNTS (COEfflN￿)
roR Tt[& VEAR ENDED JL DECEMBER 2112
I I OPERAflNG iIASE COMMfiThENrs
AI 31 1020 the djari￿le ¢ompthy had ¢JJtstsAduLg fin￿¢181 c4)mniitsmeDts for fimLrc k&%e
paymeots uthTh¢M•cancellabk leascs in rew(x of l*d aTrd b&ildittgS as folluwr.
spiyy d*le:
20211
2019
B¢tW%￿ ra fiwiy¢•7
Ov¢r five y&qKs
3.408.Q50
721.009
572 564
19
J2 PENSIONS
Th¢ Charily OFtr8¢¢5 & Lkfiucd contritA￿l0tt WKIQD Tht awts ofthEsclKmew¢ held Sepa￿]Y thoscof
c¢nip2lly in iadeff*rtdertily &lmini#ertd Thr CO￿ watri1￿(l￿5 ￿Y￿ble by charity to
thc ￿1￿ Jvd *Thounltd lo É24.154 12019- £17.TIII-
13 REiA'I'ED PARTIES
Tk¢ th￿IlY %￿le¢S paid or t¢cei¥M of any other bcncfns tWDm th& tharity in th¢ yoar Deither th2y
reimbursed ¢xFw5e5 thrrin8 year. No dwity M￿e¢S ttceivtd payw for1￿Ore￿I0AII oroth¢r geavitcs 5upplitd to
Tr kty ofthe¢b•rity ¢OtilPTW ￿*1#$￿￿d Ujt Chief EK¢r4llive Offittrof th¥ily.
TheCliicfEXe￿lIve OffittrP Fjack W theTruswe N Fi¥(* attrtl•ted throuBh a f4therwd son rtltitiortthip.
Retttutter*tioJb DfKey JMart*geme#t ptrJoKnel
2020
2019
14 GIlA￿t JNCOME
2020
2019
HMRCJRS Grdm
Artigts hwtship sT￿ts
17,790
175 501
15 C￿h l AbwJ*cd byyrenuatcd from operniions
202•
2019
S￿p￿s(￿fiC1I1 ftytheyt4r
317.743
123,229
Adjustm¢Trts for.
83,644
rs￿69
307?99
(92,682)
JOb,74J
88,902
b*uut{net)
Qrnnts (net)
re￿yments
{18&5731
Decrca%cllinuE&sel in deb10¢5
In(￿￿D￿re￿%l in u¢di￿r5
Cosh s￿lerated from opcr#lioN5
(35.4441
23,815
678 044
{6SO251
136 410
16 posfBAIANCE SHErf EVKPtrs
ASC havea¢qvir¢d Strrthn Ffjll buiWi•8 ioAugwl 2021