CANDID ARTS TRusr CONSOUDATED ACCOUNTS (A company I'mited ty guarantee hawng a share capital) A14NUAL REpoKf AND FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31ST JULY 2020 Company No: 03019628 Registered Charity Ilo: 1051672 IIIINIMIIII *AA65WP5" 1610fK2021 COMPANIES HOUSÉ A11
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2-1 The Trustees (who a the Directors of the d111 comparty ts the puryx)5es of the Compan$ Act) presert th•r cornbineil Oirectcys. rep)rt arn1 Trustets. repJt. as reqLHred by mmpany law, together with the finanoal ststeMts of CandKI Arts Trust (the Chtyl for year er¥Jed 31 2020. The Trustees Cfir[D that the annual rewt and finanoal ternts of the Owty mmpty tyrrt ststutory Teqrernents, thè requirerrents ( the 0ri5 wstrrywvj cbJJrnent krniS1 of Ststerrrnt of ReCnn praCte {SORPI-AccounD"ng and R1r1) by Charits- ap(al to charrts prepariTrJ their aCcOts ac0)rar with the Finanaal RqxtirKJ StsTh1a applicatle in UK and Rewblc of Irel3r#J (FRS 102) (effectyve l January 2019). The ¢hary Inumter 1051672) is a cornpany limited by warantee (rojmber 03019628) aThl has Tr) share capal. The li&>ihty c eath 1¢r in c a wlj LP rs lirThlal tD EI. Anthony Farquhar-smth Re9lsternd Offic 65 Lead1 knet thartert1 Ac(owtants 65 LeadenhaH Street 8•nknrs P.0. Box 101. l Ballcon Stre¢ mand M60 4EP r•OVERtIANCE A140 IUNAGEMEMT Anthony Farwhar-Smrth- appyrted as trustee on 8ty Felyuary 1995 Trry is a direthjr of lmatiDn film5 and CO18%. Cmstopher Bromhl FleiCh-aptoDted as trustee Im IltJU 2004 Cfvis is an execuiive projucw di51rilxrtor of fxbjal telvfys1 aTrJ fkn. Roger is a dortor of 0raPhY aThl has lthred ar¢1 the dimats d4iry arKI aknrnoti4¢ Energy.
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The ckniecti"ve5 of the a8 set out in thè Memtrtrtthjm NJtics ofA5t are thanrnet ofthe
Arts ar Arts Etlucation. we aim to the folknM"ThJ:
l. To estabkth a natiwl centre for proftth)n of Gr•Ju&
2. To continue providir¥J ethcational facilitS for the Community. the pubk and corporate sKtws Mi the
vokje of the art5.
3. To continue supr(vtlry arusts aThJ artL
FUNDRAISIMG Candid Trust (bes fase fiJThts from tr wbk arml has Jutsken any fundras•yJ aLtivities RESERVES POUCY to contynue to seek to athieve reserves 4UIWdn1 to 5% of 1cl. In tr slbyt temi our reservts will bt used to 5trengthÈn our whitst 9tstsiniThJ oJr grrrwth. M)intae of aTrJ invthnt Fdiaes erobk the tharity to exp3[ a1 rrThe fLYwawd At the year , the bakrKe 4et slM>ws thtsi fiH#ls dE31.235. RISK MANAGEMENT The trustees rewew risk C an onpng bags and ln to mrtpjate iisk PUBLIC BENEFIT STATEMENT The Trustee's ajnfirm ttwt tfw robe crx))pkd with the duty 17 crf the awe5 kt 2011 tr have d The Trustees are resportsibk for ryewrrfj the annual reFyt a4 ts ffinaJal statemert in atcordarte wlth plScable law aThJ Unrted Kirydun fra1 Accepted Prth. CL)mpaiy Law requlres the Tst to prepare flnanck?I slaternents for financial year TNhth 9Ne a true arbj fa view of state of affai15 cl the chority and d the net ¥icc¥ne or eXpe of the year. In wepari¥vJ t financol ststements the Trustees are requir1 to.. Make ju&Jments and eskn"mates that a $(mable and prudenL stste whether applc)le xcwntiry strrdS have been folknved to ary material departtyes di%l(6ed and expkiined In tt finartial srateftts. Prepare the finanoal ststerrv5 wxr4J b?$ it is inaF¢¥opr4 to th ccryany will continue in busw. ojracy at any tyme the firjaI PYAbon of thE olaritsble c(xYpay and to erwble tkn io eru that tt finanoal sthtemtmts coMY with Compans 2CQ& are 0 rwmt4e for $areard1ft9 the assets of the chariiable CCpanY arnl fvr reagJnaNe steps for tr pre¥enkn arml of fvaud aThJ cther wregulariti"es. The Trustees, who are directrms tr the wrFK)se company law and tnjstees for the puryw of tharity law, v•ts) seNed during the aThJ up to the date cl ths re( a set ¢yA pe l. so tsr ès we a awa. is rKJ lart JJJ6t Iilfcrfm of wlKh the rtgtit4e mmparrfs aLKlIto a unaw¥e' and as dirKtNs of tt crynpary we have tsken all tr£ steps that we txmjht to ha¥e tsken in order to make our5efves awite of rdÉwart wdit and to estaNth that the thorrt4e conwrfs authtor5 ale aware that mfc¥mthrL ThÈ of the directr Ikis been pepared in Tth the SFet&31 msk)r6 relatiNJ wmpans subjertto the specia rektty to the s• cLpar0e5 regi witlin Part 15 of the Compans Act 2(6. Thi5 report was ar¢Yo¥ed TrtteS on * Jur 2021 s1jr1 iffl their beh*f Iy: C. FARQUHAR.SMITH (Trustee)
I )rt to the tharity trtee5 w my the Ko)unts rf Arts Trust ar gro for the ye end&1 31 July 2020. R•sponslbllllles and of rewt As the trustees of charitsNe cornpary larKI kn its dire(tor5 for thE pUfFQ of cornpany law) you are res[%0b1e for the preparntM of tt accwnts In the ol the Csynpans Act 2006 2006 Art). You are 5atisfEd that ac£ounts of the Cryny are nrt by dlIty ¢Y company law to be audrtal arn1 have Cho intsj to have an 1Th1e$Trlt examinim. HaviNJ sabsfied rn1 trt the acCnts oftr Cthmpany are required to be dfte urth Pwl 16 cl the 2(K16 Att and are digit4e for Inde[ eyaMiTratD. I retKJrt in pert of my examinakn of the Companfs accounts Carried out Sect• 145 of tr Charit PLt 2011 Ctr 2011 N£f). In carywrrfj my exBrnlnatth l 4Ve folh)j the C4"recttor6 gi¥w by the Owty C(Mnrnis5w urthr 14515Xb) of 2011 Pd. Independent e%imlnerfs stalemert sn the Companfs gross iTr))me exceed £250,C¢O ex3miFr ftxrt bè è [rnbEr cl a btsjy listed in sectr 145 of tt 2011 l (an that l am (walrf1 D) urn1ertake exanSnab"on ause l am a Jstered membtr rfICAEW whittt s one d the txxli I have c(Mnpleted my exarnw)atb)n. I ccrfthm) that Th) mattus c( to ry attenth)n in conrth with Ihe examination gng me cae to tlth that In any rnatl re5m: . Ko)unb"n9 vve rot kept os reqTl by 386 2[ A¢ 3. the aCcnts do not comth with the accounting requirEmpJts of 396 (tt 2006 Act other than requirement Ilwt tt acc arbj th'r Is a matter as wt of an indepeTrJent examination; CY 4. accounts have Th)t beFm prepared in with metlKrfJ5 aTrJ prirpIeS of the Ststet of RKornrrenW Pra¢tre ftf atttyJntiNJ aThJ rep)rtiNJ by charts aWicat4e to tharitse5 preparir¥J their accounts in acCrrfthe lth the thancial RwbThJ Stsrnjard applirab in tt* IX aThJ Rekn of Irdand (FRS 102). strUld te drawn in th& reFort kn order to enatle a prcyer mIerstan"rj of the accwrts to be reached. 9 June 2021 . Rithmd BillIn5t FCA Knox CropFw LLP
INCORPO Motes Funds 2020 2019 INCOME FROM 96.924 96.924 CharltalAe activitits Stydv) and Galery hire aThJ 349.613 349.613 380,69) Cafeteri) arm1 other Iradin9 incorn Iso.rJ9 1s0,r39 225.S66 Total 597 276 EXPENDrnIRe ON Ralskng funds Trading: C05t of g(Kxls sohj and other costs 174,938 174.938 223.868 4,095 other ChgrltalAe Arti¥ities studio and Ga1Y hwe and exhibithin5 398.094 372.247 Incomel(Expendlture) forthe ye 18.236 18.236 6,055 NET MOVEMENT IN FUMDS Totsl funts brought fwwavd 3,139 12.wj 6,94 Total funds urried hrwjrd £31 e rl the Chanvs atrtse5 Vrte Kquiraj dwlrvj &o¥e the fmanoal year5.
2020 2019 Grnup FueD ASSErs TIble Assets Inv&5tmwt in subsAlw undertzir4J I3.3 I4.)5 io io io io I3.3 14.005 Debtors Cash at bank and in ha1 14.047 22.109 11,602 18,831 io 118,814 92.809 16.234 29.127 Creditots: Amurts fallThJ dL wrthin one year il NEf ASSErs É31,235 E54.882 12.999 £20,486 FUNDS 15 16 3.139 3.139 3,139 3.139 UnrestrfLted £31.235 £54,882 £12,999 É20.486 The CoMpV is exempt the wequirertyts rdatyrwj to epari atyjited in accothrKe Sertion 477 of the C¢mpanie5 Att 2006. The rnembets h4ve not required the C¢)mwy to obi3in an aud of its accounts for the year in question in aC(cdan wrth 476 of the Crynpanies Att 20(. The dIreCtS acknledge thew respor6ltlities comthfftg tAth the reqylrerrts of the ComparMe5 Act 2006 wth reytt to aCCDuntiThJ records and the weparjtion of aCnts. These have tsn prepared in accordance 1th the apF4Kth to small companies to the 11 (Cpanies. reglme and in cOrdarKe wth FRS102 SORP. The finanoal statements 4)poNd ty the TnLStees cm 9th June 2021 arKI sigwj thwr behalf ty: G FARQUIIAR.SMrrH (Tritstee) Ch•ity 1051672 Compwry 14umber. 03019628
2020 2019 Net wovided byl(used in) opertiw a¢tl¥lU ).135 1,194 Purcha of property. plant aThl quipmert 15,5371 Net cash prnvided tyl(used irb) in¥estiny acii¥lU 15,537) Cash Infl from new bwrowirwj Nrt cash wlded by {ufed In) IlnandThJ aCtltIeS Ch•n9e in ash and cash eqvalert5 ID the reporting period Cash and cash qui¥alents at the beglMln9 of the reportiry perlod Cash and Cash eqthlents at the erbd ofthe 100,135 14,343) 4,632 8.975 104.767 4.632 Reconciliation of net incornl(expendKurn) to rt from optrntiNJ 2020 2019 Net ine/(exPure) the Depreciation charges ncrease)Ide(Jease in deiof5 InueaseIldecre) in credito Loss on sak of assets 18,236 102 (2,4451 34,242 6,055 1.210 3,754 (9.825) 50,135 1.1 Analysis ol than9es in Net Dd At IA.19 Cash Flows At 31.7.20 Cash and cash eqwvants Bwnce Bo( Loan 4,632 ICKJ,135 104,767
CIAL (a) Oasis of A¢cwhtin9 The finanaal ststemerts have been prepwed in x(oTdare with the th"eS )Rp {FRS1021, Ciynparwes kt 2CKJ6, arm1 wth apFIKabk Accountir¥J Stsnd¥ts. The thwity Trs a thtity as defined by FRSIO2. The financial ¢atemts crmsold resutts crf charty and bts own1 subsidiary CaThJJ Arts Tradirg Company Limrted on a by bj (b) Depredatlon of Tanglble fixed A%ets Prow90n is m&Je for dep¥eciatth on tsngitle assets. at rates olcvkted to write off the or ValUatN esb"maied Idual wab of eath asset vler its expthj useft4 Cpu, arJ ting5 Works of Art and 5bxlK) Assets )YAJ Straw kne ptr amum IO% swt bne per annum 20% swt kne per annum (c) unrtr funds art th¢tse futsjs kn1th be use£1 * tt Trustees, IksrJelh. RtstrKted ccryrise funts rece wogrammes arJ athitie5, as L•bJ Id) Exptryliture aritable expeNlrture. pubkty aNI 91mm4re costs c(ffiprise dirKt exwditure attrJUb to the charffable obttAie or aLtrrty. Where costs cant attributed, have been aprKh.r•d to th"tsble rt¢Jecb"v or ac¢ivibes xcording to (e) In¢ome Inctffle s CTe¢rrted to the xc(wrts in IJ* )ear grossed up lor tax remvwable where approwe. (Q Added Tax chartsble coryory is not retyd (Dr VAT kHWFQ5e& NJI (osts are acaxmted ithve (sfVAT.
DI ARTS TRusr MEN Y 2020 202 2019 Studio Rentrl Galkry Hire a1 Cbsfes 229,293 1.775 229.293 1.775 118545 251,121 1901 126 677 cosrs OF GENERATING FUIIDS 20 2019 Promoljonal Co&s 403 185 CHARITABLE ACTlVtriES studlo and Gallery MI and Exhknitions 2010 2019 31.597 160,524 155 529 37,202 179,020 181 872 30,982 174,649 166 616 £372 247 Exhi1)n$ and Classes lkn Fa(ilths Pr(Mded 18,496 SUPPORT COSTS Totsl 2020 Total 2019 42,424 27,022 1,645 offi Costs 6,156
2020 2019 Gross Sahries Sc(kil Security costs 68,768 4,097 610 56,846 1.418 434 munerats.on £42,423 £20,331 The average nunthr of a7)lty dn9 Ihe yew tfvos 4 (2019.. 12}. enthee eamed E60,lJ(ri pa LY Ire. W•rts •f ment Equipment Flttings Total At lif w 2019 Ad(litKm5 At 315f 2020 4,674 72.TrJ3 18.570 104,027 104 027 At 1° AgLt 2019 Prowided ¢luring the sear At 31st July 2020 4,674 7WJ 57,998 102 18,570 90,022 102 P4et Book Value at 31A July 2020 Net Book Value at 3141 July 2019 IrivESTMEiif IN SUBSIDIARY UNDERTAiaNG PARENT COMPANY 2020 2019 At Costr. l(W• ctrd. Share of Cj Arts Trading COmY U"rnited io io The tumovtr of CaThJAI Arts TradiNJ wps £150.739 {2019.' £225.566} and the kiss for year was £16,IKI (2019: wofit El,698). rt liabilb¢s * 31 JU 2020 amounted to É(23,637112019- £{7.477).
2020 2020 Parent 2019 Grc¥Jp 2019 Parent Anw)unt due fvom S[thy cornpany Other Delknrs and 8.118 8.145 EII 602 £18 831 10. CASH AT BANK IN HAND 2020 Gr 2020 2019 (knp 2019 Parent Bank BatarKes £104.767 £70.700 £4,632 £10,296 11. CAEDrroRS: Amurts fvlliry due Txlthkn one yew 2020 Gp 2020 Pdrent 2019 2019 Parent Arnunt due to subsidhry company Accruals I1 (thr Credf(crfs £101.482 £37,937 £17,240 £8.651 12. TRusfEES' REMUNERATIQII AND EXPENSES No reMUrratie, direthy or irnliwectJy Ojt of the lund5 of the Charty was paK1 or payable for the year to any Trustee or to any pu50n or persor6 krrmn to be tonnected with any of them other than that disclxed in 14. 13. TAXAT1014 CaThJid Arts Twust ts a regi&ered chanty and is [L*alty exempt frtyn tsxatw)n in iespert of incorne and capital gir6 receNed within the categ5 covered by Part 11 of the Corporatlon Tax N£t 2010 ¢Y Wb)n 256 of Taxabffi of 0rgeIk Gains Art 1992 to the extent that gxh LY gains ¥e appled io exckw tharitsbk wrp)ses.
NDID ARTS TRUST THE FIN STATEMENTS The Trust (pS a bi#hYirwJ Wth is k45ed frryn Candid Ltd. Candbd Ltd Is a separate (ommercial compwry wh¢)se prinopal sN4relb)lavr, DLwKan Barltrrt. chf exeoJtive of the T. Rent paid to CaTrJid Ltd the year amounted to É346.20D12019: £322,000}. In £82,9CIJ 12019.. E96,4(L¥) was retharyed to the subsidK4ry coffyny Candtyj AJts Trading 15. RESTRICTED FUNDS Other Balance Gofdets Green Project Im EquIent COMPAKATIVE 2919 lan blf lrtereyt Inme othtr Balance clf Gok1ets (knen Proje£t Film Equiwent £1 16. UNREsfRICTED FUNDS 2020 1020 Parert 2019 Group 2019 Parent Gereral Reserve Non<harrtab* fvnts hekj "dkiry 51,733 Sl.743 17.337 17,347 £51743 £17 347
- ALLOCATION OF NET ASSEfs FOR ThE GROUP net assets a l*kl for furKls as folkm: . Fixed Total RestriteLI Ftsnts Unrestritted FUNIS 3.139 115 675 £118 814 £31235 3,139 COMPAIIATIVE 2019 Fixed Cunert rrent Ll•bll6tlès Re51rKttd Funds unreyric Futsts 14 CQ5 3.139 3,139 £16 234 £12 999
- IIET IIICOMEI(EXPEMDrnIRE) This slated after gir9.. 2020 2019 DepreoatK)n of tar•Jit4e fixed tssets JndeperK*nt eyarfunS fee 102 1,210
- COMPANY LIMrrED BY GUARAIITEE The Candid TrL& is a company Iwnited by guarantee a1 has no tse c3PitI. Every rnernber 15 Wie ts contribute a of £1 In the e¥ent of rt vund up. GOING COPICERN Goirrtj are opb"m&K that parla eases that there be eth of a desire for pubSc and prite events - for the fortoMing lear we are Wek(Ing bxk Cwtral St marti MFA in Juty & Caml&Je MA Illustrat)n in tember and akeady 8 prwate filnCns are sCIUj for the last qL4rter rf 2021. We have also seen an ireaSed interest in St) sw and exrett the cuwent Vacant stud trj be tsken up as wdl F¢fvI th)t dasses il retum to pandemic kv
TEME D 315W LY20 21. CONSOUDATED sfATEMENT OF FINANaAL ACTMTIES FOR THE YEAR ENDED 31sf JULY 2019 X119 INCOME FROM Charitable actl¥liles Stsjdio and Gallery hire a1 Other tTrdin9 artivities Cafeteria an4 ¢rtr tradirrfj 225.566 Tt)tsl EXPENDrnIRE ON Raisirwj fufids Tradry.. Cost of goc>Js sdd 223 4.095 223,868 4,095 Other Charitable A¢¥ities SttJéK¢ aTrJ Gal hlre exhibit 3n.247 372,247 IncoMel(Expen(Iture) for the v 6,055 6.055 NET 140VEMENT 114 FUNDS Total funds brnutht forrd 3A15 3,139 Totsl lunds ¢arried I•rnTanl