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 #178 2-1 The Trustees (who a￿ the Directors of the d￿11￿1￿ 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 ststeM￿ts of CandKI Arts Trust (the Chtyl for ￿ year er¥Jed 31 2020. The Trustees C￿fir[D that the annual rewt and finanoal ￿tern￿ts of the Owty mmpty tyr￿rt ststutory Teq￿rernents, thè requirerrents (* the 0￿ri￿5 wstrrywvj cbJJrnent krniS1￿ of ￿ Ststerrrnt of ReC￿n￿n￿ praCt￿e {SORPI-AccounD"ng and R￿￿1r1) by Charit*s- ap￿(al* to charrt*s prepariTrJ their aCcO￿ts ￿ ac0)r￿ar￿ with the Finanaal Rqx*tirKJ StsTh1a￿ applicatle in ￿ UK and Rewblc of Irel3r#J (FRS 102) (effectyve l January 2019). The ¢har*y Inumter 1051672) is a cornpany limited by warantee (rojmber 03019628) aThl has Tr) share cap*al. The li&>ihty c* eath ￿￿1*¢r in c* a w￿l￿j LP rs lirThlal tD EI. Anthony Farquhar-smth Re9lsternd Offic 65 Lead￿￿1 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 CO￿1￿8*%. Cmstopher Bromh*l FleiCh￿-aptoDted as trustee Im IltJU￿ 2004 Cfvis is an execuiive projucw ￿ di51rilxrtor of fxbjal telvfys1￿ aTrJ fkn. Roger is a dortor of 0￿￿raPhY aThl has lthred ar¢￿￿1 the dimats d4iry arKI aknrnoti4¢ Energy. 11 The ckniecti"ve5 of the a8 set out in thè Memtrtrtthjm NJtic*s ofA5￿￿t￿ are than￿rne￿t ofthe Arts ar￿ Arts Etlucation. we aim to the folknM"ThJ: l. To estabkth a natiwl centre for proft￿*th)n of Gr•Ju*& 2. To continue providir¥J ethcational facilit*S for the Community. the pubk and corporate sKtws Mi the vokje of the art5. 3. To continue supr(vtlry arusts aThJ artL￿ ken¢ets ufi•￿e to fiThl the rogb.on su5tainabk. In May hfe drawing dasses stats1 as thKI the 931￿ akn.rvj ca￿￿j to maintain a vtybk swa)ce and attrarting a world wKfje audierre ￿1th crnlirK￿S to date, iKrt unfNtIm￿ r¥) other &thit*s were atle to take place at the centre fcf ihe ranairthr of the 2019120 year. REVIEW OF THE FINANCIAL sfATEMElIts CaThJid knts Trust continues to successfully ptcmote ￿ arts and arts ed￿￿tK￿ frtyn irs arts centres in Islington London, out stsJd*)s and hjsbng exlulyti￿5, ak)TrJ5bJÈ ruMiNJ the tafé. In the ojryent yeai the net incc¥r was £18,236 ccryiring to E6,055 in 2019. The reserves slaTrJ at £31.235. of which £3.139 is re*ricted. COVID 19 ()JiThJ forward we we optirThti that orfe the paTh1On￿ &ises that thue wll be of a dr•ire frf public and private events - for the forthc(mirKJ year we are wekr*nin9 bxk Central St Marbrs MFA in Juty & Cambddge MA Illustration in Setyember and alr&y 8 pri¥7te fvncliorts are 5chedu*d for the last qu*(er cl 2021. We have also seen an in¢7eased interest in sttjdio Spa￿ aTrJ expect the OJrr￿t Y￿art sbjdios to be tsken up as I te"r8 Wl that the cksse5 wll retum tr* ttw parnlwnic whilst cortinuirg to iYwJca5t on Zo)rn. 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 *4UIWd￿n1 to 5% of 1￿cl￿. In tr* slbyt temi our reservts will bt used to 5trengthÈn our whitst 9tstsiniThJ oJr grrrwth. M)inta￿￿e of aTrJ invthnt Fdiaes erobk the tharity to exp3[￿ a￿1 rrThe fLYwawd At the year , the bakrKe 4*et slM>ws thtsi fiH#ls dE31.235. RISK MANAGEMENT The trustees rewew risk C￿ an onpng bags and l*n to mrtpjate iisk PUBLIC BENEFIT STATEMENT The Trustee's ajnfirm ttwt tfw robe crx))pkd with the duty 17 crf the aw￿e5 kt 2011 tr* have d The Trustees are resportsibk for ryewrrfj the annual reF*yt a￿4 ts ffina￿Jal statemert in atcordarte wlth plScable law aThJ Unrted Kirydun f￿ra1￿ Accepted Prth. CL)mpaiy Law requlres the T￿st￿ 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 eXp￿*￿e of the year. In wepari¥vJ t￿ financol ststements the Trustees are requir￿1 to.. Make ju&Jments and eskn"mates that a￿ ￿$(mable and prudenL stste whether applc*)le xcwntiry str￿rdS have been folknved to ary material departtyes di%l(6ed and expkiined In tt* finartial srateft￿ts. Prepare the finanoal ststerrv*5 wxr4J b*?$ it is inaF¢¥opr4* to th* ccryany will continue in busw￿. ojracy at any tyme the fi￿r￿jaI PYAbon of thE olaritsble c(xYpay and to erwble tkn io er￿u￿ that tt finanoal sthtemtmts coM￿Y with ￿ Compan*s 2CQ& are *0 rwm*t4e for $are￿ard1ft9 the assets of the chariiable CC￿panY arnl fvr reagJnaNe steps for tr* pre¥enkn arml of fvaud aThJ cther wregulariti"es. The Trustees, who are directrms tr the wrFK)se ￿ company law and tnjstees for the puryw of tharity law, v•ts) seNed during the aThJ up to the date cl ths re￿( a￿ set ¢yA ￿ p￿e l. so tsr ès we a￿ awa￿. is rKJ ￿lart JJJ6t Iilfcrfm￿ of wlKh the rtgtit*4e mmparrfs aLKlIto a￿ unaw¥e' and as dirKtNs of tt* crynpary we have tsken all tr£ steps that we txmjht to ha¥e tsken in order to make our5efves awite of rdÉwart wdit and to estaNth that the thorrt*4e conwrfs authtor5 ale aware ￿ that mfc¥mthrL ThÈ of the directr￿ Ikis been pepared in T*th the SFet&31 msk)r6 relatiNJ ￿ wmpan*s subjertto the specia rektty to the s￿￿• cL￿par0e5 regi￿ witlin Part 15 of the Compan*s Act 2(￿6. Thi5 report was ar¢Yo¥ed Tr￿tteS on * Jur* 2021 ￿ s1jr￿1 iffl their beh*f Iy: C. FARQUHAR.SMITH (Trustee) I ￿￿)rt to the tharity tr￿tee5 w my the Ko)unts rf Arts Trust ar￿ gro￿ for the ye end&1 31 July 2020. R•sponslbllllles and of rewt As the trustees of charitsNe cornpary larKI kn its dire(tor5 for thE pUfFQ￿ of cornpany law) you are res[%￿0b1e for the preparntM of tt* accwnts In the ol the Csynpan*s Act 2006 2006 Art). You are 5atisfEd that ￿ ac£ounts of the Cryny are nrt by d￿lIty ¢Y company law to be audrtal arn1 have Cho￿ intsj to have an 1Th1e$￿Trl￿t examin*im. HaviNJ sabsfied rn￿1 tr*t the acC￿nts oftr* Cthmpany are required to be ￿dfte￿ urth Pwl 16 cl the 2(K16 Att and are digit4e for Inde[*￿ eyaMiTrat￿D. 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 ex3miF*r ftxrt bè è [￿rnbEr cl a btsjy listed in sectr￿ 145 of tt* 2011 l (an that l am (walrf*1 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 g￿ng me ca￿e to t*lth that In any rnat￿l re5m: . Ko)unb"n9 vve rot kept os req￿T￿l by 386 2[￿ A¢ 3. the aCc￿nts 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 pri￿rpIeS of the Stste￿t of RKornrrenW Pra¢tre ftf atttyJntiNJ aThJ rep)rtiNJ by chart*s aWicat4e to tharitse5 preparir¥J their accounts in acCrrfth￿e *lth the thancial RwbThJ Stsrnjard applirab* in tt* IX aThJ Re￿kn￿ of Irdand (FRS 102). str￿Uld te drawn in th& reFort kn order to enatle a prcyer ￿mIerstan￿"r￿j of the accwrts to be reached. 9 June 2021 . Rithmd BillIn￿￿5t 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 Ga1￿Y 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 T￿Ible Assets Inv&5tmwt in subsAlw undertz*ir4J I3.￿3 I4.￿)5 io io io io I3.￿3 14.005 Debtors Cash at bank and in ha￿1 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 CoMp￿V 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(c*dan￿ wrth 476 of the Crynpanies Att 20(￿. The dIreCt￿S ackn￿ledge thew respor6lt*lities comthfftg tAth the reqylrerr￿ts of the ComparMe5 Act 2006 wth reytt to aCCDuntiThJ records and the weparjtion of aC￿nts. These have ts￿n prepared in accordance ￿1th the apF4Kth to small companies to the ￿11 (C￿panies. reglme and in ￿cOrdarKe wth FRS102 SORP. The finanoal statements 4)poN*d 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 w￿lded by {ufed In) IlnandThJ aCt￿ltIeS Ch•n9e in ash and cash eq￿valert5 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 r*t from optrntiNJ 2020 2019 Net i￿￿ne/(exP￿￿￿￿ure) the Depreciation charges ncrease)Ide(Jease in dei*of5 InueaseIldecr￿e) 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 eqwva*nts Bwnce Bo(* Loan 4,632 ICKJ,135 104,767 CIAL (a) Oasis of A¢cwhtin9 The finanaal ststemerts have been prepwed in x(oTdar￿e 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 ¢atem￿ts crmsold* ￿ resutts crf ￿ charty and bts own￿1 subsidiary CaThJ*J 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 C￿pu￿, ar*J ￿ting5 Works of Art and 5bxlK) Assets )YAJ Straw kne ptr amum IO% swt bne per annum 20% swt kne per annum (c) unr￿tr￿￿ funds art th¢tse futsjs ￿kn1th be use£1 * tt* Trustees, IksrJelh*. RtstrKted ccryrise funts rece￿ wogrammes ar*J athitie5, as L•bJ Id) Exptryliture aritable expeNlrture. pubkty aNI 91mm4r￿e costs c(ffiprise dirKt exwditure attr￿JU￿b￿ to the charffable ob*ttAie or aLtrrty. Where costs can￿t attributed, ￿ have been aprK*h.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 rety￿d (Dr VAT kHWFQ5e& NJI (osts are acaxmted ithve (sfVAT. DI ARTS TRusr MEN Y 2020 202 2019 Studio Rentrl Galkry Hire a￿1 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 Exhi￿1￿)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)l*ty￿ d￿n9 Ihe yew tfvos 4 (2019.. 12}. enthee eamed E60,lJ(ri pa LY Ir￿e. 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° A￿gL￿t 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 C￿￿￿￿j Arts Trading COm￿Y 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). ￿ r*t 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 G￿p 2020 Pdrent 2019 2019 Parent Arnunt due to subsidhry company Accruals I￿1 (thr Credf(crfs £101.482 £37,937 £17,240 £8.651 12. TRusfEES' REMUNERATIQII AND EXPENSES No reMUr*ratie￿, 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 categ￿5 covered by Part 11 of the Corporatlon Tax N£t 2010 ¢Y Wb)n 256 of Taxabffi of 0￿rge￿Ik 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 (￿p￿S a bi#hYirwJ W￿th is k45ed frryn Candid Ltd. Candbd Ltd Is a separate (ommercial compwry wh¢)se prinopal sN4relb)lavr, DLwKan Barltrrt. ch￿f 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 EquI￿￿ent COMPAKATIVE 2919 lan blf lrtereyt In￿me othtr Balance clf Gok1ets (knen Proje£t Film Equiwent £1 16. UNREsfRICTED FUNDS 2020 1020 Parert 2019 Group 2019 Parent Gereral Reserve NonJs 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 for￿rd 3A15 3,139 Totsl lunds ¢arried I•rnTanl