CANDID ARTS TRusr CONSOLIDATED AccouKrs (A company limited by guarantee ar#J not having a share capitsl) ANNUAL REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 315r JULY 2024 Company No: 03019628 Registered Charity No: 1051672
CANDID ARTS TR RE RTOFT The Trustees (who are a150 the tlirert(*s of the charitable company for the purposes of the Companles Act) present their combined Directors, report and Trustees, annual reFx)r¢ as required by company law, together wth the financial statements of Candid Arts Trust {the Chartty) for the year ended 31 july 2024. The Trustees confirm that the annual report and financk31 ststements of the Charity comply with current statutory rquirements, the requirements of the Charlty's governing document and the provi%ons of ststennt of Recommend Practi (SORP)-Accounttng and Reporbng by charfes° athlcable to charltles preparfng their accounts in accordance th the Flnanclal ReFQrttng Standard applKaile in the UK and Republic of Irdand (FRS 102) (effective l January 2019). The charty (number 1051672) is a c(mpany Ilmited by grartee (number 03019628) and has no share Catal. The liabilty of each member in the event of a winding up s limited to £1. Trustees and Dlrertors Anthony Farquhar-smith Christopher BrcKro11 Fletcher Dr Roger Prcthr t)uncan Barlow Registered Office 65 Lethhall Street LON1(, EC3A 2AD Independent Examlners Rlchord BillinghuT5t Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD Bankers The Cwative Bank Pl P.0. 101, l Balloon StreeL MarKhester M60 4EP GOVERNANCE AND MANAGEMEKr Anthony Farquhar-Smith- appointed as trustee cm Febnry 1995 Tony is a director of animation films and c(xnmercials. Christopher Bromhall Fletdier- apwrted as trustee 1st July 2004 Chris is an executive prodUr and d&ributor of fadual telewsion and film. Dr Roger Proctor- apwinted as trustee 1st May 2008 Roger is a doctor of c(n09raphY and S Èthred around the on dimate charye and altemative Eneryy.
REPORT OF THE OBJECtIVES The objectives of the Chartty as set out in the mer)ralUm and lrtides of Assodation are the advancement of the Arts and Arts Education. we aim to achieve this by the ft4lowiTh3: l. To establish a national ntre for Promcrticrf) of Arts Graduate5. 2. To continue provKling edwational factlities for the communty, the wblK and corporate sectors in the value of the arts. 3. To continue supporting arbsts and artistic prJu(tiOn. 4. To continue promoting and marketing the arts and irKlivi(lual artists to a local, reglonal, national and worldwth audierte 5. To promots a pU1C Servi that is accessible to all members of the communty 6. To sustain Candidg finanaal independence. Spedal Projects are fijnded by specific aPFeals aThY fundraising ACtIVITIES AND DEVELOPMEKTS DUIUP4G THE YEAR 23124 proved to be another very challerKJing year. As anthiWed the tIk11n9 works opwsts the Art Centre made life very difficult and pretty rnh unbearaLqe. For the entire year noise levels of 95db were experienced in the buikling 6 Ir$ a day as a re9Jlt of the council agrIng with the developers an average of 75db over a 10 hour period. All major privatelcorporate everts which in the past have helped to fund the ntre came to a halt however some lege shows did tske place and emphasis was placed hc4ding events in the evening which saw the development of a few colLAboratiors with the likes of Urhyer the R(f Collecti. The studios saw an exodus of many (xcupants because they (Id nct tolerate the noi. The art dasses & cafe aLs0 saw a dedine iE(3u5e of buildirKJ Yiorks makin9 the road outside the ntre kK like it was dosed to the public with banksman stauoned at the entran controlling access. A petition & campaign for compensation was launched enlisting the help of the local MP Daffe Emily Thomberry and is still ongoing. AJI in all a year to forget we are just Iknng forward to when the wcfks are tornpletal actiwties can retum to TrJm)al in Decernr 2025 REVIEW OF THE FINANCIAL sfATEMEKrs Candid Arts TrLEt continues to yomte the arts arKI arts education from its arts Cent in Islington Lon¢J)n, letknng iyjt studh)s and hosting exhibitions. In the currert year the net105s was £21,432 comparing to a £58,356 loss in 2023. This has resu in def[t unrestrict&l fuThls ieasIng to £139,049 paY offset by restricted funds ()f £3,139. Going forward we are optimistic that On the building w(k has been ccMnpleted an enhanced Torrens Street will provide rn0 of a draw than In prevlous years arKJ we 11 see an incre05ed interest in studio Spe1 dasses as well as all other actiwties.
11 kn to achleve TeseNs eQualent to 5% <rf IrKThM. are ojrrentty In hy £136,199, RXSK MANAGEMEirr PUBUC BENEFIT sfATEMEIIT mnfinn that Ity haNE wlth the d(ty In sectkn 17 rf the Cywltsts Act 2011 to due fegard to iJarlty G)mrr4sskn s guldm on puljic be'(bltIeS 7nJ AJbl Berrfby. applicable law ar¥J United Kr(knn CrnaMy ArcEFted A¢art)J PftKite. O)rnpary Law reqLdres ts Tnk5tee5 to prepwe fir4irKJal StstVnts VEar vthth arKI fr of state (l affalrn of Thrtees are IEoJlred to: d15doSj arnl e)1[d In the flnandal slatemuts: at ary time the fAwdal of the rhariiable cornparry arxl to eith them tD enwe that the In[la1 strtnents CDmt wlth tre CnPa Itc 200& TW are aE9) resle uardro the assets tharitsble o)mpany ar#1 for tJrvJ rea5(Th sw for FrOn and detectlm of frtuJ and o smd dwlrYJ to date rftrts set roge i. are UwarE. arKI dlr&tots ¢)f tre we al stekts that we to tak£n in (xdtr to m*e are awa (rf that lrf(Wrn. C.F
DEPEND REPORT TO THE TRU CANDID I report to the charity trustees on my examination of the accounts of Candid Arts Trust and group for the year ended 31 July 2024. Responsibilities and basis of rewt As the tnjstees of the charitable company (and also its director5 the purposes of ccffipany kw) you a responsible for the prepaTrtion of the accounts in accordance with the requirements of the Companies Act 2006 Cthe 2006 Acy). You are satlsfied that the accounts of the Company are required by drty or company law to be audited and have chosen instead to have an Indendent examlnaticm. Having satisfied myself that the accounts of the Company are not wuir&1 to be audited under Part 16 of the 2006 Lt and are eligible for lThJeFendent examlnatton, I report in respEtt of my examinatirm of the Company's accounts carried out under section 145 of the CharlS P£t 2011 fft 2011 Nrf), In carrylng out my examination I have followed the Directions given by the Charity Commission Uer section 145{5)(b) of the 2011 ACL Independent examinerfs sLitement SIn the Companvs grc6s Irorr exceeded £250,CKKS your examiner ffKLSt be a member of a bcKty listed in section 145 of the 2011 Act. I can confirn that I am qualtfied to undertske tfE examination tecau5e l am a registered member of IC4EW which is rx)e of the $ted trx)dies. I have completed my examinatp)n. I confirm that matters have corne to my attention in connection with the examination giving me cause to believe that in any material resFed: accounting rectrds were not kept as required by sKtioft 386 of the 2006 Att; or the accounts do not accord with IJKJ5e records,. or 3. the accounts do not cofflply with the accounting reqUireMts of section 396 of the 2006 Att other than any requirement that the accounts gtve a e arn1 fair view vhid) is not a matter considered a5 part of an independent examination, or 4. the accounts have rw)t ten prepared in accordan wlth the methods aTrJ prinaples of the Ststement of Recommended Pracknce for accountiThJ and rertIng by charities awlicable to dritIeS pparIng their accounts in aCCordare wf(h the rkin¢ial Rerthing Stsndard applioble in the UK and Republic of Ireland (FRS 102). E have N) COnrn5 arKt have come across no other matters in connection with the examination to which attertion should be drawn in this rewrt in order to enabk a proper understsnding of ts acccunts to be reathed. Date 0711012025 1Chard Billinghur FCA Knox Cropper LLP 65 Leadenahll Strt, LorKlon, EC3A 2AD
NDID ARTS TRU CONSOLtD TED ES EXPEND RE FOR THE YEAR ENDED 31sf JULY 202 Fffids Funds 2024 Z023 INCOME FROM Donatlons and legacles 375 375 2,665 Charltsble actfvities Studio and Gallery hire and exhibitions 395,023 395,023 445,624 Other trading artivitses Cafeteria and other trading Income 47,446 47,446 77,597 Invegtment Total EXPENDtTURE ON Raising funds Trading,. Cost of goods g)Id and other costs 59,196 59,196 45,667 Other 7,434 Charitable Activiti studio Gallery hire and exhilxtions 401,480 401,480 531,141 Trtal Regources Expended 584 242 Incomel(Expenditure) for the year Trnnsfers between funds (21,432) (21,432} (58,356) NEf MOVEMEKf IN FUNDS Totsl funds brought forward {117,617) 3,139 (114,478) (56,122) Total funds canie41 forward 135 910 114 478 None of the Charivs actiwtie5 were acquired or dscontlnued durirKJ the akne the finanaal year&
2924 2023 Parent FIXED AS5E75 TJThJIb Assets [rent in sub(lary wthrtakl 15,151 1&168 io io io io 15,151 16,168 io li 223 455 678 Cash at barl( in harnl 7,745 1.705 Creditors . ArnOts failirrfj 62 NEf CURREKr ASSEfsi(UAULrnES) (33) (1,867) {101.417) (109,185) Cr&tDr%' knounts fallir¥J aftff (27.6681 P9.229) (135,910) (118A (114,478> (109,175) FUNDS 17 18 3.139 3,139 3.139 3.139 112 314 (109.175) Unre5bTCtal (135.910) (IW57) (114.478) sedat 477 of ttt Pd 2. INi¥e rnt req Cry to obtaln an audlt of fwJime aThJ in ac£wlarKe vAth FRS102 SLIiP. flnarrial atemeJs wwe apmvj Lry the T[tee5 ? ID.?< on tl* bthlf Iv: Chrty Nwnbr. 10516n C•mpny 14umlxr. 03019628
ATEME R THEY AccoupifING POLICIES (a) Basis of Accounting The financial statements have been wepared In accordarKe with the a)èrities SORP (FRS102), vlith the Companies 2006, and with applicable AcctsJnting Siandard5. The charity is a public entity as defined by FRSIO2. Group Accounts The firkinoal statements cidate the resurts of the ttrty and its wholly own subsidiary CandKI Arts TrBdirvJ Company knmtted on a line by line ba5iS. (b) Depredatk•n of Tangible fixed Assets Provision is made for depreaation on tsngible fixed assets, at rates calculated to write ¢)ff the c05t or valuation kn estimated residual value of each asset over ts expected useful lrfe. Computers, re$ and FrtbTrJs Works of Art and stud Assets Devdopment Costs 21Yh straight line per annum 10% straight line per annum 20% straight line per annum (c) Funds Unrestricted funds are those funds whlch can be used at the Truths, dlscretlon. Re5trtcted funds comprise funds received fc specific prcgrammes and activities, as laid down by the donor. Eynditure which meets these criteria is charpj to the fund. (d) Expenditu Charitsble expendtture, fiJndraising aThJ publi(ity and g0Veman costs comprise direct exdIture attributsble to the charitable objective or actsvity. Where costs cannot be attributed, they have Ln appOrtKIn to tharttable Obive5 or acbvibe5 according to the time or reSOLT nt on eath. (e) Income Income is (yedtted to the Kcounts In the year in which it 15 rNab, grossed up for tsx recoverable where appropriate. (o Value Added Tax The charitabk company Is Tr)t reglstered for VAT purpose5. Al costs are accounted inclusive of VAT.
NDID TR ATEMEiwrs Continu DONATIONS AND LEGACIES Unrestrfcted Restrkted 2024 2023 Donations 375 375 375 375 INCOME FROM CHARrrABLE ACTIvrrILs Unrestrkted Restrlrted 2024 2023 Studio Rental Gallery Hire ExhitrAtions and Cla 253,609 41,714 253,609 41,714 229,256 72,939 143 429 395 023 395 023 COSTS OF GENERATING FUNDS 2024 2023 Promotional Costs Support Costs 3,600 3,600 CHARITABLE ACTivrriES Studlo and Gallery Hire and ExhlbltioAs Dlrfft Casts 2024 2023 Projects Exhibitions and aasses On Facilities ProTred 36,715 162,158 170 215 3,599 11,877 40,314 174,035 187 131 401480 52,744 231,028 247 369 531 141 COMPARATIVE 2023 2023 and 45,310 206,497 212 432 7,434 24,531 52,744 231,028 247 369 531 141 Exhibitions and aasses On Facilities Provlded
NDID ARTS TR EN 6. SUPPORT cosrs Totsl 2024 Total 2023 Stsff C<)sts Office Costs Governan 15,966 6,278 8,020 39,305 6,274 12,604 STAFF COSTS 2024 2023 Gross Salaries Sttial Security costs Pension costs 29,277 49,089 2,586 Key management pers(xnel remunerat 29,277 20,943 The average number of empksyEes during the ar wa5 1 (2023: 4). No employee earned £60,LXKJ pa or more. FIXED ASSErs Works of Art & studio Conyuters Develo rixtures & ment Fittings Im Equipment Total At 1° August AdditpJn5 At 31# July 4,674 8,780 77,083 18,570 109,107 Depreciation: At 1st August Provided during the year At 31# July 4,674 8,780 60,915 18,570 92,939 Net Book Value at 31st Juty 2024 N¢t Book Value at 31•t July 2023
CANDID ARTS TRUST THE FINAN ME R THE YEAR ENDE INVEsfMEI IN SUBSIDIARY UNDERTAKING PARErir COMPANY 2024 2023 At Cost: IOOO/o Ord. are Capltsl of Candld Trading Company knmtted io io tumover of Candid Arts Trading Ccffipany Limited was £47.446 (2023: £77,597) and the h)ss for the year was £11.750 {2023: gain £31,930). The net liotmlthes at 31 July 2024 amounted to É17,043 (2023: £5,293). 10. DEBTORS 2024 Group 2024 Parent 2023 Group 2023 Parent Amcwnt due frrth sUbsi(fry company Other Debtots and Prepayynents 1,2SI 976 223 976 223 77 11. CASH AT BANKAND IN HAND 2024 Group 2024 Parent 2023 Group 2023 Parent Bank Balan5 729 729 455 455 6.494 12. CREDrroRS: Amounts falliw due within (e year 2024 Group 2024 Parert 2023 Grcup 2023 Parent Amount due to sub9diary company ScKkHI seojrfty Ac(ruals and Other Creditors Loans Bank overdroft 45,745 17,891 17,031 23,3 17,891 15,159 17,891 28,493 17,891 21,220 75,587 39,905 49,201 49,200 131,138 120,572 102,095 109,262 13. CREDrroRS: Amourts falllng due after one year 2024 Group 2024 Parent 2023 Group 2023 Parent BourKe bath loan 27,668 29,229
DIDA NOTES THE FINANCIAL sfATEMErirs Contin ED LY2 24 14. TRUSTEES, REMUNERAllON AND EXPENS No remunerdti)n, directty or ilirecy, out of the funds of (arIty was paid or Payab for the year to ary Trustee or to any rrson or persons krM)vm to be connected with any of them other than that di5d¢)sed in note 15. 15. TAXATION Candid Arts Trust Is a reglstered drity aNI is wentially g<empt from tsyation in respect of income arnl capttal gains reCeId within the categories covered by Part 11 of the Corporation Tax Art 2010 or 5ecbon 256 of the Taxation of Chargeable Galns Art 1992 to the extent that such income or gains are applied to exclusively charitsble kxjrposes. 16. RELATED PARTY TRANSACTIONS The Trust occupies a lyjilding which is leased from CandKI Lttl. Candid Ltd 15 a separate commeraal company whose prinopal sharek)Ider, Duncan Barlow, is also cl¥ef exeajtive of the Trust. Rent paid to Candid Ltd for the year amwnted to £305,958 (2023: £377,600). In tum £0 {2023: £0) was recharged to the subsidiary company Cald Arts Trading Company limited. During the previous year the CEO, Duncan Barfow, paid an intexe5t free loan to the Trust of £49,200 only to be repaid when sufflaent funds are aVaIlae. The cyJtstanding balance on the loan at 31)uly 2024 was £35,2(X). A rwi loan was issued ttis year totalling £4,705. 17. REsfiucTED FUNDS Balan blf Expenditure Balance cll Income Golders Green Projert Film Equipment COMPARATIVE 2023 Balance blf Expendlture Balan clf Income Golder5 Green 0jeCt Film Equipment 1,684 18. UNREStIuctED FUNLIS 2024 C4oup 2024 Parent 2023 Group 2023 Parent General Reserve Non-charitable fu held in subsidiary (122,006) (17,043) {121.996} (112.324) (5.293) {112,314) 117 617 112 314
NDI TrUST CIAL sfATEMENTS Continued FOR THE YEAR E 19. ALLOCATION OF NEf ASSETS FOR THE GROUP The net assets are held for the various fulS as follows: . Fixed Current Current Liabiliti45 Investments Total Restritted ndS Unrestricted Fund5 3,139 3,139 135 910 COMPARATIVE 2023 Current Current Liabilities Total Restricted fijnds Unrestiicted Funds 3.139 3,139 117 617 114 478 131324 131324 678 20. NEf INCOMEI(EXPENDmlRE) This is stated after drging. 2024 2023 Depreciati of tsr*Jible fixed assets Independent examinerfs fee 1,017 1,422 21. COMPANY UMrrED BY GUARANTEE The Candid Arts Trust is a company limlted by guarantee aNJ 5 no Sha (3pStal. Every member is liable to contribute a gJm of £1 in event of fc beiThJ wouNI up. 22. GOING CONCERN The Trustees constder that there are no mateiial urtcertainties ab(yJtthe chartvs abilityto continue as a going COnM forthe ftjreseeoble fiJture. They a optimistic that once building work opposite the centre has finlshed thtte will an increased dema1 for the thriVs SeICes. In the meantime there has been F#Jsibve dkalogue wlth the develcoers regardlng gJPWrt ard an agreement rthed wtth the landlord for the duratK)n of the diyuption.
NDID ARTS srA 23. CONSOLIDATED sfATEMEprr OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31- JULY 2023 Funds Funds 2023 INCOME FROM Donatlons and legaoes 2.665 2,665 Charitable activities studio and Gallery hire and exhlbltlons 445.624 445,624 Other trading actyvitses Cafeteria and other tradirKJ Income 77.597 77,597 Investment Total EXPENDITURE ON Raising funds Trading: Cost of gId$ sokl 45,667 45,667 7,434 7,434 Charitable Activities Sbjdio and Gallery hire arKI exhibitions 531,141 531,141 Total Resources Expended In(omel{Expenditure) for the year Transfers between fvnds (58,356) (58,356) NEf MOVEMEMf IN FUNDS Total funds brought forward (59,261) 3,139 (56.122) Totsl funds canied forward 117 617 114478