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 ststen￿nt of Recommend Practi￿ (SORP)-Accounttng and Reporbng by charf￿es° 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 g￿rartee (number 03019628) and has no share Ca￿tal. 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 ￿ Febn￿ry 1995 Tony is a director of animation films and c(xnmercials. Christopher Bromhall Fletdier- apwrted as trustee ￿ 1st July 2004 Chris is an executive prodU￿r 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￿)ra￿lUm 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 pr￿Ju(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 pU￿1C 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 t￿Ik11n9 works opwsts the Art Centre made life very difficult and pretty rn￿h unbearaLqe. For the entire year noise levels of 95db were experienced in the buikling 6 I￿r$ a day as a re9Jlt of the council agr￿Ing 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 I￿knng forward to when the wcfks are tornpletal ￿ actiwties can retum to TrJm)al in Decern￿r 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 i￿easIng to £139,049 pa￿Y 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 Sp￿e1 dasses as well as all other actiwties. 11 kn to achleve TeseN*s eQu￿alent to 5% (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￿ C￿ry to obtaln an audlt of fwJime aThJ in ac£wlarKe vAth FRS102 SLIiP. flnarrial *atemeJ*s 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 c￿idate the resurts of the tt*rty 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 ex￿dIture attributsble to the charitable objective or actsvity. Where costs cannot be attributed, they have L￿n appOrtKIn￿ to tharttable Obi￿ve5 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 r￿Nab￿, 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 ProTr￿ed 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(f￿ry 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 Balan￿5 729 729 455 455 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 i￿lirec￿y, out of the funds of (￿arIty was paid or Payab￿ for the year to ary Trustee or to any r*rson 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 d*rity aNI is wentially g