THE NATK)NAL ASSOCIATION OF DECORATIVE & FINE ARTS SOCIETIES Op•ratlng a• Th• Art• Socla CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR E14DE0 31 DECEMBER 2021 REGISTERED CHARITY No. 1089743 OFFICE OF SCOTnsH CHARMES Nth SC039240 A COMPANY LIMrrED BY GUARApifEE ANO REGISTERED IN ENGLAND & WALES No. 04307984 8 Gullfwd Str••t London WC111 IDA THE NATIONAL ASSOCIATION OF DECORATIVE & FINE ARTS SOCIETIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 CONTENTS Page Company infomiation Me88agg from the Chalr Trustoes, Raport 5-2S Auditors, Report Consolid8l•d Ststem8nt of Flnandal Advilies 31 Balance Shegts Consolldaled Stalom•nl of Ca8hifrw Notes to th8 Flnanclal Statww 34-46 ThE NATIOIIAL *SSOCIATION OF DE¢¢)RATI¥E & FINE ARTS SOCIEnES COMPANY JNFORMATION pl￿d￿nt Gr￿3m8n CBE F Ch*r LIlW(￿[sp￿Jkntsd 18 2022. haTrMg Ch* 85rte 1 Soptamter2ffd11 CMrPbn.Wee*l¥pithitsd 12 ￿y2021, 1 S•p￿ber 20211 8 Irtitr•d 12 14ty20211 Vk*CW Alp¢n watson19p￿￿I•a 18 JOn￿ry2￿12. bo•n 4>p(4rrttyJ *É * TFuJt•o on 12 May Rtsaer Ckxkwoth lrniirwJ 12 May2Q11 Tw•tvw kn1￿Y Slr•ch•n PIBA, FCG1gpty)hknY 17 Fatxu•ry20211 n P￿rOM FCA Ireswd 5 March ￿21) lapj￿Ild 12 May20211 J•mff•r Ha￿U4- ELtyrlrv•pw¥iMd 12 Mty20211 C8rolkn¢ Fk)uklen Ire&rtrJ 12 Ilay20211 P•i•r ￿rra0* Ir•br•d 12 ktsy20211 Ben MOV￿ad [￿. IreippJ•it•d 12 M•yW211 Sue Osbo David Ta&*¢f14)pon*d 12 M•y20211 Cafe1￿ Trob)y.kn•6 Chris Wwd IIFw4ni•J 16 S•p*mb•r 20211 Chb•l Ex•pA rx Fkn•n 8• Tknthhyl4¢boPh FCIIA THE NATIONAL ASSOCIATION OF DECORATIVE & FINE ARTS SOCIETIES COMPANY INFORIAATK)N Principal 8ankars Royal Bank ol ScdI￿d 21.24 Grosvenc￿ Pl Bolgr8vLfj Londi)n SW1X 7HN Sdicators sIm￿ns LLP House 7.12 T8wsiod( Square Londw WC1H Klld8re Houso 3 Dorsot Riso London EC4Y 8EN jore IUr¥Jston Srnhh LLP Chartered ACC￿nt¥nts & R￿ls1¢r1d A Devonshlre Hou Goswwl Road Lon¢J)n EC1M 7AD Inv&Blm8nt Ralhbw Bro￿ PLC 8 Clrcus LC￿dOn EC2M 7AZ THE NATIONAL ASSOCIATION. OF DECORATIVE & FINE ARTS SOCIETIES TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 WELCOME FROM THE CHAIR On behalf of the Boyrd of TTh￿teeS and our Management Te¥m, I have g￿t pleasure in skning with you our knnual Rewi and Financial Statements for 2021. The charitable obj¢¢ts of The Arts So¢i¢ty are to proTllOte arts education. preserve artistic heritage ttnd champion the ad¥8nc¢ment of arts, rulture and h¢ritag¢ for public benefit. In 2021 The Ats s￿iety has continued ￿ ¢xpl(Ye new ways to fulfil those objects and to p18n for our long-knn future. Many people have renwked to me recently bow time l]as collapged ovcr the last two years. We se¢m to hav¢ difficuliy in remembering th¢ differences between 2020 and 2021. There has been too much 'sameness'. As I write ihis in early 2022. 1 am filled with hope of a return to norniaiity. That sai4 of course some things will never be the same a￿lts. The pandemi¢ ha5 forced many of us to meet new chollengc8 and learn new ways of doing things. Social isolation has rn&de us realise the things we might have taken for granied. It's noiju5t friends and family that we have mi5s¢d seeing over the last two year& it's also those aquaintances and familiar faces al our lectures. We are all v¢ry consciow9 now thai The Arts s￿l¢lY 15 aboui community. ¢ommon interests and 8ociabilily- as well Bs about art and h¢rii&ge. What The Arts Society does in the UK and beyond, is ￿unde1 in our local wmmunities and ¢oordin8led almost entirely by thousands of f8nthstic voluntccrs who run our network of Societtej. I cannot thank ihem cnough for Wh￿ they do for all of us. Some volunteering projects have inevitably been put on hold but amaziD8ly nwiy of our voluntsvs have found innovative ways to caThy on. Most of our small team of professional staff carri¢d on working from home in 2021 as they did in 2020 but as r¢strictions Itfted there h&4 now be¢t) a reiurn lo Guilford Str¢¢t using a modcl of hybrid working. This model will require us lo review our futtwe requirements. to ¢nsure that w¢ are utilising our resourc￿ in ihe most approprial¢ manner. l.ike our Soci¢ti¢y. our $tsff too have risen to th¢ Challen￿ of combining online communication with the benefits of face to face coniact. They have been unfailingly patient. professional and g(rt￿l humoured tn the face of many challeng¢s and frankly we owe them ¢verythin& Th¢ Iwo proj￿'ts that wer¢ undertaken centrally thi5 year to keep all in touch wilh each other, namely "Around the World in 80 Days" and"Artyent' were both the brainchild of our CEO Dr FloriaD Schweizer. Th¢re 1$ mor¢ about thes¢ vwo aaivities later in this rew but the accolades thut flooded in dwing and Mft¢r members ¢ngaged with th(Kse projLYts, reminded us of how lucky we are have his enornious talent and entt8y a¢ our diswtsal. Using t¢¢hnology has enabl¢d us to carry on training and supporting Societies. It has meani that we could hold the first of what will be regular'Town Flall, meetings betwe¢n metnbers. volunteers, T￿￿teeS and staff. that can only be a g(MMI thiog. The tnore we UDders¢aDd eacb other the better and stronger we will bc as an organisauon. I would ]ike to thank all of th0￿ wbo bav¢ c0ntnl)￿cd to this documeni. The Heads of Volunteerin& Chair5 of Commiitee5 and Working Group$. and members of staff. whose contributions, are in their own words and I hope do justice to the story of 2021. THE NATIONAL ASSOCIATIOYI OF DECORATIVE & FINE ARTS SOCIETIES TRLSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Finally, th¢ meM￿r5 of the Board of TnL8t¢es have brought Wisdo￿ exwience And fat8igbt¢dness to everything they do for The Arts Society. My wsonal thanks go to them for their support. insight and understatiding. They are a 8￿at tra Liz Woods Chair 13 April 2022 THE NATIONAL ￿$SOCIATION OF DECORATIVE & FINE ARTS SOCIETIES TRLSTEES, REPORT FOR THE YEAR EhTIED 31 DECF.MBER 2021 projects in both commercial and ehtirttable sectW5 gainol over 20 Ye￿$. She wa8 w-opted 88 Tn to a￿l￿t with The Arts S¢xiety's digital strate￿. Julia Charlton-weedy Julia first electrd as a Trustee in 2016 And ele¢￿ as Cbair in May 2021 before ￿epPIng down in S¢ptember 2021. Julia spent 24 yeaTS moving around wtth her husbond who w&8 in the arniy. She compleied a BA Hon5 followcd by an MA in Hi$rory of Art and has been a m¢mb¢r of The Arts Society, York for over 30 year8. Peter Kiryage Pet¢r joined the Board its 2018 After being involved with Th¢ Arts Soci¢ly for many years. He held FM)sitions as Chair of The Arts Society de la front¢x& Chair of the ArtA Te4m for Mainland Europe and assi$ted in ¢stsblishing Socirties in Gibrnltsr 8￿j Betthvls. He speni his working life as an int¢rnational banker for over three decades in Europ¢, th¢ Middle East attd Far E&st. Peter retired from the Board in May 2021 and sadly passed away in S¢piember 2021 after a courageou¥ and dignified battle with cancer. Peter lov￿ to S￿l&ll8e with friends over good fI￿)d and a 81gss of win¢. His big boomin8 voice Aud infertious laugh is som¢thin8 hi3 friends and coll¢a8ue8 will never forget. Weleomed In 2021 Caroline Coleman Caroline first became a TnJsl¢e in 2021. She has held llumerous roles Thithin The Arts Society includin8 Society Ch4ir of The Ans Socithy Guilford Evenin8 and Chair of thc Support team for Wesi Surrty. Caroline Tesides in Guildford #nd works as a fre¢lanc¢ 8arden¢r. David Taylor David was el¢¢ted &$ 4 IknLqiee in 2021. OrigTnally an academic at The University of Newcasile upon T>The. L)avid ¢han8ed to b￿0the a thartered Ps￿h010￿SI working as a conyultant, developing and coaching people and leams within the publtc sectorp government and global businessts. David was Chair of The Arts Society TrnTO and lives in Cornwall. Ali80n Watson Alison wa8 elLrted io the Trustee Board in 2021. She live5 in West London and is the InaugpJra] Choir of The Arts Society Chiswick Alison lrnined as a Pa￿latriC nurse and ros¢ io be a Clinical Director at Gr¢at Om)ond Sireet Children's Hospita], before setting up and le•Jing a swce&sfid child health consultancy for over 20 y¢ars. C&wOPted trns¢ces Tony Strachan Tony w&q ¢QwOPted to the Board as Tr¢asll￿r in March 2021. He is a Fellow of the Chartered Governance Jmstithte and spent his caT￿r with the Bank of Englalld as w¢ll as having s¢rved on the THE NATIONAL ASSOCIATION OF DECORATIVE & FINE ARTS SOCIETIES TRLTSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Courts of three universiti4y. Tony has been a member of many Soci¢tTes and has been both a Society TreL8urer and AT¢a Treasurer for Scotlaud and Northern Ireland. Tony liv¢s in Scotland and ¢njoys Ihe lo¢al countryside, reading and the 8rf8• especially MUST¢ (he plays the ckne). Ben Moorhead Ben was first cw>ted to the Board in 2018 for his legal expertise. Until early 2022 he was 8 solicitOT in thc City of Lonthffj with S￿la]ity in sports law, clwity law and bw8ine5s enterprises. Ile has been involv¢d Trith tnany chaTiues and spons E¥)dies across th¢ UK including Sport Ellgland, Ibe Mountbatten Memorial Trust. Cant¢rbury CAthedtal Tn￿t, The Creative Dirn¢nsion Trust and Finance Committee Member of The Royal Foundation ofThe Duk¢ and Duch￿ of CA￿bridge to name & few. Ben divides him time betwe¢n ￿ndOn and Keni. Chris Ward Chris Was ¢i>opted ￿ the Board ID 2021. He Spent over thirty-five y¢ars in th¢ advertising* S¢ThlC¢ irjnovation, da14 driven persottal cotrununications industy in the UK and US. Chrig has worked in obal network Companie8, 918rt-UPs, scale-LP aud has set up and built three companies. He very much enjoys working with an or8anisation with passion and & desir¢ to change, as ¢hange is the lifeblo￿ of 8￿CeSS and he thriva on b¢ing pan of a dynamic and pro8ressive team. Around the World In 80 Days Around the World iti 80 Days a digital project hosted on The Arts Society Connected platfornt. Based on the adventure novel of the same name by Jules Verne. viewers (or viriuaj travelltts as they were referred to) embrted on a virttjal journey around ihe world with thi8 lecture prowamme. The virn￿l IrdvelleTS followed in the footsteps of Pbile45 Fogg frnm the novel and explored 24 destination8 over 80 day5. Th¢ virtual traVell￿S were ¥uida by our Accredited t%cturers, enjoying arts from all over the globe. Th¢ pr0￿Mme ran from July to 8ept¢mber 2021 and included 25 lectures and 10 live events. Around the World in 80 Days reached audiences in the UK Austtalia USA, Belgium. New Zeaian(L s￿in, France. Nether]4nds. Gern]any and Canada. Tik putpose of the pmject was in part to provid¢ rwrch insithts for tx)ssible filtll￿ s¢rvices dev¢lopm¢nt of the ¢harity. It algo delivered vaIue and public benefit throu8h the wntent at a lime wh¢re 80 marty were still isolated and unable to lrnvel as the rwlt of Covid. A post-projecl 81ry wa8 ￿rIed out and the reception was overwhejmingly positive. The 'Around the World in 80 Days, blog bad over 35K views. including one blog with a video in it that had IOK siews. Therr were 38.561 visits to thc Virtual Travellers Ar4 232.551 page vi¢ws and 25.071 unique visitor8. There w&q a clear sens¢ that the s¢ries came acTO&8 os professional and as a Mult ovcr Th of members and l(K)Q/o of non-mernbers thai completed the suryry. f¢lt The Arts Society was a place lo go for iniere8ting and high￿￿a]ity Virtu￿ and tours. THE NATIONAL ASSOCIATIONE OF DECOILiTtVE & FtNE ARTS SOCIETIES TRusfEES' REPORT FOR THE YEAR ENDED JI DECEMBER 2021 The summer of 2021 saw many Teslrictions across the world and so one aim of th¢ wi¢s WBS to bring people together to enjoy a'digital summer holiday. _ something rn￿Y of us were unable to do in reality. Ay such it was imperntive thai the travellers felt a sett8e of community and this was achieved through th¢ regular Commentary attd Intera￿lon under the video as wcll as th¢ live ev¢nt$. When &skttl, over 8LY/o of both member5 and non-mcmbry5 r¢eommended the Seriu to their family* friends and Lollcagues. Many ¢omrn¢ntd (m thc b￿Cri￿ of the ewism the serles bmught as well as A way to keep many of the Sctiery members connected. Around th¢ World in 80 Days w&8 a brand new venture for the charity and as such it was important to hear what the travellers feli aboui the series. The mosi commonly used tern￿ were.. Enlightening Irtterestin8 Excellent Fascinating Jnspired Enjoyable jnforniative The series encouraged the virtuttl trav¢ll¢TS to rea¢h and ¢xpress their enjoyment. their thanks for produ¢ing something di8itally ai a time where many w¢r¢ Still in lockdown and how it enriched their lives. Below ar¢ j￿¢ 4 hyndful of the positive comments received.. The lec1ur￿ are high quality and brilliani bui I really. r*dlly etyoyed ihc readings. ImtLvi ¢honkyou muchfor Round ihe World in Eighty Days andetsn8ra(uloieyoufor ocling on ihe Idea. I loved il all andfollowed it in my copy ofihe book I hove no (JiheT,fug¥¥Jliuns bui like io ih¢yth e¥*ryoneforall the￿ hard worf( arranging theJe tolkf. It Was 5(Jmeihing ts lookfonvurd io dwing Itxkdown. ILOVED thu senes and would really en¢otsrageyoy io do al￿ther one. FYek7 been in lockdownfor theP￿VI 2 monih and il really helFedpofS the lime. I loved ihe il 51aggered io coincide wilh ihe book andl learnedso muchfrom the le¢luru. PLE4SF do anoiheT Lmel Thankyou to all ai The Arts Society who were rnfWPFL%iblefor the arn￿1n8 'ArOw￿ ihe World in 80 Days" extravagonza. Jn difficult timesfor The Arf5 &Kiety andADFAS this proj￿1 ¢ortne¢ted all. Ijusi wantytw to know thai ArOuP￿/￿e World in 80 Days amazing andso helpfyl ￿ my h￿band and my5elfwhile in l¢¥kdownl 240 + days in Melbowrye. Giving w something th lookforward to. Thankyou., The proj￿¢ delivered again$1 its conient and public ben¢fii objectives. Ji also provided vita] insights for the R&D a¢tiTrities caffied out by the Ch￿lty during 2021. contributing lo organisational learning¥ dats collection and capacity building largets. The Arts Society airns to ¢nricb lives through ort. and Around the World in 80 Days certainly did thaL io THE NATIOYAL ASSOCIATIOI% OF DECORATIVE & FINE ARTS SOCIETIES TRUSTEES, REPORT FOR THE YEAK 31 DECE.MBER 2021 Artvent Followillg and building on the SUCLW8 of Around the World in 80 the seC(￿d Resear¢h and Development projeci in 2021 was called ArtvenL It delivered 31 PiLXL¥ of conlcnt created or ¢urnied by The Arts s￿le¢Y, including 19 iidcos ¢reata specifically for Artveni. User3 were required to sign up to a mailing list which enabled them to receive a daily arts 'gift' for each day of December. Special consideration given to utilising the Advent calffldar m(yJel but extendAng the ¢n¢ir¢ month of December so that a div¢rye range of festtvals and cultures could bc showwed. all b￿e)j on the theme of ligbt. The audien¢e ¢ngagement was arguably the largest in The Artq s￿le¢y,$ history with 294K site Sessions reL'orded in Ikc¢mber and 267K site users. I￿￿11￿81y. Artvenl saw a marked Incre￿ in users from th¢ USA Norway¥ regioDS wb¢r¢ The Ans Society doe5 not otherwise have ony reaLh. Just as with Around thc World in 80 Days* over Wh of meml>ers non-members vi¢wed The Arts Society a8 an organisauon that produces in￿ting hith quality content. Over 700A of memb¢r5 and non-memberg r¢¢ommended Artveni to th¢ir fri¢nds. family and collea8u&s and 7Wo ofmembers sBid they would join The Arts Society for onother Virtu￿ offerin& One aim w48 10 geek financia] support Wwards the Soci¢ty'5 charilable ￿li¥[ties, and the project raised £3,200 towards its ¥rani gtving work. This was a new end¢avour and allowed us Io ghowcase our grant givins scheme in a way that The Arts Society Iwl noi done b¢fore. Artv¢nt sought lo b¢ more inclusive and diverge through ihc arts and ¢ultures covered. Thts was met with an overwhelming oxjsilive response and A clear appetite for more wntent like this. li WA3 *lling thai. when both members and non-members were asked how they 'fcli' about Artv¢nL words such 'Illuminating' and 'Enli8htening' app¢ared frequently. Other5 included. Interesting Fas¢in4ting Inspiring ]nnovative Stimulating A8ide from the Ru¢arch and Developmenl insights gleaned fi￿M this project there were clear public benefil outPULg from this project. Many users commen*d on how the proj￿t aided thcir well-being and how it helped with isolation duTing the WiDier CoNid restrictions.. A big thankyou- Ihe calendar wa% a liiile tre￿ ty lookfonswd io during o srim Iwfvtser. I h4ve a disfibillty $0 havingArts come to me Af so rewrding andliving awizyfrom IA)pthn makes me feel Induded. As I have had io be Utremely Cdrefyl over ihe layt couple ofyeors os Ihave a blood c(U￿er ihis was someiknng io lookfoTward ¢0 each day. A very iffjellige￿frIelld. to whom I emailed the Artvent (Kcess. & who has seen afew ofyow nwnihly highlights kn nowjoined￿ a swrter. Ihif says it all I think li THE NATIo￿L AL ASSOCIATION OF DECOK4TtVE & FINE ARTS SOCIETIES TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Being alone and di$abled a¢ Chrksim4xf AS emDtiopwl time. The calendargave me little leézrning opporlunilies lo rela¥ inlo and eryoy. The conient 0fm￿ag￿ is spech7etsl4r- $0 informaliw. enlertairring. and enlighiening. These enhance my well-being dwing ihueyeors ofwndemic andgive me ihe opporlunity to see and learn obout UKmuseunLf andgd1leri￿. Jarn deeplygralefvlsop1e￿t ¢Oniipu* ioprovide Éhe wonderful nw.tages andevents. Users also ¢omn)ented positively on th¢ range and diversity of Subjects in the seri¢s: The Arlvenlprojecl wtLY a joyful experience apkl wonderfully strus bwling. I lookdfor*Ivd￿ each day s inslolment, particularly admiring ihe diversity ofconienL I realty hadn l ￿Pected io enjoy opening ihe calendar every andgettlng a.FnaP shol ofsuch interestin¥ anddiverse subjeets. li informed lots ofinleruling chats wilh myfarnily over Chrulmof. l ihought the.teries offeredan occe.%fible route imio new areAf rfariforpeople like myself The variety ofarl andculntral aspects of Cknstnw relatsdihemu enli8h¢ening. This wag a real December highlixhifor me. li has encouraged me lojolnl The Arts Sodety Grants 2021 tA)cal So¢ieti¢8 are very aware that The Arts Society's constitution provides as its main ObJ￿tiV¢ the promotion And advancement of the education of the public in the cultiv#tion, apP￿14tiOn and sludy of the decorativ¢ and fjne arlA. Sin¢e 2020 the Board of Tn￿1￿ and its Grants Committee clw]8ed its diTection and deterniined in light of the suffering. disruwion and impediments ¢reaigd by the Covid pandemic, that they would support charities within communities adj8Lent io I￿al Societies. These grdnts atr som¢times more modest than previous ￿ants but are equally impacrful. The Grants Committee ]M8 tried to distribute 8rants among all regions so that no counry or region should feel left oul. Thc subject of granis ranges widely from ¢onservation $tudenls and arts ethication and learnin8 generally including ballet and music throuth to fundameotal 8rants 8u¢h as providin8 a primary school with paints and clay. Some exampl￿ of grants given in 2021 includw. 12 THE h'ATIOliAL ASSOCIAT]ON OF DECORATIVE & FINE ARTS SOCIETIES TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Communlty Grants The Arts Society Dumfri&s & G*lloway Hav¢ supported the local Dumfri48 and Galloway Youth Offch&8trn. The (Ychestra welcomes yowig musi¢iuns from across the region who play together as a full orchestra as well as praciis¢ in small UP5 under expert Wofession￿ guidance. Playing in th¢ orchestra helps improve young people, playing skills as well as helps them develop the abiliiy to listm teamwork, anAlyti¢al. ¢Teative and communication Skills. The An$ Society WeTJ81eydale HAve Support￿ We Can Dance, which wovides dance Icssons for children with learn?ng difficulties in th¢ NoTth East. The dancc loqso￿l bring music and movcment w young people with speLial edUC￿lOnal ne￿, autism. physical disabilities. Sensory impairni¢ni And behavioural difficulties. Th¢ Arts Sc*ieiy Ebor (V￿ Evening) Used their Community Granl to Support the Refu8ee Action York. This charity focuses on the healin8 benefits of art in all its forn]s io help refugees in the city and in particular those from war lorn regions suffering from ￿sD. The Arts So¢iery Blackheaih Hav¢ awarded a to Age Excbang< a hub of community activities $p&ialising irt r¢miniscen¢e ba$d interg¢nerational arts projects for peopl¢ IiviDg wtth dem¢ntia, lonelin¢ss and i501atio The Arts S￿￿ety SuTrcy Hills Supported the J18saw'fn￿t, A loc￿lY based s¢hwl charity 8pe¢iali8ing in the 8UPPOrt of children with autism. So¢lety Crantl 'rhe Art8 Society West Cornwall Received 4 graijt to help fimd a pop-up art exhibltion (as part of the Per￿qnce Art Festival 2021) featUTing th¢ work of fourteen students from Penwith College Art and Dcsign sthdenis. In addition lo the popup IKttwe the grant also funded Workshops for the students where an established artist told th¢m about their career aTrJ a local gollery oivner di￿U$S1n8 'how best to approach a gallery,. The Arts Society LiverpcK)I Used the grant they rettival in spring 2021 to fund a children¥ art week at a primary school Tn a deprived area of Liver￿￿1 Culminating in aD exhibition. The 8¢hool has a mixed intake of children, including refug¢cs and is currently rated a8 a failing school with very limited art being taught. The art 13 THE NATIOYAL ASSOCIATION OF DECORATIVE & FtNE ARTS SOCIETIES TRUSTF.F.S' RF.PORT FOR THE YEAR EI¥DED 31 DECEMBER 2021 w¢& helped teacheE5 learn and develop new skills whilst giving children ac¢esg to exciting arts proje¢ts culminaling in the exhibition. The long-ternl effKt of the arl week meani that the 1￿CherS involved could share their new knowl¢dg¢ with w11¢8gu¢s allowing them to incr¢as¢ the importance of art in the Work of the schLM)I. The Arts Society Leeds Coniinuing their supwt for th¢ Opera Notth Youth Company. The Arts Society Leeds wanted to contribute to the Wodu￿10ll of th¢ ¢htlthrn's opera Brundibar which brought together the Opera North Children's Chorus al￿ Young Voiccs choir% ￿ongs]de a small chamber orchestra from Newcastle's Northmi Sinfonta culminatin8 in 4 pttfornwLf¢8 on Holocauyt memorial day. 26 young singers worked alongside professionals to d¢v¢lop their skills 4$ well ￿ deepen iheir understanding of the historical ¢onlexi. Thi$ will bc followed by W0￿0p9 delivered in schools lo promote understanding of the opera And its ¢ontexL The Arts Society Poole The Arts So¢iety Poole are using their ￿all1 for a project involving lo¢al older people. pupils from special sch¢)ois and other family groups which aims to help to irnnsfom Poole Museum into a thriving cultural space and community hub with enhanced opwThniti¢s for people to learn, play. gain skills. improve wellbeing and bolsicr social connection$. Working wilh lo￿] artists, participonls will help create new hoardings for the musewn PTomoiing its collections and place in the l¢xal 'The Arts Sociery South Suffolk South Suffolk used their grant to donate art p￿kS io a small rural schwl of less than 70 pupils with little money for its budgei for ihe arts and where everyday ilems like paint. sketch b￿kS and Llay are a I￿llry. The school could not roulincly buy these it¢ms on an ￿n￿&1 budw and often the cosi was met by the t￿her5 then￿1ve$. Souih Suffolk's ￿OnI has allowed the school lo purchase art materials for its cl&%8¢s to cover a year. A simple project but that is much appr¢¢ia*d by s¢&ff and pupils alike. Grants to External Charttl Central of Ballet The Arts Society has been ple&sed io work with the Central Sch(M)l. a world-renowned balle¢ School since 2016. Th¢ grants given lo the sch￿1 allow two Shjdents from1¢55 well-off back8rounds to study b411et. The grant given to the Sehool in 2021 allowed two youn8 men to pursue their studies and we have been inforni¢d that in spite of difficulties causcd by the lock down the two are excelling on (heir courses and have a wmising future in darKe. 14 THE NATIONAL ASSOCIATION OF DECORATIVE & FII¥E ARTS SOCIETIES TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 c{￿rdin8 C￿ordIn8 offer low cost or free creative and ¢du¢ational a￿1VItieS to adults with learning disabiliti¢s within Torbay and South Devon. The grant given io them in spring 2021 was used for'This is Me...Here l Atn Again" an exhibition of artwork by adults with leaTning disabilities from across Torbay. who access different s¢rvi¢es. They also include opened the exhibition to carern. who h&d bvrne the bTh￿t of the care during I￿kdOW￿. We8t Yorkshire Print Workshop The Wesi Yorkshire Print Workshop 1$ ott open access print workshopj promotin8 trAdition4L contemporgry and innovative printmaking to PD)r￿S1Onal printmakers and the wider community includin8 Childr￿ yOUDg people and their familics. The Workshop is parti¢ulatly keen to help young people and the Affs Society gave th¢m a io pmlide two early ¢areer printsnak¢rs & yearlong PTint Fellowship. cach will be provided the oppomjniry to gain ￿,¢&8 lo s￿l&ll8t knowled8e. arti$t mentor4 resources. a network ofartists w]d professional arts managers. Volunteerlng R¢vlew lkne last two years have set the volunteers many challeng¢& to which they have risen admirobly. From the reports which have come in. from Visiting projects and from mccling volunteers. it is clear that the thTrst is very much there, frff Betting involved in and contributing io many heritag¢ projsxls. io setting up trai18 and to instigating arts projects with the youn& vulnerable and eld¢rly. We are proud of what has been achiev¢d under difficult circiunstances and Iwk forward to drawtng on th¢ eagerness that our Yolunleers bring to getting back to projects pul on IKTrld during l¢xkdown....and io Siarting new ones. working under The Arts Society banner. Clearly, we have to l¢*n from the last Iwo yc4rs? as vari¢)us levels of expeclation& enthusias bud8¢t$ and recruitment of volunteers diciates. flexibility is CN¢1￿. We musi I￿)k at a wider spe¢tNm of volunteerin8 Opportunities. We musi look for the gaps and find areas where the help that we ¢an give would ¢nable heritage. edu¢ational and therapeutic arts projttts to thrive. We muyt look for partnership8 and Show that we do not work in i8olation. We do not only clean tM)oks and repair lextiles...we fund young art projetts. we tske art into railway ststions. we provide memory trails for A17h¢imer suffuers. we run art classes onl7n¢. we catslogue, we resear¢h. we care for our heritage, we r¢ach out to c0mmwi1ti￿ and we solv¢ problems. Our key qu¢$lion8 should always be: Wher¢ is our help needd? How can we attrail new volunte¢r8 among our current and new members? How ￿ we support curTicuiums and keep the arts alive for the young? How ¢an we publicis¢ what we do. t¢ll our storles And get the mes34ge out that The Arts Society is there to make an IMp￿t and lead the way in voluni¢erin THE ￿ATIONAL ASSOCIATtON OF DECOIL4TIVE & FIliE AIUS SOCIETIFS TRusfEES' REPORT FOR THE YEAR E.YDED 31 DECEMBER 2021 projects. How do we build on the SU￿esS of 'work frrmn home. Projects intr(duced during lockdown? Th¢ Marsh Awards re¢ipi¢nis of 2021 ably d¢monstrai¢d the variery, iniuativc and Commilmeni thRt our voluntecrs bring to th¢ party. They arc to be congrandated in leading from th¢ front and making things happcn. We Are yatethl that Ihe Marsh Charitable Trust enAbl¢s us to acknoWl￿ge their contributions. As always> a huge thank you to ALL ow volunteers. Herltsge Volunteeri At long last we 8r¢ emerging from the restrictions and di￿lCUltIeS that were mentiotKd in last year's Herila8e Volunteer report. Things ar¢ somctimes movin8 slowly> nonetheless many projects ar¢ back in action. The two 'remote, work from home, projects we $lart¢d lasi year are both completed. The projecl with the ROYAI Philat¢lic So¢iely* helping io rnake inforniation from led8ers in lheir extensive lil)rary more a¢¢es5ibl¢ for resCa￿h purp￿¢$. has been compleled. The projea io make'bwk ¢rousers', the cutting out of a paper shape to ry round the Spin￿ of t books in the HO￿ of IA)rds a￿h/Ve. was very popular. This was our first projea that could b¢ wid¢rtaken by our members from any¥here ill the eounty, rnther than the morc usual involvement of one or more s￿iety working together. We hopwj to involve members from 'Nonh S¢otIand lo the Isle of Wight,. and we a¢hieved this, with many So¢ietie5 bein8 represented. W¢ have now reached the on￿n￿l tsr8￿ of16.OlJ) sets of paper 'trou5ers'. aftd the Parliamentsry A￿h1VeS are vcry Pleas￿ with th¢ stsndard of work ofour volunteers. Some projects managed to continue all through the pandclluc. One 8ucb wa8 th¢ stewarding project that member8 from the Beth & Herts Area do at the Mix)re Institute at P¢rry Cireen. With a few small 4djustments to their usual pattern and extra disumcing and mask wearin& they ¢onlinued lo proTride inform￿lOn and guidance. Some projects. ready to go before Covid hi4 continued to plan gnd arrange until such time as it was possible to gei our membery bacL Onc such was the Hetitag¢ Voluntttr team from the FA5t Surrry for & new book conservation proje¢1 at W￿1 Horsley Plact. the historic house, inherited by th¢ recently deceased Bamber Ga5coine, and being partly ¢onverted io a cultural hub. The te4m were ready to start tmmediately ¢ottditiotL8 allowed, and they are happily sdtled in the two b¢￿tifUl librori¢s, filled with rdre, old and inter&8ting books. It is very en¢ourngtng to see how many other proj￿. ready to Bo or jusl started before Covid gol in the way> A￿ now rapidly springing into b'fe across the country, and seveTr] iotally new prOJ￿t5 are appearing as weu, including this very lodi￿dual one. a frst of its kn'nd for our volunte¢rB. Hilary Olleson - Head of Heritage Vohmteering 16 THE NATIONAL ASSOCIATIOY4 OF DECORATNE & FINE ARTS SOCIETIES TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBKR 2021 Tralls of DI￿0Very Trails of Discovery h&$ Continued to cxp8nd throughout 2021 with twenly-lwo new trolls being Tegistered and tw¢A)ty-sevcn trails being completed. This is r¢ally encournging as it shows our membern are keen to be involv¢d in voluniecring. Anyone ¢Te￿Ing a Irail is suppirt¢d by an Arca Represeniative who shares their ￿perIenCe and knowledge of Trails of Discovery. In 2021 we did have a few of ow Ar¢a Repres￿￿1Ve stand down for a variety of re&sons but have b¢¢n lu¢ky in finding $ome repla¢¢ments, for whicb we very wat¢fi￿. We have R¢hieved mAny of th¢ aspirations we bad in 2021 to expand'frnils of Discovery. We h4vc two trails. ¢￿h of whi¢h has followed the life and achi¢vcments of a particular p¢rson- lTh¢ Sime G411ery at Worplesdon houses a major colle¢tion of the r￿Inating ond highly ¢hAr&cleristic work of Sidney Herben Sime the renowned illustrator. artist. and cariLawrisl. Many of his works have clo Ixnks lo the area immediately Surrounding the ¥allw. This trail guides you lo wme of th08¢ pla¢es and provides a backdrop lor the I(￿] characters, many of them Sime'5 drinking companions at The New tnn. that feature in his work. The other trkil follows the life ofJoe Gritnaldi, aL.knowledged lo be th¢ father of mod¢rn Clowning. He created the colourfuI cloth* white face. red IipB. and red nose of a clow Anoiher development is our Trnin Branch l.ine trai]s. These trails accompany a train journty and tell you aboui the fftnlemting history. architeair< art, and culture along the rou*. We are working with Communiiy Rail Network who happy to promote our tr&i18 on their w¢bsitc which will make our trails more widely available and promote The Arts S￿iety. We have also creataj a trail at F4Tnham, a World Craft Town. which means It 18 recognised around the world for the unusual and exceptional number of local artists. galleTie4 art centre$ and mweums in the town. Also. in Wesi SuThey we have two other types of Children's trails. one is a quiz around an historic barn and the other 15 a Garden trail. Our Nei8hbourhood tr8719 have become more popular. mostly they are for ¢hildren, bul ￿)me are a Walking trail for families. With the illtrodu¢tion of th¢ use QR wdes it h&8 made these tJy¢s of trails much easier to acr¢5s and use. The usc of QR codey has gained momentum as downloadable and interactive trails do not need ¢0 be prin*4' all that is neded 1$ 4 po81￿ with the QR code foy peopl¢ to s¢an with their phone or tsblet. Chuwh trails for children are ￿111 popular and as visiting plthcas of worship is part of the school curri¢ulum for Primary School children our trails are much app￿l￿ed by the ￿cherS. Th¢y giNr the children featttyes of interesi to look at where they find the answers to thc questions asked in the trail. When launchtng the trail with a l(Kal sch(x)I we do still print copies of the trail for th¢ children. This y they can t4ke the trail back to sch(x)I to carry on WOTkin8 with it in ¢1&5s. W¢ are still working with the National CFIUrh￿ Tn¥t who have many of ow trai15 on th¢ir website. Paulin¢ Stewart- Head of Trnils of Discov 17 THE NATIONAL ASSOCIATION OF DECORATIVE & FINE ARTS SOCIETIES TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Arts VolwiteerlnE 2021 h&8 Prov￿ another difficult year for us 011 but we have been a]cOUrag￿ and humbled by the tenacity and driv¢ of our many Arts Volunteerin8 Reps a¢n)ss th¢ organisation who have found ways to cary on with their lon8-i¢rni projects and indeed to react creatively and nimbly to the immediate needs of th¢ir lo￿ communities. A huge varidy of S(Ki¢ty projecrs and funding bas enabled schwls, museums> galleries and charities to provide much needed arts programmes during lockdowns and restrictd operations. Bravo! To ev¢ryime who has gone the extra mil¢ througknui thc year you have undoubtcdly made a differellce ￿ the lives of those in nefyl in your commuDity and the lift¢d SPiTits of all invvlvcd. The Arts Society Community GrAnts were avatlable io every Sc¢iety in the organisation for the yeAr to help with post pandemic Yecov¢ry of the Arts locally. An amAzing 3tX) Societies applied for and used the grants of £250 each which wff¢ on offer. The scope and vBriety of projects was truly br¢ath- tsking and we con now begin to understand the dccp enga¥ement at)d connecth'on each Society has locally and the causo and org&nisations The Society a5 a whole helps to fijnd and support. Fron) helping with the rurtning costs of local arts organisations, many V¢Dues by Societies. lo putting ort maierials inlo lo￿1 Food Bank offers. sup1￿]ng local charities to nm virtual Workshops, lesgons and when circumylances allowed to provide 'in r¢81 life. session5 enabling people lo reconnect and b¢gin to swialise th￿in givin8 bursaria. Many of the projects in 2021 reflwlol the changed environmen¢ we have been living in and needs that have arisen duTing th¢ year. We saw an irtcrease io the provision of art therapy sessions through workshops for young carers and for children who had experienccd som¢ traum& as well as for people in hospitals and hospIc￿. Support for prisono5 by providing opportunities to en8age in art wa8 also notable during the year. Some projects took place throu8h donating fijnds to a charity which could deliver specialist support throu8h the arts to childten with Wicular diificulties to overcome. or to work with prisoners. Projects which promot¢d wellbeing also featured. helpin8 childr¢n with communication after periods of i501ation from school and ¢a¢h other- througb supwrting drama projects, and engagernent with music, dance and th¢&tre- perfoTman¢e art which gave than the opportunity io express thcmselve8. Creating art outdi>ors was Anothtr roule to enhancin8 wellbein&,. The emphasis w&5 on creativity and s¢lf-eApression underpinnoj by a welcoming envimnment in whith the events I￿k place. Prosiding bursaries remAined important in 202110 h¢lp students without sufficient finan¢ia] mean8 to undertake their studies. Oth¢r projecls supN)rted art teach¢rn through Continuing Professional Development giving back to them so that they w inspiTe their pupils to further ¢reativity. All of this was helped by the even¢ual rel&xation of restrictions J() thai artists cou]d (mce again ¢Dgage directly with the vario￿8 ￿￿P5 and do bAnds-on live workshops with pain( clayj musicaI itL8truments, words or whatev¢r weans of art ¢ngagement they tho Cherry.Anne Ru&s¢ll. Head of Arts Voluntetting 18 THE NATIONAL ASSOCIATION OF DECORATtVE & FINE ARTS SOCIETIES TRUSTEES, REPORT FOR THE YF,AR ENDED 31 DECEMBER 2021 Governlng Doeumtnt Th¢ Nvltional Aswiati(m of Decorntive & Fine Arts So¢ieti¢s. operating as The Ans Society,, is a ompany limit¢d by gumtee (compAny number 4307984) govcrned by its Memorandum and Articles of Assoeiation and is also a charity registcred with th¢ Charity Commission (registration no. 1089743) aDd with the Office of the S¢ottish Chariiy Regulator (re￿$tration no. SC039240). ObJ¢¢ts of The Arts Soelety Th¢ charl￿ble ObjecL8 are.. th¢ proruotivn and advanc¢ment of the education of the public ill the cultivation. oppwiation and 81udy of the de¢or8tive and fine arts. the co]]serv￿Ort and prucrvltion orth¢ ffiistic herilage of the United Kingdom and other counlTie8 for the benefit of the public. and the advancement of the arts. culture and heritsge. in ￿rtICUlar. but wiihout limitation. the decolative and fine ￿13. Trustee Board The principal role of the Trustecs is to 8Ct the gtrniegic direction. The rolc of the Chief Execulivc and his team is to impl¢m¢ni artd manage the straiegy set by the"I'rus*es. AppolntmeDt of Trnstees The maximum number of Tn￿lee$ is fift{￿ of whom a majority must be elected by the voting members and theref(Ke up lo seven May be crwted. Trnstccs retire ancr complcling A three-ycar term and are eligible to serve a furthtt three-year itrm bul mxy nol 8¢rv¢ for mor¢ ihon six ¢on8ecutiv¢ y￿5 in total. They deterniin¢ w)li¢y and have ultima* responsibility for the activities of the ¢harity. Truy¢e¢s who ￿Ved during the year are listell on page l. A noti¢¢ of ¢lection 18 sent out 8llDuaily accompaDi¢d by dethils around va¢an¢i¢s. the rol< and time commitment, to encourage approprialely skilled and exp¢ri¢n¢ed member8 to apply. Tru*t¢e Induthn and Training New Trnsteeg receive an induction and ment(King programme to etksure they ￿nd￿Stand their l¢gal obligation8 undLY charity and company law. the content of the Articl¢s of Association, consultation and decision-making prwesses, the strategic plall, fwan¢ial ptrfornjance and current issues. Truste¢s ar¢ ¢n¢ourag¢d io attend external training where li will improve the effectivene&% of their contribution. lllterna] training and meDtorin& including joint ttaining with setiior stsff memb¢rs. is Also omnged as required. 19 THE.NATIONAL ASSOCIATIOY OF DECOIL4TIVE & FINE ARTS SOCIETIES TRUSTEES, REPORT FOR THE YEAR KNDED 31 DECEMBER 2021 Trustees undertth an atllTrual review of the v￿louS skills rcpresented on the Board which is helpful as a dev¢lopmeni tool and is al80 us&1 &$ a basis for indicating the skill requirem¢ni for po*nii&l Trustees, and 88 a basis for recruiling ctropted Trustees with specific skills 8nd experience. Th¢ governing body is the Bo8r(L all of whom are Directors. who ap￿Illt one of their Dumber as Chair And one as Vic¢-Chair. Thqe are up to five Board Tneetings and generally one Strat¢gi¢ plannin¥ 5eysion year. Board Member 8ttendBn¢e for 2021 w48 940A (2020- 91V•). The Trustee Board has set up a number of comtnittenfid¢nt that they ha￿ demonstrated how they have omplied with the duty of Charities Art 2011 to have re88rd to 8uidan(x published by the Charity 20 THE,*ATtONAL ASSOCIATION OF DECORATIVE & FINE ARTS SOCIETIES TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Commission on the Ol￿a￿on of the ChaTity for thc Publi¢ BenefiL The 8uidanct is ￿llY borne in miud by the Tn￿tee3 wh¢n 8¢ttin8 th¢ strategic plan. Related P4rtie•- Subsldlary undertakln The Arts So¢i¢ty has two wholly owned subsidiary companies, NADFAS Erttetpri9¢s Litni*d ('NEL') and NADFAS Tours Limited ('Tours'). Both companios, registered office is the same &5 their wrnt ¢ompany. NEL 1$ responsible for the magazine and online content which 1$ distributed to members. and also runs a very stnall online and mail order shop. Tours r¢¢eives c(Trmmission from specified cornmettial partners. This con)mission is paid lo the company directly by the commercial parther and membeTS pay exactly the same price As any non- member booking in Identic￿ circumsiances. Coryorate Soetsl Responslbillty As a membership organisation Thc Arts SLKiety approaches its re8ponsibility in two ways: firsily, by exMminin8 the praciices of its central operations and seeking to ensure they are ¢niironmentslly r￿pOnsible. Secondly by ¢ncourngin8 aTJd 5UPlX)rting member Societi¢s to tak¢ practi¢&l and SU8t4inable ￿tIonS whtte ￿$Sible lo help the envir￿ment. Equ•llty, Dlvenlty *Dd Incluslon We have an unwaverin8 commilment io diversity with the aim that each and every one of our peopl¢ has a full s¢nse of belongtng within our or8ani5ation. Everyone at The Arts S¢xieLy has the responsibility to create and sustain An Inc1￿11ve environment. Inclusion and dirnity a￿ fimdamentsj lo our culture And core values. We believe that no one should be discrimin￿¢￿ against b￿AUSe of their diffeffncu. such as a8e. ability, ethnicity, gend¢r, gender identity and expr￿S1On. religion or sex￿1 Or1e￿ts11oll. Our rich diversity makes u$ strong¢r- more welcomin¥p more innovaiive, and mor¢ ¢reativ¢. wbi¢h helps us bettcr sttve our ¢ollllnunities Gender Ply Rewrdni Although we are not rcquired to report on gend¢r pay under the Gender PayReporling Regulaiion¥. we feel that it is an important issue. We support ¢quality through fair pay and our job c￿l￿ation framework h&$ ensured that males md femal￿ ai The Arts Society r(*eive equal pay for work of equal value. However, small changes at senior and managerial levels can bave a big impa¢t on the pay gap in an organisalion ofour size. 0￿11, the gap is definol as the difference between the mean or mediaD hourly rate of pay that male and fema]e colleagues receive and the median gap at The Arts Soci¢ty in 2021 w&8 25QA (the DationaI av¢Tage 18 20%). Rlsk Man¥gement JD accordAnce with the risk management FK)licy set by the TnLsie¢ ￿ard. a rlsk re8iSt¢r is held. This lists the principaI risks, both internal and external. to which the organi￿ti(￿n is and givcs estimates both of the likeliho(Kl of the risk be¢oming a Teality, the degrge of impact that its OCCUTmce 21 THE ￿ATIONAL ASSOCIATIO.N OF DECORATtVE & FII¥E ARTS SOCIETIES TRLSTEES. REPORT FOR THE YEAR EliDED 31 DECbMBER 2021 would ha￿ on the organisatioo likely cause& exi8ting controls and new artions being tsken to mitigAle the risk. On-going review and appraisal ofrisk takes place through the Fin4n¢e Audit and Risk Committee which reports back to ¢nsure that mitig41ing action is thken by the Tn￿¢ Board wb¢re a requirement is id¢ntifiaL Prlnclpl Rlsks The organisational risk Tegisttt whi¢h is r¢viewed by th¢ Finance Audii and Risk Committe¢ and is maintained as a live d￿￿ment for the Tn￿le¢ Boar¢ re¢oTds that th¢ most significant risk8 relate lo the potential for a significant loss of subscrimion incom¢ (from M¢mbeTS) and a reluction in commercial iucome (gen¢rated through advertiying revenue and ¢otnmissions) frout the two Subsidiary companiu. The TTUStees have specifically considered the impact of the corollavin￿ on the 0￿￿&110￿$ and whilst they ¢onsid¢r that ftt does not impact th¢ ability ofthe tbarity lo continue as a going concern. the two key ri¥ks above have been amplified. The"frustees are monitoring them very closely to both mitigate where possible and provide timely respon8¢5 which Can be deployed as nects￿ry. '1l)is will a150 form part of the gtrategie plan whi¢h is cwrently bein8 developed. The actions which are currcnily being 18keo around substtiption income, include supporting the implemen¢alion of online lectures through the provision of licens¢s. ITaining and a hosting service while physie41 lecturo may not be possible or d¢sirable. Additional onlin¢ content find resourcas have been rolled oul in an attempl to maintain en8a8¢ment, and the developmenl of PR Strategies for r￿ltment and retention have been developed. For comm¢rcial reveDue. actions inc1￿C an updated $trate8y around the m88azine and the continued develupmenl of an enhanced digita] PTes¢n¢e in an attempi w m&intain cngagemeni with existing &udien¢es whil¢ also seeking to reach new a￿llenceS The ¥eneration of commi35ion in¢(￿ne will remain probl¢malic thi¢ to the w¢ighting towards travel partners. Actions are in place to Strengthen existing re￿iOnshipS in anticipation of the market rtsctivalion, whilst algo sttking to diveTsify away from the travel sector. Th¢ Tn]ste¢3 reali8e that anything which adVe￿¢1y affects the reputation of the ¢1￿11Y rep￿sent8 risk which could impact on subscription, and con]mercial in¢ome streams. As such they monitor thi8 very cloKly. using external suppcI1 ifnece5sary. It is f¢180 re¢o8nisd that with such a small staff tram the loss of k¢y staff is a risk. The Nomination8 nd Remuneration Commiitee do take this into consideration when makin8 its rttommcDdations. Results A breakeven position was delivered in litie with the oTiginal budget. Ajler ￿COUnting for transfers to d¢S1grt&t￿ funds and nei investment ￿AnS the overall oulturn on th¢ GenerAI Fund for 2021 was a $UTplus of £16.513. 22 THE NATIONAL ASSOCIATION OF DECORATIVE & FINE ARTS SOCIETIES TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 A breokeven budget has been sei f(r the Gen¢rnl Fund for 2022 so as to ensure ￿tUre 8UStainAbility. The ongoing situalion in Uknine h&8 adv¢rsely affecfrd investment va]ues. howev¢r. invcstment gains or losses arc Th)1 budg¢ted for. Investment powen *nd worklnl e4pltAI polley Under the Articl¢s of AsKKT&tion. thc organis￿10￿ the power to invest in any way the I'rnstecs choo8¢. li is the policy of the TnLS*¢s to bold working capitol on dcposil with banks and building Societies until su¢h time a5 it is requiraj to mcgt curreni expenditure. ￿)ng-tern) inv¢$thients are managed by Rathbone BmtheTS PIC followin8 an inv¢sthMt approach which is sei out in the "slatement of investsnenl kx)licy" (due to ￿ reviewed in 2022). The policy looks to achieve an Annual return of CPI + 4 /0. In addjtion io this holdin& some funds are invested with CCLA its th¢ir Charities tDcome Fund thereby providing a us¢ful benchnwk. Re*rvd Polley The tothl fimd at 31 tkcember 2021 were £2.874228 ofwhich £2,015,526 relates 10 designated funds. There are ¢urrently no rtstricied funds held. The balance of£858.703 represents the fTee r¢scrYe$ of the group. The 8roup policy for 20210tt 8enernl reserve fund8 was lo maintain a level of rewves ¢quivalent to 6 mctrnths. opcratin8 expenditure. li is also the policy to maIn￿1n c&8h reserves equivai¢nt lo 2 months. operating expenditure. 'This is rEquArwJ to 8uard against any major unexpe¢tsd eveni, which could result in a reduciion io in¢om¢ ￿ a of expertditUTe which ￿￿Id not be mel from the nornwl cash flow. Based on the budgeted operating expenditure for 2022 the current level of Tes¢rves r¢pres•)ts 6.7 months, (2020- 7.1 months) of undesignated expcndintye, a level whrch is considered io be more than satisfactory with regard to the Curreni a&sessment of the risk profile for thc group. Cash reserves al 31 December 2021 wtte in ¢x¢e&8 of the target n￿Ill1y du¢ ￿ the reduced ex￿n￿lI￿¢ in the year nd receipt of members sub5cription3 in advan¢e. The reser¥¢s policy was reviewed by the Finance Audii and Risk Committe¢ in 2021 and *ill be re￿]ewed again in 2022 80 that th¢ imp4¢1 of tbe COVID situation ran be Considered. Deslinated Fllnds The Tn￿tee Board asidc fi￿d8 flx desiwed which fall ioto four main ¢alegories 48 shown b¢low. - Grants.. rylt giving 1$ desipjated separately from the General Fund Two such fund8 eAiSt¢d in 2021 - The Patricia FAY Memorial Fund and the 7£n& WalkLY Fund . Redistribution and all(Kation: 4esignated funds aw rnaititained f¢x the Fare8 Pool (a sub5CriPtion fund) which Soci¢ti&8 thcn draw Oll to fimd travel costs ass(Kiaied to the rnain nation&1 meetings. and the Affiliation Fec fuod which funded frotD savings aad surplus r&gerves. This will be ￿ed to sub5idis¢ the Affiliation Fe¢ in 2022 (as il was in 2021) - Development: d￿illg 2019 a da8ignaied Developttwit Fund was Cr￿ed using previously received Iinrestricted legacie5 and donarion8 to underpin th¢ strategic PTiorities set by the Truste¢s 23 THE,YATIOTh AL A&SOCtATIOh' OF DECORATIVE & FINE ARTS SOCIETIES TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEIMBER 2021 Full detsi]s of the des1￿￿1¢d funds and the movenM18 on them in the year off shown ID not¢ 2a ID the finanei41 ststement& Remunerltlon Poltey The Art5 Society is hugely grnteful for the conunitm¢ni and Cuth￿si8$M of th¢ stnall number of paid 5￿ff. It takes the view that it is essential 10 4tlract and rethln stsff with the appropriaie skills and capabilities and r¢ward them fairly for d¢livering the importani WOTk on behalf of our members aod lo ben¢fit the Socicty. It is ther¢fore important to pay staff appropriately. whil$t a]so having pDJdent r¢gard to th¢ u$¢ ofcharitable resources. Jn ord¢r to do this. thc Notninations and Remuneration Committee reviews salaries and benefits (including thos¢ of key manag¢ment personnel) on a regular b48is using perforn]ance evaluarion8 and ¢onsideT5 sa]ariu ID Jrlation to the wider $￿tor. Tru8tee4' Te8ponslbllhle5 ill relatloll lo the fln*Delal gt*tem¢nts Th¢ Trustrts (who are dso Diredots for the pun?0￿ of company law) ore responsible for pryiti8 the Trustees, Rerx)rt and the financial ststements in accordance with applicable law and Uniled Kingdom accounting Stsndards (United Kingdom generally aceepied a￿Oun11n8 practice). Compuny law Tcquires Trustees to kYepAre finan¢1￿ Ststemeats for fitwJcia] year whi¢h give a tru¢ and fair view of the state of the affairs of the ¢haritMbl¢ company and the group and of the incomin8 resour¢es and &ppli¢aiion of resources. including the income and expenditur< of the charitsble group for thai peTiod. kn preparin8 thLX flljancial stat¢ments. the Trnstees are requir¢d to: select SUTtable accounting policies and then apply than COD$is￿t1y* state whether a Statemen¢ of Recomm¢nded Practice (SORP) applies and has been followed. subject to any m41erial departures which are explAined in the f￿anCial sthtrme￿ts. make jud8¢ment8 and e5timate5 thal are reasonable prud¢n¢' st￿¢ wheth¢r applicable UK aCLounting 8tandards h&v¢ been followed, including FRS 102. subject to any material depwtures dis¢lo8ed and explained in the financial sts¢cmeDts' prepare th¢ financial stat¢menis OD thc going Conc￿ b&818 unless il Is InApprwate to pr¢8ume thai the chariiable company will continue in busin￿8. The Tr￿te￿ are responsible for keeping proper accounting rryords that disclose with reagonAble accura¢y at any tim¢ the financial position of the charitable ¢ompany and enable them to ensuff that the financial stalements comply with the Comp4nias Aci 2006. the Charities and TnJst¢e Investhient {Scotland} Act 2005, the Chariti¢s Accounts (Scotland) Re8u14ti0ns 2006 and the Clhariiies SORP (FRS102). Th¢y are also re$ponsibl¢ for safeguarding th¢ a&4ets of the charitabl¢ company and the 8tDup and hence for taking reasonable steps for the ￿eventiOn and dete£tion of fraud and other I￿egular1tiC$. Thc Ttwitts aT¢ responsible for the maintenance alld integrity of th¢ And find￿181 infonnaiion iti¢luded on the Charitrble company's website. LegiSl￿10n in the UDite41 Kingdom 24 THE NAIIONAL ASSOCIATIO￿, OF DECORATIVE & F￿E ARTS SOCIETIES TRUSTEES, REPORT FOR ThE YEAR ENDED 31 DECEMBER 2021 governing the preparation and disseminAtioD of the fioanci81 statements fj￿Y diff¢r from legislation in other juri$diction& In so far as the Tn￿lee5 awar there is no relevant audit infOrn￿tion of wbich cbaritabk company's auditors are unaware. and the Trnstees have taken all sw thac th¢y ought to have tnake themselv￿ awaT¢ of any relevant audtt ¢nforniation and to ¢8tsbli8h that th¢ auditors are aware of thai Tnfomiation. Audl¢ors Moore Kingston Smith LLP have indicated Ihcir willingness to continue in otyice an￿ in accordance with the provision of the Companies Act. A resolulion will be put to thc AGM proposing that they be re-aP￿Inled auditors for the ensuing year. The Tr￿te¢S 13 April 2022 25 THE ￿'ATIONAL ASSOCIATIO1% OF DECOIL4TIVE & FL￿￿ ARTS SOCIETIES TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 INDEPENDENT AUDITOR'S REFY)RT TO THE MEMBERS ANO TRUSTEES OF THE NATIONAL ASSOCIATION OF DECORATIVE AND FINE ARTS SOCIEfiES Opinlon We have audited Ihe ffinanci￿ Statem￿ts of The National Assocr8tlon of Decorallve and Flne Arts s¢xlet￿ loper*ing as "The Arts Sc¢le￿ for the yEar eThJed 31 Dec6mbor 2021 sthich comprise the Group Stalemenl ol Financial Aclimties, lh8 Group Summary Income and Expenditure Account. the Group and Parent Charita￿e Company Balance Sheets, the Group C88h Flow Stat￿lent and not8810 the financial statements. including a summary of signifunl actswnting policies. The financial reporting framework that has b88n ap￿led in tsr kwaralion is appl￿bla law and Unlled ￿ngdorn Accounbng Standards, including Financial Reporting St8nd8rd 102 The Flnancral Reporting Standard 8ppllcats48 in the UK and RepU￿1C of Ireland (United ￿n￿lI)M G￿rallY Acceptsd A￿OuntIng Practko). In our opi1￿¢￿ the flnand81 statements: give a true and fair vw of the state of tha group's and the paront ¢harilable ccThpany's offairs as al 31 De¢embw 2021 and of the group's inC￿ling resourcos and applut￿￿ of resource8, including its incom8 and expendtlure. for th6 year then eThJthJ., havé been property preparod kn a￿(lance wllh United )fjrgdom Gonw8lly Accepted Accounting Practice.. and have been prepared in a¢ccYdance the Companigs Act 2006, thé Charlts8s and Tnjsloe Inv6stm8nl IS0)Uand) Act 2005 las am6ndedl, reguLqlk)rts 6 and 8 of the Cl￿tieS Accounts {Scodondl Rggulalions 2CMJ61as &meThYed) and the Charities Act 2011. Ba•lo for oplnlon Wo conducted our audlt In aewT¢ianGe Inlemational St8nd8rds on Auditin9 IUKI {ISAslUKI) and applicable law. Our ￿SponsIbl1it￿ uThler those standards af8 fvrthtsr describgd in the Audilols Rosponslbilities for Ihe audrt of the financial stalements sectitin of our re￿)rt. We are indepondenl of the charitablo company in accordance vAth Ihe ethlcèl requirements that are rglevanl to our audll of the financial sl8tements in the UK. Incr￿ding the FRC'S Elhul Standard, and we havg fulfilled tJJr oth8r 8th￿1 responsibilit￿3 In accordance wilh Ihe58 requirements. We belw8 th8t the ￿￿11 ￿der￿9 v have obtslned is sufficient and appropriate to provide a basis for oplnion. c0TrGl￿1on$ relatlng to golng cortorn In audibng th8 financlal st81ements. Y+ty have concluded Ihat the tru$lees' use ofth9 going con¢wn basis of 8ccounling in the p￿p8ratItin of the finanaal 5tatem8nts is apwowtsle. 8asgd Dn the we have perform*J, V•P have Tr)t id8ntified any m8teftal ur￿ert85nties relallng lo events or conditions that, indivKlually or Cdlectivefy, may casl S￿nifiCant doubl on the charitable company's ability lo continue as a going concem for a F¢ric￿ of at least twelve months from vthen th8 financ￿[ statemenls affj authorised for issue. Our re8ponsibi11tios 8nd the rgswnsibilill8s of ts tnJste8s 7hrylh respect lo goirvJ concem are dgscribed in the relov8nt seclions of this rep Oth•r Infomi*ion The other inlormalion comprlses the Infmation induded in the annual rep￿t. other Ih8n the financial statements and our auditorfs report th8reon. The Iru3tO88 are resp￿sIble for the other tnformation. Our 26 TIIE liATIONAL ASSOCIATION OF DECORATIVE & FLYE ARTS SOCIETIES TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 O￿nIOn on the finan¢i81 statements does cover the olher infrym￿lOn and, except to the exlenl othewse explkily staled in rgporL we do not express any fomi of assur￿ conclusion thereon. In connedon with ouraudit of the fin8ncial Statem￿ts. wr r6spLy)slbllty is to read the other InforynaUon and. in doing so. consider whether the other inf0rna￿n is materially inconsistent with the financS81 statements or our kn￿￿edge obtainèd in the audit or otherwise appears to be materfally misstalwj. If we id6ntfy such material inconslslencaes or 8pparenl matarial misstatements. ￿ are required to determine ￿*ther there is a material misstatément in th6 financ¥al statements or a material misstatement of the other information. tt. based on the s%%yk ￿ have perfomied. we conclude tho1 ther8 Is a material misstatement of Ihis other infomiation. we are wuired to reptyt Ihat fact We hove nothry to report In this regard. Oplnlon• on oth•r matt•r¥ pm¢rlb•d by th• Comp4nl•¥ Act 2006 In our oplnrM, based on the und8rt8kon In Ihe course of ts S￿￿11. the Infofftalon 9Sven In thè tfU8te8s' annual report for tho finan¢ial year for whkh thè finan¢i81 stal8ments are prepared 13 consislenl with the financial $talem8nts,' arKI the IrL￿tea8, annu* rgport bg8n ￿pe18d in accordance wllh applicable legal requirements. Matt•r• on whlch w• w• rèqulr•d to r•port by eX￿PtIon In the Ilght of the knowwge and ￿derstandIng of thg group and parent ¢*arftable company and ils environment obtsined in the course of the audiL V•P have rKJl idgntified material mlsBt8tem•nts ￿ Ithe 8trategi¢ reptyt ol the tru8te88' 8nnuo1 report. We h8ve nothing lo report in respect of th8 folbvitng matters where the Componles Act 2CfvJ6, the Charities Accounts Iscouand) Regulolions 2LM)e (as amended) and the Chwlti88 Acl 2011 requlre us to ￿pOrt to YDU If. in tsjr opinion.. thg pargnl chgrltablè company has kapt adequate aThJ sufficlenl accounting records, or rgtUrn5 adequate for our audit have r￿1 teen r8céivod frc¥n branches not visited by us., or the parent charilablo c<)mpan￿5 financial stalemants are not in agreement with tho accounting r8cords and ￿tUrns.. or certain di8¢bsures of Irustee¥' remunw8t￿n by taw 8nJ not m*le,' or we have not received all the Irrt￿matiOn and explanalions we requlre lor our 8udil.' or Ihe trustees were not entttjed lo kyepare the finanaal st8lements In accordance the Small cerfnpanies regime and take adv8ntage of Ihe small companies exemption in preparing the Tfuslee$' Annu81 Rew)rt and from preparing a stralegbc T9￿rt Re8ponglblliti•8 of trust•O8 AS explained more fulty in the tru5tees' reSpOn￿bIlIt￿ statement sel out on page 24. tho trustees {btho are also tha directors of the charitabfe company for the purposes of ￿MpanY law) are respM5ible for the preparation of the fin8ncAal statements and f￿ being satisfied that they give a true and fair wew arKJ for8uch internal ct)ntrd as the trustees détermi￿ is necessaryto enable the pr8paration offinancial statements that a￿ fr89 from matsrial misstalemenl, vthelher due to fraud or arror. In preparing the fThncial statements, Ihe truste8S a￿ responsible for assessing the group and parent charitable Company's ability to c¢rtinue as a going concem. disclosing, as applIca￿e. matter5 rdaled to going con¢em and using the going concern basis of unless ts tnJstees dther intend to 27 THE NATtONAL ASSOCIATION OF DECoRAT￿E & FINE ARTS SOCIETIES TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 quidate the group or parent charit8t4e company or to cease oper8tJ￿s. cf hava no reallstk allematfve but to do 80. Audlto¢8 responsibilit*• for thg audlt of th• flnanclal 8t•tamMts We have been appointed as auditor under Section 44(1Xc} of Ihe Charities and Trustee Investment (Scotland) Act 2005. Ihe Companies Act 2006 and Section 151 of ts Ch¥its8 Act 20118nd report to you in gccordance with regulations made under those Acts. Our objectives a￿ lo obtsin reas¢Mable assuranc8 about ¥thether the finanu81 ststements as a whole are free from material misstatement, wA)ether due to fraud or arror, and lo ￿sue an audilc¢s report th81 Includes our opinion. Reasonable assur8nce18 a high levél of assuranca, bul Is not a guarantee that an audit conducted In accordanca wilh ISAS {UK) wll always delect a material misstatem￿1 S18xists. Misslalements can arise from frpuj or error and are COn*de￿ material rf. Individually or in ag9rogale, th&y could reason8bly be expected to infiuenre Iha acc¥￿0C d6dsK)ng of users takèn on the basjs of these ffinanc181 slalemenl$. Irregularities, Induthng fraud, are In8t8w of nOn￿Ompl￿ %Mth Iwv•E and regul￿On$. We d8svJn procedures In line with our resFonsibilrties. ouJined 8bove. to delecl materi81 misstslements In respect irreguladties. Induding fraud. The extent to v•hkh tyjr prctsdures we capable of det8Cting lryegularilies, indudlry fraud i% detailed bdow. Expljnatlon ￿ to what •x¢•nt th• audft con¥id•r•d ¢apabl• of d•t•ctlng Irr•gularttlu, Includlng ￿ud The obleth'ves ol our audit in respect of fraud. ￿. to Idenbfy 8ThJ 88$088 the risks of mat8rl$l mlsstalement of the fin8n¢ial statements due lo fraud: lo ot)taln sufficient apprcpriale audit evldence regardin9 the assessed risks of materfal misslalemenl due to fraud. through designing Impjemendng appropriate responses to those assassed risks.. and to respond appropriately to instances of fraud or susp8Cted fraud thntrfied during the audlt. However, the primary respon$ibilrty for the prevention and deleclon of fraud rests %Mth both management and those charged wtth gov8m8nca of the ch8ritsble company. Our approach was as foljowa: We obtsSned an understsnding of Ihe legal regulatory requirements applicatle to the Ch¥ritab￿ ccfflpany and considered that the most signlfunt are [the Companies Act 2C#)6 the Charities and Tru51ee Investmenl {ScoUand) Act 2CQ5 (as arn￿￿￿ed1. regulations 6 and 8 of the Ch8ri1ies Accounts (Scolland) RegUla￿onS 20C6 las amended). the Charities Act 2011, the Charity SORP. aThJ UK financial rwkn'ng stsndard5 as by the Flnan¢i81 Reporting C￿jn¢1I. We obtained an understanding of how the d￿rita￿e company compfies ￿th the96 requnments by disc￿lon8 wilh management and those Charged governance. We assessed the risk ofm8terial misststement of th& finandal statements, Ind￿lIng the risk of material misststsmenl due to fr8LKI aThJ how rl M￿ht wcur, by holdirKJ discussions with management and those charged ￿th wvemarto. We inqtjwed of management 8nd those tharged with gov8m8nce as to any kno￿ instances of n￿-COMPli8ne0 OT suspected non-compliance with laws and regulations. 28 THE NA'fIoNAL ASSOCIATION OF DECORATIVE & FLN'E ARTS SOCIETIES TRUSTEFS. REPORT FOR THE YEAR ENDED 31 DECEMBLK 2021 Based ¢)n this understanding. we designed s￿1￿C appropriate audll protsdures to idenlrfy instw$ of rth design audit procedures that Bre approprlate in the Gircumstanc6s. bul not for the purpos•8 of expressing an ¢)pin￿n on the effectDMne88 01 ts group and parent charrtabie company'8 internal control. Evduats thè approrrtiaten•8¥ of w￿nting policles uséd the reasonableno88 of ar￿UnIng •sllm8tes and r¢laled dsdosures made by the truslge¥. Condude the approprialene$8 Of the tru6te88' usè of the golr¥J (xM¢•m ba8k* ￿ accounting and, based on the audit evidèncè ¢*Jlained, whether a malarial uncortainty exlsl$ related lo events or ccndili(￿s that may cast signiftsnl doubt on the gr￿P and parent charitable ¢ompany'8 a￿'IrtY lo continue a5 0 going eoncem. If we conclude that a material uncertainly èxists, we are requifed to draw alt&nlion In our 8uditorfs r8POrt lo t1￿ reL9te￿ di8cIo8ures in the finanoal stataments or. tf such disdosures 8r6 inadequate, to M(￿1fy our oplnlon. Our conduslons are based on the audit wdence obtaine(l up lo the dale of our 8udkorf8 report. Ho￿ver, fubJre events or ￿ndItionS may c8use Iho group or parent charltable c(xnp8ny lo oase lo ￿ntInue as a wng concwn. Evaluats the ovérall preSentsI￿n. struclure ¢￿tent of ts financrdl ststements. includlrKJ the di$d¢ytsures, WKI whetherlheffina￿4aI stslements represént the undedying transactions and events in a manner that achievgs falr F*esenlalion. Obt8Sn sufflci8nt 8ppreyri8le audit eVid￿Ce regar(fing Ihe finarthl inlomatlon ol the enlities or business act1vit￿¥ within the group to express an opinlon on the ￿nsol•dated financlal statements. We ore responsible Icf Ihe diraction, superyknn and pwfom)ance of the group audit. We remain solety responsitA& for our 8udit report. We ci)nmunute wth those charged wth govem8nce regarding, among other matters, the planned scope and liming ol the audit aTrJ signthcanl audll findings. including any signlflcant defiriencles in internal control that identify during U*• of our report This report is mada SO￿lY to the Charrtab￿ ry)mpan￿s membors. as a body. in accordancewith Chapter 3 of Part 16 of the compan￿ Act 2¢X6,' and to the charitys trustees. as a IxKly, in accordance wf(h sects.on 4411 Xc) of the Charilres and Tntstee Investment (Scolland) Act 2005, arbd in respect of the consolidated financlal statements, in accordarKe Chapter 3 of Part 8 ofthe charit￿ Act 2011. Our audit work has k*en undertaken so that mvJht state lo the charrtabl8 companls members and trustaes th¢Jse matters which we are require(I lo state to Ih8m in an audilorfs report and for no other 29 THE NATIONAL AW)CIATIOI% OF DECORATIVE & Fll¥E ARTS SOCIETIES TRUSTEES, REPORT FOR THE YEAR EYDED 31 DECEMBER 2021 purpo$e. To the frjlest extent peThnitted by law. rhx accept or assum8 respOn￿￿*11ty to any paty other than the charitable company, th& charitable company's mwnbern. as a body, the charitls trustees. as a body for our audit work, for Ihis reF*Yt. or for the cplnh)n V￿ hav8 formod. Date.. 5 May 2022 Shivani Kothari (Sènior Siatulory Auditor) for and on behaff of Moore Kingston Smilh LLP. Slatuw Athdttor Devonshlro House 60 GO8￿11 Road London EC1M 7AD Moore Kingslon Smlth LLP Is to act as auditor kn tenn8 of Section 1212 of CcffipanK*S Act 2006. 30 THE NAT￿ ASsoC￿￿ON OF DECORATIVE & FINE ARTS SOCIEfiES ¢ONSOUOATED 3TATE¥eNT OF RNANc￿ ACTMnES ONCLUDING INCOME AND EXPENDITURE ACCOUMT) FOR THE YEAR ENDED 31 DECEII8ER 2021 GENERAL DESIGNATED TOTAL TOTAL IIICOME AIKI ENDOW¥ENrs Sutss¢rfptyon8 and fvom rr•mb•rn Ed￿a￿O￿OI cour¥• lots¥ •wnis Investhwnl In¢L*ne 1.050.532 240 92.827 1.050.772 139,655 38.669 1,277,418 100.611 42,838 26.4x1 •nd L•9•ti•6 Ghl Ald Olh•r Ir4dlng Tradln5 **an Groni Inwm 29.5YJ &943 $3,719 33,466 $3,719 15.320 92.157 IT8.858 178,868 6&322 33.611 184,922 32,243 35,579 25 Totsi Op•v4tlng In¢offl• EXPENDITURE G* Wd. Soc*l*J' •dmlMtr•ibn f Tradin9 •ubsId￿rt*ts •XP*)dltyJr• 18,321 315.919 16.321 25,122 349,237 374,359 24716 Educa1￿￿ cotsrs•s and • Educ•don SS484 119.e84 14 56,484 351.127 303,929 742,131 231.437 73,881 302.098 299.342 807.786 M•mbernhlp Sa 537,10S Tat•l Gh•rftsbKI •p4J•nthLY• Tow •p•r•Yng •xp•ndFtw• 1,072.471 380,194 1.462,68s 1,282,907 16S7 288 N•t OP•r￿n1 kn¢•rn•ll•xp•ndFknI N•t yln IO0••l on •i••l• N•t Incom• Il•xp•Thlkn•l Grtssj tr*nth b•h4w¢n hJrkl• N•¢ fflov•rn•rt Inlun 16721 3861 12092571 123,722 86.113 172,146 16.0331 193,850 16.S13 122.5461 Tot*1 luThJi browlfffird 16.0331 193.850 84Z190 2,038.071 2.880.261 2.686.411 2.13 Th8r• af• Tr) r•¢ognlW wn$ or￿￿5Q¥ otherthln ilo¥ slw abo*. All a¢iplrt*¥ dgrtv• contJnub4 oporzbons. 31 THE IIATK)NAL ￿soCIATION OF DECORATIVE & FINE ARTS SOCETES BALANCE SHEETS AS AT 31 DECEMBER 2021 Ch•v 2120 Flx•d ••Mts T•TrJlb￿ 8ss•ts IntaThJibh as8•ts Invo8lnKinls 7T1.055 101.852 1.795.911 789.938 771,066 101.852 1.830,911 170J 118 789.938 66.680 1.762.911 2,81•.$0• 1,727.911 2.514.509 Curr•nt iu•t• Stock & prLVU• 12,294 120.983 909.rA8 1.Ib11345 Ca*h 41 t*nk wd ITr hAnO 47,8>1 31.443 835.526 976.581 118 1ml.024 1.087,713 1.191,76J LlalAlllh• Cr•diler#'. Amounts f4lr¥J due wlthln y N•t ¢urr•nt •**•tslOl•blMll••l 836.937 859.864 14B.140 2$9.37• 121.812 Long t•rrn #•• Debt¢r& ¢*J• ifl*rw 36.372 74224 2 132,th1 2 •M021 Fund• ofth• ¢h•rMy Unf•11￿￿￿￿ fvnd¥ Norpth•rrt8bltr Iradln9 S￿*¢jIa￿•8 TOT￿ GENERAL FUNDS D••lgnstsd fund• T*Jt*l fundl 817,105 41.598 85B.703 2.015.526 074328 •17.105 78,240 842.19) 2 038,OT1 817.105 2.015.526 2,832.630 765.9r 2.038,071 2.804 [121 13 Th*￿ 0¢ctyJnts have pfewr•(l in YAllh tho Stsndar¢ 4pplic￿l* *b tho UK and R•publl¢ of trelwnd *lth th• Stsknnl ¢4 R*wrnwd•d Prat*4 FRS 102 SORP. As Pa￿tt•￿ bys•dkn408 Compani¥￿2008. compwry h# prwthtod jn¢(thi itst•rMnt8ThY rdttt•d notos. The Cha￿$ •Jipfu¥ forfv >•¥*￿£20.￿31202O.. ￿89.449} Llzw Chqlr Tr•Bsurer THE NATIONAL ASSOCIATKJW OF DECIJRATIVE & FINE ARTS SOCIETIE8 ¢OMSOWATED $TATEMEIrt OF CA8HFLOWS AS AT 31 DECEIIBER 2021 2020 C•th flowfrom op•r4m￿ *cll¥W t cash provw bytspqrnikng knb•s 1252.1911 1S,C*81 Cwh Inw*￿n9 In￿lIM￿ni irwme ￿t•￿st r•cdv•d Prote&d$ from d*posd of fixed aM•l Ini*itrn AcqLl8lwn offMd •s8•1 M¥••￿•0￿ 38,869 135.225 42,538 320.orKI 1282.0531 188,3eg1 IM.3481 Il•tldKv••••ll In¢rn•M ¢a•h C•*h qnd cuh •gU￿*￿ts 1172.8451 112,9821 1,f*1.714 1,094.696 ¢a•h athd •￿1￿•1￿• •t •nd aly••r )g.Cé8 f,D81,714 R•con￿lIatIOn ofbw l•xp•hdllw•l tofi•t ¢•Bh flv*froTh opwathg 14•tl•APrtlur•l I Inethm In¢lyJw •ndp•m•r A4lu•*n•nl• lor. 16.0331 193,850 Nel 119ainslcn Inv•¥trTr•Ns IhKrn•8•1 Id•v•a*• In Iln¢rn•4•1l thr•a•• kn d•bkn¥ 78.039 1203,2251 138.8691 1532 122,6951 159.0751 60.927 170,1281 42,5381 3.272 43,256 1193.8761 N•t wh proWd•d byop•r•Umg ¥Ovltt•B $2.1911 15,0981 THE NATIONAL ASSOCIATION OF DECORATNE & FINE ARTS SOCIETIE8 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2021 ACCOUNnNG POUCIES lal COIAPANY INFORMATION Th8 N•lLywI A8so¢i•kn of D￿8￿¥• & Fine Ajts S(rtkn11o8loF4M81trKJ Ills Sotiw), • r8¥st•ro¢J charlty. b • oJmpany Iwnrtod ty guarant86 *nd is èK•TrJr*d kn Er*kJ 8nd Wa* Th• reg&8tsr¥d Offi￿ i8 8 Guiifonl Stre•t. L￿don WC1N IDA Ibl BASIS OF ACCOUNTING Tho frnana81 ¥laiwNnts ha¥• Prepar￿ I¥81c￿l avbvontion and kn •coydorK* Ilh fv Financ181 Standard ￿c¥b￿ ￿ IhD UK 8TrJ ol IFRS 1W21. Th ch8dty l• b8n8fl1 •nUty th¢ wrKKia•8olFRS 102 4nd thoroth hov• pr8p8f&J th• I￿10￿n￿ ¥¢cord8nc• th• Fln8rthl R•wrdTra Sthnd•r¥ a￿￿￿abhI In lh• UK aTrJ R¢pUtA￿oI lrnland ITh• FRS 192 ChArlll# SORPI frDm • Jonwry 2019, Iha Coftyth k1200B the Act2011. Mwl¢J•tsd 818t•n￿1ts hove ba￿ prepared kn rwoL*oflhe Gthjp. Tho and ill ¥thrAIy tr*T)8d lub81d￿th. ￿0FAs Entwprkn• Limtt&J Ind NADFAS Tour¥ Umw. Th• regjts Of th• w• a Im• ty Ir* Tho fi￿d81 1¢ot•ments am w•pared kn sl•rfiry. fvndonh)I rur•ncy ofth• Company. Klonthry amounlj kn th•8• In*nthl s&￿￿nIS •r• M￿dId to ￿ M•r￿1 The prfnc*•l •CL*3￿￿r￿a p￿1 Ih• Pl•P￿￿￿ dUK• •r• balow. Icl Th• TIu8t8￿ ￿yO a88•1*1 b*wlher ub• OW lh• b*d• ts *pprryknts h•v• CMSh¥•r•d •v•th th#1 eaJt 4*wbt ffl tho of th• h8r#abl• Group to ¢￿Inue affs * gohJ c￿C•m. The Tru•t•w* haw• m•d• 88s•$mnt porknd of at I••Bt on• >*•r lffjm th& d•te of apwtyal of fln•nd•l ￿81•MIn￿. In ￿rtIo￿ar th• 7ru*o•8 how• ¢onskl•red th• (*antsbkn gr•up'8 fornr*8ts and FWCtbn8 arwj hwvo tak•n •¢¢w ofpr•88urp$ dLywOon gnd in¥Yutrn8rt inthmv. The Tn*teeb ￿￿p1th81 thgr*1s 8 d69ree of tmc•rtainty, Iw1￿1, t￿Y hav¢ ry)nrJtsd•d th#1 Is o r0880rwbl• eyca*iK•n that Iho charflatle wp h88 ad¢quat• b) cp*Htional e*j$w￿• k)r th8 bresoeablfi lur•. Thè Chathts￿ group Itwokn wn1knl￿ to •dwl th8 concom b•slB Ihancaal i14t•manty. The Tru8ws hpvo swtsfkalty thn¥der8d tho knpod of th• on buBknè4• Oper•￿￿n& aTrJ ￿n￿l￿•￿ Ihat ¢h• ￿lO￿a￿ll0 dots not Inwr&l th• abilty of th8 Lknanty to •• B w'ng 1s)n(•m. Idl INCOMING RESOURCES kncome, dona¥on$. *8c488 ¥r￿ grant3. kn¢>)Th. Incth rmm *Jb5KiLgrfes oTrJ 0lh8r lrtome. Subscdptsns, tIK)J• fDf8ffi1* in ts ¥tal•n￿ rAffnaMa lowrd 85 defÉrTOd Irwm. webs￿9 and the arrKJunl of the rocthb* te m•8sur*l rA&8bty. Wlwo entilèmenl to a txjt there l& W￿*rta￿ty as k> Is r￿1p1 or amunt r8t*rrfablE. d8ts15 THE NAnoNAL ASSOCWTION OF DECORATIVE & FIHE ARTS8(KIETIES NOTES TO THE FIN￿4ClAL STATEMENTS FOR ThE YEAR ENDEO 31 DECEMBER 2021 {¢ONnMuED} ACCOVNnNG POUCPE8 leONTIIIUEDI Iql RESOURCES EXPENOED bl1*8 aT¥ r•wgni¥ed tr*• ro a or cth)Bbuth ¢ty•Jakn b) tranthr t•xfit to • Ihlrd party. tt Is prc*0ty0 Ihat a Ironth Olqcry￿irnk b￿•fits bo w¥•d In th• amDunt tsf ¢t4ioalw)Th be m¢a¥urnd NJI •>wthtsre % KctyJnte(t b•5ki Grnnl$ pay*lB •r• wen1* third li th• 01 th6 Ch￿ Oty•¢ts ￿ th• Ch•riiy. LkncOndi￿nal OWI oftors ar• •xnwJ Ihè t•n t4 urnnl Ind h¥ ptym•nl i* probÈtd•. Grarl ihat arÈ swi trj tho r￿￿1 wlormar¢• or oth•r ¢Onthti￿ 15 m•1 oflny r•mwrty to th• graThi outsAJfr of vJntrt4 01 cbwty.r￿ts ￿Y￿)kn frurn lh• Zona Waw Fund w• •Fw¥*Oby grnffls ¢offlfflrtt•• ftyih• P•￿ ol the r¢lai•J I￿•ty IW p•thd. ¢J8r*able kUYil C•81• Qf cthanlabk* 4c*r41￿$ IrK*Jd• eLMU¥W 4TrJ tr*r*¥. payth. ¥r Ov•tho*d •ThY CO815 *+¢hwltit4• haw 1pwrt4)r￿ b8*J *)n •I￿rn*•d uJ*q•. 7ts1 *llocaikn ol 5. •vvKh••d ènd v• itaff colts. •dmird8lf8lN• ollt4 costs and ¢>)wmon¢• Coats G0v•rnw￿ L%)ots comw*• ￿ cools Wtsl¢ wtst41My •Trl ruthng ofth• ¢4wffy ano lls ompllanc• r•￿￿￿0￿ •TrY oood W•Cbc•. TTh•l• C0611 ¢tsvt3 I￿0¢•d io th• AfWI G•￿ lletsng. Slatulory •th1tt. Ityèi f••$ rn••w 0xpy1￿ kifft •n EMJOy￿ b•Mrts d•m￿¥tr*tIY CQrnMitt•d k) t•iminat• th• c4 •n•iwbyw iw. Iw •￿￿9kn. md￿￿Onty. or to mid• t•￿￿Ination t•nofi 11) FIXED ASSETS Ilxed ￿1•￿ unknss part ¢fa Irolwd a￿1. 10 ￿ off th• (￿OI￿•d •M•l$ ov•rth•ir oycl•d wef441ryos w fokn*' lwd- rioi Frtemd bulk1￿. o¥•r ￿nafyd s•1rn. >•¥8 fLY Fumllure. I￿1￿¥•￿4￿] •qLtyneth- ¢b*r ￿ its Intsglb￿s linth*ng CRAIF fi¥• r•%kn*d •nnu81Iy￿d r•thJc•O to I￿ •Yt•nl th* tw ￿ ty*"Tm•ffl ¢4 Mt k value. Igi FIXED IIWE87MENrs Inveslm*nts arn at th•* cost ththr at e*h r•pinirKJ dato. Falr value 18 traEed IhKknr4• tr￿n0) at *• t41orK• d*8 Of￿ eslhn•iwJ luture Charyes In falrv¥w *)s* w• to the or of tho sta￿￿* of FIMrO aG ￿r• on Unquol•d In und•lakir¥Js at fX)8t* ffur￿ ffiliaie5 protsemauc. Th¢ Trwte# wk4in thfr travd mth•l ih¥o b• 9nlltaffl ￿e0. THE NATIONAL ASSOCIATION OF DECORATIVE & FINE ARTS SOCIETIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 {CONTINUEOI ACCOUNTING POUCIES (CONTINUED) (h) STOCKS & WORK IN PRCCRESS These are stated al the lo%*r ol cost oTrJ n8t r8allsable valug. Cost includes all direct costs incurretj in bringing slocks to their wesanl lrtatiM and rAJndrtion. INSURANCE An insurance Premlum is collècted In respect of èath UK memb6r PJC(¥ety passed lo the group's Insufers on an agency ba* and not In the tharitys o%w finan¢&g1 ststamenls. ') CASH ANO CASH EQUIVALENTS C8sh and cash equivaknts 6ndLth ¢88h ￿ hand, depo81ts Wd al call wllh banks. othèr short-t8mi Ilqurd investments orlginal maturities of three months or less. FINANCIAL ASSETSILJABILITIES MEASURED AT AMORTISED COST Debtots and tyedltors feeaiwable or payable wthin one year of the rewfjng dale ara carrie(18t their transaction rrrice. Debtors ond credTtors that are re￿ivable or payabla in more than one ye8r and rN)I subffj￿t to a Ma￿et rate of Intere81 are measured al Iho present value of thè expected fulure rèceipts or pa￿8n1 ¢*8couni8d 8t 8 mwkel rate of Interest. (k) FUND ACCOUNTING Thtre are both restricted ￿ unrfrstrictad furnJ¥. Unreslricted funds arè dNldgd into gener81 and desKJn8ted funds. Generd fund5 are availablo for 8t ts discreti￿ of Trusta&s In furtherwKe of the general charlt8ble oty'ectives. Designatsd funds 8r8 amounts have been set aside al the dl8cretion of Trusta•s for specific purw808 an(i are list&Y in note 2A. Reslrirted funds are grants or donations %*ith condib¢)ns attached by the donor. T￿Y may spew Ihal the funds a￿ used in a specrflc way or a $￿fiC purpose. PENSK)NS ContributSons pxe m&Je wther lo a gTW p￿S￿al p￿￿￿On lo indmdual 8tsff members, p8tscnal p￿on pL•ns 8nd ara recowised on ￿ accruals basis. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUCGEMENT The Trustees in 8pplying the accounttng rx)licies gave cl￿$￿￿8rat60n to amcrtiS81ion I depreciation. and Sthether any impainnent was required ￿latillg to the inveslmenl In the subsidiaries. In the opinion of Ihe Trustees. no judgements wero requlred lh* have a signif￿ant affect on ts amounts roco9nised In the flnancial statements nor do any estimates ty assuwnptk)ns made cary a signthr8nl risk of matsrial adj'uslment in the next finanrAal year. {ml {n> l• t]WOe*fy¥ATED T￿1 Grft ?40 &84) rofy27 ¢4* 16,>1 4e4 E￿￿￿•￿1rd1 119,881 ITT &425 16?. Pl 11,rthi v4•)4 1¥24) •.•) 24e. 127CQO Fw wi FThpooiknd i) l(Q,thl IX *1 ,1 #i rw IIF,ty 12y.¢ IrJ¥ii Iv FOR ThE YE•R &yE￿ 31 OECEIIBER 2ts21 ICOllnlUEDI 414797 kw ￿.74$ I￿70• •JJ 907 gt 123.lOJI 3.49$) 117.1$3 1732111 •J4• 111,744 •5* (3J316) N)JJfJ {47.nsi 10.744 110.7441 1.045 191.8451 76,240 171.950 (139.W) *ts)J >)wJ 10 744 .7M 496 4 REVIJRCUEXPE I [XhECTSTAFFCOSTSANOW￿ES 011314 61 571 225 e43 t1$.P5TJ tyl 8TVFh￿p•￿ft3 OJ PW48ONS •) A￿lTON￿FE£s IQ7 1&775 OEPRECL4T4C*4 •) APUinlgOF(IWTSA%Y*BLWTr41HEE*It 2FJJIO 4 RESOLIRCES EXPENDED l¢ontihwd) h) ALLOCATION OF SUPPORT COSTS OVERHEADS the t47*'. 2021 Colts dk•diy*llouknd to Xbv Staff Costs Slaff ar￿ VdunteerfrffJ Grant5 Pubk4ty ¥n¢J C*Bts Lqgal PrDfassknn*i linc ￿ f•os} Swport C0#15 oUor4ed 156.218 6.499 4,676 249,gi17 1.492 45.4 42.020 18,118 $32,738 71.545 4,678 81 81,991 15.131 11248 81.991 al,742 Dtr•¢ty•WoMtsd Tot 130.QSJ 170.•59 157259 by St8ff C¢Ms 29.7 131 12.9e3 1,973 11.W5 7.155 17.(•5 >).444 ,1 265 26,276 3.992 24,OM 14.481 34.578 I10.￿2 Information TeChn￿C$Y General Offlc• Pi8ml St81SoMry. Prfrfng, p￿109• ￿ 7•18Ntho DeprKJ¥on Gov•rnan¢• C4*9 4if0¢at•J ￿*.¥￿008 172 17,0S7 12¢865 5Q3l5 1,557 51.039 31,038 Y4,1 15.040 26.734 1157,2581 Support¢o4ts tat•l 1J3.07¢ 157259 R••ouvu• Exp•nd•d Totsl 1 072 471 2020 Tthi ¢+)th dhctly•1147cal•d tr* •ctl¥ld•B St8ff Cogts 871 180.w 251,630 13, 37,313 7.611 Grants pU￿￿ty evonis c4X L8gJl and Prolesglonal fees lkncAw&* f••¥) Support costs th"rtttty 81k¢ Dlr•ctly4lloc•w Totsi t.315 72.0 3,572 19A14 25,09¢ 25270 3.037 535 5.891 25,OY4 7.238 1.148 16,840 13) 8upportw8M ￿p￿r￿0n•rf fo by Staff and VohJntoryrexp8n8e¥ InfDrmaUon T￿n9k￿y GenÉrAI oifre Prnmises stat￿￿. Prknlkng, Po￿90e and Tew Gov¢ry*nc& co8t¥ 48.144 79,371 163.850 3.893 54.746 422 56,370 J2.389 51.PJ6 12,141 1.424 12.502 1.178 11,521 10,8 18,oe* 1.897 16, 9.511 15,266 14.135 28.519 15.680 25.169 183.147) Support¢O81* total n8 Réwur¢H E¥p•nd•d 70141 369.612 1 053 002 41 THE NATIONAL ASSOCIATION OF DECORATIVE a FINE ARTS SOCIEnes 1*￿TE5 TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2021 ICOMTINUED) TANGIBLE FIXED ASSEf8 Grtyjp & Charlty F￿h￿d Prop• (knup & Ch•rtty Fumiturn. Fixtijr & EgulpThrt Tot•1 Cost As #t l Jarwry Addllk)ns In the Dl8posa16 in the F•tsd AJ ol 31 D8c•rrèw )9,104 15.720 147.142 6.e67 956246 22.387 e24.824 153,809 976.633 08prada A¥ 811 Janu8ry Charg6 for p•rfo¢g D¢prodaOon %tsTtiten b•¢k on dW8•f• A? 8131 D¢nmbor 74.821 12,114 91,887 29.156 166.&J8 41.270 N•1 Book V•k 31 O•c•mbor 2tr21 n8,089 771,055 31 DK•mbw 2020 734.483 INTANQ18LE FIXED ASSETS W•b•*• A8•11J•r i1kn8 kn Ihé p•rknd A• at 31 D8c•mb8r 111.883 71,￿1 183.844 AB 811 Jarwjary Ch￿• lor p¥￿d gt 31 Dee•h*or 45224 36.788 Ng18wk Valu• 31 Doc•rnbBr 2021 31 D•cemt•r 2020 THE NATI¢)NAL ASSOCIATION OF DECORATive & FINE ARTS SOCIETIES NOTES TO THE FINANCIAL STATEMEKrs FOR ThE YEAR ENDED 31 DECEMBER 2021 {coKnMuED} DEBTORS knounts fallinq dug In ￿. Group harlty 2021 2020 2021 2020 Trad9 deb unt du• from ¥¥oup uTrj8rt¥￿ Other d8bto Prepasfnonts & incoTh .842 76.128 1.512 1.538 9.283 10,714 11.448 70.341 120,983 10,714 11.446 44.S80 Amoutrt• falllng aft•r rnorn ¢han ￿. Prepayments & accru&J 36.372 120.983 4 IhVEBTrEMT8 Chv r14DFASEnwwb•B 40 2cs.000 1.14Jy 1.QIOM 1.l¥JJS1 1.070 671677 8S7M5 AB*1JW 1.727.911 1,702.811 28iosJ i.no.TX> 282M 1135*51 70.1 IIJ5XS1 70 128 1 j￿￿ry 207m4 284.721 ¥7M14 14m•) 14•299 Ii&wi {10,4tr)} 141.2* THE NATIONAL ASSOCIATk)N OF DECORATIVE & FINE ARTS SOCIETIES NOTES TO ThE FINANCIAL STATEMEpirs FOR ThE YEAR ENDED 31 DECEMBER 20211CONTINUED) CREDITORS.. amounts ￿lIr8 T*lthln y•¥ Group Chartty 2021 X121 2020 Fund$: Trade credito Othw cwlitOTS Other laxe5 swal S￿rity Ac¢ruals Doferrod In￿me 13.797 1,039 14,&55 42,020 229.282 34,782 48,704 169.043 38,401 42.020 289,038 15,48S 39,143 115,3)8 De$￿Jn￿t￿ Funds.. Loans. P8triria Foy m￿¢￿81 Fuid 531.420 47.855 548,420 4.631 15.038 631.420 47,6&5 548,420 4,631 15.038 Del•rrwJ I￿)ma 754.344 Charity doltrrred Inc))m lor G￿e￿I Fuvl at 31 Dwil)8r2021 lrn¥udeB aifili•tion 180$ Ir6uran¢• chargej of £115,30812020- £229,282) rth'Thl in 4(fvaw. GrtyJp ¢knrr•d in I￿ud$S l•ctur8r8 $ubscrfption$ of £49.145 {2020- £39,756). Loarn to thp Path¢l* Fay Nlew¥l FL*id from Intwest fre•, repayabl8 on {leMar￿ an(J guèranle&J by Art3 ￿thy. 10 DEFERRED INCOME Group Charlty 20 2021 2020 As at 1 January Amounts defwred durlrYJ Amowts releas&J p￿0d BalarKes ¢arrt&J as al 31 284.078 169,t)43 84.076 169,C43 373.700 284.078 373.70) 284,078 244,320 115,308 244,320 115.&18 327.809 244,320 244,320 11 RELATED PARTY TRAN&4CTION3 NEL tharged Th& Arts Sctiety £214,89112020.' £268.eAY21 lor ￿lL￿*C￿ of the M•Ju￿. Staff costs totallitvd £44,63812020". £40,850) i%tre thrgeil to NEL. and £15,44712020'. £19.6751 to Twrs. The Lyoup r¥* wrchasgs tO￿lfr￿ £19.825{2￿.. £4.153) lrt¥n Hw*itson8 TnJsto8 i8 a Pather. 12 ULTIMATE CONTROLLMIG PARTY The chantable company is urxlef lh9o￿l￿A of IL8 M￿terS. No ona mwrthr h99 Surfb￿ent vdirvJ nthts toointrd t charit*Jl8 comp¥iy. THE NATIONAL ASSOCIATION OF DECORATIVE & FINE ARTS SOCIETIES NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (cotrmNUED) 13 ANALYSIS OF GROUP NEf ASSETS BEfwEEN FUNDS G•Mrnl Do•lgnat•d Total 2021 2021 2021 Tangl￿0 fLxed assets Inlangible fix￿ as891$ Investments Currenl assets 738.089 771,055 101.852 1.795.911 1,042,345 101,852 573.432 408,312 1.222.479 634,033 Credltors.. amounts falirg due vlthln one yew TOTAL ASSETS 257 862 579 075 2015 526 2 874 228 G•n•r•l Oa¥lgnat•d Tot•1 2020 2020 2020 Tangible flxed assets Intanglble r￿ed assets Invastrnents Curreni assets 734.483 789,939 66.660 1.727,911 1,191,763 8.860 641,671 406,326 1.086.240 785,437 Credltor¥: amounts lalllng duo %thin cfft y Long lemi assets TOTAL NÉT ASSETS 1364,2951 36,372 842,1 ($68.0891 1932.3841 36,372 2,880,261 2.038,071 14 CAPITAL COMMrrMENTS There Y￿re no contraclu81 obllgalions at 31 D•¢ember 2021.