Ch•rity Regi51ratlon Mo. 1101527 Company Reglslralion No. 04970959 {England and Wale$l THE PRINCE'S SCHOOL OF TRADITIONAL ARTS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 *SAJCJ1¥14• 14112r2021 COMPANIES HIJJSE H2 CCWIES HOI)5E 14 DEC 2C21 EOTrlw￿ki4￿£9 THE PRINCE'S SCHOOL OF TRADITIONALARTS LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Gcth Neil Mr RKhards Mrs Emdy Cherriwc {AppJinted 23 March 2021) (Ap￿Inted 4 Octtsber 20211 (Apwnte(110ecember 2021) Charlty numb 1101527 Company number 04970959 Regtst•f•d offle• 1&22 Chark)tte Road London EC2A 3SG Audilor Saffery Champne&8 LLP Edinburgh Quay 133 Fountsinbn'dge Edtnburgh EH3 9BA Inve5thient advisors .Cazenove & Co. 1 London Wall Plact L￿￿On EC2Y &4U THE PRINCE'S SCHOOL OF TRADrrioNAL ARTS CONTENTS P•ge Tru$tee$' retKNt ststement ofTnJstees' rèspcrtllyl￿.es IndeFendent auditorfs report Statemènt offinaneAal actM1*3 Balan¢¥ sheel sts{en￿t of (gsh llows 10 Notes to the f￿ncIal stalements THE PRINCE'S SCHOOL OF TRADITIONALARTS TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 The Trustees prw6ent reF¥yt arwj finanoal slatements for the year erKJed 31 Marth 2021. The finanual stateTh￿nts have been prepared ￿ ￿[daNCe w￿h the attounkn"rwJ pcliciès set in notes 1 to 20 of the financial sl8tements and oyn￿Y with the Chariws Memrarwjum afKI Art￿eS of Assoaatson, the Companies Act 2006 and "Accounts'ng and Re[￿ing by Chawities". Slat¢ment ol Recx)Mn￿nded Practicè applicable to tharities preparing their acc(MJnts in xe£)rdance wrth thè Financ*1 ReFrf)rting Slandard appliCa￿e in the UK and Republic of Irdand (FRS 102) leffe(th"ve 1 January 20191". Obie¢ts¥es and.acti¥fties The objectives of the charty are such wJrpx)ses as are thanlablg LH*J&r Ihe law of England and Wales and in particular (but without limilalh)nl the advance￿eftt of the tduts1K￿ of thè pU￿1C in the practice and application of thè tradibonal arts and archiIec￿Ie of traditKJnal uvilisab"ons. aThl Ihe promob.on of the Practi￿ and appr￿laIt0n of such.lradilwy￿I arts and architecture. The Trust¢es have had ¢Jue i¢gard to the guidance issued by the Charty CoThwnission cm wbh'c beneffl wih I￿￿n9 thè cha￿$ obj•ctwes and plannirKJ future ctivities. The Prince's Schwl of Tiaditional Arts aims to ￿ xkTh7Medged as an intemaknal instrtute of ex¢ellencè. inspiiiryJ the practse and pweservat1c￿ of their frjndamèntal. universal valuès through ts edLtcational prtr3r8ffjrr￿5. Aehi•v•ments and I￿rnanCe On 1 September 2018 the Truslees of The ￿ince.$ Sth(Kl of Tradrfo)nal AAts IPSTAI 4gTO8d to merge with The Prince's Foundth'on Ifom)erly the Great Steward of Scotland's Dumln"es Hwse Trust). As a result, duwing the financial year from l Awil 2019 to 31 March 2020. PSTA'$ work and ch￿"tab￿ activities were taken forward by The Prince's F0uThJatiC￿ aryj thè PSTA tntsty has beèn laryty dcrfmant sin￿. PSTA is rb)w a sub-ents'ty of The Prince's F￿JndaIIC￿t. The rna￿ actiyitses duriro the yew have w)volved cryrweting lurlher w9er step5 aKI transferring thè TemainirrfJ assets and liatrilities lo The Pn"n￿'S F￿n￿all￿. Objectives for the comlng year As eforemenlioned, The Prince's School of TraditKJnal Arts ceased Iradin9 as a separate entty during the ¢ourse of the 201&2019 financial year aThJ its activities have bèèn tsken forward by The Prince's Foundation Under the term5 01 the rrerger agreement all assets awKI IKqlM"lths have ncw transferred to The Prin￿'S Foundation. On thi5 basis. as with prior year. the Tnjslees th) not consbJ& The PIM￿'S Scts)ol of Traditional Arts to be a going concem and therefore the accounts have ￿t bèèn on this basis. S¢aff There are Th) fnefft￿ ofstaff as the entity has ceased trath"ry. THE PRINCE'S SCHOOL OF.TRADITIONAL ARTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Financial ￿VIeW Inccrfne for the year lotalled £83.138 {2020'. £137.314). Inc(ffo 15 derived from the investments of an endowmenl fund. This incorre is used Io SUPFrt aclivit*s of ts school which 15 rw run through The Prince's Foundation. The investments of the Atmyul Lalif Jamed Centre for Tradillon￿ Arts Crafts fvnd e4e managed by Cazenove Caprtal Management LimrtÈd. Expéndrture for the year toialled £4.349.678 12tr20.. £2,493.033). Thk% eypenditLJrè is prir￿grilY due to the endowment fvnd being transferred to The PIM￿'S FO￿lati￿ under the merger agreem￿1. Expenditure of £4.349,678 (2020.. £2,493.033) cal￿￿6d tthre nèt gains on invèstments. c(*npris•d '. expenditufe of £900 12020.. £5,100) ￿ general furKls. exkwditure of £nil12020.. £2,232.6661 on restricte{1 . fund5 and eypenditurè on en(JowmÈnt hjnds of £4.348.778 {2020.. £255.2671. The $th￿l also made a gain of £569.531 12020.. l¢As £392,850) from Ihe m¢)vwwl in market Val￿ of its end(MffnEnt lunrj investments beiween 31 March 2020 and 31 Decemtw 2020. vlhèn it was transferred lo The Prince's Foundation. Structure. govefnance and mana9ernent By way of backoroun(J, The Prince's scho￿ of Tradrfional Arts rrhe Prince's SCh￿r or the'schcrf) b8e2me an independent charity and fomally commencej business cffl 1 Awl 2004. The Prince'5 Schcd 15 a CCAiipany limited by guarantee by its amended AJlK*s ofAssCOat￿ effective frorn 31 Marth 2013. The Trustees effected a merger ofthe sch(x)I wrth The Pn"nce's FtyJndalh)n. a charity sharir¥J thè same Prèsident. HRH The Princ£ of Wales. on 1 Sèptember 2018. Follo￿"ng the merger the actiwties ol the Schr have continued. in w)rdan(* the SCI￿￿'s c￿￿nt obFc￿ and strategy. as part of The Prince's Foundation. Thè Prince's Sthooj of TrddItic4￿1Arts cthised Irading as a separate entyty * that pjint. Durirs the pxst financial year, the Tnjstees have overseen the fvwther czrfnl￿eITh ofthe meryef actrvity The Prnce's Founda￿.0￿. The Trustees consKlgr an(1 revEw the m8ior risks to wlith the chanty is exW. 3ignD)cant r￿ks, together mitigallon aC1K￿$, are revievrtd by the Trustees. The Twstees a￿ satssfied systems have been d¢veloped and in place lo identsfied r￿5 to an aCCepta￿e levd. Charlty eonstituthn The Prince's School ofTradit#)nal Arts is w¥emed by its Bowd of Trustees. The Board is resKKm$ble setting strategy, protect¢ng Ihe repulabon of The Sdwl and the stÈwardship of rts funds. Trustees are appointed for three years and can be reappointg(l. Training and in¢JuctK)n is availab￿ for new Tnjslees. The Tnjstees. are also the direclors for the purpose of crynpany law, aThJ th)"seTved during thè yèar aTr up to the dale of sonature of the financial statements We￿.. Dame Jayn&Anne Ga(Ihia Mr Dou9las Connèll Mf Michael Fawceti Mr Gordon Neil Mr George Richards s Emily Chem"rWI [Res¥J￿ 23 Marth 2021) (Resgned 4 Oclobef 20211 IRespJned 1 December 2021) (Ap￿"nted 23 March 20211 IAppJnted 4 Cktobei 20211 (Awyxnted l December 20211 The Board met during the prior financial year lo stgn off the ￿￿cial SlatsM￿ and lo the L¥)rnplebon of the merg¢r acb¥ty wth The Prince's Foundalion. Auditor The auditof. Saffery charnpr￿ LLP. is deemed to be reapw)intÈd Lmder seCt￿n 487(2) af the CryniesAct 2￿6 THE PRINCE'S SCHOOL OF TRADITIONAL ARTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 01￿10$Ure of inlomiation to audit(Y Each ol the Trusleès has ¢x)nfirrned that therè is no inf0m￿tion of vthich they are aware whith is relevant to the aL*Jrt. bul of Wh￿ the auditor is unaware. They have further confirmed Ihat they have tsken appropriate sieps to idenbfy le￿Vant w)frynkition aThJ to establish that the auditor is aware of such inf(Mmation. Thè TnJ$t ' rekwrt was approved by thtr Bowd tsfTruslee& Mr Gordon Nell Trustee THE PRINCE'S SCHOOL OF TRADITIONAL ARTS STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021 The Twstees, who are al￿ the directors of The Prince's sd￿￿ of TraJit#￿al Arts tor the purpose ol company law, afv for sxeparll￿ the TrLLslee5' Rewl and the finan(ial ststerrenls ￿ acLordance wth applic8ble law ar￿ United KIn￿10M Acmjnting Standard5 {Uniled Kingdrmn Gerwally Accepted Accountin9 Practi￿}. Company Law fequirés Ihe Trustees to preparè firba￿al slattrments for each financwl year vthich give a true and fair view ol the slate of affairs of the Charity an(1 ol the ino)mww resoU￿S and applicalhjn of Tesources. including the inoyre and expendrture, of Ihe charilat4e company for that year. In preparir#J these f￿ancIal stateffents. the Tru5*es a￿ requTrJ to.. . S?￿cl suitsble ¥xounting poIKie$ and Ihen apFty them wsi*nUy. - observe the methc4Js and princ* ￿ the Charilies SORP." - make judgements and estimates that are reasonable and prudent., - state whèther applicable UK Atcwnkn"ng Standards have been folkAbed. s*ct to any material departures ¢SK8closÈd and explained in the financial stslemenls," and . Prepa￿ Ihe f￿an0"al statements on ts ￿Ing cx)ncem basis ￿e&S il is inappwiate lo presume that the Charity will cOnt￿Ue in operation. Thè Trusleès aré rèsponsible tor keewng a¢Jequate accountirwj rECOTds Ihal dtsclose with reasonable ac£ur8¢y al any ts.me thè financial Posit￿ of Charity and enable them to ensu￿ that the financial ststements cDmply th the Companies Act 2006. They are also reSponsi￿e for safeguarding the assets of the Chanty and hence lor laking reasonable steps fof ihe preVentK￿ dete(ah)n of fra￿ and ¢Yher irregularitw. THE PRINCE'S SCHOOL OF TRADITIONALARTS INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE PRINCE'S SCHOOL OF TRADITIONAL ARTS Oplnion We have audited thè firw)ual StsterT￿ts of ThÈ Pn"nc#'s Sclknl of TradrtK)nal (the 'Chaiity'l for the yèar ended 31 Marth 2021 whK* comprise th& ststement of finarmial adivrties, the baL8nce sheet, the statèment of cash and the notès to the financial statenwits. i[￿￿￿1r9 sjgntficant acojunting FKAicies. The financial reporting framework Ihat has been applEd in thèir preparation 15 applicab￿ law and Unrted Kingdom Accounting Standards, including FRS 102 Th8 Finanual Re￿￿"n9 Stand8rd applKèbk ￿ lh8 UK 8nd Republic of Ireland {Uniied Kingd￿ Genetslly Ar￿pIe(l Accounb"ng Prath"cel. In our ownvjn. the financial Stat¢￿ents: givè a tru8 and fair viéw of the ststa of ts charilable coryanls *rs as al 31 Marth 2021 and of ils incoming di￿ 4ppli￿1￿ of iesource5. lor the then ende(l.' have been properly prepared in aC0)rd￿ with uTr￿J Kingkn Generalty Ac£epted *Axounting Practice.. rKI have been p￿p￿ed in w)rdance wrth thè rewireTh*nts of the C(wiesAd 2W6. Basis for oplnkn Wo corwJucte(l ¢)ur audit in a¢0)rda1￿ IntèmatK)nal Standards ￿ Audthng IUKI IISAS IUKII and apKAi¢able law. Our fesponsibilities under tFb)se 5tsndards are lurther de￿ribed in the ALKjit￿$ ￿sPOrtsitI"ll￿.￿s lof thè audrt ol the finanoal statements secthtin of our reF*Mt. WÈ are independent of Chanty in ac£ordance wth the ethical reqU1￿ments that are ￿leVaTht to our a￿j11 of Ihe financaal slateTh*nts in the UK. induding the FRC'S Ethi¢al Slandard, and we have fuffilled (Mjr other elhical res(M)nsitMlibes in accordarhce wrth these requirements. We believe that the ￿dit evtslence we have obtaned is SUTr1￿ aThJ apFYwate to provK1è a ba￿5 lor our opin￿n. Emphasls of matter- basls of prepardtion We draw 3ttent*)n to Note 1 in the financial ststèmÈnts. W￿￿￿te5 Ihat in the year to 31 March 2021 it is expected that the charty ￿t￿rne dormant. AJI the remain￿9 assets ar￿ liabilities of the tharty will be transferred io The Prince's Foundats"on. As stated in Note 1 thè th8nty is not consKlered a sKJing CA)￿eM and therefore the accounts have not been prepa￿d on a goiThJ C￿12￿ basis. ()Jr OF¥nth is I￿1 modified in respect ofthi5 matter. Other informailon The trustees are ￿pOnSIble for thè other infomalion. The olhÈr Infomat￿)Th COM￿$èS thè infomation induded in the annual ￿￿t, other than the finanaal ststements and our auditorfs repcwt ther￿. ()Jr opinion on the financial statements d￿S nol cover Ihe other information aThJ. except to the extent olhep*ise expl1(4￿Y stated in our reF¥)rt. we do not express any lomi of assurance umclus*)n thereon. r res[K￿thIty is l() read.the other informabon and. in doiThJ so. o)nsider ¥vhether Ihe olher information is malerially inconsislent Ihe finanaal str1err￿ts or our knowledge obtained ti) Ihe course of the audit or otherwise appears lo be Material￿ misstated. If we identify such material irthisislencies or appa￿nI material misstatements. we are requred to delemiirbe vthelher tho gives ￿ to a material misslatemènt in the financial statements themselves. If. based ￿ the work we have FerfcffnRd. * ojndude that there bs 8 rn8terièl misstatement of this other ￿fOrma￿n we are required lo reF*yI that fact We havè nolhFng lo rÈrth in thi5 regard. Oplnlons on other matters preserlb8d by the Companies Aet 2(106 In our opinion, based on the *yxk underlaken in the course of our audit.. the inlorniation given in Ihe Trustees. ￿pOrt. Wh￿ indLK1es the directors. report prepared for the purposes of company law. for the financial year for which the financial ststemenls aTe PTepared ¢xnsislent with Ihe financial statements.. and the diredors. report incKJded vfilhift tr* Trustees. report has prepa￿d in ¥C¢Ordan￿ with appluble legal requirements. THE PRINCE'S SCHOOL OF TRADITIONAL ARTS INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PRINCE'S SCHOOL OF TRADITIONAL ARTS Matters on whlch ¥Kè a￿ required to report by exeeptio In the light of thè knovAeilgè arKI understanding of the chafilable ￿npanY and its environment ob1al￿d in Ihe course of the audrt, we have not h*nknfied material misslatèments in the Tnjstses. Artnval Report. We have rK)thirrfJ lo retM)rt in respect of the lo1￿￿n9 matters Mi rdatKJn to the Charities (Acccwnis and ReFthsl Regulations 2(K)8 require us to to you il, in our op]nKJn". adequate accounting records have tjeen kept. or retuffts ajequatè forujr audrt have not been received from branche5 not visrted by us., or Ihe finanrial statements ale rK•t in a9reement with the acts￿ntIng rÈcryds and r*tums,' or c£rtain dthures of tnjstees. remunerats.on speufied by law are nol made,. or we have not received 811 the 1nft5m￿tt0n and Èxplanalions we ￿qUire for our aLK*t,' or Ihe Trustees were not entitle(I to prèpare the financial Statements in aiztsrdan￿ with Ihè small companies regime and tske advxntsge of Ihè small companies, exemptrons in prepanng the Trustees. report and from the requirwnent to prepare 8 strategt rerAYt. R•spon$ibilitles of Truste8s As ex￿ained more ftjlly In the Trustèès. Responsibildies Stalement set out on page 4. the tnJsteÈs (who a￿ also directors of the charitabk company foT the pu￿Ose$ of company lawl are reswnsible for the preparation of the finanaal statèmenis for t*ing satssfied thal IW 9Ne a Inje fair vi*w. and for suc* inlemal control as the trustees detemiine is necessary lo ena￿e Ihe prepara11c￿ of financAal siaiemenls thal are free from material mrsstaterrtent, vtt*ther due to fraud or eff(¥. In preparir¥J the finanrial statemènls. the trustees are rest*)nsible for assessiThJ ihe charTtable company's ability to continue as a going con￿rn. disdosing, as ap￿ICa￿e. matters Telated to going COn￿M and usir#J thè going concem basis ol accountiTrJ unless ihe tnjstees erther intend to liquKlate the (￿panY or io cease Operal￿nS, crf ha￿ rK• realistic altemath¥e to th) so. Auditorfs ￿sponSibl1111es for the audit of thè financial statemèfits We have been appofftled as a￿1110￿ under fv Crynpanies Aci 20Cffj and in awd&)ce vlith regulations made vnder that Ad. Chjr objectives are lo obtain reaSona￿e aSgjra￿t abwl the financial statements as J wlK)lè are free from material misstatement. whether due lo fraud or emx. and to issuè an audjlorfs rekxNI that indudes our opinion. Reasonable assura￿ is a h•3h level of assuran￿ is not a guaranlee that an audrt corKlucted in accordancE with ISAS IUKI will aknys detect a maiwial rnsststement vthen rt exists: Misslatements can arise from fraud or errix an(1 arè consKlered material rf. Indr¥idually or in the aggwate, ihey could reasi)nably be expected lo in1Juen￿ thè Èconornic dèusTrons of usets taken on the basis oi these financial statements. Irregularit￿$. including fraud, are instsr¢￿ of non-cofflplian￿ wth law￿ And regulat￿5. Wè design procedutss in line vAlh OUT responsibilities. ￿￿Ined above, to delect material Mlsstrtew￿nts in r8sp%d of irregulanties. includirrtj fraud. The extent lo ow &Y￿edL￿￿s are of dete(kng rylblarit￿. In￿dIng fraud, is detailed below. Identi￿.ThJ and asseswng iisks related to irrtgulaiil*s." We assessed the su5cepts"bility of the charrtabye company's financial statements to material misstslement and how fraud might 0¢￿T, indudirvj Ihrough discussions wrth the trustees, discussions within our audit team planning meetin9. updating our record of intemal o)nlffjI5 and ensuriThJ these.contrds operaied as inlended. We evaluated possible in¢entNes and opp)rtunrtw ts fvaudulent manipulatron ol the financial statements. We identified laws and regulalN)ns Ihat a￿ of slgnffjcan￿ in the context of the charltable company by discussions vthh INstses and UF*Jakn"ThJ our L￿￿rslandln9 of the sector in whth Ihe chanlawe (x)mpany c¥)erates. Laws and regulal¥Jns ol ¢Jirecl sKJnificance in fhe o)ntexl of tt* tharitalje c(xryMny rndude ￿ Comwies Act 2C￿6, and guidance issued by the Charity Commissicn for EThJland and Wale5. THE PRINCE'S SCHOOL OF TRADtfioNAL ARTS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PRINCE'S SCHOOL OF TRADITIONAL ARTS Audlt respon￿ to rlsks idènti￿. We cons#lereLI the extènt of CLKnpliance wilh these laws and ￿gUla1]0￿5 as part of our audit proCedU￿S on Ih related financial slatemenl rtems induding a revièw of financial statement dtsdosures. We reviewed Ihè charitable company's records of breaches of and ￿uL91￿)n$. minutes of meetirwjs and Cl>Tresponden￿ with relevanl authorities to identfy potential malerial misslaiements arisirKJ. We disojssed the charitable company's F<)licies and WocedU￿S for Uffivs and fewlabons with members of mar¢agement responsible for ctsmpliance. During Ihe planning meeb'ng wlh the audit team. Ihe engageff*nl partner drew attention lo the key areas which might involve no1￿￿mpl￿￿nce laws and regu￿tionS or fraud. We eThJuir•Y of managemenl whether they We￿ aware ol any instan￿$ of non-Com￿lan￿ with Lgws and regulatK)ns or knowledge ol any adual. suspeded or al￿e￿ fraud. We ad(Iresstd the iisk of fraud through manèjement override of cx)ntrols by lèsting the appropriateness of wmal ertr￿S and KJenbfyiThJ any svjnfftant transact￿5 Ihat we unusual or outside the nomial course of business. We assessed whether jud9eTrents made in rnakisyj acrxxJntin9 e5timatèS 9ave rise lo a possible indicalion ol managemènt bAs. At the wmple11￿ sla9e of Ihe audit, the engagement partner's review included ensuriThJ that the team had approached Ihw"r wowk wrth appropriate prolèssu)n#l Scept￿￿ and Ihus the paoty io identify non-com￿lan￿ v￿h L4ws aThJ regulat￿ and fraud. There a￿ inhèrent limitations in the audit Prr￿eduYe5 de$LY￿e¢l above arKI the fLrfthef removed non-compliante wrth laws and regulations is from the events and transact￿nS ￿flecte*l in the financkal statemènts, the less likely wo would beGoffle aware of it. ￿$0. Ihe nsk of not detecliThJ a material misstalement due to frdud is higher than the risk of not dètecling one resulbng from eThcw. as fraud may involve ddiberate concealment by. for example, ftrgery or intentKywl ry¥srepresentat￿n5. ￿ throLNJh c￿lL￿1￿. A further description of our reskX)ns*)Trlil¢s i% 8vailable on Ihtr FinarKial Rewrting Cwncil's 8t.. http$.'Il v4vw.frc.org.uklaudiiorsresK￿slbI1rfI&s. This ￿e8c￿￿On of rAJr a￿1]10￿$ report. Use ol our report This report is ma(Je soltrly to Ihe thalitabb ¢J)mpany's Thwnbets, a5 a body. in a¢¢ordance wilh Chapter 3 of Part 16 01 thè Companies Ad 2006. Our audtt wofk has been undertaken so that we rn￿h1 5tste to the tharitsble o)mpany's members those mattets we are required to slate to them in an auditor's reFXYt and for nc& othèr purpose. To Ihe fullest e￿ent pemiitted by law. we do not acc￿1 or assijme re¥KJns¢bility to anyone other th3n the charitab￿ (aynpany and the d￿ntatI$ ¢ompwy'5 members a$ a imyty. for our 8udil for thi$ report. or for the ownions we have fmned. Kenneth Mccjowell (Senior s￿ut￿Y ALx1itor) f￿ and on behalf of Saffery Champness LLP charte￿ Accountsnts StatutoryAuditors 133 Founlainbridge Edinbur EH3 98A o*.. Saffery Champrte5s LLP is eligitle lo xt as an in te￿S of Sec1￿ 1212 of the CompaniesAct 2006. THE PRINCE'S SCHOOL OF TRADITIONAL ARTS STATEMENT OF FINANCIALAcnvmES FOR THE YEAR ENDED 31 AIARCH Z021 G￿r 2021 2020 202Q 83.13ts 83.13 137.314 R•w9fvn¢s 14.471 14.471 25.267 25.267 4￿31.￿7 4.335207 5.1(X1 2.232.fjfj6 230,rm 2.467.766 4348.718 4.349,678 5.1CN) 2.232.e 255.267 2.493.033 .$31 5ts.$31 1392.8501 13W2.8501 Net movemwl Inlunds p￿.1￿) P.$97.W91 15.1WI 12.2>2.6661 1510.e031 12.748,5691 Irdnsfernbet*ewfirt¥ 1S.IIV)} 122V.6e61 1510,8U31 12.748.569) Fur￿ belarK￿* 1 2020 3.￿.1rffl 2.232.6E6 4208.912 fj.445.$78 F￿d ￿￿riG••It 31 Il*rGh 2021 3.896,1￿ 3,897.009 THE PRINCE'S SCHOOL OF TRADITIONAL ARTS BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 FIX￿ assets Invgstrnenls 10 3,700,999 Curr•nl assets Cash al bank and in hand 6.137 Creditors= am(￿nts lalling duè within one year 11 110,127) Net current liatsliti&s 13.9901 Total assets less eurr•nt liabilitles 3.69T.009 Capitsl funds Endowment furkY$ Income funds Unre5tricled fvnds- Gewal 12 3,696,109 14 900 3.697.009 These financial Statel￿nts have been Prepared in aoxrdance with the provts4￿ ap[l￿able to ¢ompanies subj'ect to ihe small CLJmpanies regime. The finan .81 staterrÈnts were approved by the Tnjslees on ...P.311 il.zotl Mf C4)rdon Neil Trustee comp￿ Registratlon No. 04970959 THE PRINCE'S SCHOOL OF TRADITIONAL ARTS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Cash flows fram opetatlng aetivltles Cash absortjéd by operations {103.0401 (254.2401 Investing aeti¥itfe5 Purcha$8 of inveslments Proceeds on disposal of inVe5trn￿ts Investsnent income received Net movement in fixed asset investment cash Arrwusd Incorre on In¥estmènts {362.6661 378.541 83,138 (4941 11.6161 1316,207) 310,202 137,314 113.040 6.028 Net cash generated from Investlng actlvlties 96.WJ3 250.377 Net cash us•d In financing Zthltles Net decreas• in eash and cash •qufvalents 16.137) {3,8631 Cash and cash equNalonts at beg￿ning of yew 6.137 10,000 Cash and cash equivalents at end 0f￿r 6.137 10- THE PRINCE'S SCHOOL OF TRADITIONALARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2021 Aw>untlng polkles Charity inforrnatlon The pri￿e'S sChC￿ of Traditional Arts is a Fyivate company lirnrt￿ by guarantee w￿r￿lated in England and Wales. The registergj offtt is 1￿22 Chadotte R¢)ad. LLNxlon. EC2A 3SG. 1.1 Accountlng eonventlon The financial $18tements of tl* i*81it#iAe mnp8ny. 1$ a publr tenefft enlity undèr FRS 102, have been p￿pared in ￿0)rdanc£ wth thè Charitiès SORP IFRS1021 Ac)mes party to the conlfaciual prowsKJns of the instrvmenL FinanL¥al a$5ets arKI lth"lJligs are offs9( ngt presented in the financial s&*ements, when there is a legally enforceable nght to set off the rec(YJnise(l amounts and there is an intention to settle on 8 net basis or to rèalisè the awl and sètde thelobilty Simultaneou￿Y. Derecognrtlon of financial Ilabilltles Financial liabilities are defecognised when the Chaiivs ts)ntractual obhgaih)ns expl￿ or are di$¢*ar9ed or cancelled. 1.9 Taxatlo The charity is exempt Imm rAJrw)ralicN) tax on its CharIta￿e aciivities. Investn7ent Income Endo*Th•nt En¢Jowment fvnd# fijnds 2021 EndO￿nent- A￿vI Latif Jameel Centre fOrTr￿lI1￿1 kn and Crafts 83.138 137.314 12- THE PRINCE'S SCHOOL OF TRADITIONAL ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Raislng funds Endowment Enth)wmenl fvnds funds 2021 2020 Inv¢stment mafi•3eTh*nl feès 14,471 25.267 14.471 25,267 13- THE PRINCE'S SCHOOL OF TRADITIONAL ARTS NOTES TO THE ￿NANCIAL STATEIIEIITS ICONTINVEDI FOR THE EIIDED 31 AIARCH 2021 4251.￿7 42$1,WJ7 82.X¥J 82. 2222,444 2,222.444 TraD5f•r. ie• 5.1CrfJ 5.1 10.222 10,722 4.331.JJ7 4.3352Q7 5.1fy) 2.Z32,f 230.¢Xfj 2,467,766 14- THE PRINCE'S SCHOOL OF TRADITIONAL ARTS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 SupF<¥I Governance costs costs 2020 costs Audit lees Accounlancy fees Management Fee payab￿ to parent 2,71)) 2.400 2,7C 2.41KJ 774 TT4 774 T74 5.100 5.100 Chafges in the year for ajdit fees of £2.39) hab* bèen mèt by Ihe parent (xxnpany. Net movement in funds 2021 2020 Nel fftherrent in lunds is slated after cha￿￿(Ned111r￿) Fees payable to the ¢x)rnpaWs auditor fof the a￿lt ofthe o)mpanrfs fi￿n¢la1 Statements Depreciation of OWr￿ tangibl& fixed assets 2,700 10,222 Trnst••s None ¢￿ the Trustees lor arty per$￿S eonnt(ied 4bilh them) re￿Ned any rtmuneration ￿ beneffts from the Charity duriThJ the ye8r. nor for the pèrKxl eThJI￿J 31 March 2020. Trustees •xp•ns8s Thwe were M trustees. expertses pawj for thè year eThJed 31 Marth 2021. nor for the peric*J ended 31 Marth 2020. Employees There no ¢m￿oySe$ duwing the ye8r12020: nA}. Net galnslllossesl on Investments Endowment Endowment nds funds 2020 Gainl{loss) on investments 569,531 1392.850) 15- THE PRINCE'S SCHOOL OF TRADITIONAL ARTS NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 PAARCH 2021 Net gains1{low) ¢)n investmènts (Continued) The ths was laryely attrIX￿ to COV11>19 markd corKlitiws during final quarter of the financial yèar, Whe￿ Èqurty Ma￿ets suffwed L¥)￿derab￿ losses. The ii-year gains repr•sents the recovery of the equity markets f￿lo￿n9 COVID-19 re$Inct￿$ le￿niTr9. 10 Flxed asset imiestments Listed Invèstments Cost or valuation Al 1 April 2020 Additnis Valuation charvJ8s Investment rrk)veffent AccnJals movemnt Disposals Transfèr to Parent 3.700,999 362,666 569.531 494 1.616 1378.5411 14.256.765) At 31 Marth 2021 Carrying amount At 31 Marth 2021 At 31 Marth 2020 3.1￿,999 2021 2020 Investments at fair value c¢ynwse: UK equities Intemalional eouitres UK bonds Ptsrtfol￿ fvnds Altematwes Cash 789.620 830.683 958,970 303,012 734.359 84,355 3.700,999 16- THE PRINCE'S SCHOOL OF TRADITIONAL ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 10 Fix•d asset investm {Contlnuedl End¢hvment fvnds: T¢)tal Return A¢¢tyJnting The sch1x￿ h8s adopted The Charilies (Totsl Return) Regulat￿S 2013 issued by the Charity Commission and has implemenled the tolal retum in￿tment w)wers in relat*?n lo its endowment inveslmenl. Th8 règulation pennits the Trustees to invest the to maximise total ￿turn and to apF4y an appropriate portion of the Una￿le￿ totsl relum to iroyne each year. Unbl the power is exercised to transfer a portion of the unapplied lot81 ￿trIM to ￿COrne. Ihe unwied lolal ￿turn reinains Invested 8$ part of thè endowmèni. The total relum applted indudes all rThJn*s drawn dawn fram tht invé51rr*nts in year. This ts lower on a year-on-year basis as the fuThJ was transfewred to The Pn"nce's FoUr￿tion as of 1 January 2021. The investment fund and apF4iC0t￿n of totsl ￿ to eThJ)wnwt furn15: Year to 3110312021 Y•ar to 3110312020 Opgnir¥J value of erKI0wr￿ 3,71XI.999 4,206.912 Less". Transferto parent Less.. Original value of the grfl (4.256,765} 12,849.0721 12,849.0721 Vnakvlied totsl retum bro￿1 foThvafd (3.404,838) 1,357,840 Investment return.. dividends and interest Investment retum." gains ￿e$ 83.138 569.531 137.314 1392,8501 Les5 Investment management aThJ adMin￿lI)n 114.4031 (20.3771 unappI￿j total before ￿sfer10 inccthe 12.766.572) 1,081,927 Less Totsl ￿t￿M 8p￿led 182.5001 1230,0001 Unapplied retum a¥ at 31 March 2ff21 12.849.072) 851.927 Add Original value of the brO￿￿t f¢Kward N¢w end0￿￿￿lS in the year 2.849,072 2,849.072 Endov4ment indudiNJ Unap￿*d ttstsl re￿rn as al 31 March 2021 oMstituiirrfJ the invesiment funt1 3,700,999 17- THE PRINCE'S SCHOOL OF TRADITIONALARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 11 CredStors: amounts klling du• withln onè y 20 2020 ' Amounts owed to fdbw group urKlertakings Accruals and ¢Jelerred income 137 9,990 10,127 12 Endowme￿ funds Endowment funds ￿present assets which rnusl be held r*rmarenUy by the Chatity. Ineom* arising on the end0wff￿¢ funds can be used in accudanGg with en¢JovAnEnt objeGts"ves. Any cawlal gains oi losses arising on the a55ets frym part of Ihe lurby. Movement In lunds Tw**l•rn R•vafvJbbons 8al•h¢* &t g•fjAS and 31 March 2021 10550¥ 31 IA•rth •Ap¢nd¢d P•mianent •ndowments Abdul Latrf Jawneel Centre for Tradilional Ajts aThJ Crafts 3,ff￿.109 83.138 {4.348.7781 569.531 3,696.109 83.138 {4.348.778) 569.531 Endowment fund¥- Prior year eomp•riti Movement in Iw 1 2019 gains and 31 March 2020 Permanent endowments Abdul Labf Jameel Centrt for Tradi(K￿al AJts and Crafts 4.X6.912 137.314 1255.267) 1392.850) 3,696.109 4206,912 137.314 1255,2671 13¥2,8501 3.696.109 18- THE PRINCE'S SCHOOL OF TRADITIONALARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 13 Restricted funds The incorne funds ol the charity indude restrided funts (zJmw￿ITh3 the folltMThJ unexpeThJed balancès of dona1ions and grants held ￿ tnjsl for speryfic purp￿￿.. I?￿￿￿nt kn funds Bth¢•at Res￿rt•S Tvmlern R•v¥luJlioiis, Balance at 1 April 20a Y•*>wces •¥p•n¢l¢d g•in$ •hd 31 hl•rth 2021 Property fijnd Restricted fvnds- Pr¢oT year eomparativtt ovemert in funds 9¥1h¥ 31 M•rth 202 Property fund 2.232.666 12,232.6661 2,232,666 {2,232.6661 This fund ￿presented the net book value of the tharbvs c¥)e thirtl share of 1￿22 Charfolte R(Jad, London, EC2A 3SG. The full asset value was transfe￿ed to the paient o)mpany in the year to 31 Mar¢h 2020 reducing the fLwKI to £ril. 19- THE PRINCE'S SCHOOL OF TRADITIONAL ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 14 Unrestrlcted funds- Gw*ral ' These are fu￿lS whith are m*enal to the Chonws a¢kn¥￿s mad¢ up as follows". 1 2020 •wnd•d 31 Ma￿h 2021 General 19001 UnreStrtct￿ Fund- Genewal- Prfor y•ar cornparilive 31 March 2020 General 6.0 15.1001 15 Anatysls of net assets Ixiween fvnds Unmtricted Restrlcted Endo￿nent fvnds funds fvnds 2021 2021 2021 Total Totsl 2021 2020 Fund baknces at 31 March 2021 a￿ reP￿Sente15 t*y'. Investments Cunent assetslllAbilitiesl 3,700,999 13.990) 3,697.(N)9 16 Exceptional Item Therè was an exceptional rtem in the year arnounting to £4.251,807 vknKh rdale5 to the transfer of the endowment inve5tmenl fund valued al £4,256,765 and ac(aiJed rnanagement fees of £4,958 10 gr￿p èntity, The Prince's FoundatN)n. The assets were transfeffed urKler the temis of the nwger 4reèment signed by the Trustees in 2018. In the priN year Ihere was an exceptK)no1 item ￿￿K)Unti￿3 lo £2,232,666 whi¢h related to the transfer of the wotety. at 19-22 Charfdte Road. L(￿. lo The Prirte's Foundation. Thesè assets also f￿Med part of the merger agreerrenL THE PRINCE'S SCHOOL OF TRADITIONAL ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 17 R•lat•d pwty knnsacllor OurirKJ the year rgYnpan￿s in¥estrrpnt rorlktho was transfelred to The Pmce's Foundation (company number SC3317381 al a ti)tal of £4.2%.765. of which £4.958 wll be used lo pay thè outstanding portfolio management feè. There were aJditv)nal traF￿aCtI￿s Th& Prrte's FcrtJndatK)n in ihe yèar totalling £137. This included 8 one off management lea of £r14 to cover the adm1fttstrat￿ of the transfw of the investm8nt fund Fortfdio, net eXpeThYiIu￿ recharges of £800 and a payment £111 to dear Ihe balance. Th• balance dLtè from Thè Prince's FOundat￿n at the year eThJ is £nil. 18 Ultimate parent crynpany The Prince's F￿r￿JaI￿ 15 the uNim*e pwent comp8ny ofThe pri￿'S Sc*wxJl of Trddilional Arts. smallest gr(rtJp whrch prepa￿S c(￿sO11dated financial statements is The Prin￿.5 Foundation. ConSol￿aled aco)unts are publidy aVaila￿e from Companies Hc¥Jse. The Prin￿'S Foundation registered Offi￿ is DumfrEs House, t*Jmfries Estate, CUM￿￿. Ayrshi￿, KA18 2NJ. 19 Analysis of ehange$ in net debt The Charity hay no debt ¢Jurry the year. 2020 Defiut for th& year 13.697.lJ)91 12.748.569> Adjuslments f¢y'. Investment incorre recognised in ststement of firwicial aclivii*s (Gainyloss on dwosal of investsTr)enls Transfer to Parent D￿eC￿t￿ and impairment of tangible fixed assets 183,1381 1569,5311 4.256.765 (137,3141 392,850 2,222,444 10.222 Movenwnts tn vthing capital.. {Decreaseyinc￿ase in ueditc 110.1271 6.127 Cash absort)ed by op•rnlions 1103.0401 1254,2401 21