Company number4971133 ROYAL DRAWING SCHOOL THE ROYAL DRAWING SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 4AB49MIEOT 1810512022 COMPANIES HOUSE A12 #203 THE RQ.YAL DRAiVIP4G 5CTri(iOL CONTENTS Report of the.Trustees. Incorporaiin8.Itrategit report 'Report of.thR Indèpendent Audiiors IS StateFiiént of F.inaricial ActNitiès 18 Balance Sheet 19 Statement of c.ash Flows .20 Notes to the Fiiiancial Staleiiients tHE ROYAL DRAWING SCHOOL REPOAT OF THE TRUSTEES. FOR THE YEAR ENDED 31 AUGUST 2021 The trustees. who are also the directors of the charitable coriipany forthe purposes of the Companres Act 20D6, Pfeset)t theor report with the financial ttatemernts of the chariiable company for the year ended 31 Ausust 2021.'The iwstees have adopted the provisions of the staternent.of Recommended Practice for Ch'aritie5 ISORP 20151 l.Second Edition, effertibp l January 2019). REFERENCE ANO ADhllNISTRATIVE DUAILS Registered Company Thumbei: 4971133 (Registered in England and Wales) Reslstered Charlty number. 1101538 Re8istered Office: 19-22 Chatlottt Road. Shoreoilth. London"EC2A 3SG Foundln8 Iloyal Patron HRH The Priiice of Wak5 Trustees Sir Chzrlts Saumarez Smith Fope Adelowo Stephen Davis Dame Glenda Bailey The Hon David Macmillan Evy Hambro Bettina von Hase Professor Eileen Ho8an Matthew rtice Andrea Rose CMG OBE Alexander Sturgis Nicholas Vetch Chair Appointed 24103121 Retired 24103121 Retired 17103121 Appointed 2112130 Chair of the Finance and Audit Committee from 24103121 Senlor Manaiement Te•rn: Catherine Goodman Julia Balthin Foundin8 Artistic Dirertor Principal Ayditws: Haysmacintyre LLP. 10 Queen st￿et Place. London, EC4R IAG 8•nkers: National Westminsier Bank Pk, Cavell House. 2a Charing Cross Road, London WC2H OPD THE ROYAL DRAWIP4G SCHOOL REPOIIT OF THE TRusfEES (continued) FOR THE YEAR ENOED 31 AUGUST 2021 OWECTIVES AIID AcnviriES Pijr ses and alrns Our charity's purposes as.set out in the objects Contained in ihe company's memorandurn of association art to benefrt the public ihrou8h: the advzncem.tnt otthe tducation of the public in the arts of"drawin8. painting. stulpture and print making. The alrn of our charoty is to raise ihe 5tand3rd and profile of ob5"ervational drawing and Mnprove acre55ibility to high quality drawing tuition. aim fulty reflects the purposes the charity Was Set up to further. Ensurin our work delivers our aTrm5 We review our aims. objertives and artivities each ytsr. This review looks at what we achieved and the outcornes of our work in the previous year. We kjok at the success of each key activity and the benefits they have brought to those gtoups of people we are set up to help. Our review also helps us to ensure that our airns. objeaives and actwities remain focused on our stated purposes. We have referred to the guidance conialned In the (tr*ar6ty Commisslon's Beneral 8uidance on'publi benefit when rèvitwing our aims and objectwes and in planninB our futvre actlvrties. In partitular. we consider how planned artrwities will contribute to the aims arbd objeai¥es we have set. The focus of our work Ovr main objeaive for the year continved to be to raise the slandard and profile of observailonal drawing. The rnain artivit￿$ we enga8ed in to meet this objective were= TheDrnwlng Year- approximatety 30 student5 3re attÈpted each yearonto oui postgraduate level. fpfteen-month course in drawing. They each recer¥t a stholarship to cover all their course fee5. tutOTia15. lecturès and foruin5. Each siudent also receNe5 a flee studio space in which to undertake their own arti5tit p¢èctice. A number of students are all¢xated means- tested rnaintenance granis to assfjst w¢th INing expenses. Public Coutses- tonsisting of three terms of 5ubsidised day and evening tourses, open to artlsts, creatives and members of the public interested in drawing, taught ai all levels. There are also holiday courses èt Easter and Chri5tma5, a5 well as a summer xhool. Course5 are held at our own siudiDS.. as well as in the prTrntipal museums and galleries. and ovt and about in London. A fee payin8 programme - our full rate r$ 5ubsidtsed and a wide range of additional concession5 arè offered to ensure our courses are available to all. THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES Iconlonued) FOR THEYEAR ENDED 31 AUGUST2021 The Foundotloli YeoT- a one year..fully"taught. ski115-based course in fine art prarti¢e. for approximaiety 45 students. almost all of whom are Schoo￿leavers. Accrediied at Level 3 and 4, a diploma is awarded by The Prince's Trust upon 8raduation. A fee-payin8 courst with approximatety half of thé Cohort receiving means tèsted scholarships to tover their course fees. tutorials, lettures and frlrums. The course is strurtured io enab￿ students io progress to BA courses tn a wide ¢an8e of creailve subjects in(ludin8 fine an, illu5tratlon, Braphic and product des4%n. filmmakin8.and fashion. The Youjyg Artlsts Progrofflme - pro¥*Jing 5efTrOUS and sustained drawing teathing for talented and committed children aged from 10 to 18. Full and partial stholarship support is offered to Student5 Qn a mein5-tested basis. Closses take place every week during term.lime and are taught by alumni of our Drawing Year progTrmme. Oftllne Drawlng Pmqnimme - the School has extended its offer by creatin¥ live online teaching courses, dellvering our teaching to a national. and internatbonal audtence. The online programrt)e responds to our charitable rnission by makin8 our high-quzlity drawing courses accessible to those unable to attend our studios ID person due to d￿ab11￿(y. illness. distance, working or caring tommitmenis. The programrne enables us to reach isolated indlvkluals or communities, and areas of the UK with limrted access to arts education and ¥enues, as well a5 developing an international audience, with students attending fioin 36 countries worldwide. Courses are fee paying wfth means iesied concessions and bursaries available to ensyre the programme is accessible to 311. STRATEGIC REPORT- ACHIEVEMENTS AND PERFORMANCE All of our charitable artivities focus on raising the standard and profile of observational drawing through teaching and prauice. and are underraken io further our charitable purposes for the publi¢ benefit. The School has established itself as a valued, specialist teaching resource. wrthln the landscape of UK art èducation. The School atms io make r( possible for anyone wilh a talent and passion for drawin8 to take Sts courses. The School has developed a new fNe year plan and Pinancial model to ensure the Schoof5 long term Sustainability and financial secufity. The success of the straiegy is measured boih against our educational and charitable objertives as well as short- and long-term financial goals. Followlng the decision to Close our Secondary Campus at Trinty Buoy Wharfat the end of 2021 academlc year, Trustees took a strate8lc decision to Concentra￿ actlvlty under one roof at our main campus in Shoreditch. London. A5 such we inve5tÈd In a capiial project to improve and increase tea¢hinB and éxhibrtlons space at our rnain tampus. which was completed in Ottober 2021. The capitJl development Pfo¥ides two new teathing studios, ftexible exhibit￿n5 spa￿ and new offi THE ROYAL DRAWING SCHOOL REPORT OF TtrtE TRUSTEES {contlréuedl FOR THE YEAR EI4DED 31 AUGUST 2021 space. This will Increase public eng•gemen( brlnglnegreater street ￿Ve1 presence, and ser¥e the commynity with an expanded programrne of drawing based course5 and exhibilion5 pro8rarnme. Additionally, the school developed a permanent programmé of ofiltne drawinÉ courses to ¢omplement studio tea£hin& expandin8 our audience to national re8ions. worldwide and those who nnot physically attend courses- we aim to develop our online offer further in future years. WHO USED AND BENEFIYED FROM OUR AcnviTIES7 Covld19 had • sl nlll<•nt lrn and whil t our develo tdafvll •ct on the School's dell¥e In 2021. The S¢hool w•s swlft to res ond studlos wer dosed wh lotkdowns we ramme of onllne Cours￿ for Dr•wl Year Foundation Yeai You Artist and ulred durin ro Publ1£ Pro rnme students. The Drowlnq Year2019nO Colwt exteftded learnlnq Into2021 The Dr•wing Year usu•lly conslsts of a taught component from September to June. followed by six months of Studio practice. toncbJdin8 in December. 2019120 Year Group-. Due to Covid19. learnin was moved oTrline in March 2020 and the course extended into 2021 so that students could benefit Irorn a full year of in-per50n teachin8 and receive z physical exhibition of work upon 8raduation. Students from 19120 gradvated in May 2021 as part ot the School's ongoing commrtment io deliver the hi8hest levèl of tuition and student experience for all our students. Th• School's External Assessment Board carried out an onllne assessment and met with the cohort in the autumn lerni of 2021 for their M￿-year asse55ment. They commented favourabty on the overall standard of work. The Assessment Board was also able to report on a high levelof student 5atisfaciion, wlth both the structure of the Drawin8 Year, and the qualrty of the teachln8 provided. Students 8raduated with three in person exhibit￿n$ and an end of year assessment from the Extefnal ASSe￿￿ent Board in June 2021. The School's programme of weekly lettures and'in conversation. evenbngs with distinguished speakers nd n worlds or their business experiente. Trustees recei¥e an induction patk, including Board papers from the last meeting and School literature, and meet with the Principal, Founding Artisiic Director and members of the Senior Leadership ttam as way of Introduction to the School's work. As part of onggin8 traininz throughout their term, they are invited to attend all sub-committees and to meet with Siudents. staff and fatulty to keep fully informed with the work of the School. Ovrin8 their tenure trustees have the opport￿nity to have ongoing trainin8, paid for by ihe School, to help them fulfil their duties. The board of trustees méets at leasi four times each yeaf. to set the overall strate8ic dTrrertiori of the harity and to monitor the achtevement of its objectNes. A Finance & Audit Committee of key trustee5 and management personnel of the charrty meet four times a year and are in char8È of THE RQYAL DRAWING SCHOOL REPORT OF THE TRUSTEES l¢ontlnued) FOR TME YEAR ENOEO 31 AUGUST 2021 dlrectlng anil controllihg, runnlng and operating the Charlty. Day to day management of the charitv is deleg4ted to the Principal {who is not a Companies Art Director). All trustees'gNe Df the•r time freety and no difertof received remuneration in the year. DetaiLs of director5, expenses and relaied party transaction5 are disclosed in r*ote 15 to ihe accounts. The eMplO￿È$ included in the kty management pèrsonnel are the Founding Artbgtic Djrector ènd Principal. The pay of the Fpun"ding Artlstic Direaor afid Princopal. and am other staff. Is revlewed annually, and normally increased in accordance with averagt earnings to reflert a tt+st-of-Itving adjustment. In 2021 The Founding Artistit Dirertor and Principal elected not to receive the cost-of-li¥in8 adjustment offered to all staff. Committees A commlttee of the tfusiees and key management personnel, the Finance & Audit Committee, undertakes detailed consideration of the Schoofs key strategic and operallonal issves and advis& the trustees in relation to their re5pon5ibilities for finantial managemtnt. control and reporting. as well as in rel31ion to iht rnanagemeni of human resources. The members of the committee. which meets four tlmes each year. are.. Nicholas Vetch (Chair of the Finance and Audit Cornmitteel Fope Atlelowts trrusteel David Macmiuan ITrusteel Matthew Rice (Trusteel Sir Charles Saumarei Smith (Trustee, Chair of the 8oardl Catherine Goodman IFoundin8 Artistic Dirertorl Julia 8alchin (Principall The Academic Board advises th¢ tfustee5 on their responsibilit￿$ for setttng ihe School's curficulum and for ensuringtht hrghest academic standards and reputstion. The membersof the Academic Board are: Slr Charles Saumarez Smith {Chair of ihe Academic Board) Jul•an Bell Mark Cazalet Professor Ewan Clayion Lila Oimbleby William Fea￿r io THE ROYAL ORAWING SCHOOL REPORT OF THE TRUSTEES l¢ontlnued) FOII THE YEAR ENDED 31 AUGUST 2021 ftichard Ikhld* Catherlne Goodman IFoundin8 Artistic Dirèctor) Professor Eileen Hogan (Trusteel Timothy Hyman RA Harry Parker Sarah Pickstone Martin Shortis An External Assessment Board pro¥ide5 independent. external monitorin8 and evaluation of the work of Drawing Year students and recommendations on the course of study. its member5 are.. Eileen Cooper RA (Chair of the External Assessment Board) Dr. Xavier Bray Rachel Campbell Johnston Rachel Jones Sydney Picassti The School's Investrnent Committee oversee5 Ihe investment of the Schoofs endowrnent funds. The Cori7mrttee's members are 311 investment prole$S￿￿è1s of significant ￿pulatIOn and standin8. They are.. Howard Marks (Chair ol the In¥estrnent Committee) Evy Hambro. (Trusieel Francesco Goedhui5 Stuart Rodèn Nicholas Vetch. Ichair of the Finance and Audbi Comrnittee and fwsieel STRATEGIC REPORT- RISK MA14AGEMENT The trustees re¥iew the major risks to which the Iharlty is exposed. no less than annually. and h3ve adopted a formal risk-mana8ement process to evaluate risk by likelihood and impact. The irusiees are satisfitd that the risk control document generated by this process. onxbles them to identify and mitTrgate risk to an acceptable kvel. The mosi signif￿an1 risks and miti8ations are detailed overleaf.. .11 THE ROYAL DRA¥VING SCHOOL lIE￿)RT OF THE TIIUSTEES l¢otitinutd) FOR THE YEAR ENDED 31 AUGUST 20ZI RISK The School's annual fundraising is not suffitient to cover its costs of operation MITIGATION A fundraising strategy that has clear and realistic iargeis. is suffic*ntly resourced and closety monitored. DbversTfyin8 income streams. Annual Reserves poliry covering six months of oper*w)nal costs The School does not have fit-for-purpose premises In whkh to deliver Its progfammes. Maximi5e teachin8 space within our share of Charlottè Road buildin8 lone thlrd ownershipl- take a MeaSu￿d v*w of committine resources when the School does not have lon8-term security oltenufe elsewhere Fet paying courses do not attract as rnany fee- payin8 Student5 as tar8eted Ensure a robust marketing strategy is delivered in a timety way. in 5UPPOrt of respon5pi* and relevant programmes. Diverstfy intome streams. AnnLtal Reserve5 polity covering six months of operatlonal costs Further risks have been identif￿d this year due to the 8lob31 pandemic Co¥id19. the m05t siBnificant of whlch are detalied below R15K The School must c105e its teaching spaces due to a global pandtrnic MITIGATION Implernent online learning progTarnme.' ensv buikling 0￿ratIOn Guidelines meet standards to mr¢i8ate contsmination, follow Eovernment or Igcal guidance- ensure a robust Risk Assessment is carried out. The School's course income is reduced due to'a 81gbal pandemi Move courses online to continue to tea¢h students and generate course Income.. redurtion in bvildinB costs due to buildin8 closure will help offset loss of income. subscribe to government rel￿f programmes Vnrestricted general reserves covering at least six months of operatin8 expendilure,. reduce runnin8 Cosis ihrou8h building closure nd eoverfiment vtlief pro8ramrn*s- roll out fundraisiriÉ strate8y ift response to the pandemi The Schtsol'5 annual fvndraising is reduced due lo a global pandemic 12 THE ROYAI DRAWING SCHOOL REPORT OFTHE TRUSTEESlcontin4tdl FOR THE YEAR ENDED 31 AUGUST 2021 ThEte Is an Outbreak at the School Follow Outbreak plan and Operations Guidelines- temporary closure if necessary- ftlsk Asse5srneni" effertr¥e communication of policies and plan to all 5takeholdefS STATÈMENT OF TRUSTEES. RESPONSIBIIITIES The trustees are responsible for preparing the fin?ncial statements in accordance wrth applicable law and Unlted Kingdom Generally Accepted Accounting Prartice. Company law rtqulres the tru5teesio preparÈfinaAcial Statements foreach fin•ntial year. Under that law the trusiees have eletted io prepare the financial statements in ateordance with the Unlted Kingdom Generally Accepted Accountin8 Practice (United Kin8dom Accounting Siandards and applicable lawl. Under company law the trustees must not approve the financizl statements unless they are satbsfied that they give a true and falr view ol the state of affairs of ihe charitable tompanv and of the surplu5 or deficit of the charbtable company for that year. In preparing those financial statèments. the iru5tees afe requlred to. selett suf(able accountlng policies and then apply them consisten1￿. observe the methods and principles in the Chariiies. SORP- make jud8ements and estimates thai are reasonable and prudent. stale wheiher applicable UK Accouniirtrg Standards have been followed, subjert to any material departures distbsed and explained in the financial 5tatements- prepare the fiDantial statements on the going conterN basis unless it is inappropriate to presume that the charitatrjle company will continue in business. The trustees are responsible for &eep¢n8 adequate accounting record5 that are sufPKient to show and explain the charitable company's transartions and disclose wrth reasonable accuracy at any time the financial posltion of the charitable company and enable them to ensure thai the financlal statements comply with the Cornpznies Act 2006. They are also responsible for safeguardin8 the asset5 of the charitable company and hence for taking reasonable steps for the pr¢vention and detection of fraud and other irre8ularities. STATEME14T AS TO DISCLOSURE OF INFORMATION TO AVDITORS So far as the trustees are aware, there is no relevant infonnation of whith ihe chariiable compan￿5 auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charf(able ompahy's audknors are aware ol thai infomiation. 13 THE AOYAI DRAWING SCHOOI REPORT OF THE TrUSTEES lcont1nu￿) FOR THE YEAR ENDED 31 AUGUST 2021 AUDITORS The auditors, haysmacSntyre, are deerned to be appointed under se¢tron 487121 of the Companies Act Thls report, which incorporaies the Stfategic Report. wa$ approved by ihe tnstees signed on thelr behalf bv.. Nitholzs Vetth Trustee Dale.. Mar31, 2022 THE ROYAL DRAWING SCHOOL INDEPENDENT AVDITOWS REPORT Iconllnuedl FOR THE YEAR ENDED 31 AUGUST 2021 Independent a￿lItor'S the mernbv5 ofThe Roy•l Dr•¥rtlw Sthool op5n￿n We havèauditod the f(nancial ttatements of The Royal Draww sChtr￿ fortheyear ended 31 21121 vthhirh comprise the Staternent ol Financial Activities. the Balance Sheet. the Statement tsf Cash Flows and notes to the rbnan£ial 5titements. including a summary ol si8nbficant a(couDiine policie5. The financial reportine frarnework that has been applied in their preparatton is applK3ble lawartd Uftited A¢¢ountinBStan4ards. includin8 Financial Reporting Standard 102 The Finoncsol Reporting SrondorLI opplicoble in tlre UKond Republic oflrelond (United Xin8dom Generally Accepied A¢courbtin8 Pr¥¢ticel. In our opinion. the finoncityl staternents.. give a true and fairview ol thestate of thecharrtable ciJffipan*s affair5 a5 at 31 August 2021 and of the charitable tornpany's net movement in fvnd& fficludin8the Income and expenditure. for the year then efitled.. have been wopèrly prepared in accordaftte wtth Uniied Kirydom Generally Accepied AccountiTr8 Practice- have been prepared in accordance with ihe requirements of the Comp•rties Acr 2006. *sls for oplnlon We condutt*d our audll In accordance with International Standard5 on Auditing IUKI115As IUKII and applieable law. Our re5ponsib+lities urtder those stafidards are further described ift the Audr£orfs responsibilities for the of the financial statements $￿tIOn of ovr report. We are independeni of the charity in arctsrdance with the ethical requirernersls thai are relevaTht to our audit of the financial statements in ihe UK. itKI￿dIng the FRVS Ethical Standard. and we have lulfilled our oiher ethKal responsibilitie5 in arcordan(e with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a ba515 for our opiThion. Conc￿510￿5 rebtl￿t0 BQilll ¢orrf•rn In auditln8 the financial statements. we have concluded ihai the tfustee5' Use ol the 8oin8 concern l>a5is of attountin6 in the preparatbon of the financial statements is appropriatè. Based on the work we have perlorrned, we have nor identified any rnateri•l uncert•iniies rel•tin8 to events o ¢onditlOn5 that. individually or iollertively, may tasi sienificant doubt on the charitable cornpany's ability to continue as a goiDg conctTn for a period of at leèst twelve month5 when the financial statements are ¥uthorised tor i55ue. iosponsibilities and the resptrnsitylities of the trustees with respett to goin8 concern are described in the rele¥aThi sections of ihis report. Othef¥Thlwmatlo The tru5tee5 are re5POll5ible for the other Informotion. The other information comprises the inlorrnatton Incl￿ded in the Trustees. Annval Report. Our opinion on the financial statements does not cover ihe other iTrformatiOA and. except to the extent othervrise explicitly srateil in our report. we do not express any torm of assurance conclusion thoreon. In tonntttion with our of the lin*tial statements. our responsibilrty is to read the othev information and, in doln8 $0. consider wh&her the other informotion is materially tnconsistent with the financial statements or our knowledge obraine(S in theaudiiorotherwi5eappearsio bernaterial￿misstate￿.1f *eidentify such m*erial Inconslstencies oi appareni material misstatemertts. we are required to determint whether there is a material mlsstatement in ihe financial statements or a material MI￿taleMertt ol the othei information. If. based on the THE ROYAL DRAWING SCHOOL INDEPENDENT AUDrfovs REPORT (contlnued) FOR THE YEAR ENDED 31 AUGUST 2021 work we hove performed. wt conclude that thete is a material rni5Statement of this other infofmatton. we are required io report thai fact. We have nothir¥io repDrt in ihis reg*d. Ownitsns on other rnatters pres¢r￿ed bythe CornP**i￿ Act 2(*)6 In our opinion. based on the work undertaken in the Course ol the audil-. the information given In the Trustees. Annual Report (which includes the strategic report and ihe directors. report prepared for the purpose5 of company kwl for the linancial year for which the financial statements are prepaiÈd is consisteni with the linancial staternÈnts-, and the strategic report and the direttors. leport inrluded within the Trustees. Annual Aeport have been prepaced in accorda￿e wilh applicable legal requirements. Matters on whlrh we •re re4vir￿ to report by tx¢eption In the light of the knowledge and undeTSt3n¢ing of the charitable cornpany3nd its environment obtained in the course of the audir. we have not ideniified material mi5Staiements in the TIu5tee5' Annual Report Iwhich incorporates the strat4ic report and thè directors. reportl. We have nothing to report in respect ol the following matters in relaiion to t*hi¢h the Companles Act 2006 requires us to report to you rf. in our opinion.. adequate arrounting records have not been kept by thè chwitable company.. or the chariiable company financial st*ements are noi in agreement wr¢h the accounting records and Retvrns.. or certain disclosures of trustees. remuneration specified by law are not made.. or we hove not received all the information and ewplanaiionswe require for our audit Responslbilllies oltr•Jstees lor the finandal statements As explained rnore fvll¥ in the trustees. responsitsilitbes stattmerttset outon pa8e 13. the trustees Iwho are also the directors of the charitable company for ihe purposes of cornpany lawl are responsible for the p￿paration of the linanciol statements andfor beingsatislitdthat theygive atrueand fairview.and for such intemal conirol as the rrusrees deterrnine 15 necessary to enable the preparaiion of fina￿13[ 5taternen15 th* are free frt)m material misstatement. whethef due to fraud or error. lfi preporin8 the financial staternents. ihe trustees ale responsible for assessin8 the Iharitable company's abilitv to continue as a going concern, disclosin& as applicable. matters related to 801118 concern and the going Contern bas15 of ac¢ountin8 unless the trusteÈs tithei intend to liouidate the charitable compan¥ Of to cease operations. or have no reallstic alwnative but io do so. Aud+torf5 respon￿bIlItieS for the audlt of the fiTr•nciil statements Our obiecti¥e5 are to obtain roasonable 055urance about whether the financial statements as a whole are free from material misstaierrient, whether due to Iraud or error. and to t55ue ￿ auditorfs report that includes our opin*on. AeayJn•blt assur*fite is a hiEh levél of assurante. but is not a 8uarantÈt that an audit conducted in ac£ordan¢e with ISAS IUKI will always detect a rnaterial misstatement when it exisis. Mi55taternent5 ron arise from fratsd or error and ale Considered maierial if. individually or in the aR8regate. Ihey could reasonably be expected io influence the econornK decisions of users taken ots the basis of these fiNontial staiements. Irregularirie5, including fraud. are instances of non4ompliancew&ih law5 and fegyl*lons. We design procedure5 in lirse with our responsibiliiies. outlined above. io detett material inisstaieinents in respect of irregularities. including frau¢J. The e￿ent to which our procedures are capable of drtettirig Ifregulèrities. irKluding fraud is detailed below= 16 THE ROYAL DRAWING SCHOOL INDEPENOENT AUOITOWS REPORT Icontlnued) FOR THE YEAR ENDED 31 AUGUST 2021 8osed on our understandiTrgoéthe tharitable tompany theeN¥ironment irbT*hich it operates. we Ide￿lfIed thatthe printlpol ri5k5 01 non?2Charltstt* Aoatj. i¢rtdofy.EC2A356. i.oj The fin4nC&I staternents have bttf4 prep¥ed in the Staitmtm of Rttommendtd Pfaciice ler Ch?rfl*s ISO8P 20151.1S¢c•nd effertlw i J•n¥•ry20191.Ihe FThiafrfiil Reportkni 5tind4vI Repubkvf IrtWIFR5 Iolland tho f•rnpJnlps 20￿. IA)2 6olwtorrtwn The ¢fvSttts habt a$￿Se￿ *vhtihtr the Ltse ihe ￿.1ft1 (orfem b•$14 15 apprwtste •nl con510ered PD5￿bIe ovenisor ¢ondW•s that rn￿ht cast S*nlfiuTht dOUbtantht￿ihrYof the chxltyt0tan￿0ul •sJyh¥cDnt*wD.ThEtN5f*tshèv*madE ass*ssmo*ltfora ptritsd olatltaSt one y*4ifrom the dale alappiL*al olthtfrDanLial Stai*¥rtThtS. Iri part￿P￿rthe tthmees ha*tOnSider4O the th•rity's loro¢a5ts projeJ9vatide￿( the ¥ustresha¥¢ ￿Se$SMental thÈ ¥iabkn of compaAyfor a ppr*d Df 12 mofiihs Irarn t date llfappv*walaIih￿ff￿7•(￿SL1¥￿rnellts￿r￿ ar￿01￿he DphthithE wÈpafai*Jn Dftthem•sa Con￿￿43poloprfI￿fftyf￿￿t th*abY4 ot￿e￿￿￿1 costywgr(•ftd wtth thL% a￿)Cated exp￿¢h￿re. 1.01 Opentlr4lEi¥¢ Rents poy4b* wdoioperaiiryfe45e5 Irn 5twht b•**￿th￿l￿a$elerfft. ItaThsactiof4S Ir* foitiin Cutter￿$ ave retorfel ai the i*e ihe th¢ tr4raxODn. i*ts ￿¢￿￿￿￿1•d fjf* ¥e werulniitth* LIO Tanl1t4e￿¥Qd It4rnS ofe4vJpMent èr• cèpRalised wher* th* withast prrfe e4Ctets £l.tm yn lh* bas4vf th• oltho ielated In thwe Anols wt re¥*wod lor ryawfflent If ￿￿kate ¢h* Wa￿+ *Aceod theiv nti t*41ffjab￿ val ¥nd¥al￿* use. QEprybllt￿￿ L% It riitQ5 writ* d¢r¥m ol *ath a51et to MS *S14li*ed ffe5￿ o¥w y5ef¥l Th dÈpiet(lO10." £nill. Nts thatrty irwt*• f*ttPrtd paymeni fow prolo5$10nalo*¢ih*rSwvknS toth+thatK¥l202ts £r*l. 31-kntr20 A¥¢itors' temuneraiknn 13.140 123.388 125.501 Ti¥*tetS •r¢ ta bt reimburJÈd tra¥tl Ind Aichlental ¢WP*nStS Inc￿[red in th* ol 0￿1￿. £DJ was ct4imed 1202tr. Dill. One trustee re(¥tr•od fees toiallA¥ £69) kn cov*ctknn wtib s*fvKes as a tLtyr 1203ty. twol. ITr idtt*kJn. no iruKoe5 ro(ehe4 le¢s 5 rtWk>r*ioseryl¢e5 provwananarffts knb12Q￿.' noTrEI. Yeawefvded 31Awst loll Ta¥ibi*ith*dassots Fkni¥we¥. Al 31 A.￿￿￿t 2QlO ditiOnS 01sp¢sIIs Z416.667 9U26 51ASX i.mOJ9 1166,99S1 iuo,s301 At 31 Autyst 2021 .2N16.fj$7 .123.769 102,576 336 At 31 A￿l￿$t zb20 Ch*8effoi iheveai Oi¥o5ats At3tAu8vSI 2011 227A47 45 1.534 61.491 1162.3YI 70ts2S 46A98 4,179 117S,Q791 173.446 AXI 37351 446.126 At31Auiu5t 2021 IUJ.Z21 77• 1.2J&112 At31 Aviu5t loxi 118Y.220 Yg.46J 4.953 2.195.$35 Alolthe•bu¥• as5Èts xeuyod lordwr￿j￿bPp￿rP9R M4ik¢t valve•t 31 Av•iit 2D2 Additions at<￿1 L¥sp051￿¥t cost owem*fjl iD cèsh h*ldforIllYestr￿*lES thJTr8e Ir* m?tkel￿1Ue S.304.798 14.674.1831 1ffj9.7nl 1836.160 7217.114 13JdO.25I) 11.014434 S.511 140U64) IIA67.60DI JiAv¥btXU 7.3Y.106 Ji-Aui- 314&*-1 Prf•rY*a¢ 4.447.438 I.J39AIO 11.755.2931 1144. 113.743 I￿67.9?1 2.169.78è 1183.184Tr 11.431,4771 11.$91.3441 IL735,5441 119D.a70) 9,115.160 di1￿￿$•¢ cost LW054L%4icoJt MDYem*w iTh¢ashheli fcrf srtvestrn•TrlS than8Èln mavkÈtv•￿e M•rknt JI toio 4J7UIZ 9.17l*lO Th•ll•y41DN￿￿5(ThO¢1 Twl Oaktrte Capitil Mafiait¢Dent. I:P. IIDUW TM ￿n3￿0￿￿e￿*￿Iope0 LwOThtyWFyndG•P %￿re5c0r￿ Worhj UCITSEWF Partne￿£•p￿31 Greyts*kC*ihats Fttdo¢fwd.Lt The M4sIetP4rt101￿ ta Li4- G8P Otherln¥estmefflts Cash he￿ fortsivestffle 1.459.on 83.292 LSII,J65 1,3P4017 1,37& 1376,303 L418391 1,862J09 38331 5.943 $42X4S7 7.1•7,956 3&3J3 479,519 473576 Thwvk¢t ¥abJe .7.35•.196 7.LIB7.gJB ￿,1￿.054 3I-A4.10 314L%.20 3J-A¥i-20 iorYt•i PermanThit EKpEnd•b TtJt41 Anal￿15 ol i￿¢$tme￿S oaklr•+C¥prtèl LTr. tfawhrth) 4uffer TotalPetum F¥nd-C ItK6 TM L3Trsd¢w￿e De¥elopEd M•i*ets l￿gOn￿$￿IFYf￿fj•p GAM Slar•LC- CroditOpportunit*S-IDSttt￿￿mu1- IGbPI VerlllS F￿ndS Pic-6￿1¥0￿5 F￿0-C-[SoP} 1096.261 2.176,017 i.XB3.077 1.60S.58(1 .181077 I￿￿)5.580 Ih6SJ41 19.923 339.929 (Jsh held loi inrtsiment 883.3SO Total fflarkti ¥•l¥e 9.1?J.920 fflel0rthe￿¥ -w -A¥kii Analy5isalln¥Qsim￿ts Oak*reeCèpitèl Martage￿NI. L.P.{f￿￿lW￿O$j RvfferTor•l A¢t¥m Fund-c IncGDP TM La•sdowTrt fvhd GBP Olher Investmert5 C¥lh for￿¥￿￿trI1 IM3 •,106 59lJ 21.732 S.9J3 14.534 19.9681 7,198 Total knc•ne {1￿1*1¥ 11,569 31.AwlO 31-AtyB.20 Prlyvyuv PEfm•reAt EKppnd4blp 04knfeeCèviial MarFwffleM. LP.Ilo¥rfvnds1 RullerTotal RttuTh Fund-c lTrtGBP Other Iny•SltMnt% ms.nsi 142hOOI 16.771 .gsJ 16.771 14.t49 $1.618 IQ114 T*xalkn(orne Y*a¢eAtted31Aviurt>D22 stmeTrts l¢•nth¥el) Tho S¢hod k4s idopted The Cl¥rl*s ¢Toi¥Aetuhil Ary¥￿t￿￿2013 tylh¢ h•$bnpkn￿M￿d thèiotti Sn WE1a￿On to hs peirnantrtl hy￿5￿rI￿1. The wryukntlon ptmiits thE twstees to ifivest the to Thwlrnlse total reiurnaDdlO Ippty apwopriate portb)fy olthe u(4pphpd t4ts1 *etsrn ¢0 iniorne eèth tIAtU the pm.r r5 e4erHw￿k￿ep￿Q￿a¢I4 hpxe$4a51oknslottath olthe lo*wryperlod5'. Ji.AyTrZ) Land and builthn ontyear pa￿01e* kn¥07ofr•*yearS 17,535 31-AL¥-10 photoco￿et Payab￿ i¥lthln one trTar payab￿ Iniwo ¥E•rs 72•6 18265 3.964