2022-03-31-accounts

Charity registration number: 1121954

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Wenn Townsend Abingdon Chartered Accountants

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST CONTENTS

Reference and Administrative Details	1
Chairman'sReport	2
Trustees'Report	3 to 6
Statement of Trustees' Responsibilities	7
Independent Auditors' Report	8 to 11
Statement of Financial Activities	12
BalanceSheet	13
Notes to the Financial Statements	14 to 21

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS

Trustees	Mr T G Christopherson
	Mr R Aydon
	Mr J L Barber DL
	Mrs H Bauer OBE
	Mr MC Bridge
	Mr J H Spanner TD
	Mr P Viney
	Mrs C M T Munday
Honorary Secretary	Mrs T Draper-Stumm
Charity number	1121954
Administrative Address	Secretary to the Trustees
	The Company of Arts Scholars Charitable Trust
	12 Austin Friars
	London
	EC2N 2HE
Principal Office	Furniture Makers' Hall
	12 Austin Friars
	London
	EC2N 2HE
Auditor	Wenn Townsend Statutory Auditor
	Victoria House
	10 Broad Street
	Abingdon
	Oxon
	OX14 3LH

1

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST CHAIRMAN’S REPORT

The year 2021/22 represented something of a return to normal in terms of the Charitable Trust and the Trustees were able to resume meetings in person, as did the two committees of the Charitable Trust, being the Investment Advisory Committee with oversight of the Charitable Trust's investment portfolio and the Charity Committee which provides recommendations to the Trustees concerning the Charitable Trust's programme for one-off grants.

The Charitable Trust was able to continue with its support for bursaries at York and Sussex Universities, and introduced a series of new bursaries for History of Art and Archaeology students at the Universities of Exeter, Reading, St Andrews and Warwick. The Charitable Trust continued with its awards at West Dean College of Conservation and its support for the Portable Antiquities Scheme Finds Liaison Officer at the Museum of London. Additionally, the Charitable Trust was able to provide support for a conservation internship at the Guildhall Art Gallery, previously agreed but postponed during the pandemic lockdowns.

In this year the Trustees were able to put in place a specific “Post Covid” fund from capital put aside for the purpose, to provide substantial support for institutions addressing the challenges of the lockdowns of the previous year. This has enabled the Charitable Trust to support “The Arts Scholars Senior Objects Conservator (Ceramics, Glass, Metals)” position at the British Museum, and to provide substantial grants to the Association of Independent Museums (AIM) for the support of a range of smaller regional museums around the UK. Under its Post Covid fund, the Charitable Trust also supplied financial support for curatorial staff at The Foundling Museum in London and to assist relaunching of the outreach programme at The Museum of Stained Glass in Ely.

Additionally, many single grants were made to institutions through the year, details of which are provided in note 5 to the Financial Statements. The Arts Scholars Cultural Scholarship Scheme continued in abeyance for this year while schools and institutions addressed the significant challenges facing them. We look forward to resuming these programmes when the institutions and schools are ready to restart them.

The Charitable Trust’s investment income from funds managed on our behalf by CCLA was maintained over the year; the Trustees have therefore been able to maintain their grant programme and to meet their obligations arising from longer-term grant arrangements.

I take this opportunity to thank my fellow Trustees for their work for the Trust and am very pleased that Christina Munday joined the Trustees during the year, bringing her financial expertise to the Charitable Trust as its Honorary Treasurer.

I should also like to express our gratitude to the members of the Investment Advisory Committee, chaired during the year by William Hiscocks, for the advice that we have received from them regarding the investment of the Trust's funds under the management of CCLA. Our thanks are no less due to both the Charity Committee, chaired during the year by Victoria Wolcough, and the Education Committee of the Worshipful Company of Arts Scholars, which provides invaluable advice and guidance to the Trust concerning its education programme. We are also grateful to Oliver Charles the Hon. Secretary of the Trust during the year and to Sarah Cameron who manages our bookkeeping and prepares our draft accounts. I would like to record our thanks to our independent auditors, Wenn Townsend.

I am very sad to report the untimely death of trustee Roddy Caxton Spencer in the summer 2022. Roddy brought an enthusiasm and a wealth of experience to the workings of the Charitable Trust and will be widely and deeply missed.

18[th] January 2023

Mr T G Christopherson Chairman and Trustee

2

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST TRUSTEES REPORT

The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2022.

The names of the persons who were Trustees at any time during the year ended 31 March 2022 and up until the date of signing these accounts were as follows:

Mr T G Christopherson Mr R Aydon Mr J L Barber DL Mrs H Bauer OBE Mr MC Bridge Mr J H Spanner TD Mr R Caxton-Spencer (appointed 14 May 2021, deceased 2 August 2022) Mr P Viney (appointed 14 May 2021) Mrs C M T Munday (appointed 6 January 2022)

Objectives and activities

Significant activities

The governing document of the Charitable Trust provides that the Trustees shall hold the capital and income of the Trust fund upon trust to apply the income, and all or such parts of the capital, at such time or times and in such manner for:

1. the relief of poverty or need arising by reason of youth, age, ill-health or disability, financial hardship or other disadvantage;

2. the advancement of education for the benefit of the public in relation to: a) all aspects of decorative and historic arts and the development of public appreciation of such art; and b) the history of the City of London; and

3. such other exclusively charitable objects and purposes;

in any part of the world as the Trustees may in their absolute discretion think fit.

During the year the Charitable Trust has made a series of grants in accordance with these Charitable Objects.

Public benefit

The Trustees have had regard to the guidance issued by the Charity Commission on public benefit. The principal public benefit the Charitable Trust brings arises from the support it gives, both directly in terms of finance and resource, and indirectly in terms of raising awareness, to the various areas of the art world and City of London covered by its Objects.

3

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST TRUSTEES REPORT (CONT.)

Charity Policy

In accordance with the Charitable Objects and other provisions of the governing document, the Trustees adopted a revised Charity Policy in November 2020. This provides that grants and awards shall be considered in the following categories:

• (i) For education and research within the fields of the decorative and historic arts, including restoration and conservation projects, travel bursaries, internships and training schemes;

• (ii) For charitable causes promoted by the incumbent Lord Mayor of the City of London;

• (iii) To support adopted units in His Majesty's Armed services and equivalent bodies undertaking work in fields related to those listed in paragraphs (i) and (ii) above;

• (iv) In response to recommendations by the Almoner of The Worshipful Company of Arts Scholars ("the Company") for the support of necessitous Liverymen or Freemen of the Company and their widows, widowers, orphans or other dependents;

• (v) To support institutional, exhibition and publishing initiatives within the fields of the decorative and historic arts;

• (vi) To support any other charitable purposes which the Trustees deem worthy of consideration.

In addition, the Policy provides that special consideration be given by the Trustees to charitable projects which:

• (i) Are likely to make a material difference and have a significant impact, offering clear value beyond the amount of the funding;

• (ii) Provide and extend educational opportunities for students in the fields of the decorative and historic arts, at all levels from school through to post graduate studies;

• (iii) Increase the Trust's profile and ambition by enabling Liverymen and Freemen of the Company to become involved in the projects under consideration, beyond the award of funding by the Trust;

• (iv) Assist the Trust's development by receiving some public acknowledgement for either the Company or the Trust; and/or

• (v) Support the City of London's pre-eminence in all aspects of the decorative and historic arts.

The Charity Policy contains additional provisions limiting the amount of grants and awards to be made in any year and the amounts to individual beneficiaries. The Charity Committee was appointed by the Trustees to assist in making recommendations on grants and awards.

Achievements and performance

Charitable activities

The Charitable Trust has been able to maintain the making of grants in the year ended 31 March 2022.

The grants and awards made by the Charitable Trust are set out in Note 5 on page 17 of these financial statements.

Financial review

Principal funding sources

The principal funding source for new funds is from the charitable giving from the Liverymen and Freemen of the Company together with investment returns on the investments held by the Charitable Trust.

The Charity does not engage in any direct public fund raising.

4

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST TRUSTEES REPORT (CONT.)

The Charitable Trust established a fund available to meet its Charitable Objects, and investment income and returns are being generated from this fund. An Investment Advisory Committee was established by the Trustees in 2017 to provide advice and guidance concerning the Charitable Trust’s investments. The Trustees adopted revised Terms of Reference for the Investment Advisory Committee in February 2022.

Policy on reserves

The Trustees have reviewed the level of free reserves (i.e., those funds not represented by fixed assets, plus designated and restricted funds) the Charitable Trust will require to sustain its operations. Excluding the revaluation of the CCLA investments shown through the Statement of Financial Activities, the Trustees aim to retain each year, a sum equivalent to 20% of the annual income to invest into the Charitable Trust Fund. The remaining 80% of income is intended to be used to issue grants and cover operational expenses.

The Trustees are satisfied that the disposition of funds at the year-end is such that the Charitable Trust can continue to generate sufficient income and has sufficient cash resources to enable it to continue to pursue its Charitable Objects and so the accounts have been prepared on the going concern basis.

Financial Review

The Charitable Trust received total donations and legacies in the year ended 31 March 2022 of £45,227 (2021 - £49,724).

Expenditure on audit and accountancy fees, investment management and management and administration charge amounted to £59,877 (2021 - £52,220) and grants and awards amounted to £207,108 (2021 - £68,800). Investment income and revaluation gains were in total a net gain of £560,179 (2021 – a net gain of £ 925,383). There was a net increase in funds for the year of £341,047 (2021 - net increase £856,847).

At the year end, the Charitable Trust retained £5,042,105 (2021 - £4,701,058) in unrestricted funds.

Plans for future periods

The Trustees will continue to support education, diversity and opportunity in the arts at secondary and tertiary levels and to support early career development in the historic and decorative arts, while maintaining the Charitable Trust’s Post-Covid institutional support for the British Museum and for regional museums through the Association of Independent Museums. The Trustees will keep the levels of individual grant giving under close review in light of global financial developments.

Structure, governance and management

Nature of governing document

The Charitable Trust is a registered charity whose governing document is a Trust Deed dated 16 July 2007, as amended by subsequent Deeds of Variation. The Charitable Trust is registered with the Charity Commission in the Central Register of Charities as No. 1121954.

Recruitment and appointment of trustees

The governing document of the Charitable Trust provides that the power of appointing new Trustees is vested with the Court of the Worshipful Company of Arts Scholars (the "Company"). A new Trustee may be appointed at any time (either by way of replacement or addition), but the total number of Trustees shall at no time exceed ten.

5

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST TRUSTEES REPORT (CONT.)

Organisational structure

Trustee meetings are held on a regular basis and the Trustees met formally four times during the year. The Trustees agree the broad strategy and areas of activity including the consideration of grant making, the performance of investments, the adequacy of the Charitable Trust's reserves and risk management procedures. All decisions are made directly by the Trustees, supported in day-to-day management by the Honorary Secretary to the Trustees and in financial management by the Honorary Treasurer and the Charitable Trust’s bookkeeper.

Governance Code

The Trustees are aware of the Charity Governance Code and have applied certain of its provisions. They continue to consider what further provisions could be applied given the nature and size of the charity.

Related parties

The Trustees of the Charitable Trust are members of the Company and the two entities have similar objectives. The Company was an unincorporated association until incorporated by grant of a Royal Charter on 1st July 2019, and is the 110th Livery Company of the City of London.

Risk management

The Trustees have a duty to identify and review the risks to which the Charitable Trust is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees have reviewed the risk position and profile of the Charitable Trust at their regular meetings and are satisfied that the financial risks are not significant. Internal control systems and procedures have been established to monitor and manage such risks.

Statement of Disclosure of information to Auditors

To the best of the knowledge and belief of the Trustees, there is no relevant information that the Auditors to the Charitable Trust are not aware of, and the Trustees have taken all the steps necessary to ensure that they are aware of any relevant information, and to establish that the Auditors are aware of that information.

Approved by order of the board of trustees on 18th January 2023 and signed on its behalf by:

…………………………………………… Mr T G Christopherson Chairman and Trustee

6

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on 18[th] January 2023 and signed on its behalf by:

……………………………………………….. Mr T G Christopherson Chairman and Trustee

7

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT

Opinion

We have audited the financial statements of The Company of Arts Scholars Charitable Trust (the ‘charity') for the year ended 31 March 2022, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

8

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

• the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 7), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

9

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT

The extent to which the audit was considered capable of detecting irregularities including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the charity through discussions with management, and from our cumulative audit knowledge and experience of the charity and the knowledge of the charitable sector.

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Companies Act 2006, Charities Act 2011, The Charities (Accounts and Reports) Regulations 2008 as well as data protection, money laundering and anti-bribery, employment and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and we identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statements to disclosures and underlying supporting documentation;

• enquiring of management as to actual and potential litigation and claims; and

• reviewing correspondence with Charities Commission, HMRC and other government bodies, analysing professional services/legal costs to ascertain if there have been instances of non-compliance with laws and regulations.

10

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities.

This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………………… Stuart Bates (Senior Statutory Auditor) For and on behalf of Wenn Townsend Victoria House 10 Broad Street Abingdon Oxon OX4 3LH

19[th] January 2023

11

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Note Income and Endowments from: Donations and legacies Investment income 2 Other income Total income Expenditure on: Raisingfunds 3 Charitable activities 4 Total expenditure Net gains/ (losses) on investments Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12	Unrestricted Funds £ 45,227 131,022 1,105 177,354 49,717 214,268 (263,985) 427,678 341,047 4,701,058 5,042,105	Total 2022 £ 45,227 131,022 1,105 177,354 49,717 214,268 (263,985) 427,678 341,047 4,701,058 5,042,105	Total 2021 £ 49,724 128,473 -
			178,197
			43,966 74,294
			(118,260)
			796,910
			856,847 3,844,211 4,701,058

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 12.

12

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2022

Note Fixed assets Tangibleassets 8 Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: Amounts falling due within one year 11 Net current assets Net assets Funds of the charity: Unrestricted Income funds Unrestricted Total funds 12	2022 £ - 4,776,048 4,776,048 8,165 346,995 355,160 (89,103) 266,057 5,042,105 5,042,105 5,042,105	2021 £ 103 4,396,608
		4,396,711
		8,640 303,217
		311,857 (7,510)
		304,347 4,701,058
		4,701.058 4,701,058

The financial statements on pages 12 to 21 were approved by the Board of trustees on 18th January 2023 and signed on their behalf by:

…………………………… Mr T G Christopherson Chairman and Trustee

13

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (published in October 2019) - Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The Company of Arts Scholars Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Summary of disclosure exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

• the requirements of Section 7 Statement of Cash Flows.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Gift-aided donations are accounted for gross when received.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fundraising costs are those incurred in seeking voluntary contributions and include the costs associated with the receipt and realisation of legacies. Support costs are those costs incurred directly in support of expenditure on me objects of the Charitable Trust. Governance costs are those incurred in connection with administration of the Charitable Trust and compliance with constitutional and statutory requirements.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

14

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Depreciation and amortisation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

life.
Asset class	Depreciatio
Computerequipment	20% on cost

Depreciation method and rate

Investments

Investments are categorised as current assets where the intention is to realise the investment without reinvestment of the sale proceeds. All other investments are classified as fixed assets. All investment assets are stated in the balance sheet at fair value and both realised and unrealised gains or losses are recognised in the statement of financial activities. The fair value of listed investments is taken at the market price of the asset as at the year end date.

Fund accounting

The charity fund is unrestricted and can be used in accordance with the charitable objectives at the discretion of the trustees.

Financial instruments

Apart from certain investments, the Charitable Trust only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Currency

The Charitable Trust's functional and presentational currency is pounds sterling (GBP).

2 Investment income

Fixed asset investments Deposit account interest In 2021 investment income was all unrestricted.	Unrestricted Funds £ 130,993 29 131,022	Total 2022 £ 130,993 29 131,022	Total 2021 £ 128,418 55 128,473

15

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

3 Expenditure on raising funds

Investment management costs Fundraising event costs Portfolio management costs Portfolio management costs 4 Expenditure on charitable activities Management and administration Grants paid Management and administration Grants paid	Direct costs £ 3,860 - 3,860 Direct costs £ 2,734 - 2,734	Grant funding of activities (see note 5) £ - 207,108	Unrestricted Funds £ 1,479 48,238 49,717 Unrestricted Funds £ 43,966 Support costs (see note 6) £ 3,300 - 3,300 Support costs (see note 6) £ 2,760 - 2,760	Total 2022 £ 1,479 48,238 49,717 Total 2021 £ 43,966 Total 2022 £ 7,160 207,108
		207,108		214,268
		Grant funding of activities (see note 5) £ - 68,800 68,800		Total 2021 £ 5,494 68,800 74,294

16

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

5 Grant funding of activities – grants paid

The total grants paid to institutions during the year were as follows: Covid AIM British Museum AAH Ways of Seeing Museum of London The Founding Museum The Stained Glass Museum Guildhall Art Gallery Art History Link-Up University of Sussex Council of British Archaeology British Red Cross Charleston Trust Mercer’s Company QEST University of York National Maritime Museum Shannon Trust Curwen Press Lord Mayor’s Appeal University of Exeter University of St Andrews University of Warwick West Dean College Awards Dorothy Harrison Museum Thames Valley ATC The Charterhouse University of Reading ABF The Soldiers’ Charity ULOTC A/S Research Award Accumulate ARTiculation Arts & Christianity London Air Ambulance Magic Lantern Royal School of Needlework Royal British Legion St Bartholomew’s Church St John Ambulance V & A Wedgewood Other grants and awards Total grants paid	2022 £ 50,000 30,000 17,000 12,500 10,000 10,000 8,500 8,000 6,000 5,418 5,000 5,000 5,000 5,000 5,000 4,000 3,000 2,500 2,000 2,000 2,000 2,000 2,000 1,000 1,000 1,000 1,000 500 500 - - - - - - - - - - - 190 207,108	2021 £ - - - 10,000 - - - 3,500 6,000 - - - - 5,300 5,000 - 2,500 - 1,000 - - - 2,000 - - - - 500 - 1,000 1,000 2,000 1,000 2,500 7,000 1,500 500 1,000 5,000 10,000 500 68,800

17

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6 Support costs

Audit of the financial statements Legal fees	Total 2022 £ 3,000 300 3,300	Total 2021 £ 2,760 - 2,760

7 Trustees remuneration and expenses

The charity's trustees were not paid or received any other benefits from employment with the charity in the year ended 31 March 2022 (2021: £nil) neither were they reimbursed expenses during the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

8 Tangible fixed assets

Cost At 1 April 2021 At 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 9 Fixed asset investments Other investments Other investments Market value At 1 April 2021 Revaluation At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021	2022 £ 4,776,048		Computer equipment £ 707
			707
			604 103
			707
			- 103 2021 £ 4,396,608
			Listed Investments £ 4,396,608 379,440
			4,776,048
			4,776,048 4,396,608

The investment manager managing the investments is based in the UK. The investment are held in a portfolio of UK and overseas equities, unit trusts and property funds.

18

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

10 Debtors

Gift Aid recoverable 11 Creditors: amounts falling due within one year The Worshipful Company of Arts Scholars Arts Scholars Events Ltd Accruals and deferred income Accruals for grants payable 12. Funds Unrestricted General fund Unrestricted General fund	Balance at 1 April 2021 £ 4,701,058 Balance at 1 April 2020 £ 3,844,211	Incoming resources £ 605,032 Incoming resources £ 975,107	2022 £ 8,165 2022 £ 5,082 759 3,262 80,000 89,103 Resources expended £ (263,985) Resources expended £ (118,260)	2021 £ 8,640
				2021 £ 3,882 801 2,827 -
				7,510
				Balance at 31 March 2022 £
				5,042,105
				Balance at 31 March 2021 £ 4,701,058

19

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13 Analysis of net assets between funds

Tangible fixed assets Investments Current assets Current liabilities Total net assets Tangible fixed assets Investments Current assets Current liabilities Total net assets	Unrestricted Funds £ - 4,776,048 355,160 (89,103) 5,042,105 Unrestricted Funds £ 103 4,396,608 311,857 (7,510) 4,701,058	Total 2022 £ - 4,776,048 355,160 (89,103)
		5,042,105
		Total 2021 £ 103 4,396,608 311,857 (7,510) 4,701,058

14 Analysis of net funds

Cash at bank and in hand General fund Cash at bank and in hand General fund	Balance at 1 April 2021 £ 303,217 303,217 Balance at 1 April 2020 £ 200,227 200,227	Net movement of funds £ 43,778 43,778 Net movement of funds £ 102,990 102,990	Balance at 31 March 2022 £ 346,995
			346,995
			Balance at 31 March 2021 £ 303,217 303,217

20

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15 Financial Commitments

Total financial commitments which are not included in the balance sheet amount to £152,500 (2021 - £nil) which is made up as follows:

1. Total grants payable of £70,000 are due to the British Museum payable as £30,000 on 30 April 2022 and £20,000 on each of 31 March 2023 and 31 March 2024.

2. Total grants payable of £60,000 are due to the Association of Independent Museums (AIM) payable as two instalments of £30,000 in each of 2023 and 2024.

3. Total grants payable of £22,500 are due to the University of York payable as £7,500 in each of April 2022, April 2023 and April 2024.

16 Related party transactions

Donations from Trustees

The total amount of net donations without conditions received by the Charitable Trust from the Trustees during the year was £1,895 (2021 - £1,590).

The Worshipful Company of Arts Scholars

Trustees of The Company of Arts Scholars Charitable Trust (the "Charitable Trust'') are members of The Worshipful Company of Arts Scholars (the "Company'') and the two entities have similar objectives.

At 31 March 2022 the Charitable Trust owed the Company £5,082 (2021 - £3,882). During the year the Charitable Trust was charged £1,200 (2021 - £1,200) by the Company as a management charge for expenses incurred on its behalf in respect of secretarial and administrative services.

Arts Scholars Events Limited

Arts Scholars Events Limited is a limited company which is a wholly owned subsidiary of the Worshipful Company of Arts Scholars.

At 31 March 2022 the Charitable Trust owed Arts Scholars Events Limited £759 (2021 - £801), primarily in respect of tickets to events purchased by the Charitable Trust on behalf of its award winners.

21