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← The Company Of Arts Scholars Charitable Trust

2024-03-31-accounts

Charity registration number: 1121954

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Wenn Townsend Abingdon Chartered Accountants

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST CONTENTS

Reference and Administrative Details 1
Chair'sReport 2
Trustees'Report 3 to 6
Statement of Trustees' Responsibilities 7
Independent Auditors' Report 8 to 10
Statement of Financial Activities 11
BalanceSheet 12
Notes to the Financial Statements 13 to 21

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS

Trustees Mr TG Christopherson
Mr RH Aydon
Mr JL Barber DL
Ms HA Bauer OBE
Mr PSL Viney
Mrs CMT Munday
Mrs GE Gough
Mr AG Willenbruch
Honorary Secretary Mrs T Draper-Stumm
Charity number 1121954
Administrative Address Secretary to the Trustees
The Company of Arts Scholars Charitable Trust
8 Lime Tree Walk
Sevenoaks
Kent
TN13 1YH
Principal Office Furniture Makers' Hall
12 Austin Friars
London
EC2N 2HE
Auditor Wenn Townsend
Victoria House
10 Broad Street
Abingdon
Oxon
OX14 3LH

1

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST CHAIR’S REPORT

The year 2023/24 was once more a busy year for the Board of Trustees and 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 pleased to continue with its significant bursaries at York and Sussex Universities, and the series of smaller bursaries for History of Art and Archaeology students at the Universities of Exeter, Reading, St Andrews and Warwick. The Arts Scholars Company Education Committee has been extremely helpful to the Trustees in the assessment and day-to-day administration of these grants. The Charitable Trust continued its Accommodation Bursary to meet the on-site accommodation costs in full for one student on a one-year course at West Dean College of Conservation; also its support for the Portable Antiquities Scheme Finds Liaison Officer at the Museum of London, as well as for a conservation internship at the Guildhall Art Gallery.

The Trustees’ “Post Covid Support” fund continued into its final year (of three), from available reserves put aside for the purpose. This provided funding for “The Arts Scholars Senior Objects Conservator (Ceramics, Glass, Metals)” position at the British Museum (Dr Duygu Camurcuoglu ACR, FIIC holding this post). This initiative also funded the “ Arts Scholars Brighter Day Grants ” with the Association of Independent Museums (AIM), for the support of a wide range of smaller regional museums around the UK to relaunch various initiatives post pandemic.

Additionally, a significant number of single grants were made to institutions and charities through the year, details of which are provided in note 5 to the Financial Statements. The Arts Scholars’ Cultural Scholarship Scheme, renamed the Cultural Placement Scheme, was relaunched during the year on a small scale.

The Charitable Trust was delighted to receive £91,845 from The Company of Arts Scholars Charity Auction, to benefit the Portable Antiquities Scheme run by the British Museum and the Arts Scholars Student Initiatives.

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, most ably supported by our secretary, Tara Draper-Stumm and in particular to thank Tom Christopherson for his most able chairing of the Committee in recent years.

I should also like to express our gratitude to the members of the Investment Advisory Committee, chaired by William Hiscocks, for the advice that the Trustees have received from the committee 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 Charitable Trust concerning its education programme. Our thanks are also due to Sarah Cameron who manages our bookkeeping and prepares our draft accounts, and to our independent auditors, Wenn Townsend.

20 November 2024

Ms HA Bauer OBE Chair 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 2024.

The names of the persons who were Trustees at any time during the year ended 31 March 2024 and up until the date of signing these accounts were as follows:

Mr TG Christopherson (retired 14 May 2024)

Mr RH Aydon Mr JL Barber DL Ms HA Bauer OBE Mr PSL Viney Mrs CMT Munday Mrs GE Gough (appointed 25 May 2023) Mr AG Willenbruch (appointed 25 May 2023) Mr MCP Bridge (retired 25 May 2023) Mr JH Spanner TD (retired 25 May 2023)

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:

  3. 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

  4. 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 operate a Charity Policy which is kept under annual review. This provides that grants and awards shall be considered in the following categories:

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

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 certain 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 2024.

The grants and awards made by the Charitable Trust are set out in Note 5 on page 16 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 fundraising.

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 and the COVID Relief Project referenced below, 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 the income is intended to be used to issue grants and cover operational expenses.

In 2022, the Trustees had resolved to allocate a portion of available cash reserves over a three-year term to support certain arts institutions in their efforts to relaunch after the COVID lockdowns (“COVID Relief Project”). In the year ended 31 March 2024, COVID Relief Project grants from available cash reserves amounted to £50,000.

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 2024 of £139,104 (2023 - £43,532). Other income amounted to £2,090 (2023 - £2,340).

Expenditure on audit and accountancy fees, investment management and management and administration charge amounted to £68,876 (2023 - £59,302) and grants and awards amounted to £208,274 (2023 - £175,650). Investment income and revaluation gains were in total a net gain of £606,040 (2023 – a net gain of £1,271). There was a net increase in funds for the year of £470,084 (2023 - net decrease £187,809).

At the year end, the Charitable Trust retained £5,278,458 (2023 - £4,854,296) in unrestricted funds and £45,922 (2023 - £nil) in restricted 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.

5

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

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.

Organisational structure

Trustee meetings are held on a regular basis and the Trustees met formally four times during the year. The Trustees agree on 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 accountant.

The Trustees have appointed two committees to advise them: the Charity Committee considers certain applications for grants and makes recommendations to the Trustees, and the Investment Advisory Committee advises the Trustees in matters concerning the Charitable Trust’s investments.

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 (as are members of the two committees advising the Trustees) and the two entities have similar objectives. The Company was 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 20 November 2024 and signed on its behalf by:

…………………………………………… Ms HA Bauer OBE Chair 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:

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 2008, and the provisions of the trust deed. 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 20 November 2024 and signed on its behalf by:

………………………………………………..

Ms HA Bauer OBE Chair 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 2024, 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 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months when the financial statements are authorised for issue.

Our responsibilities and responsibilities of the trustees with respect to going concern are described in relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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 themselves. 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 Charities (Accounts and Reports) Regulation 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement (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:

We considered:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to completeness of revenue. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

9

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

Our procedures to respond to risks identified included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

……………………………………………… Wenn Townsend Statutory Auditor Victoria House 10 Broad Street Abingdon Oxon OX4 3LH

2 December 2024

10

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

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
£
47,259
139,467
2,090
188,816
60,923
170,304
(231,227)
466,573
424,162
4,854,296
5,278,458		 Restricted
Funds
£
91,845
-
-
91,845
-
45,923
(45,923)
-
45,922
45,922		 Total
2024
£
139,104
139,467
2,090
280,661
60,923
216,227
(277,150)
466,573
470,084
4,854,296
5,324,380		 Total
2023
£
43,532
135,589
2,340
181,461
52,761
182,191
(234,952)
(134,318)
(187,809)
5,042,105
4,854,296

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 12.

11

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2024

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
12
Restricted
13
Total funds		 Unrestricted
Funds
£
-
5,011,276
5,011,276
11,904
323,577
335,481
(68,299)
267,182
5,278,458
5,278,458
-
5,278,458		 Restricted
Funds
£
-
-
-
-
45,922
45,922
-
45,922
45,922
-
45,922
45,922		 2024
£
-
5,011,276
5,011,276
11,904
369,499
381,403
(68,299)
313,104
5,324,380
5,278,458
45,922
5,324,380		 2023
£
-
4,595,317
4,595,317
8,691
318,846
327,537
(68,558)
258,979
4,854,296
4,854,296
-
4,854,296

The financial statements on pages 11 to 20 were approved by the Board of trustees on 20 November 2024 and signed on their behalf by:

…………………………… Ms HA Bauer OBE Chair and Trustee

12

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 trust 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':

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 the 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.

13

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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.

Asset class Depreciation method and rate Computer equipment 20% on cost

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

Funds held by the charity consist of:

Unrestricted funds, which can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted Funds, which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanations of the nature and purpose of each fund is included in the notes to the financial statements

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		 Unrestricted
Funds
£
133,617
5,850
139,467		 Restricted
Funds
£
-
-
-		 Total
2024
£
133,617
5,850
139,467		 Total
2023
£
133,617
1,972
135,589

In 2023 investment income was all unrestricted.

14

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3 Expenditure on raising funds

Investment management costs

Fundraising event costs
Portfolio management costs
Miscellaneous direct costs
In 2023 investment management costs were all unrestricted.		 Unrestricted
Funds
£
5,309
50,614
5,000
60,923		 Restricted
Funds
£
-
-
-
-		 Total
2024
£
5,309
50,614
5,000
60,923		 Total
2023
£
5,176
46,413
1,172
52,761

4 Expenditure on charitable activities

Management and administration
Grants paid
Management and administration
Grants paid		 Direct
costs
£
4,113
-
4,113
Direct
costs
£
3,301
-
3,301		 Grant
funding of
activities
Support
costs
(see note 5)
(see note 6)
£
£
-
3,840
208,274
-
208,274
3,840
Grant
funding of
activities
Support
costs
(see note 5)
(see note
6)
£
£
-
3,240
175,650
-
175,650
3,240		 Total
2024
£
7,953
208,274
216,227
Total
2023
£
6,541
175,650
182,191

£45,923 (2023 - £nil) of the above costs were attributable to restricted funds and £170,804 (2023 - £182,191) of the above costs were attributable to unrestricted funds.

15

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5 Charitable activities – grants paid
The total grants paid to institutions during the year were as follows:
British Museum (Portable Antiquities Scheme)
Association of Independent Museums
British Museum (Conservation)
Museum of London
V & A Wedgwood Collection
Guildhall Art Gallery
University of York
University of Sussex
Queen Elizabeth Scholarship Trust (QEST)
Art History Link-Up
Charleston Trust
Royal Pavilion
De Morgan Foundation
Heritage Crafts
Royal National Theatre
West Dean College
Koestler Trust
Veterans Outdoors
Thames Valley Air Training Corps
Barbican Centre
Curwen Print Centre
Royal Society for Blind Children
The Wallace Collection
Association of Art History
University of Exeter
University of St Andrews
University of Warwick
ICAN Charity
Lord Mayor’s Appeal
University of Reading
London Air Ambulance
Thames Wing Air Training Corps
ABF The Soldier’s Charity
University of London Officer Training Corps
City Harvest
Pollinating London Together
UGS
Garden of Remembrance
North Devon Museum
Shannon Trust
Carried forward		 2024
£
45,923
30,000
20,000
12,500
10,000
8,500
7,500
6,000
5,000
5,000
5,000
4,606
4,000
4,000
4,000
3,900
3,741
2,946
2,669
2,500
2,500
2,500
2,500
2,000
2,000
2,000
2,000
1,214
1,000
1,000
1,000
1,000
500
500
500
500
400
200
175
(3,000)
208,274		 2023
£
-
30,000
20,000
12,500
10,000
8,500
7,500
6,000
5,000
4,000
-
-
-
-
-
9,000
-
-
500
-
-
-
-
2,000
2,000
2,000
2,000
-
2,000
1,000
-
-
500
500
-
1,000
-
-
-
3,000
129,500

16

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5 Grant funding of activities – grants paid (cont.)
Brought forward
Royal Collection Trust
Sir John Soane’s Museum
St Paul’s Cathedral Foundation
College of Heralds
Turner’s House
Magic Lantern
Fry Art Gallery
2121 (Abingdon) Squadron Air Training Corps
Sheriffs and Recorders Fund
HAC/Light Cavalry
6 Support costs
Audit of the financial statements
7 Trustees remuneration and expenses		 2024
£
208,274
-
-
-
-
-
-
-
-
-
-
208,274
Total
2024
£
3,840
3,840		 2023
£
129,500
15,000
6,000
6,000
5,000
4,200
4,000
3,000
1,950
1,000
500
175,650
Total
2023
£
3,240
3,240

The charity's trustees were neither paid nor received any other benefits from employment with the charity in the year ended 31 March 2024 (2023: £nil) neither were they reimbursed expenses during the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

8 Tangible fixed assets

Cost
At 1 April 2023
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Computer
equipment
£
707
707
707
-
707
-
-

17

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9 Fixed asset investments

Fixed asset investments
Market value
At 1 April 2023
Revaluation
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Listed
Investments
£
4,595,317
415,959
5,011,276
5,011,276
4,595,317

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.

10 Debtors

Gift Aid recoverable
Prepayments
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
Creditors Control Account		 2024
£
10,120
1,783
11,904
2024
£
159
-
13,840
54,300
-
68,299		 2023
£
7,476
1,215
8,691
2023
£
6,282
759
3,240
57,000
1,277
68,558
12. Unrestricted Funds
General fund		 Balance at
1 April
2023
£
4,854,296
4,854,296		 Incoming
resources
£
655,389
655,389		 Resources
expended
£
(231,227)
(231,227)		 Balance
at 31
March
2024
£
5,278,458
5,278,458

18

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Restricted Funds

Auction proceeds Balance at
1 April
2023
£
-
-		 Incoming
resources
£
91,845
91,845		 Resources
expended
£
(45,923)
(45,923)		 Balance
at 31
March
2024
£
45,922
45,922

During the year, the Charitable Trust received £91,845 from a Charity Auction held by the Worshipful Company of Arts Scholars.

When the auction was held it was stated to the participants that the money raised would be specifically used to fund the Arts Scholars Student Initiatives and the British Museum’s Portable Antiquities Scheme and would be split 50%50%, hence the funds are treated as Restricted Funds. £45,923 was paid to the British Museum to fund the Portable Antiquities Scheme. The remaining £45,922 is held for the Arts Scholars Student Initiatives which are aimed at enabling school children to experience at first hand works of fine and decorative arts; helping students to participate in the work of cultural and heritage organisations and businesses; and assisting students who need help in making a career in these sectors.

14 Analysis of net assets between funds

Investments
Current assets
Current liabilities
Total net assets
Investments
Current assets
Current liabilities
Total net assets		 Unrestricted
Funds
£
5,011,276
335,481
(68,799)
5,277,958
Unrestricted
Funds
£
4,595,317
327,537
(68,558)
4,854,296		 Restricted
Funds
£
-
45,922
-
45,922
Restricted
Funds
£
-
-
-
-		 Total
2024
£
5,011,276
369,499
(68,799)
5,323,880
Total
2023
£
4,595,317
327,537
(68,558)
4,854,296

19

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15 Analysis of net funds

Cash at bank and in hand
General fund
Cash at bank and in hand
General fund		 Balance at
1 April
2023
£
318,846
318,846
Balance at
1 April
2022
£
346,995
346,995		 Net
movement
of funds
£
50,653
50,653
Net
movement
of funds
£
(28,149)
(28,149)		 Balance at
31 March
2024
£
369,499
369,499
Balance at
31 March
2023
£
318,846
318,846

16 Financial Commitments

Total financial commitments which are not included in the balance sheet amount to £117,500 (2023 - £65,000) which is made up as follows:

  1. Total grants payable of £7,500 are due to the University of York payable in April 2024.

  2. Total grants payable of £80,000 are due to the Royal Collection Trust payable as £20,000 in each of 2025, 2026, 2027 and 2028.

  3. Total grants payable of £30,000 are due to V & A Wedgewood Collection to support an Archives Assistant payable as £10,000 in 2025, 2026 and 2027.

17 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 £1,775 (2023 - £1,670).

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 2024 the Charitable Trust owed the Company £159 (2023 - £6,282). During the year the Charitable Trust was charged £1,200 (2023 - £1,200) by the Company as a management charge for expenses incurred on its behalf in respect of secretarial and administrative services.

20

THE COMPANY OF ARTS SCHOLARS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17 Related party transactions (continued)

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 and arranges events to which recipients of certain Charitable Trust awards are invited at the Charitable Trust’s expense.

At 31 March 2024 the Charitable Trust owed Arts Scholars Events Limited £nil (2023 - £759), primarily in respect of tickets to events purchased by the Charitable Trust on behalf of its award winners.

21