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2020-09-30-accounts

CHARITY REGISTRATION NUMBER: 1135314

PAINTERS' COMPANY CHARITIES Financial Statements

30 September 2020

McLEAN REID

Chartered accountants & statutory auditor

1 Forstal Road

Aylesford Kent ME20 7AU

PAINTERS' COMPANY CHARITIES

Financial Statements

Year ended 30 September 2020

Page
Trustees' annual report 1-2
Independent auditor's report to the members 3-7
Statement of financial activities 8
Statement of financial position 9
Notes to the financial statements 10-19
The following pages do not form part of the financial statements
Detailed statement of financial activities 21
Notes to the detailed statement of financial activities 22

PAINTERS' COMPANY CHARITIES

Trustees' Annual Report

Year ended 30 September 2020

The trustees present their report and the financial statements of the charity for the year ended 30 September 2020.

Reference and administrative details

Registered charity name PAINTERS' COMPANY CHARITIES Charity registration number 1135314 Principal office Painters' Hall 9 Little Trinity Lane London EC4V 2AD The trustees Mr J H W Clover Mr P J Huddleston Dr I Rowley Mr D J Hitchcock Auditor McLean Reid Chartered accountants & statutory auditor 1 Forstal Road Aylesford Kent ME20 7AU

Structure, governance and management

A Board of Trustees of up to seven members meet regularly to administer the Charity.

Trustees are appointed either by virtue of their office or by the court of The Worshipful Company of Painter-Stainers.

The Painters' Company Charities is constituted under a Trust Deed dated 22 February 2010 and is a Registered Charity, Number 1135314.

1

PAINTERS' COMPANY CHARITIES

Trustees' Annual Report (continued)

Year ended 30 September 2020

Objectives and activities

The objects of the Charity are the advancement of education and relief of poverty through making grants to appropriate individuals and in particular:

1 such charitable purposes as may be associated or connected with the City of London.

2 The encouragement, support and promotion by way of financial support, education and public display of British arts and crafts to include the trades of painting and decorating.

4 The relief of poor clergy of the Church of England.

5 The relief of poor, disabled or invalid liverymen and freemen of the Company and their spouses, widows or widowers.

The Trustees shall not be at liberty to pay or apply hereunder the capital of any donation which the trustees shall have accepted subject to a direction by the donor that the capital be not expended.

The Charity has complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission with regard to a public benefit statement, by continuing to provide grants, bursaries and donations as outlined in the Charity's objectives.

Achievements and performance

During the year the Charity has continued to carry out its objectives.

With the approval of the Charity Commission this charity encompasses the Painters Company Charity, John Stock Poor Curates, John Stock Blind Fund which included the former John Stock Capital Fund, the John Stock Income Fund, the Jane Shank, the Mary Grainger, the Smith Yeates Syddall, the Captain Bertram Funds, John Stock Fund for Decayed Liverymen together with the Fiarchild, Nott and Taylor Funds. All of the assets of the above are held within Painters' Company Charities.

The incoming resources for the year ended 30 September 2020 amounted to £100,089, which includes the amalgamation of the above mentioned charities.

Educational grants and donations during the year ended 30 September 2020 totalled £43,540 of which £2,900 has been paid to individuals, £15,000 as a Grant to the Lynn Painter-Stainers Prize and the balance has been paid to institutions for distribution to identified individuals.

As a result of the above, the net incoming resources before other recognised gains and losses totalled £31,812 surplus.

Financial review

The Trustees, in general intend to maintain the current level of unrestricted income funds and spend the annual incoming surplus on charitable activities.

2

PAINTERS' COMPANY CHARITIES

Trustees' Annual Report (continued)

Year ended 30 September 2020

Trustees' responsibilities statement

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

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each 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 adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Trust Deed. They 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.

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Mr P J Huddleston Dr I Rowley Trustee Trustee

3

PAINTERS' COMPANY CHARITIES

Independent Auditor's Report to the Members of PAINTERS' COMPANY CHARITIES

Year ended 30 September 2020

Opinion

We have audited the financial statements of Painters' Company Charities (the 'charity') for the year ended 30 September 2020 which comprise the statement of financial activities, statement of financial position and the related notes, 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 FRS 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 auditor's 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:

4

PAINTERS' COMPANY CHARITIES

Independent Auditor's Report to the Members of PAINTERS' COMPANY

CHARITIES (continued)

Year ended 30 September 2020

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. 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, 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.

5

PAINTERS' COMPANY CHARITIES

Independent Auditor's Report to the Members of PAINTERS' COMPANY

CHARITIES (continued)

Year ended 30 September 2020

Auditor's responsibilities for the audit of the financial statements

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

6

PAINTERS' COMPANY CHARITIES

Independent Auditor's Report to the Members of PAINTERS' COMPANY

CHARITIES (continued)

Year ended 30 September 2020

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 members, 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 members those matters we are required to state to them in an auditor's 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr A Reid (Senior Statutory Auditor)

For and on behalf of McLean Reid Chartered accountants & statutory auditor 1 Forstal Road Aylesford Kent ME20 7AU

7

PAINTERS' COMPANY CHARITIES

Statement of Financial Activities

Year ended 30 September 2020

2020 2020 2019
Unrestricted Restricted Endowment
funds funds funds Total funds Total funds
Note £ £ £ £ £
Income and endowments
Donations and legacies 4 5,348 – – 5,348 375,470
Charity Fundraising
Event 5 26,104 – – 26,104 –
Investment income 6 68,637 – – 68,637 54,172
-------------------------------- -------------- -------------- -------------------------------- --------------------------------
Total income 100,089 – – 100,089 429,642
================================ ============== ============== ================================ ================================
Expenditure
Expenditure on
charitable activities 7,8 68,277 – – 68,277 74,318
-------------------------------- -------------- -------------- -------------------------------- --------------------------------
Total expenditure 68,277 – – 68,277 74,318
================================ ============== ============== ================================ ================================
Net losses on
investments 10 – – – – (10,472)
(Losses)/gains on impairment
or disposal of operations
(25,884) (25,884) 44,998
-------------------------------- -------------- -------------- -------------------------------- --------------------------------
Net income and net
movement in funds 5,928 – – 5,928 389,850
================================ ============== ============== ================================ ================================
Reconciliation of funds
Total funds brought forward 1,680,158 25,000 85,000 1,790,158 1,400,308
----------------------------------------- --------------------------- --------------------------- ----------------------------------------- -----------------------------------------
Total funds carried forward 1,686,086 25,000 85,000 1,796,086 1,790,158
========================================= =========================== =========================== ========================================= =========================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 19 form part of these financial statements.

8

PAINTERS' COMPANY CHARITIES

Statement of Financial Position

30 September 2020

2020 2019
Note £ £
Fixed assets
Heritage assets 14 85,000 85,000
Investments 15 1,690,065 1,651,254
----------------------------------------- -----------------------------------------
1,775,065 1,736,254
Current assets
Debtors 16 13,307 21,303
Cash at bank and in hand 31,353 39,459
--------------------------- ---------------------------
44,660 60,762
Creditors: amounts falling due within one year 17 23,639 6,858
--------------------------- ---------------------------
Net current assets 21,021 53,904
----------------------------------------- -----------------------------------------
Total assets less current liabilities 1,796,086 1,790,158
----------------------------------------- -----------------------------------------
Net assets 1,796,086 1,790,158
========================================= =========================================
Funds of the charity
Endowment funds 85,000 85,000
Restricted funds 25,000 25,000
Unrestricted funds 1,686,086 1,680,158
----------------------------------------- -----------------------------------------
Total charity funds 18 1,796,086 1,790,158
========================================= =========================================

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Dr I Rowley Trustee

The notes on pages 10 to 19 form part of these financial statements.

9

PAINTERS' COMPANY CHARITIES

Notes to the Financial Statements

Year ended 30 September 2020

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Painters' Hall, 9 Little Trinity Lane, London, EC4V 2AD.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. It is a small chanty as defined by SORP 2015 (FRS102). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

(b) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

10

PAINTERS' COMPANY CHARITIES

Notes to the Financial Statements (continued)

Year ended 30 September 2020

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

11

PAINTERS' COMPANY CHARITIES

Notes to the Financial Statements (continued)

Year ended 30 September 2020

3. Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Heritage assets

Heritage assets measured under the cost model are recognised initially recorded at acquisition cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Heritage assets measured under the revaluation model are recorded at fair value less any accumulated impairment losses.

Where information on the cost or value of an asset is not available and cannot be obtained at a cost which is commensurate with the benefits to users of the financial statements, the asset shall not be recognised in the statement of financial position.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

12

PAINTERS' COMPANY CHARITIES

Notes to the Financial Statements (continued)

Year ended 30 September 2020

3. Accounting policies (continued)

Investments in associates (continued)

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

13

PAINTERS' COMPANY CHARITIES

Notes to the Financial Statements (continued)

Year ended 30 September 2020

3. Accounting policies (continued)

Financial instruments (continued)

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Donations
Donations 5,348 5,348 24,074 24,074
Tax recovered on gift aid – – 1,396 1,396
Legacies
Arnold Stevenson Legacy – – 350,000 350,000
----------------------- ----------------------- -------------------------------- --------------------------------
5,348 5,348 375,470 375,470
======================= ======================= ================================ ================================
Charity fundraising event
Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Sale of goods/services as part of
direct charitable activities 26,104 26,104 – –
=========================== =========================== ============== ==============

5. Charity fundraising event

14

PAINTERS' COMPANY CHARITIES

Notes to the Financial Statements (continued)

Year ended 30 September 2020

6. Investment income

Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Charity unit trust investments 68,560 68,560 53,402 53,402
Bank interest receivable 77 77 770 770
--------------------------- --------------------------- --------------------------- ---------------------------
68,637 68,637 54,172 54,172
=========================== =========================== =========================== ===========================

7. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Charitable activities 62,142 – 62,142
Support costs 6,135 – 6,135
--------------------------- -------------- ---------------------------
68,277 – 68,277
=========================== ============== ===========================
Unrestricted Restricted Total Funds
Funds Funds 2019
£ £ £
Charitable activities 66,143 5,000 71,143
Support costs 3,175 – 3,175
--------------------------- ----------------------- ---------------------------
69,318 5,000 74,318
=========================== ======================= ===========================

8. Expenditure on charitable activities by activity type

Activities
undertaken
Grant funding		 Support Total funds Total fund
directly
of activities		 costs 2020 2019
£ £ £ £ £
Charitable activities 18,602
18,540		 – 37,142 26,143
Governance costs –
–		 6,135 6,135 3,175
--------------------------- --------------------------- ----------------------- --------------------------- ---------------------------
18,602
18,540		 6,135 43,277 29,318
=========================== =========================== ======================= =========================== ===========================

15

PAINTERS' COMPANY CHARITIES

Notes to the Financial Statements (continued)

Year ended 30 September 2020

9. Analysis of grants

2020 2019
£ £
Grants to institutions
Grants to institutions 25,000 45,000
Other Grants and donations 640 1,500
Grant Lynn Painter-Stainers Prize 15,000 15,105
--------------------------- ---------------------------
40,640 61,605
Grants to individuals
Grants to individuals 2,900 4,400
Grants Botting Prize – 5,000
----------------------- -----------------------
2,900 9,400
--------------------------- ---------------------------
Total grants 43,540 71,005
=========================== ===========================

10. Net losses on investments

Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Gains/(losses) on listed investments – – (10,472) (10,472)
============== ============== =========================== ===========================
11. Auditors remuneration
2020 2019
£ £
Fees payable for the audit of the financial statements 1,680 –
======================= ==============
12. Independent examination fees
2020 2019
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements – 600
============== ==============

13. Trustee remuneration and expenses

No salaries, wages, benefits or expenses have been paid to the trustees during the year.

14. Heritage assets

The Bennett Bequest represents three Charles II silver tankards which are included at the valuation obtained by the previous charity.

16

PAINTERS' COMPANY CHARITIES

Notes to the Financial Statements (continued)

Year ended 30 September 2020

14. Heritage assets (continued)

The Bennett
Bequest
£
Cost or valuation
At 1 October 2019 and 30 September 2020 85,000
===========================
Accumulated depreciation
At 1 October 2019 and 30 September 2020 –
===========================
Carrying amount
At 30 September 2020 85,000
===========================
At 30 September 2019 85,000
===========================
Investments
Charity unit
trust
investments
£
Cost or valuation
At 1 October 2019 1,651,254
Additions 64,695
Fair value movements (25,884)
-----------------------------------------
At 30 September 2020 1,690,065
=========================================
Impairment
At 1 October 2019 and 30 September 2020
Carrying amount
At 30 September 2020 1,690,065
=========================================
At 30 September 2019 1,651,254
=========================================
All investments shown above are held at valuation.
Debtors
2020 2019
£ £
Other debtors 13,307 21,303
=========================== ===========================
Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 402 741
Accruals and deferred income 19,514 2,194
Other creditors 3,723 3,923
--------------------------- -----------------------
23,639 6,858
=========================== =======================

15. Investments

All investments shown above are held at valuation.

16. Debtors

17. Creditors: amounts falling due within one year

17

PAINTERS' COMPANY CHARITIES

Notes to the Financial Statements (continued)

Year ended 30 September 2020

18. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At 30
At 1 Gains and September
October 2019 Income Expenditure losses 2020
£ £ £ £ £
General funds 1,330,158 100,089 (68,277) (25,884) 1,336,086
Designated fund 350,000 – – – 350,000
----------------------------------------- -------------------------------- --------------------------- --------------------------- -----------------------------------------
1,680,158 100,089 (68,277) (25,884) 1,686,086
========================================= ================================ =========================== =========================== =========================================
At 30
At 1 Gains and September
October 2018 Income Expenditure losses 2019
£ £ £ £ £
General funds 1,285,308 79,642 (69,318) 34,526 1,330,158
Designated fund – 350,000 – – 350,000
----------------------------------------- -------------------------------- --------------------------- --------------------------- -----------------------------------------
1,285,308 429,642 (69,318) 34,526 1,680,158
========================================= ================================ =========================== =========================== =========================================

Arnold Hayward Stevenson, Past Master of the Painter-Stainers’ Company, in his will bequeathed £350,000 to the Painters Company charities. The Trustees have decided to invest Past Master Stevenson’s bequest and use the income generated of up to £10,000 to fund a Scholarship on an annual basis for a student of any age to study art or architecture or the history of art or architecture.

Restricted funds

Restricted funds
At 30
At 1 Gains and September
October 2019 Income Expenditure losses 2020
£ £ £ £ £
Brian Botting Prize 25,000 – – – 25,000
=========================== ============== ============== ============== ===========================
At 30
At 1 Gains and September
October 2018 Income Expenditure losses 2019
£ £ £ £ £
Brian Botting Prize 30,000 – (5,000) – 25,000
=========================== ============== ======================= ============== ===========================

Brian Botting, Master of the Painter-Stainers' Company from 2003-04, died on 14 January 2014 and in his will he bequeathed £50,000 to the Painters Company charities to establish the Brian Botting prize for figurative drawing.

In discussion with his executors, it was agreed to award an annual prize of £5,000 to an artist aged 30 or under for an outstanding drawing of the human form.

18

PAINTERS' COMPANY CHARITIES

Notes to the Financial Statements (continued)

Year ended 30 September 2020

18. Analysis of charitable funds (continued)

Endowment funds

Endowment funds
At 1 At 30
October Gains and September
2019 Income Expenditure losses 2020
£ £ £ £ £
Permanent Endowment
Fund 85,000 – – – 85,000
=========================== ============== ============== ============== ===========================
At 30
At 1 Gains and September
October 2018 Income Expenditure losses 2019
£ £ £ £ £
Permanent Endowment
Fund 85,000 – – – 85,000
=========================== ============== ============== ============== ===========================
Analysis of net assets between funds
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2020
£ £ £ £
Heritage assets – – 85,000 85,000
Investments 1,665,065 25,000 – 1,690,65
Current assets 44,660 – – 44,660
Creditors less than 1 year (23,639) – – (23,639)
-------------- -------------- -------------- --------------
Net assets 1,686,086 25,000 85,000 1,796,086
============== ============== ============== ==============
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2019
£ £ £ £
Heritage assets – – 85,000 85,000
Investments 1,626,254 25,000 – 1,651,254
Current assets 60,762 – – 60,762
Creditors less than 1 year (6,858) – – (6,858)
----------------------------------------- --------------------------- --------------------------- -----------------------------------------
Net assets 1,680,158 25,000 85,000 1,790,158
========================================= =========================== =========================== =========================================

19. Analysis of net assets between funds

19. Related party transactions

The charity is owed £8,803. from The Worshipful Company of Painter-Stainers at 30 September 2020 (2019 - £19,907), an entity under the same control as the Painters’ Company Charities.

19

PAINTERS' COMPANY CHARITIES

Management Information

Year ended 30 September 2020

The following pages do not form part of the financial statements.

20

PAINTERS' COMPANY CHARITIES

Detailed Statement of Financial Activities

Year ended 30 September 2020

2020 2019
£ £
Income and endowments
Donations and legacies
Donations 5,348 24,074
Tax recovered on gift aid – 1,396
Arnold Stevenson Legacy – 350,000
----------------------- --------------------------------
5,348 375,470
----------------------- --------------------------------
Charity Fundraising Event
Sale of goods/services as part of direct charitable activities 26,104 –
--------------------------- --------------
Investment income
Income from cash investments 68,560 53,402
Bank interest receivable 77 770
--------------------------- ---------------------------
68,637 54,172
--------------------------- ---------------------------
-------------------------------- --------------------------------
Total income 100,089 429,642
================================ ================================
Expenditure
Expenditure on charitable activities
Purchases 18,461 –
Insurance 141 138
Legal and professional fees 3,191 2,430
Other expenses 2,944 745
Grant for Educational Purposes - Institutions 25,000 45,000
Grant for Educational Purposes - Individuals 2,900 4,400
Botting Prize Grant – 5,000
Other Grants and Donations 640 1,500
Grant Lynn Painter-Stainer Prize 15,000 15,105
-------------------------------- --------------------------------
68,277 74,318
-------------------------------- --------------------------------
--------------------------- ---------------------------
Total expenditure 68,277 74,318
=========================== ===========================
Net losses on investments
Gains/(losses) on listed investments – (10,472)
--------------------------- ---------------------------
(Losses)/gains on impairment or disposal of operations
Gains/(losses) on impairment or disposal of operations (25,884) 44,998
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----------------------- --------------------------------
Net income 5,928 389,850
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PAINTERS' COMPANY CHARITIES

Notes to the Detailed Statement of Financial Activities

Year ended 30 September 2020

2020 2019
£ £
Expenditure on charitable activities
Activity type 1
Activities undertaken directly
Direct charitable activity 1 - purchases 18,461 –
Direct charitable activity 1 - insurance 141 138
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18,602 138
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Grant funding activities
Grant for Educational Purposes - Institutions 25,000 45,000
Grant for Educational Purposes - Individuals 2,900 4,400
Grant for Educational Purposes - Botting Prize – 5,000
Other Grants and Donations 640 1,500
Grant Lynn Painter-Stainers Prize 15,000 15,105
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43,540 71,005
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Governance costs
Governance costs - accountancy fees 1,511 2,429
Governance costs - audit fees 1,680 –
Governance costs – Cazenove and bank charges 2,944 746
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6,135 3,175
----------------------- -----------------------
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Expenditure on charitable activities 68,277 74,318
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