CHARITY REGISTRATION NUMBER: 1135314
PAINTERS' COMPANY CHARITIES
Financial Statements
30 September 2023
McLEAN REID
Chartered accountants & statutory auditor 1 Forstal Road Aylesford Kent ME20 ?AU
PAINTERS' COMPANY CHARITIES
Financial Statements
Year ended 30 September 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent auditor's report to the members | 5 |
| Statement of financial activities | 8 |
| Statement of financial position | 9 |
| Notes to the financial statements | 10- 18 |
PAINTERS' COMPANY CHARITIES
Trustees' Annual Report
Year ended 30 September 2023
The trustees present their report and the financial statements of the charity for the year ended 30 September 2023.
Reference and administrative details
Registered charity name PAINTERS' COMPANY CHARITIES
Charity registration number 1135314
Principal office Painters' Hall 9 Little Trinity Lane London EC4V2AD The trustees Mr J E C Briant Dr P Broadhead Mr B Pryor Mr J H Rosshandler Mr P J Huddleston
Auditor McLean Reid Chartered accountants & statutory auditor 1 Forstal Road Aylesford Kent ME20 7AU
Structure, governance and management
The Worshipful Company of Painter-Stainers is a City Livery Company founded under Royal Charter in 1581 and is represented by its Court of Assistants.
A Board of Trustees comprising up to seven members meets regularly to administer the Charity. Trustees are appointed either by virtue of the office they hold as members of the Court of Assistance or by virtue of their expertise and qualifications.
This Charity is an unincorporated charity governed by a Trust Deed dated 22 February 2010 and is registered by the Charity Commission with the number 1135314.
Administration
Day-to-day administration of the Charity is exercised by the Clerk to the Worshipful Company of Painter Stainers, Alice Pearson. The principal office and details of independent examiner, of the Charity are given above.
The investments of the Charity are managed on a discretionary basis by Cazenove Capital and are subject to scrutiny by the Board of Trustees and members of the Finance and Management Committee of the Worshipful Company of Painter-Stainers.
Public Benefit Statement
The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives, and in the planning of future activities, and are satisfied that the requirements are fulfilled.
1
PAINTERS, COMPANY CHARITIES Trustees. Annual Report Yoar ènded 30 Seplernber 2023 obJ8ctlv and a¢tlvltl•s The objects ofthe Charity arelhe alfvanmetofeUcIo and reliefof p0vertyttrwoh makirig grants to apprcyriate individuals and in parts"cular." 1 Such charitabl8 purp)ses as may be asscoated or connect8d with the Cty of London. 2 The encouragement, support and rmOan byway offinanaal supwt, education and wbl diway of Britssh arts and crafts to in¢lude the trad•s of painting and decorating. 3 The relief of blindness and other wsual handicaps and the a5SiStance olthe bliThl 8n¢l SuallY impaired. 4 The relief of pow dergy of the Churth of EThJland. S The relief ol poor, (Jisabled or invalid livoryrrth and frèèmèn of the Company and thelr SP¢xJses. wdows or wdowers. Th8 Trustees shall not be at liberty lo pay or apply herwnd8r th& caF4ial of any donab'on which the trustees shall have a¢¢eptsd $ublef to a direth'on by the donor that the capital be not expended. The Charity has ¢ompknd with the duty in section 17151 of the Charityds Act 2011 to have due regard lo gUance put4ished by the Charlty Commission wilh regard to a public benefft Statèment. by contlnuirrfJ to provide grants, r$aries and donations as outlined in the Charity's objects'ves. Achhv•m•nts and pgrfonnanc• The oblectlve8 of the Charlty are fulfilled through 8 rge of activit8 which are fSed on 8uppcllng education in art and craft related subjects. They wo dire¢t lo students at school$ in London and towards studènts stkjdyiry art and art-related subj'ects al higher education institution8. The athilies Indudè." Two 5th918h1ps the Slade School of Fine Art, Universty College London. The students a sele8 by the Charity'sAsses50rs and each of the ¥tudgn15 receives a yrarrt of £5.000 pa for years 2, 3 4 01 their four-year course. The Charty monitors the yrants on a tsfmly basis th pgyrnonts beiw made again8tlhe receipt ol lE¥faCtory wogr¢8$ rfjports from th8 course tutors. The Amold Hayward Stevenson holarShipfor Art History at Univ8rsity College. London. This award of£10,000 pay$ the lUOn faas ofa stLJent stsJtyin9 Art History. Two 8chc4ar5hips in Fine Art at th& Cty and Guilds ol London Art School. The 3luden15 are 5eleded by the Chanty's Assessors and exh of the students receives a grant of £5,000 p8 for years 2 and 3 of theirlhre&vyear¢ourso. The Charity monrtor5 the grants on a termly ba515Wth payments being made against th• relpt of satlsfaclory progress report5 from Ihg cou tutors. In recognition of th1$ award to the City and Guilds London Art S¢ho¢l. the Clty and Guilds Group MatlUrl a year fellowship of£10,000 al the City and Guild8 Lond¢n Art Schod. for the study of Oecorative Surfaces. The Charity SUPPOrt$ an annual art prize mltiOn lor student$ from 10¢o1 schoots offering prlles to the value of £100 per student. Two Fellowships in Portraiture 81 Hoathedeys School of Fine Art. The students are selected by the Charity's A$s¢ssors and 8ach student re¢eNes a grant of £5,000 to wver on• years lullon fees. Th8 Charity has allocated the rernaining £2S.000 of tha Brian Botbng Bequest for di6trixrtion over the corng five yèars to support art in local schools.
PAINTERS. COMPANY CHARITIES TN81éé$' Annual Roport feaniinu•dJ Yèar énded 30 September 2023 Flnan¢l•l Incoming rescjr for Ihe year. bwfry• unroalisgd gws M invesb. WPTe £95.045 (2022.. £101.2831 and cornwsed th8 follvmng £10,670 1£17.4131 1£1,8861 1£1,3851 1£80.579 1£101.2631 Tax recov•red on Grfé Fundraigng sales Investment Irome TOTAL £84,375 £95,045 Expgnditure duriThJ the ygaf was £59,79912022'. £81,416) and ¢¢mOsed th• folbwry.. Gr8nts and dliOn8 Prizes Fundrai$iry ¢0513 £8,SCKI lQ3.4001 (£1001 1£1.9481 1£55,9681 1£81,4161 £51,299 £59.799 TOTAL N•t irKoming fr. beftye oth•r r•wri8•d galns ar 88, were £35,24612022.' £19,647). Unrell8od 1086eB on fixed ass•t inve8tments durfng the year re £56,67412022'. £150,391) and th8 valu8 of Inv•strnerts on 30 Septèmbar 2023 was £1,936,25012022.. £1,933,409). R•SOr¥ PtslKy Th• Trusta•s règularty review the reserves of lh• Charity against the background OlnInld prA)rt for benarri•S in dffictll clrcurnstAnc•s, Maximing tharitable impact and sln.king a balanc8 betsfftn buildbng • bntrlemi inve8trnent •r m••llng 8lYJrt-l•mi dwrrtat4è expwthure. The reserves Fdicy is to an.. UN86trted General lastritMrtablo1 FuTrJ ewwalent to Ihan Ihree y•s' tharitae, gOv•M and >JminislrntY4e co$t$ 01£300,000 to meet short-temi gxpendrtur• and In Investment Fund of not less Ihan £1,350,000 lo generate irKome and holp provide stability to the Ch8nty'$ hJlure progr8rnrne of grants gnd donth"ons. Unr06tr1ct•d r&8erves halJ at the rewlng date of 30 SepteMr 2023 w•r• £1.898,744 12022.. £1,920,172>, comprigng tha Id•$ignatadl Inv•8tm•nt Fund of £1,598.74412022.' £1,820,172) ¥J tr General Fund of£300.000 {2022'. £300,000). Golng Conc•m The TnJees havo ¢dered TOr it 1$ •pproprfat to yepare the fin811tteerrt8 on a gc4r¥J MrKem bw. In doing 80 it Consp th8 frl¢Mng: tho lUbnI181 assets ofthe Charty. tho dlsCrèticm nature of th• grants award•<l, and Itta prudènt nalure of the commltmènls given by th& Chaty to itg borer1310$.
PAINTERS' COMPANY CHARITIES
Trustees' Annual Report (continued)
Year ended 30 September 2023
The Trustees have a reasonable expectation that the Charity will continue to operate and to meet its liabilities as they fall due over the period of their assessment.
In the opinion of the Trustees, it is appropriate to prepare the Charity's financial statements for the year ended 30 September 2023 on a going concern basis. Furthermore, they have identified no material uncertainties surrounding the Charity's ability to continue to operate as a going concern during a period of at least twelve months from the date of approval of the financial statements.
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, 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).
Company law 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 charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume
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that the charity will continue in business.
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 Companies Act 2006. 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 19 November 2024 and signed on behalf of the board of trustees by:
Mr B Pryor Trustee
Mr P J Huddleston Trustee
4
PAINTERS' COMPANY CHARITIES
Independent Auditor's Report to the Members of PAINTERS' COMPANY CHARITIES (conttnuedJ
Year ended 30 September 2023
Opinion
We have audited the financial statements of Painters' Company Charities (the 'charity') for the year ended 30 September 2023 which comprise the Statement of Financial Activities, the Statement of Financial position 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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-give a true and fair view of the state of the charity's affairs as at 30 September 2023 and of its incoming resources and application of resources, for the year then ended;
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-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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-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
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 from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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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, the trustees are responsible for the preparation of the financial statements which 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.
5
PAINTERS' COMPANY CHARITIES
Independent Auditor's Report to the Members of PAINTERS' COMPANY CHARITIES (continued)
Year ended 30 September 2023
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.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following;
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The engagement partner ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
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We identified the laws and regulations applicable to the charity from our commercial knowledge and experience of the sector.
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The specific laws and regulations which we considered may have a direct material effect on the
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financial statements or the operations of the charity are as follows: Charities Act 2011
FRS 102
Charities SORP (FRS 102)
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We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing board minutes.
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Reviewing the financial statements and testing the content against supporting documentation.
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Performing analytical procedures to identify any unusual or unexpected trends or anomalies.
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Inspecting and testing journal entries to identify unusual or unexpected transactions.
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Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company's usual course of business.
-discussing amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
-obtaining an understanding of the legal and regulatory framework that the charity operates in and focusing on those laws and regulations.
6
PAINTERS' COMPANY CHARITIES
Independent Auditor's Report to the Members of PAINTERS' COMPANY CHARITIES (cont1nuedJ
Year ended 30 September 2023
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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.
Mr A Reid (Senior Statutory Auditor) for and on behalf of Mclean Reid Chartered Accountants Registered Auditors 1 F orstal Road Aylesford Kent ME207AU
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PAINTERS' COMPANY CHARITIES
Statement of Financial Activities
Year ended 30 September 2023
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted Endowment | |||||
| funds | funds | fnds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | £ | |
| Income and endowments | ||||||
| Donations and legacies | 4 | 10,670 | 10,670 | 19,299 | ||
| Charity Fundraising | ||||||
| Event | 5 | 1,385 | ||||
| Investment income | 6 | 84,375 | 84,375 | 80,579 | ||
| -- | -- | -- | ||||
| Total income | 95,045 | 95,045 | 101,263 | |||
| Expenditure | ||||||
| Expenditure on | ||||||
| charitable activities | 7,8 | 59,799 | 59,799 | 81,416 | ||
| Total expenditure | 59,799 | 59,799 | 81,416 | |||
| Gains/losses on impairment | ||||||
| or disposal of operations | (56,674) | 37,000 | (19,674) | (150,391) | ||
| Net expenditure and net | ||||||
| movement in funds | (21,428) | 37,000 | 15,572 | (130,544) | ||
| Reconciliation of funds | ||||||
| Total funds brought forard | 1,920,172 | 25,000 | 85,000 | 2,030,172 | 2,160,716 | |
| Total funds carried forard | 1,898,744 | 25,000 | 122,000 | 2,045,744 | 2,030,172 |
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 18 form part of these financial statements.
8
PAINTERS' COMPANY CHARITIES
Statement of Financial Position
30 September 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | |||
| £ | |||
| Fixed assets | |||
| Heritageassets | 13 | 122,000 | 85,000 |
| Investments | 14 | 1,936,250 | 1,933,409 |
| 2,058,250 | 2,018,409 | ||
| Current assets | |||
| Debtors | 15 | 459 | 1,346 |
| Cash at bank and in hand | 21,085 | 43,947 | |
| 21,544 | 45,293 | ||
| Creditors: amounts falling due within one year | 16 | 3- 4,05-0 |
33,530 |
| - | |||
| Net current liabllltles | (12,506) | 11,763 | |
| Total assets less current liabilities | 2,045,744 | 2,030,172 | |
| Net assets | 2,045,744 | 2,030,172 | |
| Funds of the charity | |||
| Endowmentfunds | 122,000 | 85,000 | |
| Restrictedfunds | 25,000 | 25,000 | |
| Unrestrictedfunds | 1,898,744 | 1,920,172 | |
| Total charity funds | 17 | 2,045,744 | 2,030,172 |
These financial statements were approved by the board of trustees and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr P J Huddleston Trustee
The notes on pages 10 to 18 form part of these financial statements.
9
PAINTERS. COMPANY CHARITIES Notes to thè Financial Ststements Year endod 30 September 2023 Genor•l Infomtlon The charity 15 a publi¢ benefit enbty and a registered charty in EnglarKI and Wales and is urin¢orporaled. The addres$ of the prinupal office Is Painters, Hall, 9 Lrttje Trfnty Lane, Lonth)n, EC4V 2AD. Statomont of compllanc• These finarKI81 statsments have been prepared in comF4iance with FRS 102, The Financi Reporting Standard applieable in the UK and the Republic of Ireland., the Statement of Reeommended practi apICable to charities preparing their accounts in acrtsdants wrth Ihe Financial Reporting Standard applicable in the UK arml Republic of I[eld IFRS 1021 {Chitses SORP IFRS 102)) and the Charities Act 2011. Accountlng pollcSes Basfs of prnparatlon The finandal ststem¥nts have been wepared on the histori1 cgst basis, as modified by the revaluatson ot certain finanoal assets and liabilil'es and investrnent properi'es measured al fair value through income or expenditure. The financAal statements are prepared in sterfing, which is the fvnctional currency of the entity. Golng conc•m There are no material uneertainlie8 abo th8 charfvs ablllty to con11n. Dl$dosure exernptlons The entity satisfias th8 criteria of being a qualifying entity as defined in FRS 102.11 18 a srnall charity as defined by SORP 2015 IFRS1021. As 5uc*, advantage has been taken of the fr)Il¢)wing disdosure exemptions available under paragraph 1.12 01 FRS 102.. (al No cash flow ststement has begn prgsentgd for thè ¢ompa)y.Ibl DSscbsures in rè8p8ci of flnanei81 Instrumènts hav8 not tn sented. Judgefflents and key ¥ourcey of estlmatlon un¢ort•lnty The Preparation of the financial stalernenls Tequires management lo makejudgements, estimates and assumptions that affect the amounts reported. Thèsè •stimat•s and judgarn8rits ara continualty reviewed and are based on eyperience and other fadors, induding expectations of fijture events that are believed lo be reasonable under the tyr¢urnstsn¢os. Significant judgeThents The judgements (apart from invchlrYJ gstimatlons} that managamant has made in the proc•ss of applying the entitys accounting policies and that have the most significant •118Ct on th• amounts recognised in the fina81 statemènts arè as follows, AC(%).rng estimates and assumpth'ons are made conceming Ihe fLrbJre and. by Ih?Ir nature, wll rarety equal Ihe related actual outcome. The key assumpti$ and other sources ¢)f estimation uncertainty that have a significant risk ol w$ing a material adiustmentto the carrying amounts of assÈtg and liabl1•S vthn the next nla1 year are as follows..
PAINTERS' COMPANY CHARITIES
Notes to the Financial Statements (continued)
Year ended 30 September 2023
3. Accounting pollcles (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:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
11
PAINTERS, COMPANY CHARITIES Not88 to the Financial Statements (C Year ended 30 September 2023 A¢¢ountlng pollcles IGunlh¥uedl A0re•S expendod Expanditure is recognised on an accruals basis as a liability is incurred. ExFenditure include5 any VAT%thich cannot be lulty re¢ovèred, and is cla8$ified under he8dings of the 8t8tement oflnanci81 activrtias to which it r8lat8s'. expendrtuie cYt rai$in9 lund$ indudes the costs of all fundraising activities. events, non- eharitabl• trading activfÉies, and the sale of donated goods. extjendrture on tharrtè actsvities indud•s all costs incurred by a charity in und8rtaking a¢tiwtres Ihal further its tharitable aims for the benefit of its benefioaries, IdIng those support costs and costs relating to the governan of the tharity aFsJortioned to charitable a¢tiwlies. othèr tsxp•ndrtuM Indud•s al expendlturethal is neither related toraisiry fijndststhecharty nor part of ils expenditure on ¢haritable xtNilies. AII c0818 arè albcat&J lo expendKur& cat8gorles roflectlng the use of th& resource. Dlrect costs th'butabfe lo a Single 8ctMty are allo¢al¢d dir¢¢dy to th81 adivty. Shared costs ar¢ apputionod b&hyn the a¢tivitks Ihey contribLrte to C a reasonaNe, justifiable and ¢onsistent basi$. Horitago #ets Hgritsge assets m&asur8d under the cost rnod81 are r8cognised intholty recorded at acquisit co81. SltsequenY ststed at cost less ony a1Ul0¢ed depreciation and impaimient10$8es Heritage assets measured under the revalualion mojel are recorded at fair value less any a¢¢umulaled Impalmnt losses. Wh8rè inform8tton on tha cost or varu8 of an aSt is not av818bl8 8nd cannot t obtained at ost whKh ts ¢ommon$urate the banefits to US8rs of the ffinancial $tatem•nis, the a1 shall not be recognised in the stslement of finanrAal p0SOn. In¥•skn•nts Listed investments are measured al fair value wth changes in fair value being rocognlsod in income or expenditure. Impalmient of fixed as A revi8w for indicatcfjs of impairnent is carried out al èa¢h rep)rting date, wth the Te¢overnUe amount being estimated Whe such indicators e5t. ere the carrying value exceeds the recoverabl& aThJunt, th8 a6set 18 impaired acrLIng. Prior impaimenls are also reviowed for possib reven8al at each reporting dale. Forthe purptssas of imp8irment testiNJ, when it is not posSe to est'rnate the recoveratAe amount of an indmdual asset. an estimate 1$ mad& of the T8¥ralè arnnt oftha eas98natlng unit to whh the asset belon9s. The cash-9eneratin9 unil is the smallest tdents'fiab gioup of assets Ihat indudes the asset and 9enerate8 cash infiows that largely indeFendent of tho Cash inllcfws trom other assets or grou of asset For impalm)nt t•stlng tsf gooN, the 9oodvAII aCqr0d in a business combinth'on is, from the a¢quiglion date. altocated to 8h ol the caswenerating units that are expected to benefit from the synergies of the comtrAnation, i$peCtive tsf whdher other a¥sèt8 or liabilitiès of eh8rity are a86igned to those unfts. 12
PAINTERS' COMPANY CHARITIES
Notes to the Financial Statements (continued)
Year ended 30 September 2023
3. Accounting policies (continued)
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 pa[y] able including an[y ] related transaction costs.
Current assets and current liabilities are subse[q] uently measured at the cash or other consideration ex[p] ected to be paid or received and not discounted.
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.
4. Donations and legacies
| Donations and legacies | ||||
|---|---|---|---|---|
| UnrestrictedTotal Funds | Unrestricted Total Funds | |||
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations Tax recovered on gif aid |
10,670 | 10,670 | 17,413 1,886 |
17,413 1,886 |
| 10,670 | 10,670 | 19,299 | 19,299 |
5. Charity fundraising event
| Charity fundraising event | ||||
|---|---|---|---|---|
| UnrestrictedTotal Funds | Unrestricted Total Funds | |||
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Sale ofgoods/serices as part of | ||||
| direct charitable activities | 1,385 | 1,385 |
13
PAINTERS. COMPANY CHARITIES Notss lo Ihg Financial Statements (¢onenu•dJ Year ended 30 September 2023 Inv•stm•nt Incom• Unrestric1 Total Furmts Unrestricted Total Funds Funds 2023 Fund5 2022 In¢om¥ from cash inv•strn8nts Bank interest receae Bank interest reCeae Cazenove 81,315 175 2,885 81.315 175 2,885 80,288 21 272 80,286 21 272 84,375 84.375 80,579 80,579 ExndItUTe on ¢har4t•bl• •¢tiviti•s by fvnd typ Unre$tri¢t¢d Totsl Funds Unrestri¢led Total Fund$ Funds 2023 Funds 2022 Charitable act'vitse¥ Support ¢osts 8,651 51,148 8,651 51.148 25,595 55.822 25.595 55,821 59,799 S9.799 81,417 61,416 Expendfture on charltable actlvltles by actlvlty type Activili8S undertaken direGtIy Support Totsl fund$ Costs 2023 Tot4 fund 2022 Charitable actr'viie5 GOvernae costs 151 181 51.148 2,195 55,821 51.148 151 51,148 51,299 56,016 Analysls of granig 2023 2022 to In¥tltutlon$ Gr8nls lo Insb"luty"ons 8,500 23.400 Grnnts to Indlvlduals Grant$ to individuals 100 Total grants 8,500 23,500 1 Audltoyj r•mun•rntlon 2023 2022 Fggs payalAg for thg auithl of th? finanLyg1 ¥ternents 1,680 14
PAINTERS' COMPANY CHARITIES
Notes to the Financial Statements (continued}
Year ended 30 September 2023
11. Independent examination fees
| Independent examination fees | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 720 |
12. Trustee remuneration and expenses
No salaries, wages, benefits or expenses have been paid to the trustees during the year.
13. Heritage assets
The Bennett Bequest represents three Charles II silver tankards which are shown as per valuation by Doerr Dallas in 2022.
by Doerr Dallas in 2022. |
|
|---|---|
| The Bennett | |
| Bequest | |
| £ | |
| Cost or valuation | |
| At 1 October 2022 | 85,000 |
| Fair value | 37,000 |
| At 30 September 2023 | 122,000 |
| Accumulated depreciation | |
| At 1 October 2022 and 30 September 2023 | |
| Carrying amount | |
| At 30 September 2023 | 122,000 |
| At 30 September 2022 | 85,000 |
14. Investments
| Investments | |
|---|---|
| Cash or | |
| cash | |
| equivalent | |
| £ | |
| Cost or valuation | |
| At 1 October 2022 | 1,933,409 |
| Additions | 79,514 |
| Fair value movements | (56,674) |
| Transfers | (19,999) |
| At 30 September 2023 | 1,936,250 |
| lmpainent | |
| At 1October 2022 and 30 September 2023 Carring amount |
|
| At 30 September 2023 | 1,936,250 |
| At 30 September 2022 | 1,933,409 |
All investments shown above are held at valuation.
15
PAINTERS. COMPANY CHARITIES Notes to the Flnanclal Statsments {eonthlU• Year ended 30 September 2023 IS. Debtors 2023 2022 Othw dèbtors 459 16. Credltorn- amounts falllng thIn on• y•ar 2023 2022 Trad& creditors Accruals and deferred income Other creditors 27,147 3,120 3,263 33,530 30,120 3,263 34,050 17. Anaty81s of charftabl• lund• UnreBtri¢t•d funds A130 Gains and September los$ 2023 At1 Octobor 2022 Income Expènditure General fun¢$ Designated Funds- Arnold Stevenson Duncan Burton 1,376.241 95,045 159,7991 156,6741 1,354.813 393,931 150,000 393,931 150,000 1,920,172 95,045 159,7991 156,674) 1,898,744 At30 Gains and Sepl8mb8r losses 2022 At1 October 2021 IncKJme Expenditure General fund$ Designated Funds Amold Stevanson Duncan Bwton 1,506.785 101.263 181,4161 1150,3911 1,376,241 393.931 150,000 2,050,716 393,931 150,000 101,263 181,4161 1150.391) 1,920,172 Amold Hayward Slgvenson, Past Mastsr of Ihe P•nler-Stain8rs' Company. in hi5 will beque8lhed £350,000 lo the Painters. Company charities. The Trustees have decAded to invest Past Master Slevenson's bequestand usethe income generated of upto £10,000 lo fvrKI a Scholarship on¥n annuol basis for a student of any age to art or Ch¢¢tUr8 or the history of art or architecture. DurKan 8urton ha$ donat8d E1 $0,000 to the Painlers, Coryany Charities. This 13 lo used direuty or indiractly at Ihe trustee's disuetion. 10 5UPPOrt the mafjntenan. preseNaty"on and ambienc• of o buildings which ar¢ dewgrwted SChuLed Ancient Monument.
PAINTERS' COMPANY CHARITIES
Notes to the Financial Statements (continued)
Year ended 30 September 2023
17. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At30 | |||||
| At 1 | Gains and | September | |||
| October 2022 | Income | Expenditure | losses | 2023 | |
| £ | £ | £ | £ | £ | |
| Brian Botting Prize | 25,000 | 25,000 | |||
| At 30 | |||||
| At 1 | Gains and | September | |||
| October 2021 | Income | Expenditure | losses | 2022 | |
| £ | £ | £ | £ | £ | |
| Brian Botting Prize | 25,000 | 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.
Endowment funds
| Endowment funds | |||||
|---|---|---|---|---|---|
| At30 | |||||
| At 1 | Gains and | September | |||
| October 2022 | Income | Expenditure | losses | 2023 | |
| £ | £ | £ | £ | £ | |
| Permanent Endowment | |||||
| Fund | 85,000 | 37,000 | 122,000 | ||
| At 30 | |||||
| At 1 | Gains and | September | |||
| October 2021 | Income | Expenditure | losses | 2022 | |
| £ | £ | £ | £ | £ | |
| Permanent Endowment | |||||
| Fund | 85,000 | 85,000 |
17
PAINTERS' COMPANY CHARITIES
Notes to the Financial Statements (continued)
Year ended 30 September 2023
18. Analysis of net assets between funds
| Analysis of net assets beteen | funds | |||
|---|---|---|---|---|
| Unrestriced | Restricted | Endowment | Total Funds | |
| Funds | Funds | Funds | 2023 | |
| £ | £ | £ | £ | |
| Heritage assets | 122,000 | 122,000 | ||
| Investments | 1,911,250 | 25,000 | 1,936,250 | |
| Current assets | 21,544 | 21,544 | ||
| Creditors less than 1 year | (34,050) | (34,050) | ||
| Net assets | 1,898,744 | 25,000 | 122,000 | 2,045,744 |
| Unrestricted | Restricted | Endowment | Total Funds | |
| Funds | Funds | Funds | 2022 | |
| £ | £ | £ | £ | |
| Heritage assets | 85,000 | 85,000 | ||
| Investments | 1,908,409 | 25,000 | 1,933,409 | |
| Current assets | 45,293 | 45,293 | ||
| Creditors less than 1 year | (33,530) | (33,530) | ||
| Net assets | 1,920,172 | 25,000 | 85,000 | 2,030,172 |
19. Related parties
The charity is owed £459 from The Worshipful Company of Painter-Stainers at 30 September 2023 (2022- £1,346 Dr), an entity under the same control as the Painters' Company Charities.
18