**CHARITY REGISTRATION NUMBER: 1135314**
# **PAINTERS' COMPANY CHARITIES Unaudited Financial Statements**
## **30 September 2024**
## **McLEAN REID**
Chartered accountants 1 Forstal Road Aylesford Kent ME20 7AU
## **PAINTERS' COMPANY CHARITIES**
## **Financial Statements**
## **Year ended 30 September 2024**
||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**5**|
|Statement of financial activities|**6**|
|Statement of financial position|**7**|
|Notes to the financial statements|**8**|
## **PAINTERS' COMPANY CHARITIES**
## **Trustees' Annual Report**
## **Year ended 30 September 2024**
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 September 2024.
## **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 E C Briant Dr P Broadhead Mr B Pryor Mr J H Rosshandler Mr P J Huddleston **Independent examiner** Mr A Reid 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 PainterStainers, 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** _**(continued)**_
## **Year ended 30 September 2024**
## **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.
3 The relief of blindness and other visual handicaps and the assistance of the blind and visually impaired.
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**
The objectives of the Charity are fulfilled through a range of activities which are focused on supporting education in art and craft related subjects. They are directed to students at schools in London and towards students studying art and art-related subjects at higher education institutions.
The activities include:
- Two scholarships at the Slade School of Fine Art, University College London. The students are selected by the Charity's Assessors and each of the students receives a grant of £5,000 pa for years 2, 3 and 4 of their four-year course. The Charity monitors the grants on a termly basis with payments being made against the receipt of satisfactory progress reports from the course tutors.
- The Arnold Hayward Stevenson scholarship for Art History at University College, London. This award of £10,000 pays the tuition fees of a student studying Art History.
- Two scholarships in Fine Art at the City and Guilds of London Art School. The students are selected by the Charity's Assessors and each of the students receives a grant of £5,000 pa for years 2 and 3 of their three-year course. The Charity monitors the grants on a termly basis with payments being made against the receipt of satisfactory progress reports from the course tutors.
- • In recognition of this award to the City and Guilds London Art School, the City and Guilds Group match-fund a one year fellowship of £10,000 at the City and Guilds London Art School, for the study of Decorative Surfaces.
- Two Fellowships in Portraiture at Heatherleys School of Fine Art. The students are selected by the Charity's Assessors and each student receives a grant of £5,000 to cover one year's tuition fees.
- The Charity has allocated the remaining £25,000 of the Brian Botting Bequest for distribution over five years to support Heatherley School of Fine Art.
**2**
## **PAINTERS' COMPANY CHARITIES**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 30 September 2024**
## **Financial review**
Incoming resources for the year, before unrealised gains on investments, were £426,642 (2023: £95,045) and comprised the following:
|•|Duncan Burton donation|£308,829|-|
|---|---|---|---|
|•|Other donations|£18,773|(£10,670)|
|•|Fundraising sales|£2,980 -||
|•|Investment income|£96,060|(£84,375)|
|•|TOTAL|£426,642|(£95,045)|
Expenditure during the year was £102,624 (2023: £59,799) and comprised the following:
|•|Grants and donations|£43,400|(£8,500)|
|---|---|---|---|
|•|Fundraising costs|£3,435|-|
|•|Governance and administrative costs|£55,789|(£51,299)|
|•|TOTAL|£102,624|(£59,799)|
Net incoming resources, before other recognised gains and losses, were £324,018 (2023: £35,246).
Unrealised gains on fixed asset investments during the year were £158,301 (2023: £56,674) and the value of investments on 30 September 2024 was £2,494,187 (2023: £1,936,250).
## **Reserves Policy**
The Trustees regularly review the reserves of the Charity against the background of continuing support for beneficiaries in difficult circumstances, maximising charitable impact and striking a balance between building a long-term investment fund and meeting short-term charitable expenditure.
The reserves policy is to hold an:
- Unrestricted General (distributable) Fund equivalent to not less than three years’ charitable, governance and administrative costs of £300,000 to meet short-term expenditure and
- an Investment Fund of not less than £1,350,000 to generate income and help provide stability to the Charity’s future programme of grants and donations.
Unrestricted reserves held at the reporting date of 30 September 2024 were £2,381,063 (2023: £1,898,744), comprising the (designated) Investment Fund of £2,081,063 (2023: £1,598,744) and the General Fund of £300,000 (2023: £300,000).
## **Going Concern**
The Trustees have considered whether it is appropriate to prepare the Charity’s financial statements on a going concern basis. In doing so it has considered the following:
- the substantial assets of the Charity.
- the discretionary nature of the grants awarded, and the prudent nature of the commitments given by the Charity to its beneficiaries.
**3**
## **PAINTERS' COMPANY CHARITIES**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 30 September 2024**
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 2024 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume
- that the charity will continue in business.
The trustees are responsible for keeping 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 13 June 2025 and signed on behalf of the board of trustees by:
Mr B Pryor Trustee
Mr P J Huddleston Trustee
**4**
## **PAINTERS' COMPANY CHARITIES**
## **Independent Examiner's Report to the Trustees of PAINTERS' COMPANY CHARITIES**
## **Year ended 30 September 2024**
I report to the trustees on my examination of the financial statements of Painters' Company Charities ('the charity') for the year ended 30 September 2024.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr A Reid Independent Examiner
1 Forstal Road Aylesford Kent ME20 7AU
**5**
## **PAINTERS' COMPANY CHARITIES**
## **Statement of Financial Activities**
## **Year ended 30 September 2024**
||||**2024**|**2024**||2023|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|||
|||funds|funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|**£**|£|
|**Income and endowments**|||||||
|Donations and legacies|**4**|327,602|–|–|327,602|10,670|
|Charity Fundraising|||||||
|Event|**5**|2,980|–|–|2,980|–|
|Investment income|**6**|96,060|–|–|96,060|84,375|
|||--------------------------------|--------------|--------------|--------------------------------|---------------------------|
|**Total income**||426,642|–|–|426,642|95,045|
|||================================|==============|==============|================================|===========================|
|**Expenditure**|||||||
|Expenditure on|||||||
|charitable activities|**7,8**|102,624|–|–|102,624|59,799|
|||--------------------------------|--------------|--------------|--------------------------------|---------------------------|
|**Total expenditure**||102,624|–|–|102,624|59,799|
|||================================|==============|==============|================================|===========================|
|Gains/(losses) on impairment|||||||
|or disposal of operations|
|158,301|||158,301|(19,674)|
|||--------------------------------|--------------|--------------|--------------------------------|---------------------------|
|**Net income and net**|||||||
|**movement in funds**||482,319|–|–|482,319|15,572|
|||================================|==============|==============|================================|===========================|
|**Reconciliation of funds**|||||||
|Total funds brought forward||1,898,744|25,000|122,000|2,045,744|2,030,172|
|||-----------------------------------------|---------------------------|--------------------------------|-----------------------------------------|-----------------------------------------|
|**Total funds carried forward**||2,381,063|25,000|122,000|2,528,063|2,045,744|
|||=========================================|===========================|================================|=========================================|=========================================|
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 8 to 16 form part of these financial statements.**
**6**
## **PAINTERS' COMPANY CHARITIES**
## **Statement of Financial Position**
## **30 September 2024**
|||**2024**|2023|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Heritage assets|**13**|122,000|122,000|
|Investments|**14**|2,494,187|1,936,250|
|||-----------------------------------------|-----------------------------------------|
|||2,616,187|2,058,250|
|**Current assets**||||
|Debtors|**15**|–|459|
|Cash at bank and in hand||10,904|21,085|
|||---------------------------|---------------------------|
|||10,904|21,544|
|**Creditors: amounts falling due within one year**|**16**|99,028|34,050|
|||---------------------------|---------------------------|
|**Net current liabilities**||88,124|12,506|
|||-----------------------------------------|-----------------------------------------|
|**Total assets less current liabilities**||2,528,063|2,045,744|
|||-----------------------------------------|-----------------------------------------|
|**Net assets**||2,528,063|2,045,744|
|||=========================================|=========================================|
|**Funds of the charity**||||
|Endowment funds||122,000|122,000|
|Restricted funds||25,000|25,000|
|Unrestricted funds||2,381,063|1,898,744|
|||-----------------------------------------|-----------------------------------------|
|**Total charity funds**|**17**|2,528,063
=========================================|2,045,744
=========================================|
These financial statements were approved by the board of trustees and authorised for issue on 13 June 2025, and are signed on behalf of the board by:
Mr P J Huddleston Trustee
**The notes on pages 8 to 16 form part of these financial statements.**
**7**
## **PAINTERS' COMPANY CHARITIES**
## **Notes to the Financial Statements**
## **Year ended 30 September 2024**
## **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.
**8**
## **PAINTERS' COMPANY CHARITIES**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 30 September 2024**
**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:
- 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.
- legacy income is recognised when receipt is probable and entitlement is established.
- 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.
- 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.
**9**
## **PAINTERS' COMPANY CHARITIES**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 30 September 2024**
## **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:
- expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
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**
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
## **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.
**10**
## **PAINTERS' COMPANY CHARITIES**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 30 September 2024**
## **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.
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**
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|**Donations**|||||
|Donations|18,773|18,773|10,670|10,670|
|Donation Duncan Burton|308,829|308,829|–|–|
||--------------------------------|--------------------------------|---------------------------|---------------------------|
||327,602|327,602|10,670|10,670|
||================================|================================|===========================|===========================|
|**Charity fundraising event**|||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Sales of goods/services as part of|||||
|direct charitable activities|2,980|2,980|–|–|
||=======================|=======================|==============|==============|
|**Investment income**|||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Income from cash investments|89,717|89,717|81,315|81,315|
|Bank interest receivable|94|94|175|175|
|Bank interest receivable Cazenove|6,249|6,249|2,885|2,885|
||---------------------------|---------------------------|---------------------------|---------------------------|
||96,060|96,060|84,375|84,375|
||===========================|===========================|===========================|===========================|
|**Expenditure on charitable activities**|**by fund type**||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Charitable activities|46,989|46,989|8,651|8,651|
|Support costs|55,635|55,635|51,148|51,148|
||--------------------------------|--------------------------------|---------------------------|---------------------------|
||102,624|102,624|59,799|59,799|
||================================|================================|===========================|===========================|
## **5. Charity fundraising event**
## **6. Investment income**
## **7. Expenditure on charitable activities by fund type**
**11**
## **PAINTERS' COMPANY CHARITIES**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 30 September 2024**
## **8. Expenditure on charitable activities by activity type**
|||Activities||||
|---|---|---|---|---|---|
|||undertaken|Support|**Total funds**|Total fund|
|||directly|costs|**2024**|2023|
|||£|£|**£**|£|
||Charitable activities|3,589|–|3,589|151|
||Governance costs|–|55,635|55,635|51,148|
|||-----------------------|---------------------------|---------------------------|---------------------------|
|||3,589|55,635|59,224|51,299|
|||=======================|===========================|===========================|===========================|
|**9.**|**Analysis of grants**|||||
|||||**2024**|2023|
|||||**£**|£|
||**Grants to institutions**|||||
||Grants to institutions|||43,400|8,500|
|||||---------------------------|-----------------------|
||Total grants|||43,400|8,500|
|||||===========================|=======================|
|**10.**|**Auditors remuneration**|||||
|||||**2024**|2023|
|||||**£**|£|
||Fees payable for the audit of the financial statements|||–|1,680|
|||||==============|=======================|
|**11.**|**Independent examination fees**|||||
|||||**2024**|2023|
|||||**£**|£|
||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.
||**The Bennett**|
|---|---|
||**Bequest**|
||**£**|
|**Cost or valuation**||
|**At 1 October 2023 and 30 September 2024**|122,000|
||================================|
|**Accumulated depreciation**||
|**At 1 October 2023 and 30 September 2024**|–|
||================================|
|**Carrying amount**||
|**At 30 September 2024**|122,000|
||================================|
|At 30 September 2023|122,000|
||================================|
**12**
## **PAINTERS' COMPANY CHARITIES**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 30 September 2024**
## **14. Investments**
||||**Cash or**|
|---|---|---|---|
||||**cash**|
||||**equivalents**|
||||**£**|
||**Cost or valuation**|||
||At 1 October 2023||1,936,250|
||Additions||90,807|
||Fair value movements||158,301|
||Transfers||308,829|
||||-----------------------------------------|
||**At 30 September 2024**||2,494,187|
||||=========================================|
||**Impairment**|||
||**At 1 October 2023 and 30 September 2024**|||
||**Carrying amount**|||
||**At 30 September 2024**||2,494,187|
||||=========================================|
||At 30 September 2023||1,936,250|
||||=========================================|
||All investments shown above are held at valuation.|||
|**15.**|**Debtors**|||
|||**2024**|2023|
|||**£**|£|
||Other debtors|–|459|
|||==============|==============|
|**16.**|**Creditors:** **amounts falling due within one year**|||
|||**2024**|2023|
|||**£**|£|
||Trade creditors|1,259|667|
||Accruals and deferred income|57,840|30,120|
||Other creditors|39,929|3,263|
|||---------------------------|---------------------------|
|||99,028|34,050|
|||===========================|===========================|
**13**
## **PAINTERS' COMPANY CHARITIES**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 30 September 2024**
## **17. Analysis of charitable funds**
## **Unrestricted funds**
|||||||At 30|
|---|---|---|---|---|---|---|
|||At 1|||Gains and|September|
|||October 2023|Income|Expenditure|losses|2024|
|||£|£|£|£|£|
|General funds||1,354,813|117,813|(102,624)|158,301|1,528,303|
|Designated Fund|||||||
|-|Arnold Stevenson|393,931|–|–|–|393,931|
|Designated Fund|||||||
|-|Duncan Burton|150,000|308,829|–|–|458,829|
|||-----------------------------------------|--------------------------------|--------------------------------|--------------------------------|-----------------------------------------|
|||1,898,744|426,642|(102,624)|158,301|2,381,063|
|||=========================================|================================|================================|================================|=========================================|
|||||||At 30|
|||At 1|||Gains and|September|
|||October 2022|Income|Expenditure|losses|2023|
|||£|£|£|£|£|
|General funds||1,339,241|95,045|(59,799)|(19,674)|1,354,813|
|Designated Fund|||||||
|-|Arnold Stevenson|393,931|–|–|–|393,931|
|Designated Fund|||||||
|-|Duncan Burton|150,000|–|–|–|150,000|
|||-----------------------------------------|---------------------------|---------------------------|---------------------------|-----------------------------------------|
|||1,883,172|95,045|(59,799)|(19,674)|1,898,744|
|||=========================================|===========================|===========================|===========================|=========================================|
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.
Duncan Burton has donated £458,829 to the Painters’ Company Charities. This is to be used directly or indirectly at the trustee’s discretion, to support the maintenance, preservation and ambience of our buildings which are designated Scheduled Ancient Monument.
**14**
## **PAINTERS' COMPANY CHARITIES**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 30 September 2024**
## **17. Analysis of charitable funds** _**(continued)**_
## **Restricted funds**
|**Restricted funds**||||||
|---|---|---|---|---|---|
||||||At 30|
||At 1|||Gains and|September|
||October 2023|Income|Expenditure|losses|2024|
||£|£|£|£|£|
|Brian Botting Prize|25,000|–|–|–|25,000|
||===========================|==============|==============|==============|===========================|
||||||At 30|
||At 1|||Gains and|September|
||October 2022|Income|Expenditure|losses|2023|
||£|£|£|£|£|
|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.
The Charity has allocated the remaining £25,000 of the Brian Botting Bequest for distribution over five years to support art in local schools.
## **Endowment funds**
|**Endowment funds**||||||
|---|---|---|---|---|---|
||||||At 30|
||At 1|||Gains and|September|
||October 2023|Income|Expenditure|losses|2024|
||£|£|£|£|£|
|Permanent Endowment||||||
|Fund|122,000|–|–|–|122,000|
||================================|==============|==============|==============|================================|
||||||At 30|
||At 1|||Gains and|September|
||October 2022|Income|Expenditure|losses|2023|
||£|£|£|£|£|
|Permanent Endowment||||||
|Fund|122,000|–|–|–|122,000|
||================================|==============|==============|==============|================================|
**15**
## **PAINTERS' COMPANY CHARITIES**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 30 September 2024**
## **18. Analysis of net assets between funds**
||Unrestricted|Restricted|Endowment|**Total Funds**|
|---|---|---|---|---|
||Funds|Funds|Funds|**2024**|
||£|£|£|**£**|
|Heritage assets|-|–|122,000|122,000|
|Investments|2,469,187|25,000|–|2,494,187|
|Current assets|10,904|–|–|10,904|
|Creditors less than 1 year|(99,028)|–|–|(99,028)|
||-----------------------------------------|---------------------------|--------------|-----------------------------------------|
|**Net assets**|2,381,063|25,000|122,000|2,528,063|
||=========================================|===========================|==============|=========================================|
||Unrestricted|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|
||=========================================|===========================|================================|=========================================|
## **19. Related parties**
The charity owes £36,666 to The Worshipful Company of Painter-Stainers at 30 September 2024 (2023 - £459 Dr), an entity under the same control as the Painters' Company Charities.
**16**