ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2024 COMPANY LIMITED BY GUARANTEE REGISTRATION NUMBER 07817519 (ENGLAND AND WALES) CHARITY REGISTRATION NUMBER 1144708 ## |Reports
Reference and administrative information
Trustees’ report
Statement of corporate governance and internal control
Independent auditor’s report
Financial statements
Statement of financial activities
Balance sheet
Statement of cash flows
Principal accounting policies
Notes to the financial statements|
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42| |---|---| ## Reference and administrative information ## Trustees Jamie Bill (Chair) Andrew Allen KC Laurence Benson (Vice-Chair) Dr Virginia Brooke Dr Caroline Campbell Edward Campbell-Johnston Laura Carey (Staff Trustee) Sokari Douglas Camp CBE Paul Farmiloe (Student Trustee) Martin Hatfull James Kelly Tabish Khan Michael Osbaldeston Prof Jane Rapley OBE Prof Elizabeth Rouse OBE Trustees in post as at January 2025; see Statement of Corporate Governance for details of Trustees serving during the course of 2023-24 Dr Lois Rowe Alexander Stitt Helen Sunderland-Cohen Carol Taylor Company Secr etary Harriet Lam Senior Management Team Principal Director of Resources & Operations Head of Finance Head of Historic Carving Head of Art Histories Head of Fine Art Head of Foundation Head of Conservation Head of Access to Learning Head of Development and External Relations Dr Lois Rowe Nick Rampley Deepa Craig (from April 2024) Tom Young Tom Groves Robin Mason (until March 2024) Keith Price Dr Marina Sokhan Dr Matthew Rowe Hannah Travers (until June 2024) City and Guilds of London Art School Limited 1 ## Reference and administrative information Registered and principal office 124 Kennington Park Road London SE11 4DJ Telephone 020 7735 2306 Website www.cityandguildsartschool.ac.uk Email office@cityandguildsartschool.ac.uk Company registration number 07817519 (England and Wales) Charity registration number 1144708 UKPRN 10039082 Bankers Barclays Bank plc Southwark Branch 29 Borough High Street London SE1 1LY Investment Managers Cazenove Capital Management Limited 1 London Wall Place London EC2Y 5AU Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL City and Guilds of London Art School Limited 2 ## Trustees' Report | Year to 31 August 2024 ## Introduction The Board of Trustees (“the Board”) of City and Guilds of London Art School Limited (“the Art School” or “the Charity” or “the charitable company”) presents its annual report and the audited financial statements for the year ended 31 August 2024. The report has been prepared in accordance with Part 8 of the Charities Act 2011 and is also the report of the directors for the purposes of the Companies Act 2006. The financial statements have been prepared under the accounting policies set out therein and comply with applicable law and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and comply with the Office for Students’ Accounts Direction. ## Constitution The Art School is a charitable company, limited by guarantee, not having a share capital. The Art School’s governance is determined by its Articles of Association, dated 22 May 2019. As set out in the Articles the Directors of the Art School form the Art School Board of Trustees. To assist in exercising their duties, the Board has a number of Committees, which are detailed and governed by the Art School’s “How We Work: Governance and Management” Handbook. The Charity was incorporated on 20 October 2011 to continue the educational activities that were transferred from City and Guilds Art School Property Trust (“the Property Trust”) on 31 March 2012 as part of a business transfer agreement. The Art School is a Higher Education Provider registered with the Office for Students in its Approved Category. ## Principal aims and activities Founded in 1879, and with a history dating back to 1854, the Art School is one of the UK’s oldest art educational institutions specialising in art, craft and conservation. Its original mission was to provide quality instruction in applied art and design for local people. This broadened over time and since World War II has encompassed restoration and conservation to assist, initially, with the effort to repair London’s monuments and heritage. Through this, it developed a strong reputation for excellence in both art and craft. City and Guilds of London Art School Limited 3 ## Trustees' Report | Year to 31 August 2024 The Art School’s mission today is to nurture individual talent by providing an immersive learning environment with an emphasis on the dialogue between the eye, the hand and the material, informed by the study and analysis of historical and contemporary art and craft. This is delivered through a number of specialist courses including undergraduate and postgraduate courses in Fine Art, Carving (architectural stone and ornamental wood carving and gilding), Conservation of cultural artefacts (with a focus on three-dimensional objects, gilded and other decorative surfaces, and on books and paper), as well as a Foundation Diploma in Art & Design. This activity is consistent with the objects contained within the Art School’s Articles of Association. The Art School sets out to educate artists, craftspeople and conservators who will go on to make a significant contribution in their fields, through the pursuit of excellence in traditional skills as well as through creative innovation and enterprise and a commitment to offering students a high level of contact time working with some of the country’s leading specialist practitioners. Convinced of the social value and necessity of its subjects, not only for the creative and heritage sectors, but for society at large, the Art School champions the roles that art and craft play by engaging in national and international collaborations and through public facing events. The Art School is committed to supporting the development of individuals from all backgrounds who have the potential to succeed in its subjects and motivating students to be inquisitive and resourceful, equipping them to go on learning through practice for the rest of their lives. ## Activities and achievements ## STUDENT NUMBERS AND ACADEMIC ACHIEVEMENTS The number of students enrolled at the beginning of the 2023/24 academic year totalled 270 (293 in 2022/23). ## Foundation Studies 70 students (95 in 2022/23) successfully completed their year of study and were awarded a Foundation Diploma in Art & Design from UAL Awarding Body (19 with Distinction), with many able to secure a place on the university course of their choice. ## Fine Art 23 students (22 in 2022/23) were awarded BA (Hons) degrees in Fine Art; 21 Firsts and 2 Upper Seconds. 1 Student was awarded a Graduate Diploma (with Distinction). 29 students (23 in 2022/23) were awarded MA Fine Art degrees; 20 with Distinction; 7 with Merit and 2 Passes. City and Guilds of London Art School Limited 4 ## Trustees' Report | Year to 31 August 2024 ## Conservation 12 students (11 in 2022/23) were awarded BA (Hons) Conservation Studies; 6 Firsts, 4 Upper Seconds, 1 Lower Second and 1 Third. 1 student was awarded an Ordinary Degree. 2 students (3 in 2022/23) were awarded a Graduate Diploma (both with Distinction). 2 students (1 in 2022/23) were awarded a Certificate of Higher Education. 1 student (1 in 2022/23) was awarded MA Conservation Studies (with Distinction). ## Carving 5 students (12 in 2022/23) were awarded BA (Hons) Carving; 3 Firsts, 1 Lower second and 1 Third. 3 students were awarded a Graduate Diploma (all with Merit). 1 student was awarded a Certificate of Higher Education. ## SCHOOLWIDE ACTIVITIES Following a thorough and robust process, the Art School was able to confirm a new validation partner and looks forward to working with Art University Bournemouth from the 2024/25 academic year. We will continue to work with Ravensbourne University London as the ‘teach out’ arrangements for currently registered students are completed, to whom our thanks are extended for their support over the past five years. Extending our outreach activities and increasing engagement in the local community is a key component of our 2022-27 Strategic Plan. The Art School’s ‘Tutors into Schools’ programme which had been planned for in the previous year was launched with great success. Art School tutors, alumni and students were able to go into the classrooms of local secondary schools to support art, design & craft teachers by providing bespoke workshops in our specialisms. 9 local schools together with the Baytree Centre for women and girls in Brixton benefitted from the programme which introduced over 1,000 young people to the possible creative pathways for their next educational and career steps. Funding has been secured to continue the programme in 2024/25. Following successful fundraising, the Art School was also able to repeat and extend its Saturday Club for local 13-16 year-olds, in conjunction with the National Saturday Club under its Craft&Making programme. Two cohorts of participants were given the opportunity to learn and use traditional skills to make a series of hand-crafted artworks with a contemporary twist. The programme culminated again in the National Saturday Club Summer Show, which took place at Somerset House where participants exhibited their project outcomes. A third year has also been secured for 2024/25. A further new initiative was the introduction of an evening class programme. Over both the autumn and spring terms classes in a range of subjects were held on Wednesday evenings and proved to be extremely popular. An enlarged programme is consequently being run in 2024/25. City and Guilds of London Art School Limited 4 ## Trustees' Report | Year to 31 August 2024 The success of our Summer School programme of week-long short courses in our specialisms was built on and a further expanded programme held in July 2024. This was supplemented by a bespoke programme for conservators from across the Commonwealth funded by and run in partnership with the Commonwealth Heritage Forum. As a result mainly of this outreach activity, the Art School was awarded Educational Institution of the Year in the inaugural BeLambeth Awards celebrating outstanding achievements in skills and employment in the Borough. The Art School was delighted to take part once again in London Craft Week, hosting a two-day event that presented specialist craft and hand skills to local school groups and the general public, and celebrating craftsmanship and creativity. The activities included exhibitions, conservation demonstrations from students and tutors, and print-making workshops in our historic etching room. We were grateful to distinguished stone carver Anna Rubincam and Miranda Lowe CBE, Principal Curator of Crustacea at the Natural History Museum and Chair of Culture, as our judges for this year’s carving competition (on the theme of ‘under the sea’), and to the Masons’ Company Craft Fund, the Carpenters’ Company, Dick Onians and Fabal Lager for their support. A programme of extra curricula talks for students got underway. In February we were visited by Kelvin Okafor, 2005 alumnus of our Foundation Diploma in Art & Design and an internationally renowned and award-winning drawing practitioner and pencil artist. In his talk, Kelvin shared his career journey, in which he reflected on his year at CGLAS and how important it had been to him. He discussed his drawing process and his current body of work, ‘Drawing Awareness’. In April 2024, we welcomed Fine Art Alumnus Jack Bullen, Director of Woolwich Contemporary Print Fair, to share his journey setting up the Fair as well as to encourage students to submit their work in print for exhibition. As part of the Royal Literary Fund Fellowship Scheme, the Art School continued to host two professional writers during term time. The Writing Fellows offered individual appointments where students could discuss all aspects of their writing, such as structuring an argument, making essays clearer and improving style. Nick Rampley (right), Director of Resources & Operations, receiving the Educational Institution of the Year Award on behalf of the Art School at the BeLambeth Awards 2024 An Introduction to Global Conservation: Commonwealth Summer School 2024 First Year Carving students taking part in the Annual Carving Competition, part of our London Craft Week 2024 event City and Guilds of London Art School Limited 5 ## Trustees' Report | Year to 31 August 2024 ## STUDENT SUCCESSES, COLLABORATIONS AND OTHER ACTIVITIES The 2023 MA Show in September featured artworks from over 30 exhibitors in a celebration of the outstanding work of our postgraduate Fine Art, Conservation and Carving students who had completed their courses at the end of the 2022-23 academic session, as well as current work from our Fellows. At the end of June 2024, our final year undergraduate and Graduate Diploma students celebrated their graduation from the Art School at our annual Degree Show Ceremony and Prize Giving. The show exhibited the work of our graduands from the undergraduate Fine Art, Conservation and Carving courses. 20 prizes were awarded to those graduating including prizes for international study and research trips, others included recognition of drawing and printmaking skills. A trip in the autumn to Venice for second year Carving and Conservation students provided over twenty students with the opportunity to engage directly with Venice’s art and architecture under the guidance and expertise of their tutors over five days. In February 36 first year Carving and Conservation students enjoyed a trip to Paris, generously subsidised by the Stuart Heath Charitable Settlement, to enrich their learning experience with visits to several significant architectural sites and museums. In October 2023, in partnership with University of the Arts London and OCAD University in Toronto, we were delighted to see the culmination of a two-part international online research practice event, ‘Come Together, Right Now’, that aimed to form a new online community of artists. ## Foundation - The Art School was hugely grateful to have received a new grant from the Freelands Foundation which will provide five new bursaries for those wishing to study with us on our Foundation Diploma: Art & Design in 2024/25. Each of the new Freelands Foundation Bursaries will cover full tuition fees as well as a stipend towards materials. - The Foundation Show 2024, which took place in May, was a celebration of the outstanding work of our 2024 graduates studying on the Foundation Diploma in Art & Design course. During this year of exploration, students interrogate and extend their art practice and create an impressive body of work, displayed in this end of year show. - A collaboration with the Carving department allowed those Foundation students interested in doing so to engage in a week’s taster course in stone carving while the carving students were off-site. Foundation Diploma in Art & Design 2024 alumni Liz McLaren and Katarina Jimack had their work selected for UAL Awarding Body Origins Creatives 2024, a celebration of student achievement and creativity bringing together student work from across UAL Awarding Body subject areas. ## Conservation - The Conservation department’s longstanding partnership with Rochester Cathedral continued in 2023/24 with BA (Hons) Conservation: Stone, Wood & Decorative Surfaces students involved in the cleaning of the Lapidarium’s collection as well as stone and pigment projects in the care of final year students. City and Guilds of London Art School Limited 6 Trustees' Report | Year to 31 August 2024 MA Conservation Graduate Jonathan Wright appointed as QEST Trustee (image from London Craft Week event at the Art School) Work by Foundation student Katarina Jimack, one of our students selected for UAL Awarding Body Origins Creatives 2024, in the Foundation Show 2024 Graduating students celebrating at the Degree Show 2024 End of Year Ceremony - In November 2023 recent MA Conservation Graduate Jonathan Wright was appointed as newest QEST Trustee. Jonathan is a master globemaker, with over ten years of experience working in globe production since starting an apprenticeship in 2012. He graduated from the MA in Conservation in September 2023, and has opened his own studio, J. Wright Globemaker, offering specialist conservation and restoration services alongside creating bespoke globes. - MA Conservation student Charlotte Jones continued work on an English carved ‘mecca’ silver gilded picture frame, from c.1660, loaned by the Thomas Plume Library, and worked on the cleaning and restoration of the 19th century reredos at St. Pancras Old Church by the esteemed decorative artist Charles Edgar Buckeridge. The reredos is a triptych made from carved oak, with gilded and painted panels in a stylistic homage to 15th century religious art. - For the stone module of the second year of BA Conservation: Stone, Wood and Decorative Surfaces, students were assigned a commemorative marble tablet that had been stored in the crypt at Kensal Green Cemetery, one of the “Magnificent Seven” cemeteries that opened within London in the 1830s and 1840s. Students assessed, proposed a treatment and carried out conservation work. - In February, second year BA (Hons) Conservation: Books & Paper students went on study trips to visit three sites to learn about leather conservation: Harmatan Leather, a specialised tannery, the Leather Conservation Centre, and the Museum of Leathercraft, where they were privileged to be given a private tour of the premises, and looked at rare collectibles. - The Britain-Australia Society Education Trust (BASET) and the Art School came together again to offer financial support to a talented and deserving person with a passion for conservation. The Endeavour Award was made to Rick De La Espriella, an Australian national, to study on the Art School’s three-year BA Conservation: Stone, Wood & Decorative Surfaces course. - We were delighted to be joined by Artist Julie Hayashi, who ran a demonstration on Nihonga (traditional Japanese Painting) at one of our student Skill Share events. With a PhD in Japanese Painting (Conservation) from Tokyo University of the Arts, Julie gave a generous presentation on her work in the conservation and the mounting of paintings, the research of painting techniques, the reproduction of cultural property and Nihonga painting. City and Guilds of London Art School Limited 7 ## Trustees' Report | Year to 31 August 2024 - A mobile X-Ray service came to the Art School to support our Third Year BA (Hons) Conservation: Stone, Wood & Decorative Surfaces students in the analysis of their objects as part of their final year projects. - Alongside specialist conservation practice, students in the final year of BA (Hons) Conservation and students studying MA Conservation undertake a conservation research project based on an area of conservation practice they have identified during their practical work. Students prepare a thesis illustrating their research methodology, experimental data and conclusions. Their research findings were presented at the Conservation Symposium in April 2024, a public-facing annual event held at Imperial College London to which professionals and interested parties from the world of Conservation are invited. - Second Year BA (Hons) Conservation: Stone, Wood and Decorative Surfaces students carried out investigations of three areas of Southwark Cathedral, looking at the history, the use of replacement stone, condition and environment of each area. In a seminar at the Cathedral, they presented their findings plus recommendations for the care, conservation, and presentation of these monuments. One of our Third Year students also presented an update on her work on four of the roof bosses. Over the Summer of 2024, students went on a variety of work placements including to Lambeth Palace Library, the Wellcome Collection, The Museum of English Rural Life, Greens Books and the British Museum. - Congratulations to BA (Hons) Conservation: Stone, Wood and Decorative Surfaces alumna Alannah Hay, who won the ‘Early Career Conservator’ Award at the Marsh Conservation Awards 2024. The awards promote the wider recognition of conservation and the value it brings to society, and showcase highly skilled practitioners who are championing advances in best practice, research and training. Third Year BA (Hons) Conservation: Stone, Wood and Decorative Surfaces students using X-Ray analysis in their final year projects A Young Initiate, Kofi Perry, BA Fine Art alumnus and winner of the Ingram Prize 2023 BA Carving: Woodcarving and Gilding alumna Jo Grogan winning the Student Design Category at the Wood Awards 2023 City and Guilds of London Art School Limited 8 Trustees' Report | Year to 31 August 2024 Tom Ball, de Laszlo Lead Woodcarving Tutor, wins the Heritage Crafts Woodworker of the Year Award 2023 Image credit: Stefan Jakubowski, Heritage Crafts BA Fine Art student Bunny Hennessey, one of the winners of the 2024 Freelands Painting Prize, at the exhibition opening with her painting ‘Laundry Day’ BA Carving: Woodcarving and Gilding student Joss Trevena wins the Michael Robert Memorial Prize at the British Art Medal Society Student Medal Project ## Carving - In September 2023 Tom Young was appointed as the new Head of Carving. Tom has over 20 years extensive experience as a lettering designer and carver, and has run his own business alongside developing his teaching practice. Having taught Lettering at the Art School since 2006, Tom has held the position of Senior Lettering tutor since 2014. Professionally, he has worked with organisations such as the Fishmongers Company, the Olympic Park, Old Royal Navy College Greenwich, Eton College and many others. - Tom Ball, de Laszlo Lead Woodcarving Tutor, won the Heritage Crafts Woodworker of the Year Award 2023, following his nomination by the Art School. The prize was awarded at a presentation at St George’s College, Windsor Castle in November 2023. The award, now in its second year, “celebrates a heritage craftsperson who has made an outstanding contribution to the field of woodworking over the past year. It recognizes a contribution that is far beyond the ordinary, based on a proven dedication to a particular woodworking skill” (Heritage Crafts) - Tom was also featured in the 200th edition of Woodcarving Magazine. Interviewed by Guest Editor Steve Bisco, Tom discussed how he began his career, his training at the Art School and his work in carving, conservation and restoration, including restoration work on Grinling Gibbons carvings. The 2023/24 Sir Denis Mahon Sculptural Project Grant was awarded to BA Carving student Alex Wheeldon. - The Department’s partnership with workwear brand Carhartt Europe continued in 2023/24, with Woodcarving student Alec Stevens and Stone Carving student Kate Holmes as CGLAS X Carhartt Ambassadors. - In November 2023, the department hosted four 2023 Society for the Protection of Ancient Buildings Fellows for a week-long placement in the Carving Department. Their time at the Art School was spent learning Stone Carving alongside our BA (Hons) Carving: Architectural Stone students. “I had such a great time, we learnt invaluable skills and knowledge through the kindness of the tutors. We were welcomed as normal students and given the time we needed. It was lovely to see how passionate everybody was about their craft and how everybody was willing to share their skills so freely.” (James Osbourne, SPAB Fellow 2023) City and Guilds of London Art School Limited 9 ## Trustees' Report | Year to 31 August 2024 - 2023 BA (Hons) Carving: Woodcarving and Gilding alumna Jo Grogan won the Student Design Category at the Wood Awards 2023 with her work and final year project ‘Rocaille Morphosis’. In January 2024 the department worked with St Marylebone Parish Church on an Architecture and Visual Impairment Project as part of the Church’s National Lottery Heritage funded Changing Lives Project, aimed at fostering community inclusion; the Church invited our Second Year BA (Hons) Carving: Architectural Stone students to create small tactile models of architectural elements of the Regency-era Church. Once cast in jesmonite, the models will be used in visual impairment group workshops to enable new multi-sensory engagement. - Woodcarving students Henry Brown and Alice Ridgeway won prizes at the Worshipful Company of Joiners & Ceilers’ annual national woodcarving competition in April 2024. - Four of our students had their work accepted for this year’s British Art Medal Society Student Medal Project, with first year BA (Hons) Carving: Woodcarving and Gilding student Jocelyn Trevena winning the Michael Robert Memorial Prize for her medal ‘Agatha’. - Two members of the Art School community received Master Crafts certificates from the Livery Company Skills Council with the City and Guilds of London Institute in early 2024. The Skills Council prizes recognize outstanding learners and tutors. Congratulations go to Nina Bilbey, Tutor and current MA student, and Woodcarving alumna Jo Grogan on the award of their Master Certificates. ## Fine Art - The Art School bade farewell to Robin Mason who retired as Head of Fine Art in March; we extend our deep gratitude to Robin for his excellent leadership of the Fine Art department over many years. Four of our Fine Art alumni were selected as Finalists for the Ingram Prize 2023. The yearly prize is open to artists who graduated in the last five years. Now in its 8th year, the Prize was established to celebrate and support artists at the beginning of their careers. Huge congratulations to BA Fine Art 2022 alumnus Kofi Perry who won for his work ‘A Young Initiate’ at the exhibition at Cromwell Place in December 2023. **----- Start of picture text -----**
‘Mannequin’ and ‘I love apple and apple loves me’
Sophie Lloyd (BA Fine Art, 2023), selected for
New Contemporaries 2024
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‘ANON - DTF’, Valentino Vannini (MA Fine Art, 2023),
selected for New Contemporaries 2024
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City and Guilds of London Art School Limited 10 Trustees' Report | Year to 31 August 2024 Laura Carey, MA Fine Art 2023, at the opening of the Nina Bilbey awarded her Master Certificate, acknowledging Rick De La Espriella, First Year BA Conservation: Stone, Herbert Smith Freehills Portrait Award with her work a career spanning over thirty years including her work as Wood & Decorative Surfaces, newest recipient of the BASET ‘I’ll Never Not Miss You’ Senior Stone Carving Tutor at the Art School and City & Guilds of London Art School Endeavour Award - We were delighted that 6 recent graduates had been selected for New Contemporaries 2023. The exhibition launched at Grundy Art Gallery, Blackpool in September before travelling to the Camden Art Centre, London in January and ran to 31 March 2024. New Contemporaries has held a vital role in the UK’s contemporary art scene, showcasing emerging artists some of whom have become internationally renowned. - Valentino Vannini (MA Fine Art 2023), and Sophie Lloyd (BA Fine Art 2023) have been selected for the prestigious New Contemporaries touring show 2024. - In November, alumni, students, tutors and fellows exhibited work at the 2023 Woolwich Contemporary Print Fair. The Art School’s annual prize awarded to an external printmaker exhibiting at the Fair was given to Laetitia Hallen, providing 3 days in the Art School Print Room working alongside tutors, fellows and students. - At the mid-point of the course, MA Fine Art and Carving students produced an interim show at the Art School for the community of students and staff to present their work in an exhibition format. - Final year BA Fine Art student Bunny Hennessey was nominated for the Freelands Painting Prize 2024 and selected as one of the winners. The Prize “celebrates outstanding painting practice taking place at undergraduate level in art schools and universities across the UK” with submissions reviewed anonymously by a jury of artists, curators, gallerists & writers. The Art School is the only art school to have had a winner every year since the Prize was founded in 2017. - BA Fine Art Year 1 and 2 students self-organised an offsite interim show of their work at the Stokey Popup in Stoke Newington as part of their professional practice training. - Third year BA (Hons) Fine Art student Eleanor Cunningham featured in this year’s a-n Degree Shows Guide. Students are selected for the guide by open call, and Eleanor was amongst 31 artists from 28 UK art schools featured this year. - BA Fine Art student Liberty Sinclair won the Art School-wide annual Fishmongers’ Company Menu Design Prize. Her design will be used by the Company throughout the rest of the year at its events. The 2023/24 Sir Denis Mahon Sculptural Project Grant was awarded to BA Fine Art student Leigh-ann Cousins. City and Guilds of London Art School Limited 10 ## Trustees' Report | Year to 31 August 2024 - As part of the London Craft Week 2024 programme, the Worshipful Company of Painter-Stainers hosted an exhibition ‘The Gilded City’ in May, bringing together the work of eleven artists working with gilding, including 4 Fine Art alumni and former CGLAS Decorative Surfaces Fellows. - 2023 MA Fine Art alumna Laura Carey was selected for the 2024 Herbert Smith Freehills Portrait Award at the National Portrait Gallery. - Artist Woodwork Fellows for 2023/24 were selected and we welcomed Camilla Dilshat (2023 MA Fine Art Alumna) and Emma Sheehy to the workshops. - Eloise Dethier-Eaton (2023 MA Fine Art Alumna) was awarded the 2023/24 Painter Stainers’ Decorative Surfaces Fellowship at CGLAS. The Fellowship focuses on historic techniques such as gilding, fresco painting, trompe l’oeil and scagliola and provides specialist training in traditional processes with professional mentoring from the Painter-Stainers Company. - Holly Hooper, Valentino Vannini and Mils Bridgewater were welcomed as Artist Glass Fellows for 2023/24. ## Bursaries and scholarships The continued generosity of the Art School’s many benefactors enabled fee bursary awards of £400,593 (£258,486 for the previous 12 months). Contributions made by way of direct applications for support by students amounted to an additional £13,900 for the academic year (£23,684 in the previous year). In the course of the 12 months to 31 August 2024, fee bursaries were given to a total of 77 students (67 in the previous year), representing more than one in three students on the Art School’s undergraduate and postgraduate courses towards which bursary and scholarship support is primarily directed. New pledges for coming years have also been secured. Trustees continue to regard increasing the amount of bursary and scholarship funding available for students as a priority. £400,593 in fee bursary awards New pledges secured for the coming years more than 1 in 3 students with bursary and scholarship support ## +14.9% increase in number of students receiving fee bursaries City and Guilds of London Art School Limited 11 ## Trustees' Report | Year to 31 August 2024 The Art School would like to thank the following whose support during the year has ensured the continuation and development of its educational activities: Anna Plowden Trust Anthony Caro Centre Artists’ Collecting Society Arts Society (National) Barbara Whatmore Charitable Trust Baton Fine Art Prize Behrens Foundation Brinsley Ford Charitable Trust CGLAS Board of Trustees Charlotte Bonham-Carter Charitable Trust City & Guilds Foundation City and Guilds of London Institute Colart De Laszlo Foundation Dick Onians D'Oyly Carte Charitable Trust Drake Trust Harriet Anstruther Headley Trust Historic Houses Foundation Hiver Beer (in kind) Honourable Society of Knights of the Round Table Idun Ravndal Memorial Legacy Fund Jack Lander Foundation Joseph Holzer Leche Trust Leverhulme Trust Master Carvers Association Nina Lobanov-Rostovsky Norman Ackroyd CBE RA Prue McLeod Queen Elizabeth Scholarship Trust Radcliffe Trust Roger de Grey Memorial Fund Royal Female School of Art Foundation Royal Literary Fund (in kind) Sandy & Zorica Glen Charitable Settlement Sir Denis Mahon Collection South Square Trust Stanley Picker Trust Stuart Heath Charitable Settlement Swire Charitable Trust Taylor Pearce Ltd University of the Arts London Vandervell Foundation Venice in Peril Worshipful Company of Builders Merchants Worshipful Company of Carpenters / Norton Folgate Charitable Trust Worshipful Company of Drapers Worshipful Company of Dyers Worshipful Company of Fishmongers Worshipful Company of Grocers Worshipful Company of Joiners and Ceilers Worshipful Company of Masons - Craft Fund Worshipful Company of Painter Stainers Worshipful Company of Skinners ## Governance, structure and management ## REVIEW Following the Governance Review undertaken in the previous year to inform its proceedings and meet the recommendations of the Office for Students, the Board implemented the Review’s recommendations, chief amongst which was the establishment of a Finance & General Purposes Committee to which the Investment and Remuneration Committees should become Sub-Committees. City and Guilds of London Art School Limited 12 ## Trustees' Report | Year to 31 August 2024 The current year saw further consolidation of the membership of the Board of Trustees: following an analysis of skills needs two new Trustees were appointed during the year together with the appointment of the new staff trustee from the beginning of the 2024/25 session and the appointment of the student representative, whose appointment as Chair of Students expires on an annual basis. ## ORGANISATION The Trustees are Directors of the Company for the purposes of the Companies Act 2006 and are Trustees of the Charity for the purposes of Charity legislation. The Board is the policy-making body of the Art School. It is assisted by the Secretary, who is appointed by the Board. The Board also operates through a number of committees, including: Audit & Risk Committee; Finance & General Purposes Committee (together with its Investment and Remuneration Sub-Committees) and Nominations Committee. Though the Board retains responsibility for the assurance of institutional quality and standards, the control of academic matters, including the structures, processes and regulatory frameworks through which academic matters are decided and overseen, resides with academic staff. Academic authority is exercised through the Academic Board, advised and supported by professional /administrative colleagues and with the involvement of students. The Academic Board is chaired by the Principal and operates under delegated authority from the Board. It is supported by the various Boards of Studies for each of the Academic Departments. The Site and Environment Sub-Committee, established in October 2019 also reports to the Trustees through the Audit & Risk Committee. ## KEY MANAGEMENT PERSONNEL The Principal of the Art School, who is an Ex Officio Trustee, is charged with carrying out the policies agreed with the Trustees and with managing the Art School’s academic activities and directing and running the organisation on a day-to-day basis. She is assisted in this by the Director of Resources & Operations and by the Heads of Department for each of: Access to Learning; Art Histories; Conservation; Fine Art; Foundation; and Carving; who, along with the Head of Finance and Head of Development & External Relations, form the Senior Management Team. In addition, there are functional heads responsible for supervising certain key shared facilities such as the Site Manager, Librarian, Drawing Studio Manager and Print Room Manager. The remuneration of key management personnel as well as the overall scheme for all staff is set and approved by the Trustees through the Remuneration Committee. Remuneration is reviewed annually, paying due regard to market rates and sector benchmarks. City and Guilds of London Art School Limited 13 ## Trustees' Report | Year to 31 August 2024 ## PERSONNEL In line with the Art School’s policy whereby students are largely taught by practising professionals, specialist tutors are engaged on an annual or term-by-term basis for a specified number of days. In this way, students are exposed to a wide variety of specialist skills, creative models and critical opinions, whilst continuity of academic progress is ensured by the Heads of Department. The Art School’s nonacademic activities (including administration, finance and development), are run by a small administrative team reporting to the Head of Resources & Operations. ## RISK MANAGEMENT The Trustees have assessed the major risks to which the Art School is exposed. In particular, these relate to: academic standards and reputation; student recruitment and financial sustainability; and compliance with statutory and regulatory requirements, in particular those relating to: Office for Students Registration; Course validation and designation; Home Office Student Visa Sponsorship Duties; General Data Protection Regulations; and Health & Safety. All areas of risk are monitored through the Art School’s governance structure which identifies the lines of responsibility and decision making for each aspect of the Art School’s operation, with the Audit and Risk Committee responsible for reviewing Risk Registers and reporting to the Board. The Trustees and Senior Management Team ensure that the Art School’s operations are protected against significant risk through annual monitoring, action planning and risk assessment procedures. The Art School has comprehensive insurance cover against key areas of risk; in addition to Public Liability Insurance cover of up to £10m and Directors’ Liability cover of up to £2m, the Art School also has a business interruption insurance covering up to 24 months of fee income. The Art School’s accommodation is insured by the Property Trust, at its full re-instatement value. In addition, in accordance with Office for Students requirements, the Art School has put in place a Student Protection Plan, which details how the Art School will support students to complete their studies, should the Art School face an extreme challenge leading to total or practical closure. The Board is satisfied that systems are in place to mitigate, or control where possible, the Art School’s exposure to the risks mentioned above. ## FUNDRAISING STATEMENT The Art School adheres to good standards of ethical fundraising. Its Gift Acceptance Policy was reviewed and revised during 2021-22 and formalises the Art School’s practices and ethical fundraising position. The Art School greatly values the support it receives from donors. The majority of its donations are received from institutions, which the Art School approaches from time to time. A small number of donations are received from individuals, including student alumni, who are approached from time to time via written correspondence, email or at events. City and Guilds of London Art School Limited 14 ## Trustees' Report | Year to 31 August 2024 The Art School does not approach individuals for donations who are not known by the Art School, and does not canvas on the street for donations. The Art School does not employ any third parties to fundraise on its behalf, and no complaints have been received about its fundraising activity. Donors’ personal data is not shared with any third party, and is stored safely and securely in line with the General Data Protection Regulations. ## STATEMENT OF TRUSTEES’ RESPONSIBILITIES A Statement of Trustees’ responsibilities is included in the Statement of Corporate Governance and Internal Control. ## BOARD OF TRUSTEES The members who are in office at the date of this report are listed on page 1 with dates of appointment during the course of the reporting year where applicable given below in the Statement of Corporate Governance No Trustee has received any remuneration for services as a member of the Board (2023 - none). The Statement of Corporate Governance and Internal Control sets out the Trustees who were in office for the year ended 31 August 2024 and up until the date of approval of the financial statements (unless otherwise indicated). ## OBJECTIVES AND RELEVANT POLICIES The Art School’s objectives are set to reflect its educational aims and ethos. In setting these, the Trustees have given due consideration to the Charity Commission’s general guidance on public benefit and to its supplementary benefit guidance on fee charging. ## ACCESS AND EQUALITY AND DIVERSITY The Art School is committed to supporting the development of individuals from all backgrounds who have the potential to succeed in its subjects. It believes in the importance of a diverse student community. The Art School charges fees at a level commensurate with the majority of other institutions that offer higher education in art and design. Not all of the Art School’s students are eligible for student loan support, so it seeks to provide financial support through bursaries from its own investment income, from funds raised specifically for this purpose from a wide range of charitable sources and by supporting students in their own search for financial support. The Board’s policy is to provide fee bursaries on the basis of need and educational ability, subject to such restrictions as may have been imposed by the donors of the funds at its disposal, and within the capacity of the funds available. City and Guilds of London Art School Limited 15 ## Trustees' Report | Year to 31 August 2024 The Art School is committed to promoting and upholding equality and diversity and is committed to a working environment which is free from discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation, disability or age. It anticipates the needs for a diverse range of learning styles and makes reasonable adjustments to meet the specific needs of students and staff who are, or become, disabled, functionally disabled or possess some other protected status. ## PUBLIC BENEFIT The Trustees confirm that they have complied with their duties under section 4 of the Charities Act 2011. They have considered the public benefit guidance published by the Charity Commission and believe that they have followed its guidance in this area. The Trustees’ report gives a description of the activities undertaken by the Art School during the period to further its charitable purposes, and the Trustees are satisfied that such activities provide public benefit. ## INVESTMENT The Art School’s investments are managed by Cazenove Capital Management Limited. The Art School has a portfolio of investments with a market value including cash as at 31 August 2024 of £1,655,619 (2023: £1,551,889). There are no extra-statutory restrictions on the Art School’s power to invest. The investment strategy is set by an Investment Committee reporting to the Board of Trustees and considers capital growth and income requirements, the risk profile and the investment managers’ view of the market prospects in the medium term. The overall investment policy is to provide the level of income sought by the Trustees whilst endeavouring to ensure that longer term capital values more than cover the impact of inflation. The performance of the portfolio is reviewed regularly by the Investment Committee. ## Financial Review ## RESULTS FOR THE YEAR The Art School recorded a surplus before net gains on investments of £46,183 (2023: surplus of £125,888) for the year. Unrestricted funds recorded a deficit of £18,128 (2023: surplus £44,988), reflecting additional costs arising from one-off administration costs and an increase in equipment costs. Realised gains were £nil (2023: losses of £28,686) and unrealised gains of £111,673 (2023: losses of £57,933) on the Art School’s investments were recorded in its restricted and endowment funds. ## RESERVES The Board has examined the requirement for free reserves i.e. those funds not invested in tangible fixed assets, not designated for specific purposes, not restricted and not otherwise committed. City and Guilds of London Art School Limited 16 ## Trustees' Report | Year to 31 August 2024 The Board intends to achieve, as circumstances permit, an increase in the free reserves from present levels in order to provide liquidity to meet any future temporary shortfalls in income and to provide adequate working capital as the activities of the Art School grow. In the meantime, the Trustees have taken the view that the expendable endowments and free reserves (as calculated below) should be considered together and are satisfied that this is in line with the reserves policy. A target of three months’ operating expenditure would be deemed appropriate. ## FINANCIAL POSITION The balance sheet shows total funds of £1,567,650 (2023: £1,409,794). These funds include endowment funds of £770,861 (2023: £671,764). Whilst the income from these funds may be used for the general purposes of the Art School, most of the endowment fund balances themselves are currently regarded as long term capital. Also included in total funds is an amount of £738,839 which is restricted (2023: £661,952). These monies have either been raised for, and their use is restricted to, specific purposes or they comprise donations subject to donor-imposed conditions. Details and an analysis of movements in the year of these endowment and restricted funds can be found in notes 15 and 16 to the financial statements. Unrestricted funds, other than those held within expendable endowments, at 31 August 2024 are in a positive position of £57,950 (2023: positive £76,078). These funds are represented by general fund tangible fixed assets other than investments of £173,709 (2023: £211,934) and by free reserves, inclusive of expendable endowments, of £480,529 (2023: £380,616). The Trustees have considered the position in the context of known future sources of income and the expendable endowments which are available to provide liquidity to the School if needed, and thus consider the reserves position to be acceptable in the context of the reserves policy. ## INVESTMENT PERFORMANCE During the year to 31 August 2024 the Charity’s investments produced an overall income of £68,449 (2022/23: £58,117) and a net capital gain of £111,673 (2022/23: loss of £57,933). The investment managers continued to invest in accordance with the Trustees’ investment policy, which is reviewed by the Investment Committee and the Board annually, and which is based on an ethical investment approach. The Trustees are satisfied that their investment objectives are being met by the performance of the investments in the context of existing economic and investment conditions. ## Going Concern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect of a period of one year from the date of approval of these financial statements and have considered the following: City and Guilds of London Art School Limited 17 statement of corporate govornance and internal control Year lo 31 August 2024 The followiThJ statement is provide(1 lo enable readers of the annual report and financial statements of City and Guilds of London Art School Limited to obtain an understanding of ils governance and legal structure. These are detailed and govemed by the How We Work.. Governance and Management Handl)ook. The statement covers the period from 1 September 2023 to 31 August 2024 and up lo the dale of the approval of the annual report and financial slatemenls. The Art School endeavours lo condud ils busines$= 1. Having due regard to the UK Corporate Governance Code 2018 in $0 far as il is applicable to the Higher Education Sector, and the Charities Act 2011. 2. Complying with Office for Students on-going conditions or regulations and terms of conditions of funding as well as other regulatory responsibilities, in accordance with the Higher Education Code of Govemance. We have reported on our Corporate Governance arrangements bydrawing upor) besl practice available, including those aspects of the UK Corporate Governance Code. the Higher Education Code of Governance arKI the Charities Act 2011. The Board ofTruslees recognises that as a body enlrusled with private funds, Charilablefunds and public funds where received, il has a parliGular duty to observe the highest standards of corporate governance at all limes. Legal Status City and Guilds of London Art School Limited is a charitable company, limited by guarantee. not having a share capital. The Board of Trustees confirm that they have due regard for the Charity Commission's guidance on public benefit and that the required statement app8ars elsewhere within these rinancial stalemenls. The Board of Trustegs The members who served on the Board of Trustees during the year and up lo the dale of signalvre of thi5 report are listed below. City and Guilds of London Art School Limited 20 Statement of corporate governance and internal control Year lo 31 August 2024 The Board of Truslg9$ (continued) Trustge Appointed l Rosigngd Andrew Allen KC Laurence Benson IviGe-Chairl Jamie Bill {Chairl Dr Virginia Brooke Dr Caroline Campbell Edward Campbell-Johnslon Laura Carey Sokari Douglas Camp CBE Paul Farmiloe Martln Hatfull James Kelly Tabish Khan MFchael Osbaldeslon Dr Michael Paraskos (Staff Trustee) ProfJane Rapley OBE Theo Ritzinger (Student Trustee) Prof Elizabeth Rouse OBE Dr Lois Rowe (Principal and Accountable Officer) Alexander Stiti Helen Sunderland-cohen Carol Taylor Appointed 1 October 2024 Appointed 19 June 2024 Appointed 1 October 2023 Resigned 29 February 2024 Resigned 30 September 2023 Appointed 19 June 2024 Board of Trustees, Interests The Board of Trustees are shown above aThJ except for any instsnce mentioned above have served throughout the year. Three members of the Board of Trustees have iTrlerests within the organisalion, including two salaried members of staff, the Principal lex-officio Trusleel. the staff represenlalive Trustee (elected). and the Student representative Trustee (also known as Chair of Sludenlsl,. none of them ￿ceIve remuneration for their seNices as members of the Board. The Company Secretary to the Board of Trustees maintains a register of financial and personal interests of the members of the Board of Trustees, updated annually. statement of trustees, responslb51ities The Trustees (who are also Directors of the Art School for the PLJrposes of company lawl are rèsF)onsible for preparing the Trustees, report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company18w requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the slate of affairs of the charitable company and of the income and expenditure of the charitable company for that perlod. City and Guilds of London Art School Limited 21 Statemènt of corporate govamance and internal control Year lo 31 August 2024 Statement of trustees, responsibilities {continuedl In preparing these financial stalemenls, the Trustees are required to.. select suitable acGounling policie5 and then appty them consistenuy., observe the method$ and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102),. • make judgements and eslimales that are Teasonable and prudent-, state whether applicable United Kingdom Accour¢ling Standards have been followed. subject lo any material departures disdosed and explained in the financial statements- and • prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume Ihal Ihe Gharilable Gompany will continue in operation. The Trustees are responsible for keeping proper awounting record5 that disclose with reasonable accuracy al any lime the financial posits'on of the charitsble Company and enable them lo ensure that the financial slalements compty wrth the Companies Act 2006. They are also responsible for safeguarding the 2ssels of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Trustees are also r8sponsible for ensurlng that the School continues lo meet the conditions for Offi for Students registration, and also safeguarding freedom of speech and academic freedom. Each of the Trustees confirms that.. so far as the Trustee is aware, there 15 no relevant audit information of which the Charitable company s auditor is unaware., and • the Trustee has taken all the steps that helshe ought lo have taken as a TTuslee in order lo make himselflherseif aware of any relevanl audit information and lo establish that the charitable company's auditor is aware of that information. This confirmation is given and should interpreted in accordance with the provisions of $418 of the Companies Act 2006. Meetlng Procedurgs Formal agendas, papers and reports are supplied lo the Board of Trustees in a timely manner. prior lo Board meetings. Reports include financial performance of the organi5alion together with other informalioTI Such a5 re¢ruilmenl. academic alld quality mallers. personnel related matters, and health and safety matters. The Board of Trustees met 5 limes in 2023124. Full minutes are kept of all meetings. City and Guilds of London Art School Limited 22 Statement of corporate governance and internal control Year lo 31 August 2024 Megting Procodures Iconlinuedl The Art School has a strong and independent non-executive membership on the Board of Trustees and no individual or group dominate$ 11$ decision-making process. The organisalion is satisfied that each of f(s non*xecutive members is independent of management and free from any business or other relationship which could materially inlerfere with exercise of their independent judgement. There is a clear division of responslbllity betsveen the Toles of the Chair and Accountable Officer. Appolntment to the Board of Trustggs Appointment to the Board of Trustees are mallefs for consideration of the Board of Trustees as a whole. as advised by the Nominations Committee. Board of Trustees Performance Oversight The Board of Trustees exercise robust scrutiny of perfornianee and challenge where necessary. Board meetings provide the opportunity for thorough discussion of issues arising. Trustees are pro-active in their oversight of the organisalion and are involved in the planning and discharging of Board buslness. A review of individual Board members, roles and contnbub'ons is conducted annually by the Chair. Committees During the 2023124 session, the Board of Trustee5 received advice on the conduct of its business from three commillees and the Academic Board. E8ch committee has ils own terms of reference. approved by the Board of Trustees. The commillees were.. Audit & Rffsk Comrnittee.. Finance & General Purposes Commillee Iwilh Sub-commlttees responsible for Investment and Remunerat￿n1', and Nominations Committee. The Access & Participgtion Sub-committee la sub-committee of both Academic Board and the Board of Trusleesl 8180 advises the Board. In addition, a Joint Development Advisory Group of the Art School and the Property Trust, a separate charity and landlord to the Art School, supported the fundraising activity of the Art School. City and Guilds of London Art School Limited 23 Statement of corporate governance and internal control Year to 31 August 2024 Audlt & Rlsk Flnan¢• & G¢nÈral Purpo8 Committ•• Inv•stm•nt S￿￿com￿lttfja Remuneratton Su1￿mItt•¢ Nominatlon¥ Commltt•o Fr•qu•ncy of mèetings Chalr Minimum 3 p.a. Minimum 4 p.a. Min•num 1 p.a. Minimum 1 p.a. Minirnum 2 p.a. Virginia Brotskè Martin Hatfull L8ur8nce Benson Edward Campbell- Johnston Laurence Benson Caroline CamFthell Deputy Chalr Clèrk NIA James Kelly S&¢relary to th6 Board James Kelly Directorof Resources & Operalions Laurence Benson Jane Rapby Secretary to the Board Alex Sbtt Secretary lo the Board Secretary to thè Board Tru$le¢¥ James Kelly Michael Osb81deston Andrew Allen Andrew Allen Jamle Bill Sokari tk)uglas Carnp Carol Taylor Principal lex- officio Trustee) staff Truste Chair of Investment Su Comrnittee Martin Hatfull Carol Tayh)r Principal lex- offitio Trusteel Slaff Trustee StudentTrustee Non-Tru8tg9 Mombers TSM Statham HUmPh￿Y Carèy IProperty Trust) Rupert Asquilh Head of Flnance In attond8nco Humphrey Carey (Property Trust) Principal lex- officio Truslg81 Dlrector of Resources & Operations Hèad of Finan Director of Resources & Operatrons Head of Finance Princip81 lex- Offic￿ Trustee) DI￿¢101 of Resources & Operath)ns Head of Flnan Nick Orr, Cazenov$ Capital Audlt and Risk Committ•é The Audit and Risk Sub-commillee wa5 responsible lo the Board of Trustees in dSscharging its responsibilities for reporting its independent opinions on the risk management, controls, governance, and value for money arrangements of the Art School. The Committee was responsible for the following.. To appoint external auditors and agree the audit fee, meet with the exlemal auditor5 10 discuss the scope and nature of the audit and lo discuss the findings ol the audit along with the included management letter and management respons8S. To review on a regular basis the Art School's Risk Register, advise the Board of Trustees of any significant changesladditions and lo escalate any serious concerns to the Board. To commission audit reviews of anything that could potentsally threaten or adversely affe¢l the accomplishment of the aims and objectives of the Art School, or which polenlialty could put the Art School al financial or reputational risk. Cty and Guilds of London Art School Limited 24 Statement of corporate govemance and internal control Year to 31 August 2024 To ensure. on behalf of the 8oard of Trustees. that sound financial and governance controls are in place. and effectively implemented,. including the eTrdor5ement of the Art School's Financial Regulations, Reserves Policies and arrangements for risk and business continuity management. Finance and General Purposes Commlttee The Board of Trustees has establlshed a Flnance & General Purposes Committee, which meets four 1Smes a year. or more frequently if necessary. The Finance & General Purposes Committee provided 51rategic oversight of the Art School's solvency and the use aFKI safeguarding of ils resources and assets. 11 did this through regular scrutiny of reports on inslitvlional inttome 2nd expenditure, review of the relevant risk regislers, and oversight of budgets and forecasling. The Committee also dealt with business of a general naluro (e.g., eslales, health & safety, IT) that does not specifically fall to other standing commillees,. and monitored the activities of its two SutFCommittees, as detslled below. Investment Sutscommlttee The Investment Sub£ommittee oversaw the management of the Art School's investment portfolio. Under delegated authority of the 808rd of Trustees, the Investment Committee is responsible for advising the 8oard on the appointment of Ihe investment managers. for monitoring the performance of the portfolio and the effectiveness of the investment slralegy,. and for ensuring that the Art School's investments are handled responsibly and ethi￿lly. Remuneration Sub-C¢>mmlttee The Remuneration Sub-committee provided oversight of strategic staffing matters and determined policy on staff remuneration,. and has delegated authority of the Board to delerffline the schema for staff pay increases and to decide Ihe remuneration of the Principal and Senlor Members of Staff. Nomlnatlons Commlttee The Nomlnations Commlttee oversaw the recruilmenl and appointment of members of the Boards of Truslees.11 advises the Board on the proc8ss of governance 8ffectiveness review,. and keeps under review policies and processes relating lo membership of the Board of Trustees including induction, training and development of the Trustees. Acadèmic Board The Academic Board is established by the Board of Trustees with delegated powers lo oversee the Art School's academic activities on ils behalf and to be the Art School's supreme academ￿ authority. Chaired by the Principal, the responslbilllles delegated lo Academic Board are to.. Uphold the academic standards of Art School's courses and the quality of its leaching and student welfare provision. • Devise, maintain, amend and, in individual cases suspend. the Sludenl Regulations. + Recommend the appointment of External Examiners for validated provision. Appoint External Examiners for non-validated provision. Confirm the sludenls, results for those courses delivered independenlly of a validating partner. City and Guilds of London Art School Limited 25 ststement of corporate governance and intemal control Year to 31 August 2024 Committe95 l¢onlinued) Academlc Board (continued) * Elicit, receive and act upon Student feedback. • Oversee all internal revEw and evaluation wocesses including periodic reviews by the Office for Stud6nls (via the QAAI. • Work to foster excellent relationships with the Art School's validating partners. Internal Control Scope of responslblllty The Board ofTrustees is ultimately responsible for the organisalion's system of internal control and for reviewing ils effectiveness. Such a system in¢orp¢rates risk management and is designed lo manage the risk offailure to aCh￿e academic, operational and financial objeclive5 and is designed lo provide reasonable assuran￿ against material misslalemenl or loss. covering such areas as educational standards. safeguarding, IT and data proleciion, Health and Safety and Estates, HR matters and financE. The Board of Trustees has delegated the day-to-day resFX)nsibility lo the Principal, as Accounting Officer, for mginlaining a sound system of internal control that supports the achievement of the organisalion's FM)licies, aims arKI objectives, whilst safeguarding the funds Tecewed and assets. The Principal is responsible for reporting lo the Board ofTrustees, through the Audit and Risk Comrnittee, ary material weaknesses or failures in internal control. The system of intemal control The system of internal contrd is designa lo manage risk lo a reasonable level and 18 based on an on-gtring process of identifying and prioritising the risks tcs the achievement of organisation policies, aims and objectives, lo evaluate the likelihood of those rfsks being realised and the impact should they be realised, arKI lo manage them efficiently, effectively and economically. The system of internal control has been in pl￿ althe organisalion for the yearended 31 August 2024 and up to the date of approval of the annual report and financial stalemenls. Capacity to handle risk The Board ofTru51ees has reviewed the key risks to which the Art School is exposed, together with the opefftting, financial ar)d governance controls that have been implemented to mitigate those risks. The Board of Trustees is of the view that an effectNe formal on-going process for identrfying, evaluating and managing the Art School's significant risks has been in place for the year ended 31 August 2024 and up to the date of approval of the annual report and fir)ancial statements. City and Guilds of London Art School Limited 26 Statement of corporate governance and internal control Year lo 31 August 2024 Internal Control (continued) Th• nlsk and control framework The system of internal control is based on a framework of regular management informalion, adminislralive procedures including the segregation of duties. and a system of delegation and accounlability.11 includes.. • a comprehensive register of risks, updale(l and reviewed on a semi-annual basis • annual budgeting with an annual budget reviewed and agreed by th8 Board of Trustees • periodic reviews by the Board of Trustees of management aGcounts and financial reports which present and assess financial performance against budget and performance indicators Review of gffg¢tiv•ness As the Accountable Officer, the Principal has responsibilty for reviewing the effectiveness of the system of internal control. The Principal's review of the effectiveness of the system of internal control is informed by.. • the work of the external auditors. • the work of the Head of Finance 2nd other staff who have responsibility for the maintenance and development of the internal (xjnlrol framewor • comments made on the Art School's finarKial slalements and regularity by the auditors in Iheir management lellers and other reports.. and • advice provided by Trustees working through the Committees. There are no significant inlemal conlrol weaknesses reported for the period. The senior management team regularly reviews key performance and risk indicators and consKlers possible Gonlrol issues brought lo their allenlion. The Audit and Risk Committee receives regular reports, which include recommendations for improvement, and conducts an annval review of the arrangements for internal control. The 8oard of Trustees agenda include$ 2 regular Item for consideration of risk and control and receives reports thereon from the Audit and Risk Committee. The emphasis is on oblairblng the relevant degree of assurance and nol merely reporting by exception. Based on above and reports by the Princlpal, Ihe Board of Trustees is of the opinion that Ihg Art School has an adequate and effective framework for governance, risk management and control to manage the achievements of the Art School's objectives for the year ended 31 August 2024 and il has fulfilled ils slalutory responsibility for "the effective and efficient use of resources, the solvency of the instibjtion and the safeguarding of their assets.. City and Guilds of London Art School Limited 27 Statement of corporate governance and internal control Year lo 31 August 2024 Intemal Control Iconlinuedl Regularity. propriety¥ and compllance The Art School has considered its responsibility to nolfy the Office for Students of material irregularity, impropriety and non-compliance with offi￿ for Students terms and wndilions of funding. We conflrm. on behalf of the Art S¢hod, that after due enquiry and lo the best of ils knowledge, the Board of TTU5tees believes it is able lo identify any material irregularity or improper use of funds by the Art School, or materi21 non4ompliance with lerms and conditions of funding under the Art School's financial regulations. As part of our consideration, we have ha¢J due regard to our financial regulations. If any inslarKes are idenllfied after the dale of this statement these will be notified lo the Office for Students. Going Concèrn Details on Board's going concem assessment are set out on page 18. Approved by order of the Board of Trustees on 1211 and signed on its behalf by.. Jamie Bill Chair Dr Lois Rowe Principal and Acccountable Officer City and Guilds of London Art School Limited 28 Independent auditor's report Year to 31 August 2024 Independgnt auditor'$ reportto the membets of City and Guilds of London Art School Limited Opinion We have audited the financial slalemen15 of City and Guilds of London Art School Limited I'lhe chantable company'l for the year ended 31 August 2024 which comprise the stslement of financial activities (including the slalement ol changes in reserves), the balance sheet, the statement of cash flows, the principal a¢oounting policies and the notes to the financial slalemenls. The financial reporting framework that has been applied in their preparation is applicable law and United Kiwdom Accounting Stsndards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iuniled Kingdom Generally Accepted Accounting Practi￿1. In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as al 31 August 2024 and of ils income and expendilurg, changes in reserves and cash flows for the year then endeé., + have been properly prepared In accordance with the financial reporting standards IFRS102)', and • have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the audilorfs responsibilities for the audit of the financial slalements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audil of the financial slatements in the UK, including the FRC'S Ethical Standaid. 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 lo provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial stslemenls, we have concluded that the trustees, use of the going concern basls of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have performed. we have not identified any material uncertainties relating lo events or conditions that. individually or collectivdy. may cast signrficant doubt on the charitable company's ability lo continue a5 a going concern for a period of at least Iwelve months from when the financi81 slalemenls are aulhorized for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sects.ons of this rewt. City and Gullds of London Art S¢hool Limited 29 Independent auditor's report Year lo 31 August 2024 Other Infomation The trustees are responsible for the other information. The other informalK)n comprises the information included in the annual report, olherthan the financial stalemenl$ and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly stsled in our report, we do not express any form of assurance conclusion thereon. In connection with our audil of the financial staternenls, our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our kno}￿edge obtained in the audit or otherwise appears to be materially misstated. If we identify such material in￿nSiStencES or apparent maler131 misstalemenls, we are required lo determine whether there is a material misslatemenl in the financial statements or a material misstalemenl of the other information. If, based on the work we have performed. we conclude that there is a material misstalemenl of this other informatlon. we are requlred to report that fact. We have nothing to report in thls ￿gard. Opinions on other matters prescribed by the Companie5 Act 2006 In our opinion. based on the work undertaken in the course of the audit.. • the information given in the trustees, report for the financial year for wh￿h the financial 51alemenls are prepared is consistent with the financial slalements,. and • the Iruslees, report has been prepared irb accordance with applicable legal requirements. Opinions on other mattgrs prescribod by tho Office for Studènts In our opinion, in all material aspects.. where applicable, lunds from whatever source administered by the provider for Specific purposes have been propedy applied to those purposes and managed in accordance wth relevant legislation., • where applicable, funds provided by the Office for Students and by Research England have been applied in accc*dance with the relevant terms and conditions,. and • meet the requirements of the tatest Office for Student's Accounts Direction. atters on which we are required to report by exception In the light of the kno￿edge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstalemenls in the tfuslees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo you rf. in our opinion.. adequate accounting records have r￿t been kept, or retums adequate for our audit have not been received from t*anches not visited by us,. or City and Guilds of London Art School Limited 30 Independent auditor's report Year to 31 August 2024 Matters on which we are required to report by exceptlon Icontinuedl + the financial stslemenls are nol in agreerrbenl with the accounting records and returns- or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or • the Iruslees were not enlilled lo prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in p￿parIng the trustees, report and from the requirement to prepare a strategic report. We have nothing to report in respect of the following matters where the Office for Students requires us lo report lo you where- • the charitable company's grant and fee income, as disclosed in note 1 to these Financial Statements. has been materially misstated. Responslblllties of trustees As explained more fully in the trustees, responslblllties statement, the Iruslees are responslble 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 lo enable the preparation of financial stslemenls Ihal a￿ free from material misslalemenl, whether due to fraud or enor. In preparing the financial slalemenls, the trustees are responsible for 8ssessing the charitable company's ability lo continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic allernalive but lo do so. AUdit0￿S responslbllltles for the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether Ihe financial slalements gs a whole are free from material misstalemenl, whether due to fraud or error. and lo issue an auditorfs report Ihal includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misslatemenl when il exists. Misslatemer)ts can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financialslatements. Irregularities, including fraud, are Instar￿eS of non-compliance with laws and regulaliolls. W8 design procedures in line with our responsibilities. outlined above, to delect material rrbisslalements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting Irregular[t￿$. including fraud, is detailed below. City and Guilds of London Art School Limited 31 Independent auditor's report Yearlo 31 August 2024 Auditor's responsibilities for the audft of the flnanclal ststemenls {conlinuedl Our approach lo identifying anij assessing the risks of material misslalemenl in respect of irregularities, including fraud and non-compliance wilh laws and regulations. was as follows.. the engagement partner ensured that the engagemeftt team collectively had the appropriate competence. capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. we obtained an underslandiThJ of the legal and regulatory frameworks that are applicable to the charitsble company and determined that the most signrficanl frameworks which art directly relevantto specific assertions in the financial slalernents are those that rdale to the reporting framework (Statement of Recommended Pra¢li¢e' Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102) and the Charities Act 2011). Companies Act 2006. those that relate to data protection (General Data Protection Regulation), certain conditions of Ofs registration induding Compliance with the Ofs, lalesl Accounts Direction,. and identified law5 and regulations were communthled within the audit team regLJlarly and the team remained alert lo instances of non-compliance throughout the audit. We assessed the susceplibilty of the charitable Company's financial statements lo material misstalemenl, including obtaining an understanding of how fraud mighl o¢¢ur. by.. making enquiries ol management as to their knowledge of actual, suspected and alleged fraud,. and considerlng the internal controls in place lo miligale risks of fraud and non-complian with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to iéentify ar)y unusual or unexpected relationships,- lesled journal entries lo identrfy unusual transact￿ns- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias-. used data analylics lo investigate the rallonale behlnd any significant or unusual Iransaclions,. lesled authorisation ¢onlrols on expenditure items, ensuring all expenditure was approved in line with the charitable company's financial prO￿d￿res.. and performed substantive testing over fee income lo gain assLfrrance Ihal the income recognised was materially complete. City and Guilds of London Art School Limited 32 Independent auditor's report Year lo 31 August 2024 Audltor's responsibilities for the audlt of the financial statgments l¢onlinuedl In response to the risk of irregularitie5 and non-compliance with laws and regulalions, we designed procedures which included, bul were not limited lo-. agreeing financial slalement disclosures to undedying supporbng documentation., reading the minutes of meetings of those charged with governance,. and enquiring of management as lo actual and potential litigation and claims. There are inherent limilali)ns in our audit proceduies described above. The more r8moved that laws and regulations are from financial Iransaclions, the less likely Il is that we would become sware of non-complkgnce. Auditing standards also limil the audit procedures required to idenlrfy nOn￿mplIance with laws and ￿gUlationS to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, rf any. Material misslatemenls that arise due lo fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial st8lemenls is located on the Financial Reporting Council's website at www.fr¢.org.uklauditorsresponsibililies. This description fomis part of our audiloff s report. Use of our r•port This report is made solely lo the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required lo stsle lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charitable ompany alld the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Hugh Swainson, Senior Statutory Auditor For and on behalf of Buzzacott LLP. Slalutory Auditor 130 Wood Slreel London EC2V 6DL 24 January 2025 City and Guilds of London Art School Limited 33 ststement of financlal activities (including income and expenditure statement, whlch Includes statement of changes In resetrves) Year lo 31 August 2024 Yoar tts Year to 31 August 31 A￿uSt 2024 2023 Total Totsi fund5 fvnd$ General ReStr￿ted Endjwrnent lund fund5 fuNIs Not08 Income and Èxpènditure lfi¢omÈ and ¢hdowmént8 fI¢M￿. CharitatAe activib.es Art Scho)I fees Don81ions and18gades Inveslment ir¢ome & initrresi roc•N Other Total incom8 2.938.708 98.128 57,970 60.032 3,154.838 2.93B,708 2,845.816 637.567 717,125 74,932 59,870 81,849 52,487 60,173 3.733,050 3,675,298 479,266 16.￿2 21.817 518.045 60.173 ExpondIt￿le on.. Charitable activib&S - C4sts of operating theArt Schocl . Teacl¥n9 Staff p￿￿9￿￿e1 Suprort cosls Premises Promotions and pubfiaty . Bursaries, seholarships and prizes Total expenditure 6 1,299,775 4 1,194,402 548,831 51.699 50,434 3,145,141 28,607 84.532 30,0(h) 1.356.382 1.364.426 1.278,934 1,149,753 548,831 620,094 51,699 71,￿2 14.467 451.027 343,235 44,467 3,686,873 3.549,410 386.126 497.265 Nat Incom8 bal￿0 galns on vestments and tsxrb8￿r5 Net gaIn￿[lo$s) ffl invesiments Transfer behveen funds 9,897 20,780 28.282 27.825 15.106 83,391 46,183 111,673 125.888 186.6191 10 127.8251 Nat Incom• and net m￿M￿nI In lund$ 118,1281 76.887 99,097 167,856 39.269 STATEMENT OF CHANGES IN RESERVES Net in¢ome and net m&vÈmènt in fi•n(ts 118.1281 76.887 99,097 157.886 39.269 Rtsconclllatlon ol Fund8 Fund balances brought forYAwd I Sept•rnber 2023 76,078 fj61,952 671,764 1,409,794 1,370.525 Fund balance5 carried forward •t 31 Augu$t 2024 57,950 738,839 770.861 1.567.650 1,409,794 All of the charitable company's activlcies are derived from continuing operations during the above two financial perio(Js. All recognised gains and losses are included in the above slalement of financial activities. r n, .'IA• ?A Balance sheet 31 Au9USt 2024 2024 2024 2023 2023 Notes Fix•d assèts Tanglble assets Investments 218,957 1,655,619 1,874,576 263,237 1.551.893 1.815.130 10 Curmnt assets stocks Debtors Cash at bank and in hand 13.296 244,339 985,686 1,243,321 15,676 321,522 1,036,116 1.373,314 12 Credltor8.' amounts falliro due within one ye8r N•t curr•nt Ilabllltl•8 13 11,494.6911 11,681.4281 1251,370) 1308.114) Crodltors.. amounts falling du8 after one year 14 155.556) 197,2221 Total n•t ass•ts 1.567,650 1,409,794 Represented by.. The Funds of th6 Charlty Endowment fvjnds Income fvjnds.. Reslricled funds Unrestricled funds.. General fund 15 770.861 671,764 16 738.839 661,952 57,950 1.567,650 76,078 1,409,794 The financial stalernenls have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating lo small companies and with the Financial Reporting Standard 102. and signed on ils behaK by.. L (ris (W-L Jamie Bill Dr Lois Rowe City and Guilds of London Art Schwl Limited.. A wmpany limited by guarantee. Company Registration No. 07817519 (England and Wales) Cty and Guilds of London Art School Limited 35 Statement of cash flows 31 August 2024 Y•ar to 31 August 2024 Year to 31 August 2023 Not85 Nat cash flows from oporatSng actlvltl08 A 1115.317) 113,7681 N•t cash flows from investing activities 63,742 {120.1361 Net cash flows from flnanclng actlvltleB 19.fr49) 19,166 Chang• in and cash equlval•t)ts In the year 160,624) 1143.070 Cash and cash •qulval•nts at the beginning of the year 1,080,172 1,223,242 C88h #nd ¢8$h equlvalents at the end of the year D 1,019,548 1.080.172 NotOS to the ststomont of Gash flow5 for the year to 31 August 2024 A Recon¢lllatlon of net income to net cash (used in) opèrating activitles 2024 2023 Net income Depreciation charge Dividends, interest and rents liom investments Effect ofcapilalisation of investment m?nag*s fees Decre858 in stoths Decrease lincreasel in debtors IDecraas81 1￿C￿ase in credffLors Net cash used by) operatlng actlvltles 46,183 55.618 174.932} {2,395 2,384 77.181 1228,4051 {124,3661 125,888 53,906 159.8701 12,3301 8.150 1164.(K)61 15,328 122.9341 8 Cash flows from inv8Sting activiti•s: 2024 2(Y23 Dividends and intèrèst from invèsknènts Purchase of tangible fixed assets Payments to acquire investmenls Receipts from the disposal of investments Net cash providgd by lu$gd inl invgsting activitS•s 74.932 59.870 111,338Tr 1136.1821 (￿8.859) 615,035 1120.1361 148 63,742 C Cash flows from financlng actlviti•s: 2024 2023 Repaym8nls of borrowlng 9,0491 9.0491 19.1661 9,1661 City and Guilds of London Art School Limited 36 Statement of cash flows 31 August 2024 D Analysis of cash and cash equivalonts 31 August 2024 31 August 2023 Cash at bank and in hand Cash held by invèstment managers 98S.888 33.862 1,019,$48 1,036,116 44.056 1,080,172 Clty and Guilds of London Art School Limited 37 Principal accounting policies 31 August 2024 Basis of accounting The financial 51atemenls have been prepared under the historical cost convention with items initially recognised al a)sl or transaction value unless otherwise staled in the relevant accounling policy nolelsl. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Slandafd applicable in the UK and Republic of Ireland (FRS 1021 I'charities FRS 102 SORP,), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102), the Companies A¢t 2006 and the lalesl Office for Students, Accounts Direction. The Charity conslilutes a public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rounded lo the nearest pound. Critical accountlng estlmales and areas of judgement Preparation of the accounts requires the Trustees and management lo make signrficanl judgements and estimates. The items in the accounls where these judgements and estimates have been made Indude.. * the useful economic lives attn'buled lo tangible fixed assets used to determlne the annual depreciation charge-, • the provision againsl doubfful and bad debts in ￿SpeCt to Art SCI￿01 fees,- and • eslimales in respect of accrued expenditure. Golng concern The Trustees have assessed whether the use of the going concem assumption is appropriate in preparing these financial slalements. The Trustees have made this assessment in respect of a period of one year from the date of approval of these financial Stalemenl5. The Art School held free reserves of £480,529 as al 31 August 2024 12023.- £380.616) inclusive of expendable endowments available lo provide additional fIna￿la1 support and liquidity lo the Art School. The Board intends lo achieve, as circumstances permit, an increase in the free reserves from present levels in order lo provide liquidity lo meet any future temporary shortfalls in income and to provide adequate working capital. The Art School now holds expendable endowments lolalling £sg6.288 (2023.. £516.4721. Thes8 expendable endowments are available lo provide liquidity lo the Art School rf needed. In light of the above, the Trustees have concluded that there are no material uncertainties related lo events or conditions that may cast significant éoubl on the ability of the Art School lo continue as a going coneem. City and Guilds of London Art School Limited 38 Principal accounting policies 31 August 2024 Incomo Income is recognised in the period in which the Art S¢h¢)ol Is entitled lo receipt and the amount can be measured with reasonable certainty. Fees re¢eivable and charges for services and use of premises are ￿Counted for in the period in which the service is provided. Fees fftceivable include contributions receNed from r8Stricled funds for scholarships. bursaries and other grants. Donations are recognised when received and are only accrued where the Art School Gan emonslrate entillemenl to receipt and ihe amount is measurable and receipt is probable. Investment income comwise5 dividends and interest receivable. Dividends are recognised onc* the dividend has been declared and notification has been received of Ihe divKlend due. Interest payable on investment assets is r￿QgnIs￿d on an accruals ba51S. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity.. this is normally upon noIrf￿11on of the interest paid or payable by the bank. Expenditure Expenditure is iwluded in the statement of financial activities when incurred and includes allribulable VAT which cannot be recovered. Expenditure comprises the following.. The costs of charitable activities involving expenditure on the School's primary charitable purpose, i.e. the operation of the Art School. In addition bursaries, scholarships and prizes are given to students. The costs of operating the Art School include the costs of prernises. lea¢hing stsff and personnel, support ¢Qs15 including governance costs, and costs of kyomoting and publicising the Arl School and ils actThiilies. Included within supwrt costs are 50 /0 of the fees incurred in managing the School's investment portfolio. The remaining 50Vkn of investment manageff s fees are debited lo the value of ¢a$h held by investment manager on the balance sheet (note 10) and also deducted from unrealised investment gains. Bursaries. scholarships and prizes payable by th8 restricted funds are included In the statement of financial activities when approved, and wh8n sel ofi againsl the fg9S to which they relate. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commilling the Charity to make a payment to a third paty, il is probable that a transfer of eeonomie benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure includes any allribulable VAT which cannot be recovered. All expenditure is accounted for on an accruals basis. Expendkure comprlses di￿0t costs and support costs. City and Guilds of London Art School Limited 39 Principal accounting policies 31 AugLFSt 2024 Tangible fixed assets All assets costing more than £250 and with an expected useful lrfe exceediTrJ one year are capitalised. Assets are included in these financial statements at cost at the dale of acquisition together with the cost of additions and improvements lo date. Depreciation is provided at the following annual rates In order to wrlle off each asset over ils estimated useful lrfe: + Fixtures and fittings 100A on cost • Tools and equipment 200h on cost Compuler and hi-lech equipment 330h on cost + Website 200/0 on cost Dgbtors Debtors are recognised at the selllement amount, less any provision for non-recoverability. Prepayments are valued al the amount prepaid. Cash at bank and in hand Cash at bank and in hand represents such accounts and instrument5 that are available on demand or have a maturity of less than three months from the date of acquisition. Credltors Creditors are recognised when there is an obligation at the balance sheet dale as a result of a past event, il is probable that 2 transfer of economic beneflt wlll be required In settlement. and the amount of the settlement can be eslimaled reliably. Creditors are recognised al the amount the Charty anlicipales it wlll pay lo settle the debt. Investments Investments are included on the balance sheet al their market value at the end of the financial period. Realised and unrealised gains and losses are credited, or debiled, lo the slatemenl of financial activities in the year in which they arise. Flnanclal Instruments The Art School only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Art School and their measurement basi5 are as follows.. Financial ass&ts - trade and other debtors are basic financial instruments and are debt instruments measured al amortised cost as detailed in note 12. Prepayments are not financial inslrumenls. Cash al bank- is classrfied as a basic financial instrument arKJ is measured al face value. City and Guilds of London Art School Limited 40 Principal accounting policias 31 August 2024 Financial instruments Iconlinued) Financial liabAlities trade creditors, accruals. the loan and other creditors are financial instruments. and are measured al amortised cost as detailed in note 13. Taxation and social security are not Included in the fin8ncial instruments disclosure definition. Deferred income is not deemed lo be a financial liability, as the cash selllement has already lakgn pla￿ and there Is an obligallon to deliver seryices rather than cash or another financial instrument. Sto¢ks stocks, comprising arbsts, materials for ffsale, are slated at cost. Fund accounting The general furKI comprises those monies which may be used towards meeting the charitable objectives of the Art School at the discretion of the Board. The restricted funds are monies raised for, arbd their use restricted 10. 8 specrfic purpose, or dtsnations subject lo conditions imposed by the donor. The end¢)wment funds comprise both permanent and expendable endowments. Permanent endowments are monies which musf be held as capital indefinitely. The income therefrom can be used for general purposes and is credited directly lo unrestricted fund5. Expendable endowments are monies which were given to the Art School as capital bul there is no restriclK)n ori Ihern being converted into expendable income. Leased assets Rentals applicable lo operating leases, where substantially all of the benefits and risks of ownership rernain with the lessor. are charged on a slraight-line basis over the lease lem). Penslon costs Contributions lo employees, personal pension plans are debited lo the slalgment of financial activities in the year in which they are payable to the relevant plans. City and Guilds of London Art School Limited 41 Notes to the financial statements 31 August 2024 1 Grant and fee income Year to 31 August 2024 Yearto 31 August 2023 Fè8 inctThe for laughl awar(Is Total rant inwme 2,938,708 1938,708 2,845,816 2.845,816 The School had no other types of grant and fee income as detailed in ¢lause 23 of the Office for Students Accounts Direction. 2 Investment Income and interest re¢eivable Restricted and Gereral endowment fund fvnds Year to 31 August 2024 totsl Income from UK inveslments . Unit trusts and common investment funds Bank Interest 51,487 6,483 57,970 16,￿2 88,449 6,483 74,932 16,962 Restr￿e0 Yearlo 37 August 2023 total General endowmenl fvnd funds Income from UK investments . Unil trusts and common investment funds B8nk interest 45,031 1.753 46.784 13,085 58,177 7, 753 59,870 13.085 3 Promotion and publicity Restricted and General endowment fund funds Year to 31 August 2024 Marketing 51,699 51.699 51,699 51,699 Restricted and General endowmgnl fund funds Year lo 31 Augu81 2023 Marketing 71,￿3 7f,W3 71,903 71,903 City and Guilds of London Art School Limited 42 Notes to tho financial statements 31 August 2024 4 Support costs Restricted and General andowmenl lund fijnds Year to 31 August 2024 total staff costs Equipmènt, IT and daprèciation Student materials and project expenses Other sypwrt costs Governance costs.. Legal and professlonal faes Statutory audit Bervices . Non statutory autht services 624.448 194,964 123,536 190.958 624.448 201.173 199.874 192,943 6,209 76.338 1,985 33.481 15.875 11.160 1,194,402 33,461 15,875 11,160 1,278,934 84,532 ReSI￿ted 8nd G￿er￿1 endowTn8nl fvrtd fvnds Year to 31 August 2023 total Staff costs Equipmgnt. rr and depr8Ci8tion Studenl malgrials and projgct 9xpenses Other suptxjrt costs Govemancè costs.. Legal and professional fees . St8lutory audit ￿1vICeS . Non statutcyy audit services 640,428 163,373 138,495 153,909 640.428 163,373 138.495 156.239 2.330 27,277 17,820 6.120 1.147.422 27,277 17,820 6.120 1.149,752 2.330 5 Net axpenditure Thi5 IS staled after charging.. R8stricted Year to and 31 August G8neral endowment 2024 fund fijnds total Stsff costs Inots 61 Audrtorfs ￿M￿neral10n. Slalulory audit s8rvic8S Depreoatbn and knss on disposals Operating 18as8 ientals Land and b￿ldIng$ . Equipment Bursaries, schoL9rships and prizes 1,924,223 56.607 1.980,830 27,035 55,618 27,035 55,618 370,730 71,315 50,434 370,730 71,315 451,027 400,593 Bursaries were paid lo 77 individuals {2023- 67) during the year. Cty and Guilds of London Art School Limited 43 Notes to the financial statements 31 August 2024 5 Not gxp8ndituro {¢onlinuedl This is stsled after ¢harging'. Restricted and Gener81 endowrnent fvnd Jnds Yèar to 31 August 2023 total Staff costs (notè 61 Auditorfs remuneration.. Slalutory audit services . Non-statutory audit ServI￿S Depreciation and loss on distKJsal$ Operating lease rentals Land and buildin9S Equipment Bursaries, $chol8rships and ￿1zeS 1,864,854 140,000 2,004,864 17.820 6,120 49,163 17.820 6.120 49.163 364,493 30,226 3,205 364.493 30.226 343.235 340,030 6 Staff costs and Trustees. remuneration Year to 31 August 2024 Year to 31 August 2023 Slaff costs during the year werg as follows- Salaries Social securily costs Pension 1,433A89 106,939 65,969 1,606,397 348.768 25,665 1,980,830 1,505,129 122,273 66,775 1,694,177 298,767 11,910 2,004,854 Self-employed lulo Other staff costs Staff costs analysed by function were as follows.. Year to 31 August 2024 Year lo 31 August 2023 Te8¢hing Support. adminisliation and management 1.356,382 624,448 1.980,830 1,364,426 640,428 2,004,854 The average number of employees. all of whom are engaged in the operation of the Art School, analysed by function and on a full time equivalent basis w8S-. Year to 31 August 2024 Year to 31 August 2023 TeachiThJ Support, administration 8nd management 20 13 33 21 14 35 City and Guilds of London Art School Limited 44 Notss to tha financial statoments 31 August 2024 6 Staff costs and Tru$tees' remunerallon l¢onlinueél The average number of employees, all of whom are engaged in the operation of Ihe Art School, was 7712023.. 861 for the year ended 31 August 2024. Many of these are employed on a part-lime basis. The Principal's total remuneration in the year ende(J 31 August 2024 was as follows.. 2024 2023 Basic salary Pensw)n contribution 87.000 4,3SO 91,350 87,000 3,263 ,263 The Board of Trustees Remuneration Committee. chaired by the Vice-chair of the Board of Trustees. considers the cage for annual pay increases. The Principal is line managed by the CF)air of the Board and their salary, logelher with all other salaries, is considered by the Remuneration Committee with proposals made to the full Board. The Principal and Director of Resources & Operations allend to provide Information. The Company Secretary is the clerk lo the committee. The Principal, Director of Resources & Operations and Company Secretary are not members of the Remuneration Committee, and do not attend when their own salaries are under consideration. The School has given regard to the Higher EducalK)n SenK)r Staff Remuneration Code published by the Committee of University Chairs. As at 31 August 2024, the Accountable Officerfs basic salary was 1.66 times {2023 - 1.66 limes) Ihe median pay of Staff. where the median is ￿lCulated on a full-time eqU￿aleNt basis for all staff contracted on an annual salary basis. There were no performance related payments made to the Accountable Officer in 2023124. No Trustees received any remuneration or other emoluments in respect of their services as a member of the Board during the year 12023 none). There were no Trustees who were employed by the School part-lime in the year ended 31 August 202412023 - 1 trustee paid £8,259 and emptoyerfs pension contributions of £413 in respect of that employment}. £951 of expenses were reimbursed lo one Trustee durlng the year for art inslallalion serV￿S and art materials for the school 12023 - llonel and a £1.650 bursary was awarded lo one Trustee 12023- none). The numbers of employees earning greater than £60,000 during the yearwere as follows". 2024 No. 2023 No. £60.001- £70,000 £80,001- £WJ.000 Pension contributions in respect of these employees amounted to £4,35012023- £6.272). The aggregate remuneration, including employerfs pension ￿n]rIbUtions. paid to key management personnel and employerfs national insurance, was £388,631 {2023- £496,920}. Cty and Guilds of London Art School Limited 45 Notes to the financial statements 31 August 2024 6 Staff costs and Trustees, rgmuneration {¢onlinuedl Key management personnel during the year consisted of the Principal, Director of Resources & Operations, four academic Heads of Department, Head of Finance and the Head of Development & External Relations. The Art School has purchased insurance lo protect itself from any loss arising from the neglect or defaults of its Tnjstees. employees and agents and lo indemnify the Tru51ees or other offi￿rS against the consequences of any neglect or default ON their part. The insurance premium provided cover of up to a maximum of £2 million. 7 Cornparative information Analysis of income and expenditure in the year ended 31 August 2023 belween reslricled. endowment and unreslricled funds.. Ygar to 31 Auguai 2023 Totsi Gofjeral fund Re*rlctod Endowment fvndg nds fundts Irbcome and expendilure Incom• and •ndowm•rtsfrom: Art School fees 2,8￿,816 122,575 46.784 2.845.816 717.125 59,87 Dorotivns and I3￿cleS InKeslmenl income and Inte￿5t recei￿ble 594.550 13,085 Olhertrading actNties Other tradin9 acli¥itEs Tol•l in¢ome 52.487 52,407 3.675.298 3,007.062 6117.03fj Expondltur• OA Chafitable a¢tyvities C051s of opeBlinu the SchDoI Teachhg staff and per50m Supwrt coBIs Premises Promotion5 and pthlicity Burs￿eS. Scholarships and prizes 1,207.582 1,147,422 592.562 71,￿3 3,205 44,e69 512 112,175 1,818 1,364.428 1.149,752 620,094 71,903 343,235 27,532 324,630 15,400 Total expenditure 3,D22,674 397,343 129,393 3,549.410 Net inrom•18Ap&ndituro} ￿fOr• galn on inv8th8ntsand trandor8 44.988 2tO,293 1149341 1129.3931 171.6BSI 125.888 8Q6191 STATEklENT OF CHANGES IN RESERVES Net (ex￿NditUrÈ) l ineomè tsnd rnovefflent in lunds 195.359 1201.0781 39,269 Reconciliation ol Funds Fund balance5 brought forw•id at l S*ptsmtypr 2022 31,OW 872.eA2 1.370,525 Fund balanc•a carrled forward at 31 August 2023 76,078 e61,952 671,764 1.409.794 City and Guilds of London Art School Limited 46 Notes to the financial statements 31 August 2024 8 Taxation City and Guilds of London Art School Limited is a r8gislered ¢harily and therefore is nol liable lo income tax or corporation lax on income derived from it5 charitable aclivilies, as il falls within the various exemptions available to registered charities. 9 Tangible fixed assets New computer equiixnent Fixtures and fittings Tools and equipment Webste Total Cost At 1 September 2023 Additions At 31 August 2024 569.049 24,186 235.892 8,285 244,177 130,075 3,053 133.128 959,202 11.338 970,540 569.049 24.186 Depreclatlon At 1 Seplembgr 2023 Charge fDr year At 31 Awjusl 2024 338,398 41,436 379,834 24.186 217.458 7,043 224,501 115,923 7.139 123,062 695,965 55,618 7S1,583 24,186 et book values At 31 August 2024 At 1 September 2023 189,215 230,651 19.676 18.435 10,( 14,152 218,957 263,237 10 Investments 2024 2023 L18ted Investments and ¢ash Opgning market value al 1 September Additions Dlsposals Capitalised investment manager's fees Unrealis8d invgstmgnl gains (losses) 1.507,837 1,548.301 658.865 11481 {643,725} 2.395 2.330 111,673 157,9341 1,621,757 1.507,837 33,882 44,056 1,654619 1.551,893 C88h held by investment manager Totsl matkgl valuo of Invastments at 31 Aug¢Jst Cost of listed investments- 31 August 1.491,655 1.491,803 Listed Investments and cash hgld at 31 August 2024 comprised the following= 2024 2023 Charity Multi Asset Funds Cash hèld by inv8thÈnl managers 1,621,757 33,862 1,655.619 1.507.837 44,058 1,551,893 All investments were dealt in on a recognised stock exchange. City and Guilds ol London Art School Limited 47 Notes to the financial statements 31 August 2024 10 Investrnents Iconlinued) At 31 August 2024, the following indivodual holdlrYJs were deemed material in the light of the market value of the portfolios.. Market value %of portfolio Cazenove Charity Multi Asset Fund S Unils GBP Distribution SUTL Cazenove Charity Resptsnsib18 482,223 70.3 1,139,535 At 31 August 2023, the following indiv￿ual holdings were deemed material in th& loht of tho market value of the portfolios.- Market value Yoof portlolio 16.5 Cazenove Charity Mulli Assel Fund S Unils GBP Accumul8tAon Cazenove Charity Mulli Asset Fund S Urjils GBP Dislributic)n SUTL Cazenow Ch8rlty Responsib19 256,072 843,823 448,405 29.0 11 Sto¢ks 2024 2023 Materials for resale 13,298 15.676 12 Debtor5 2024 2023 Student fees outstanding other deblors Prepayments and accrued income City and Guilds Art SohDol Propgrty Trust 115,764 13,893 73,352 41,330 244,339 114,877 633 148.fj07 57,405 321.522 13 CrBditors: arnounts falling due within ona yaar 2024 2023 Sludent fees in advance Trade creditors Taxation and social security Other credrtors CBIL Loan Accruals and other deferred income 1,115,933 67,128 30,873 88,650 41,666 150,441 1,494,691 1.324.291 25.504 35.516 99.095 41,667 155.355 1,681,428 City and Guilds of London Art School Limited 48 Notes to the financial statements 31 August 2024 14 Credltors: amounts falllng due after one yoar 2024 2023 CBIL Loan- payable beiween Iwo and five years 55,558 55,556 97,222 97.222 The108n is ur)secured and the interest rale allached to the loan is based on a floating rate. and will be less than 2.9905°kn per annum. 15 Endowment funds The capital funds of the Art School include permaner)l endowments and expendable endowments. The permanent endowments are comprised of montes which must be retained as capital indefinitely. The expendable endowments are comprised of monies which were given to the Art School as capital but there is no restriction on them beirbg converted into expendable income. At1 September 2023 Gains, losses and Iransl8r5 At31 August 2024 Incomg Expenditure Pormanent endowments Edward Chadwyck-Healey Bequest and Memorial Appeal Fund 155,292 155,292 14131 1413} 19,694 19.694 174,573 174573 Expondablo ¥ndowm$nts Margaret Ballardie bequest Idun Ravndal Memorial L&9aey other end0Wm￿ts 161,671 {30.5841 27,803 158,890 203,147 151,654 516,472 60.173 (14,9321 13261 145.8421 22.143 15.539 65,485 270,S31 16fj,867 596,288 60,173 Total end¢)wments 671,764 60,173 146,2551 85,179 770,861 The incorne from the endowment fvnds is included in unrestricted general fvnds. A11 September 2022 Galns. losses and Iran$fers A131 Augusl 2023 Income Expenditure P8rmanenl ondowm&nls Edward Chadwyck-Healey Bgquesl and MemorialAppeal Fund 170,006 170,006 (754) (754) (13,960J (13.960) 155,292 155,292 Expendable onoowm8nts Marga￿1 Ballardie beouesl Idun Ravnd81 Al8mcYial Legacy Other endowments 298,357 (7 12.175) 124,511) 161,6TI 237,665 166,874 702,836 (15,000) (7,464) (16.464) (19,517) {73,696J (57.724) 203, 147 151.654 516,472 Totalendowments 872,842 (17.218) (11.685) 671,T64 City and Guilds of London Art School Limited 49 Notes to the financlal statements 31 August 2024 16 R￿trIcted funds The in¢ome funds of the Art School indude restricl8d funds comprising the following unexpended balances of donations and grants held on trusts lo be applied for specific purposes: Rpali58dl Unreal￿ g¥ih$ B￿art¢* at31 A￿gUSt 2024 September iTrveslment$ & TraD5fer¥ menLS Expenditure Annu* Bursarfes Fund Savl BuissryFund Charfes NobWPeter Chan¢eSthol8r$hlP Fu Rodney e￿n FIA SchcAarshlp Fund sI￿n Birch Bu￿ry Fu Edith and Stephen Bumert MetnoTi4 Fund Day￿ Ballarfie Memori81 Aw8rd Fund Idun Ra¥￿¥1 Tr¥v*iAwaid Othèr prizeartd special ff￿￿5 ReroY4ryAppeal Books and Paper CoD5etvation Project 296,YJ2 41.046 26,512 43.568 82,242 4,074 35,926 675 23.017 51,457 57,201 6ei.952 49D.184 1472.2981 85.028 5.095 399.146 49.178 31.762 52.197 91352 4885 42.147 807 19.217 44248 3,146 2,031 3238 4a78 314 2.755 5.407 7.902 11.0961 4.462 10. 117.1831 I6.2￿) 16.961 501.084 1497,2651 56,107 738,839 Funds related lo bursaries are now included in the top line"Annual Bursaries Fund.. The specrfic purposes for which the funds are to be applied are given by their descriptions in the table above. The main purposes are the awarding of scholarships, bursaries and prizes. unrealised gains on rn￿18 Exp8nthlwe kNgslfftsnts 8818 a131 2022 2029 AnftualButsane$ FwJd 58ul8ur$8ryFund h•ts$ NoOlaFoterChanfj&SchobtshlpF RLtheyBum R4 Scholarshlp Fuixl Birch Fund Edhh dndSlephen8Lm8ltM8m(￿aIFL¥ f28,354 42,428 2T.406 44034 79,222 4,2tK 38,516 523.414 f3645961 (891 (571 296.232 41.048 2&512 43.568 82.240 4.073 55.927 675 2,185 t.413 2,318 4,578 21 t.981 12,2&)1 1169DI 11.3921 13411 13, 1531 Inj 1553J Ravn&al Tra￿1￿￿* Olherffti*$tyY$kw¢i&ll￿d9 R6¢Ov￿A￿￿￿l 12301 (7,t161 (4,7431 Pl,8251 1397,343) 1&462 14,876 56,2Lk) 23.017 51,4S7 57,201 661.952 8&028 466.593 Is,￿6 594,550 114.934J City and Gudds of London Art School Limited 50 Notes to the financial statements 31 August 2024 17 Analysls of net assots bgtwogn fund$ General fund Restricted Endowrnent funds fun¢Js Total 2024 Fund balances at 31 August 2024 ar¢ r&prg$Wt￿ by: Tangible fixed assets Invèstm8nts Current assets Crsdilors.. amount$ falling dL* wilhln one ye8r Creditors.. amounts falling due after one year Total net assets 173.709 600,267 833.120 45.248 284,491 410,201 218,957 1,655,619 1.243.321 770,861 11,493,59)1 155,5561 57,950 11,494.6911 155,5561 1,567.650 738,839 770,861 G8naral furKJ Rgstriclgd Endowrnenl funds furn1$ Totèl 2023 Fund balances al 37 Augu812023 ar8 rèpresartt8d by.. Tangible fixed assets Inv8Strnents Cu￿ent assets CKeditors.' amounls falling due wthin one year Creditors.. amounls f8lling due after one year Total net ass&ls 211,934 633,582 957.334 51.303 246,547 415.980 263,237 1.551,893 7,373.314 671.764 (1,629,550) (97,222) 76,078 (51,878) (1.681.428) (97,222 1,409,794 661,952 671, 764 The lolal unrealised gains as al 31 AugLJSt 2024 conslllule movement on revaluation and are as follows: 2024 2023 Unreallsed {losses} galns included above On listed investments as at 31 August 2024 111,673 157,9341 R•concilkatlon of rrb)v•monts In unreallsed galns Vnreallsed gaSns at 1 Septsmber 2023 Unr8alised gains Ib$$esl on listed investrnents ari%ing in the year Total unrealised gains al 31 August 2024 18,430 111,673 130,103 76,364 157,9341 18.430 18 Liability of members The Charity is consliluted as a Company limited by guarantee. In the event of the Art School being wound up members are required lo contribute an amount not exceeding £1 each. City and Guilds of London Art School Limited 51 19 Leasing commitments Opgrating leases At 31 August 2024 the Art Schwl had the following Gommilments under non-Gancellable operating leases-. Land and buildings 2024 2023 Equlpment 2024 2023 Operab'rvJ leases which expire: Within on8 y8ar Be￿en iwo and five years Over five years 372,485 1,1gO,882 899,839 1463,207 367,785 1,512,647 890.823 2,771255 65.JS8 218,527 31.101 284,085 31.101 The land and buildings operating leases relate lo the site at Kennington Park Road and the sub-lease of premises in the Old Vauxhall Telephone Exchange in nearby Kennings Way from the Property Trust for the period up to the first break clause. The previous lease for the laller expired in late September 2022 and Heads of Terms for a new lease from the dale of that expiry were agreed al an increased rental which was duly accounted for in 2023124. 20 Related party transactions The City and Guilds Arl School Property Trust has senior management in common with the Art School. The Art School charged a management fee of £53,737 12023 - £57,405} lo the Property Trust during the year. The Property Trust chargeé the Art School rent, including VAT. of £369,08812023- £364,493). The balance owed lo the School by the Property Trust al the end of August 2024 was £41.330. No grants were re￿iVed from the Property Trust in respect of the year {2023- £nil}- 21 Post balance sheet event5 There were no post balar)ce sheet events lo consider. City and Guilds of London Art School Limited 52