ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2025 COMPANY LIMITED BY GUARANTEE REGISTRATION NUMBER 07817519 (ENGLAND AND WALES) CHARITY REGISTRATION NUMBER 1144708 |Contents|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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39| |---|---|---| Cover image: detail of degree show work by BA Fine Art student Thymian Osborn ## Reference and administrative information ## Trustees Jamie Bill (Chair) Laurence Benson (Vice-Chair) Dr Caroline Campbell Edward Campbell-Johnston Laura Carey (Staff Trustee) James Clayton (Student Trustee) Sokari Douglas Camp CBE Martin Hatfull Company Secr etary Trustees in post as at January 2026 See Statement of Corporate Governance for details of Trustees serving during the course of 2024-25 James Kelly Tabish Khan Michael Osbaldeston Prof Jane Rapley OBE Prof Elizabeth Rouse OBE Dr Lois Rowe Helen Sunderland-Cohen Carol Taylor CBE Harriet Lam Senior Management Team Principal Director of Resources & Operations Head of Finance Head of Carving Head of Fine Art Head of Foundation Head of Conservation Head of Access to Learning Development & External Relations Manager Dr Lois Rowe Nick Rampley Deepa Craig Tom Young Dr Marita Fraser Clementine Mitchell Dr Marina Sokhan Dr Matthew Rowe Cristobal Tagle ## Registered and principal office 124 Kennington Park Road London SE11 4DJ Telephone Website Email Company registration number Charity registration number UKPRN 020 7735 2306 www.cityandguildsartschool.ac.uk office@cityandguildsartschool.ac.uk 07817519 (England and Wales) 1144708 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 1 ## Trustees' Report | Year to 31 August 2025 ## 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 2025. 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 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 Property Trust supports the Art School by maintaining and developing the properties in Kennington which the Art School rents from the Property Trust. 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. 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 City and Guilds of London Art School Limited 2 ## Trustees' Report | Year to 31 August 2025 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 to 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 2024/25 academic year totalled 303 (2023/24: 270). ## Foundation - 66 students (2023/24: 70) successfully completed their year of study and were awarded a Foundation Diploma in Art & Design from UAL Awarding Body, 19 with distinction, with most able to secure a place on the university course of their choice. ## Fine Art - 20 students (2023/24: 23) were awarded BA (Hons) degrees in Fine Art; 14 firsts, and 4 upper seconds, and 2 lower seconds. - 1 student was awarded a Graduate Diploma, with distinction. - 37 students (2023/24: 29) were awarded MA Fine Art degrees; 17 with distinction, 18 with merit, and 2 passes. ## Conservation - 12 students (2023/24: 12) were awarded BA (Hons) Conservation Studies; 5 firsts, 5 upper seconds, and 2 lower seconds. - 3 students (2023/24: 2) were awarded a Graduate Diploma; 2 with distinction, and 1 with merit. - 2 students (2023/24: 1) were awarded MA Conservation Studies degrees, both with distinction. ## Carving - 9 students (2023/24: 5) were awarded BA (Hons) Carving; 3 firsts, 5 upper seconds, and 1 lower second. - 3 students were awarded a Graduate Diploma; 1 with distinction, and 2 with merit. - 2 students were awarded a Diploma of Higher Education. - 1 student (2023/24: 0) was awarded a MA Carving degree, with merit. City and Guilds of London Art School Limited 3 ## Trustees' Report | Year to 31 August 2025 ## Schoolwide activities In September 2024, the Art School was awarded 'Educational Institution of the Year' at the inaugural BeLambeth Awards, recognising the School's contribution to skills and employment in Lambeth through initiatives including the National Saturday Club, Tutors into Schools programme, and its expanded evening courses and Summer School. In September 2024 the Art School began a new validation agreement with Arts University Bournemouth (AUB) for BA, Graduate Diploma, and MA courses which had previously been validated by Ravensbourne University (RUL). In order to minimise disruption to students who were/ are currently enrolled as RUL students, the Art School chose not to transfer students from one validator to another and to teach out students with the validator with which they had enrolled. The Art School is still in this period of transition, now in its final academic year with RUL as validator for final year BA students. 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 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, and craft teachers by providing bespoke workshops in our specialisms. Tutors into Schools is now in its third year, and the programme has expanded thanks to increased external funding (from £50k to £58k). Partnerships have grown from one youth club and nine school partners in 2024-25, to three youth clubs and 20 school partners in 2025-26. This year the target has been set to deliver a careers assembly to every partner institution, followed up with emails to art teachers on bursary and Foundation information at the start of 2025 to encourage applications. The National Saturday Club is in its fourth year. In order to encourage consistent attendance across the year, the current year's programme has been reduced from 21 to 12 weeks. In the Autumn 2024 and Spring 2025 terms, the Art School ran a series evening courses, welcoming 74 participants across eight courses in Autumn, and 51 participants across six courses in Spring. Courses covered a diverse range of skills, including glass, woodcarving, stone carving, etching, painting, printmaking, and others, with the majority of courses sold out. The main Summer School offering was followed by a second bespoke programme for the Commonwealth Heritage Forum, at which participants from across the Commonwealth studied a range of conservation skills including lime mortar, wood carving, joinery, and gilding. Lime mortar class with Ana Logreira, Commonwealth Heritage Forum summer school 2025 City and Guilds of London Art School Limited 4 ## Trustees' Report | Year to 31 August 2025 The Art School was thrilled to participate once again in London Craft Week, hosting a two-day event showcasing specialised craft and hand skills to local school groups and the general public. This event celebrated craftsmanship and creativity through various activities, including drawing exhibitions and competitions, carving and conservation demonstrations, hands-on sessions with students and tutors, and printmaking workshops, as well as our annual carving competition. We are grateful to the Worshipful Company of Masons (through their Craft Fund), the Carpenters' Company, Taylor Pearce Ltd., the Surveyors' Club, and the Royal Academy of Arts for their continued support of these activities. The Art School was featured on Artfully Crafted, an online platform celebrating craftsmanship. Founder Alienor Cros visited the School, interviewing Principal Dr Lois Rowe, tutors, and final year BA (Hons) Conservation student Thomas Yeung, highlighting the Art School's approach to teaching specialist craft skills and preparing students for careers in the arts. In June 2025, the Art School community celebrated the Degree Show and Prize-Giving Ceremony for 47 graduating students across BA Fine Art, Carving, and Conservation. The event included addresses from Principal Dr Lois Rowe, incoming Head of BA Fine Art Dr Marita Fraser, and the Heads of Department, with certificates and prizes presented to graduating students. Awards included the City & Guilds of London Art School Board of Trustees Prize, Conservation Research Project Prizes, Venice in Peril Residencies, and 16 other prizes across the different disciplines. Across June and July 2025, the Art School welcomed 150 participants to its Summer School, a 14.5% increase from 2024. Over three weeks of short courses, students explored skills including stone carving, woodcarving, gilding, verre églomisé, letter carving, joinery, glass sculpture, etching, observational drawing, and medieval painting and manuscript illumination. Most of the courses sold out. In August 2025, the Art School, in partnership with Two Temple Place (a building celebrated for the historic craftsmanship of past generations of Art School graduates) took part in a four-day ‘Celebration of Makers’. Tutors and students from Carving and Conservation departments led live demonstrations, hands-on 'have-a-go' sessions, and a panel discussion, alongside the Carving interim show, showcasing second-year student work and exploring the evolving role of traditional carving skills today. In early September 2025, the Art School celebrated the MA Graduation and Prize-Giving Ceremony for 41 graduating students across MA Fine Art, Carving, & Conservation, alongside eight Fellows. The event included addresses from Principal Dr Lois Rowe, Head of Graduate School Dr Charley Peters, and visiting MA tutor Danny Rolph, with certificates and prizes presented to the Degree show private view, June 2025 City and Guilds of London Art School Limited 5 ## Trustees' Report | Year to 31 August 2025 graduating students. Awards included the Standpoint Artist's Residency, Painter-Stainers' Company Decorative Surfaces Fellowship, Artists' Collecting Society Prize, and other prizes recognising outstanding work, critical engagement, exhibition, and print practice across the MA disciplines. During the MA Show, as part of the Lambeth Heritage Festival, the Art School hosted a public talk by Director of Resources & Operations Nick Rampley entitled 'Seven turkeys, five sucking pigs, and three miniatures: A history of Lambeth's own Art School'. The illustrated talk explored the Art School's history from its foundation in 1854 as the Lambeth School of Art to its present-day role as a distinctive higher education institution. The Art School was deeply saddened to learn of the passing of Professor Norman Ackroyd CBE RA in September 2024. One of Britain's most highly regarded contemporary printmakers, his significant achievements and contributions as an artist, teacher and supporter of the arts leave an enormous legacy, and a great loss to the community and UK culture. Norman's longstanding commitment to the Art School had impacted generations of students who have passed through our Print Room. A former member of the Art School's Board of Trustees, he was awarded an Art School Honorary Fellow Fellowship in 2022, in recognition of his advisory role spanning more than 27 years. Mez Kerr Jones, Wood workshop technician and a former Artist Woodwork Fellow, was awarded the prestigious title of Artist Laureate for Fluxus Art Projects and participated in the Magnetic Programme Residency at Frac Bretagne in Rennes in Summer 2025. Congratulations also go to another of the Wood workshop technicians, Ana Kazaroff, on her award of a London Arts & Humanities Partnership Scholarship to pursue a PhD at The Slade School of Fine Art, UCL. ## Conservation Department BA (Hons) Conservation: Stone, Wood & Decorative Surfaces graduates Fiorella Lavado and Ellie Seaward were selected for the annual Venice in Peril internship, spending two months at the Abbey of San Giorgio Maggiore in Venice. The fully funded internship, awarded at the Degree Show, is supported by the Venice in Peril Fund in partnership with Benedicti Claustra Onlus and provides handson experience in the conservation of Venice's architectural heritage. Degree show presentation by BA (Hons) Conservation: Stone, Wood & Decorative Surfaces graduate and QEST scholar Thomas Yeung In April 2025, final year BA (Hons) Conservation students presented their research findings at the Conservation Symposium 2025 held at Imperial College London. The annual public-facing event showcased student research projects spanning stone, wood, decorative surfaces, books, and paper, and was held in partnership with the Imperial Science and Engineering Research Group for Cultural Heritage and the Imperial Centre for Languages, Culture and Communication. BA (Hons) Conservation: Stone, Wood & Decorative Surfaces graduate Thomas Yeung was awarded a QEST Scholarship to continue his studies on the MA Conservation programme, focusing on the conservation of complex lacquer objects. The scholarship supports Thomas' dual practice as both maker and conservator, enabling him to develop specialist skills in European and Asian lacquer techniques and materials. Conservation alumni have secured prestigious posts, with recent graduates having obtained positions at Cambridge University Library, NYU's Bobst Library, and Windsor Castle, demonstrating the global impact of the Art School's Conservation training. City and Guilds of London Art School Limited 6 ## Trustees' Report | Year to 31 August 2025 ## Carving Department Two members of the Art School's carving community featured in the third series of Bill Bailey's Master Crafters: The Next Generation, with second year BA (Hons) Carving: Architectural Stone student Thomas Stainer taking part in a timed stone-carving challenge under the guidance of alumnus and master stone carver Simon Smith, with filming also taking place in the Art School's Carving studios. Woodcarving tutor Takako Jin receiving Master Carver Certificate from the Worshipful Company of Joiners & Ceilers The work of BA (Hons) Woodcarving and Gilding alumna Jo Grogan, completed during her ongoing residency at the Sarabande Foundation, featured across the press, including Harper's Bazaar, the Evening Standard and Mayfair LON. Jo became an artist-in-residence at the Sarabande Foundation shortly after completing her studies at the Art School. Graduate Diploma Stone Carving alumnus Finn Conlon was selected for the second edition of the prestigious Homo Faber Fellowship, partnered with expert stone sculptor Helen O'Connell. Stone Carving alumna Lily Marsh was commissioned to create the first official portrait bust of King Charles III, unveiled to mark the 35th anniversary of the King's Foundation and now on permanent display at Dumfries House. A QEST Scholar and 2020 graduate, Lily sculpted the work in clay before casting it in bronze, with the stone plinth carved by fellow craftsperson Samuel Starsmore. Two members of the Art School community were awarded Master Certificates by the Livery Company Skills Council with The City and Guilds of London Institute. Woodcarving tutor Takako Jin received her Master Carver Certificate from the Worshipful Company of Joiners & Ceilers, recognising her expertise and commitment to training future craftspeople. Carving alumna and visiting tutor Charlotte Howarth was awarded her Master Certificate from the Worshipful Company of Masons for her work as a sculptor, designer, stone carver and letterer, and for her contributions to craft education through the Abraxas Stone Carving Academy. ## Fine Art Department Dr Marita Fraser was appointed Head of BA (Hons) Fine Art, joining the Art School in July 2025 from the Glasgow School of Art where she was Undergraduate Program Director for the School of Fine Art and Head of Sculpture and Environmental Art. An internationally recognised interdisciplinary artist and researcher, Marita brings extensive experience in teaching, residencies, exhibitions and feminist practice, and will lead the BA Fine Art programme, supporting the diversity of creative practices across the Art School. BA (Hons) Fine Art graduate Alice Lane was named one of the winners of the Freelands Painting Prize 2025, continuing the Art School's strong record of prize winners since 2020. Artist Glass Fellow and BA Fine Art/ MA Art & Material Histories alumna Roberta de Caro featured in the Autumn/Winter 2024 edition of Crafts Magazine. In the feature, Roberta discussed her artistic journey, her introduction to the medium of glass explored throughout her studies at the Art School and at the Royal College of Art, and her project 'From the Fragment to the Whole'. City and Guilds of London Art School Limited 7 ## Trustees' Report | Year to 31 August 2025 BA (Hons) Fine Art 2023 alumna Sophie Lloyd and MA Fine Art 2023 alumnus and Artist Glass & Casting Fellow Valentino Vannini were selected for New Contemporaries 2024, exhibiting their work with the other New Contemporaries artists at the Institute of Contemporary Arts in March 2025. ## Foundation Department **----- Start of picture text -----**
Graduate show work by Sophie Lloyd and Valentino Vannini,
both selected for New Contemporaries 2024
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The Art School bade farewell to Keith Price, who retired as Head of Foundation after more than four decades of distinguished service, having led the department since 1998 and overseen the establishment of the dedicated Foundation studios in Kennings Way in 2012. In June 2025, Keith was awarded an Honorary Art School Fellowship in recognition of his exceptional contribution to the Foundation Department and the wider Art School community. Clementine Mitchell was appointed Head of Foundation following Keith Price’s retirement. Clementine joins the Art School from Ravensbourne University London, bringing extensive experience in curriculum development and teaching across institutions including Central Saint Martins and Somerset House, alongside a professional design and illustration practice recognised for its focus on social innovation and community engagement. The Foundation course continues to benefit from a partnership with the Freelands Foundation, providing full bursaries, transport, and pastoral support to five students annually, enabling meaningful and transformative opportunities. Foundation student Fiona McHugh won both the inaugural Glass Sellers' Annual Award and first place in the Fishmongers' Hall London Skyline Competition, with her work featured on the Fishmongers' website, showcasing the School's historic livery company partnerships. The Foundation Show in May 2025 was a celebration of the outstanding work of our 2025 graduates studying on the Foundation Diploma in Art & Design course. During this year of exploration, students interrogate and extend their art practice and created an impressive body of work, displayed in this end of year show. Former Head of Foundation Keith Price receiving an Honorary Art School Fellowship in June 2025 Foundation show work exhibited by Fiona McHugh, winner of the Exceptional Foundation 3D Fine Art prize City and Guilds of London Art School Limited 8 ## Trustees' Report | Year to 31 August 2025 ## Graduate School On 3 March 2025, the Art School celebrated the launch of the Graduate School, encompassing MA Carving, MA Conservation, and MA Fine Art programmes. The launch event, 'Monuments at Risk’, celebrated the cross-disciplinary and collaborative nature of the Graduate School, featuring presentations and discussions from students, artists, heritage experts, and cultural thinkers, with keynote speakers including Larry Achiampong, John Darlington and Dr Nicola Stacey. 2023 MA Fine Art alumna Eleanor Johnson won the Jackson's Art Prize 2025 for her oil painting Slick With Olive Oil. The award, which includes £6,000 plus £2,000 of Jackson's materials, recognises Eleanor's skillful exploration of complex themes through theatrical composition. Her work will be exhibited at the Jackson's Art Prize 2025 Finalists Exhibition at Bankside Gallery. Members of the Carving community, including MA Carving student and Stone Carving Tutor Nina Bilbey, alumni Charlotte Howarth, Sue Aperghis and Kate Holmes, as part of the Abraxas Academy collective, won the national competition to design the UK's first memorial to the military service of LGBTQ+ people. Their forged bronze sculpture, An Opened Letter, incorporating words drawn from letters of service personnel affected by the ban, was commissioned for the National Memorial Arboretum and unveiled by King Charles III in his first official engagement in support of the LGBTQ+ community, marking the 25th anniversary of the lifting of the ban on LGBTQ+ people serving in the Armed Forces. Nina Bilbey was also awarded a Fellowship of The City and Guilds of London Institute. The Fellowship is awarded for making exceptional contributions to industry, education and craft and is the highest award conferred by The City and Guilds of London Institute. MA Fine Art alumna Eleanor Johnson, winner of the 2025 Jackson's Art Prize Student panel (Sonia Thomas, Melina Merlin, Jonny Kemp, Paul Familoe) at the ‘Monuments at Risk’ Graduate School launch event in March 2025 Detail of Abraxas Academy collective’s memorial to the military service of LGBTQ+ people City and Guilds of London Art School Limited 9 ## Trustees' Report | Year to 31 August 2025 MA Fine Art alumnus Rômulo Avi Oliveira teaching at Ark Evelyn Grace Academy, Brixton, as part of the Tutors into Schools programme ## Bursaries and scholarships The continued generosity of the Art School's many benefactors enabled fee bursary awards of £488,760 (£400,593 for the previous 12 months). Contributions made by way of direct applications for support by students amounted to an additional £31,203 for the academic year (£50,434 in the previous year). ## £488,760 in fee bursary awards In the course of the 12 months to 31 August 2025, fee bursaries were given to a total of 91 students (77 in the previous year), representing more than one in three students towards which bursary and scholarship support is primarily directed. more than 1 in 3 students with bursary and scholarship support ## +18% increase in number of students receiving fee bursaries New pledges for coming years have also been secured. Trustees continue to prioritise increasing the amount of bursary and scholarship funding available for students. The Art School would like to thank all of those individuals and organisations whose support during the year has ensured the continuation and development of its educational activities, through bursaries and scholarships, student prizes, and other unrestricted support. City and Guilds of London Art School Limited 10 ## Trustees' Report | Year to 31 August 2025 ## Recruitment activities For the 2025/26 recruitment cycle, the Art School delivered a programme of in-person and online activities between October 2024 and March 2025. This included six on-campus Open Days, three online Foundation Diploma in Art & Design sessions, five Student Virtual Chat events, and two Illustration taster sessions. In total, these activities reached 870 applicants and resulted in 303 registered students. For the 2026/27 application cycle, and with the introduction of the Admissions Tutor role, the Art School has implemented an expanded programme of recruitment activity to be delivered within the 2025/26 academic year. ## Governance, structure and management ## Review The current year saw the retirement of three trustee members, as well as the retirement of the staff and student trustees and the appointment of their successors. Following the resolution of the Board in 2022 to commission a Governance Review to inform its proceedings and meet the recommendations of the Office for Students, the Review was undertaken by an independent third party in Spring 2023; its helpful recommendations were accepted unreservedly and have since been implemented and progress continues to be monitored by the Board at least once a year. ## 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 (who further monitor the activities of 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 ## Key management personnel The Principal of the Art School, who is an ex officio Trustee, is charged with carrying out the policies agreed by the Trustees, 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, the Heads of Department (Carving, Conservation, Fine Art, Foundation, and the Graduate School), along with the Head of Finance. 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. City and Guilds of London Art School Limited 11 ## Trustees' Report | Year to 31 August 2025 The remuneration of senior staff is set and approved by the Trustees through the Remuneration SubCommittee. Remuneration is reviewed annually, paying due regard to market rates and sector benchmarks. ## 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, development) are run by a small administrative team reporting to the Director 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 and 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 & Risk Committee maintaining oversight of the Risk Registers and escalating significant issues to the Board. Academic reputation and standards are maintained by a process of external validation and the development and scrutiny of annual departmental quality improvement plans which take account, inter alia, of student feedback gathered from a range of sources including internal unit monitoring and the National Student Survey. Mitigations to student recruitment risks include close monitoring of applicant numbers, increased recruitment activity including outreach, and the appointment of a dedicated recruitment role. Mitigations to financial sustainability risks include 4-year financial forecasting, scenario planning, and reserves. 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 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. City and Guilds of London Art School Limited 12 ## Trustees' Report | Year to 31 August 2025 ## 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. 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 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 (2024: none). ## 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. 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. City and Guilds of London Art School Limited 13 ## Trustees' Report | Year to 31 August 2025 ## 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 2025 of £1,686,971 (2024: £1,655,619). There are no extra-statutory restrictions on the Art School's power to invest. The investment strategy is set by an Investment Sub-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 which is currently CPI +4%, 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 Sub-Committee. Summer School 2025 classes: Medieval painting and manuscript illumination, Introduction to Japanning, Life size portrait sculpture in clay ## Financial review ## Results for the year The Art School recorded a surplus before net gains on investments of £252,471 (2024: surplus of £46,183) for the year. Unrestricted funds recorded a surplus of £215,642 (2024: £9,697). Realised gains were £10 (2024: gains £0) and unrealised gains of £49,633 (2024: gains of £111,673) on the Art School's investments were recorded in its unrestricted, restricted and endowment funds. City and Guilds of London Art School Limited 14 ## Trustees' Report | Year to 31 August 2025 ## 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. 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. The current reserves target is around £845k. ## Financial position The balance sheet shows total funds of £1,869,764 (2024: £1,567,650). These funds include endowment funds of £776,606(2024: £770,861). 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 £773,909 which is restricted (2024: £738,839). 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 2025 are in a positive position of £319,249 (2024: positive £57,950). Free reserves, inclusive of expendable endowments, total £772,805 and are calculated as follows: Unrestricted funds £319k Less: unrestricted tangible fixed assets (£143k) Plus: expendable endowment funds £597k Total £773k The Trustees have considered the position in the context of known future sources of income, and also expendable endowments of £597,527 (2024: £596,288) which are available to provide liquidity to the Art School if needed, and thus consider the reserves position to be acceptable in the context of the reserves policy together with financial forecasts to build reserves to the target level over the next four years. ## Investment performance During the year to 31 August 2025 the Charity's investments produced an overall income of £68,264 (2023/24: £68,449) and a net capital gain of £49,643 (2023/24: gain of £111,673). The investment managers continued to invest in accordance with the Trustees' investment policy, which is reviewed by the Investment Sub-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. City and Guilds of London Art School Limited 15 ## Trustees' Report | Year to 31 August 2025 ## 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: - latest operational plan for the remainder of the current 2025/26 academic year in response to ongoing external challenges; - revised budget and financial forecasting for the financial years 2025-2030 and its impact on the financial plan associated with the Strategic Plan for the period 2022-2027; - steps taken in pursuit of the objectives of the 2022-27 Strategic Plan, including in ensuring its student recruitment targets are met. The Art School management's foremost priority continues to be to safeguard the quality of the student experience and ensure student progression. Withdrawals and Interruptions of Studies have remained at low levels and the reputation of the Art School continues to rise. While recruitment into the 2024/25 academic year saw, in line with national trends, a significant fall in numbers on the Foundation course, the outlook for 2025/26 remains stable with renewed marketing activities (especially in respect to international students) and the introduction of a new course at degree level in 2026/27. In order to mitigate current financial challenges, operational support remains a focus of the Art School's fundraising strategy. To provide additional working capital support if needed, the Art School took advantage of the Coronavirus Business Interruption Loan Scheme to secure a CBIL loan of £250,000, repayable over a period of 6 years from financial year 2021/22. At the year-end £55,556 of the Art School's £1,637,401 cash holdings were derived from the CBIL loan. The Art School held free reserves of £772,805 as at 31 August 2025 (2024: £480,529) inclusive of expendable endowments available to provide additional financial support and liquidity to the Art School. In light of the above, the Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Art School to continue as a going concern. London Craft Week activities, May 2025 City and Guilds of London Art School Limited 16 ## Trustees' Report | Year to 31 August 2025 ## Future plans The Art School has adopted a Strategic Plan 2022-2027 which sets out the targets by which the Art School intends to meet its Strategic Goals of: Promoting academic excellence and increased learning opportunities in its areas of expertise; - Enhancing its student and staff experience by ensuring its infrastructure supports its ambitions as a Centre of Excellence; and - Safeguarding and championing the Art School's ethos and values by ensuring sustainability and supporting future ambitions. Under the first of these goals, the Art School's objectives in promoting excellence and opportunity are: to increase learning opportunities by increasing and diversifying the student body; and to increase learning opportunities through Curriculum and Portfolio Development. Under the second of these goals, the Art School's objectives of enhancing experience by ensuring appropriate infrastructure are: to ensure the Art School's Facilities support our vision and ambitions; and to ensure the Art School's infrastructure meets the needs of a Centre of Excellence. Under the third of these goals, the Art School's objectives towards safeguarding values while securing its future are: to support sustainability through improved Financial Performance; and - to enhance financial sustainability through increased Fundraising and Development activity and raising the Art School's public profile through increased partnerships, external projects and media coverage and increasing our presence and activity within the local community. 2025/26 will constitute the fifth year of the Strategic Plan and with the Art School's ambition for an improved financial position beginning to materialise and many of the objectives of the Plan having been met, a review of the Art School's vision and strategy will be undertaken in the course of the year. Within the context of its current strategic objectives, the possible introduction of a new honours degree programme in Illustration from 2026/27 remains in place to which it is intended to add the establishment of a one-year Graduate Diploma in Mosaics. ## The Charity's assets Acquisitions and disposals of fixed assets during the year are recorded in the notes to the financial statements. Approved by the Board on 21 January 2026 and signed on its behalf by: Jamie Bill, Chair Dr Lois Rowe, Principal and Accountable Officer City and Guilds of London Art School Limited 17 Statement of corporat• gov¢rnanc• and Intwnal control Year to 31 August 2025 The following slalemenl is provided to enable readers of the annual report and financial statements of City and Gu4ds ol London Art School Limited trj obtain a better understanding of its governance and legal structure. These are detailed and governed by 'How We Work.. Governan¢• and Manag$m6nt Handbook.. The st8lemenl covers the period from 1 Septernber 2024 10 31 August 2025 and up to I date ol the approval of the annual report and financial statements. The Art School endeavours to conduct ils business: 1. Having due regard to the UK Corporate Governance Code 2018 in so far as il is aPpI￿able tr) the Higher Education Sector. arKI the Charities Act 2011. 2. Complying with Office for Students on-going Conditions or regul81ions and terms of Conditions of funding 85 well 35 other regulatory respon5ibililies, in accordance wlh the Higher Education Code ol Governance. We have reported on our Corporate Governance arrangernents bydrawlng upon best praeti¢e available, in¢luding those aspecls ol the UK Corporate Goveman¢e Code, the Higher Education Code of Ggvernancè and the Charilitrs A¢t 2011. The Board of Trustees Tecognises th818s 8 bodyenlrusled with privalefunds. charitable funds and public funds where received, it h88 a particular duty to observe the highest standards of corporate governance at all limes. Legal Status City and Guilds of London Art School Limited Is a charitable company. limited by guaronlee. not having shar8 capital. The Board ol Trust￿ confirm that they have due regard for thé Chaiity Cc*mmission's guidance on public benefil and th81 the required stslemeril appears elsewhere within these rinanci81 s13ternents. The Board of Trustees The members who served on the Board of Trustees during the year and up to the date of signature of this report are listed below. City and Guilds of London Art School Lirniled 18 Stat?m•nt of corporate governance and Intornal control Year lo 31 August 21)25 Trustee Appolntsd l R¥$lgngd Andrew Allen KC Laurence Benson (Vice-chairl Jamie Bill (Chairl Dr Virginla Bnoke Dr Caroline C8mpbell Edward Campbell-Johnston L8ur8 Carey James Claytsn Sokari Do￿laS Camp CBE Paul Fgrmiloe Martin Hatfull J8rnes Kelly Tablsh Khan Michael Osbaldeston Prof Jane Rapley OBE Prof Ellzabeth Rouse OBE Dr Lois Rowe (Principal and Accountable Offic8rl Alexanderstitt Helen Sundertand-cohen Carol Ta lor C8E Resigned 26 JaNary 2025 Re8i9n8d 19 June 2025 Appointed 1 October 2024 Appointed 1 OGtober 2025 Reslgned 30 Septembw 2025 Resigned 1 March 2025 Board of Trust•es' Interests The Board of Trustees are shown above and except for any instance mentioned above have served Ihroughout year. Three members ol the Board of Trustees have interests within the organisation, including Iwo salaried rnembers of staff, the Principal lex officio Trusleel, lh6 staff representaltve Tnjstee lelectedl, and the Sludenl representativeTruslee (also known as Chair of Students),. none of them receive rernuneration for their servres as members of the Board. The Company Secretary lo the Board of TrLJslees maintains a register of financial and personal Interests of the merrbers ol the 8oard ol Trustees, updated annually Statement of trusts￿, re$pon$lbllltie6 The Trustees (who are also dIr￿lor$ of Il* Art School for the purpose5 of cornpany lawl are Sponsib￿ for preparing the Trustees, report and financial statements in accordancè with applicable law And United Kingdom Accounllng Stsndards Iunited Kingdom Generally A¢¢epted Accounting Pr8Cticel. Company law requires the Trust885 lo prepare financial slatements for each financial year. which give a true and lair view of the state of affairs of the charitable company and of the income gnd expenditure of the charitable company for that period. In preparing Ihese financial slat8ments, Ihe TTU51ees are required lo.. • seknl suttable accounting policies and then apply them consislenuy., • observe the melhods and principles in Accounting and Reporting by Charil*s.' StaleTnent of ReGommended Practice applicable to charities preparing their 8ccounls in accordan with the Flnan¢ial Reporting Standard applicable in the UK 8nd Republic of Ireland (FRS 1021,. make judgements and estimates that are reasonable and prudent., City and Guilds of London Art School Limited 19 Statem¢nt of corporate governance and int•rnal control Year to 31 August 2025 * state whether applicable UTriled Kingdom Accounting Stand3r(5s have been followed. subject to 8ny departures disclosed and explained in the linan¢isl statements- avd prepare the finanoial slalements on the going con¢ern basis unles5 It is Inappropriate to presume that th8 charitable cornpany will continue in opeRlion. The Trustees a￿ responsible for maintaining proper accounting reeords that disclose wth a90nable accuracy at any Ilme the financi81 posilion of the charitabl8 company and enable them to ensure ihal th8 financial slalements cornply with the Companies Act 2006. They are also responsible for safeguarding the 8SS815 tsf the charitable ¢ompany and hence for takirtg reasonable steps for the prevention and detection of fraud and other irragularfties. Trustees are also responSi￿e lor ensurfng that the school continues lo rne8t the conditions for Office for Students registration. and also $8feguarding freedom of speech and academic frèedom. Each of the Trustee$ confirms that.. so far a5 the Trustee is awar8, there is no rdevant audit inforrnalion of which the ¢haritable company's auditor is unaware,. and • the Trustee has taken all the steps thal helshe ought to have tak8n as a Trustee in ordgr to rn8ke himselflhersell aware of any rÈlevanl audit irrfrxtnation and to establish that the charitsbb company's auditor is aware of tt)al information. Thss confirmabon is given and should be inlerpreled in accordance with the provisions of s418 of the Companies Act 2006. Meeting ProceduT ForrTTral agendas. papèrs and reports ar8 supplied lo the Board ol Trustees in a timely manner. Prior to Board meetings. Rèports includ8 finanual performance of the organisation together with other information such as recruitment. academic and Quality malters, personnel related malters. and health and safety matters. The Board of Trustee8 mèl four limes in 2024125, with vo addition81 strategic '8way days,. Full minutes are kept of all Board and Committee meelings. The Art School has a strong and irldependenl nonoxecutive mem￿r$hIp on th8 Board of Trustees and no individual or group domlnales its de¢lsion-making process. The organisation is satisfied that each of its norFexeculNe members is independent of m8n8gemenl and Ir8e froffl any business or other relatv)nship which could malèrially interfere with exercise of Ihelr independentludgemenl. There is a clear dSvislon of iesponsibility between the roles of the Chair and Accountable Officer. Appointment to the Board ol Trnstees Appointment to th8 Board of Trustees are matters cDnsMleralion tsl the Board of Truslees as a whole, as advised by the Nominations cornmitt￿. City and Guilds of London Art School Limited 20 Statèment of corporatè governance and int•rnal control Year to 31 August 2025 Board of Trust••s Performan¢e Ov¢r8ight Th8 Board ol Trustees exercise robust Scrutiny of perforMa￿e and challenge where ecessary. Board mèètings provide the opptsrtunity for thorough discussion of issues arising. Trustees are pro-actNe in théir oversight of the organisation and are Involved in the planning and discharging of Board business. A review ¢f individual Board members. roles and contributions is conducle(l annually by the Chair. Commlttees During the 2024125 session, the Board of Tr%Jstees received advice on the conduct of its business from three committees and the Academic Board. Each committee has its own terms of reference, approved by the Board of Tru51ees. The committees were.. Audit & Risk Commillee., Finance & Gen8r81 PU￿OseS Committee Iwth Sub-Comtnilte$5 responsible for Inveslmenl and Remuner8tionl', and Nominations Committee. The AGGess & Participalffon Sub-committee la sub-committee of both Acadèmic Board and the Board of Trusleesl also advises the Board. In addition. a Joint Development Advisory Working Group of the Art School and the Property Trust supported the fundralsing activity of the Art School. Audlt & Rlsk Commlitg9 Flnanc• & G•MrJl Purpo￿5 Commltt•• Inve8tmEnt Su￿0MmItteD Rémunwatlon SulTrCommlttee Nomlnatl+Jn6 Commlttee Frequency of Minimum 4 p.a. meEtings Chalr Minirnum 4 p. Minimum 1 p.a. Minimum 1 p. Minimum 2 p.a. Virginia Brooke Martin HatfL￿[ Laurence Benson Edward Carnpbell- Johnston Laurence Benson Caroline Campb811 l¢f*Chalrs Deputy Chair i NIA clerk Secretary to the Board James Kelty I Secretsry to the , Board James K8lly Dire￿or of Resources & Operations Jane Rapley Secrelary ID the Board Corol TaOor , Secretary to the l Board Trustees James Kglly Michael Osbaldeston Laurence Benson Jami8 &11 Sokari Douglas Camp Princlpal18X offi￿0 Trustee) Staff Trustee Martin Hatfull Chair of Investmenl Sub-committee Card Taylor Prinapal lex officio Twsteel Staff Trustee Student Tru5teg Non-Trustse Momb8rs Ststham Humphrey Carey (Property TNstl Ruwrt Asquith Hea(t of F￿an¢$ In attendance Princpal lex DfficiD Trusteel Dire¢tor of R8soufGg$ & Operations Haad of F￿ance Directorof Resourc88 & Operations Head of Financ8 Principal lex officto Tru5t8el DlrÉctor of l Re50ur¢es & Op8rations H8ad of Finan¢8 Nick (tr, Cazenove Capital Humphrey Carey (Propety Trusti City and Guilds ol London Art School Limileil 21 Statement of corporate gov•manc• and Intérnal control Year lo 31 Augu512025 Audlt & Risk Commlttee The Audit & Rlsk Sub-comrnitlee was responsible lo thè Board of Trustees in discharging its responsibilitiès for reporting its independent tsplnions on the rlsk management, controls, gtsvernance, and value for money arrangements of the Art School. The Committee was responsible for the followlng-. To appoint external auditors and agree the audit fee, meet with the extern81 audllors to discuss the scope and nature of the audit 8nd to discuss the findings of the avdil alon9 with the included management letter and rnanagernenl responses. To rèview on a regular basis the Art Schod's Risk Register, advise the Board of Trustees of any signrficanl (thang8sl¥l(Sitiong and to escalate any serious concerns lo the Board, To commission audit reviews of anything that could potentially threaten or adversety affecl the accomplishrnenl of the aims and objectives of the Art School. or which polenlially couSd pul the Art School al finan￿81 or ￿pUtatiOnal rlsk. To ensure. on behalf of the Board of Trustees, that sound flnanclal and governancs controls are in place, and effectively implemented,. induding the endorsement of the Art School's F5nan¢ig1 Regulations, Reserves POI￿leS and arrangements for risk and business continuity managèment. Flnance & General Purposes Committ8• The Board of Trustees has establishèd a Finan¢e & General Purposes Committeè, which meets four times a year. or more frequently if Necessary. The Finance & Gèneral Purposes Committee provid8d strategic oversight of the insb'tution's 5dvenry 8nd the use and safeguarding of its resources and as$ets. It did this through regular scrutiny ol reports on inslilutional income and expenditure, review of the relevant risk registers, and oversight ol budgets and forecasting. The Comrnittee also dealt with business ol a 'general' nature that does not specifically fall to other standing committees le.g., estates. health and safety, IT)., and rnonilored tho a¢lIv￿eS of its Sub-committees, as detailed below. Invéstment Sutscommittee The Investment Sub-commillee over58w the management of the Art School'5 investment portfolio. Under delegated authority of the Board of Trustses, the Inveslment Sub-committee is resrM)nsible for advisirKJ the Board on the appointment of the invesltnent managws., for monitoring the perfortllance of the portfolio and the effectivenes5 of th8 investment strategy. and lor ensuring that the Art School's investments are handled responsibly and etMicaS1y. Remuneration Sub-Commltt•e The Remuneration Sub-cornmittee provided oversight of strategic stalfing matters and determifted policy on staff rèmuneration,. and has delegated authority ol the Board to determine the schem8 for staff pay increases and to decide the remuneration of the Prin¢ipal Senior Members of Staff. City and Guilds of London Art School Limited 22 ststam¢nt of corporatè govomanco and Intornal control Year to 31 August 2025 A Site & Environmènt Commrtteè reporting to the FinanTr & General PurFY)ses Comrnittee was tasked with overseeing all matters relating to risk management and ¢ornplian¢e with legal obligations relating lo the physic81. working and educational environments, including student and staff welfare provisbjn and the Health and Safety ol all the Art School'5 members and visitor5, Nomlnatlons Commltte• Th8 Norninalions Commillee oversaw the recruilrnenl and appointmènt of Members of the Boards ol Trustees. It advises the Board on the process of guvernance effectiveness review, and keeps under reviw poliGi85 and procèsses relating lo mernbeT5hip of the Board of Trustees including induction, Irdining and development of the Trustees. Academic Board The Academic Board is 8slabli5hed by Ihe Board of Trustees with delegated powers lo oversee the Art Scheol's 8cademlc acts"vilies on ils behalf and to be the inslilulion's supreme acadernic aulhorily. Chaired by the Principal, the responsibilities delegated lo the Academic Board ore to= Uphold the acadernic standards of the Art S¢hwl's courses and the qualty of its teaching and student welfare provlslon. + Devise, mainl8in, amend and. In Individual cases suspervj. the Student Regulations, • Recommend Ihe appoinlrnent of Ext8mal Examiners for validated provision, Appoint Exièrnal Examiners for non-validaled provision. • Confirm the students. iesulls for those courses delwered independently of a validating P8rtner, icil, rec$Ne 8nd act upon student feedback, • Oversee all internal rev*ew and evaluation processes including perioéi¢ reviews by the Office for Sludents Ivia the Quality A55urance Agency), Vvork to loster excellent relationships wrfch the Art SchoDI's validating partners. 5ntemal Control Scope of responslblllty Ttte Board of Trustees is uttimately responsible for the organisation's sysl@m of internal contrd and for revwing its effectiveness. Suth a system incorporates risk management and is deslgned to manage the risk of tsilura lo achieve academic, operational and financial objèctivés and is designed to provide ￿e$0￿￿ble assurance 8gainst material misslatemenl or 1085. vering such areas as educational standards, safèguarding, IT and data protection, Health and Safety and Estates, HR mattexs and finance. City and Guilds of London Art School Limited 23 Statement of corporate govern8n¢8 and Sntemal control Year to 31 August 2025 The Board of Trustees has d818gated the day-to-day responsibilty lo the Principal, as Accountable offi￿r, for maintaining a sound 8yslem ol interna cy)ntroI that supports th8 achievement of the organisakn'on'5 poliaes, aims and objectives, whilst safeguarding the fund5 received and assets. The Principal 15 responsible for reporting lo the Board ofTrus1885. through thè Audit & ￿'sk C￿)mittee. any material weaknesses or failures in internal contrd. The syslem of Int•mal conlml The system of internal control is deslgned to manage risk to a reasonable level and is based on an On￿oing process of identifying and prioriltsing the risks to the achievernenl of Ofganisation policies, arn5 and Dbjecbves, to evaluat8 the likelihood of those risks bwng realiseil arbd the impact should they be realised. and to manage them efficienuy, effectively and economk2l￿. Thè system of intem81 eontrd has been in place althe ￿gan18at￿nf0rthe year ended 31 August 2025 and up lo the dale of approval ol the annual report and financial slalements. Capacity to handle risk The Board ol Trustees has revwed the key risks lo whlch the Drganisalion Is exposed, together with the operating, financial and governance contrds Ihal have be8n implemented lo mitigate those risks. The Board of Trustees is of th8 view that an effective formal on-going process lor identifying, evaluating and rnallaging the Art School's significant risks h8s been in place for the year ended 31 August 2025 and up to the dal8 (rf 8pproval ol the annual r8POrt and financial stalemenls. The risk 8nd Gontrol framewortl The system of internal control is based on a framework ol ￿gular managernent information, administralivo proeedures including th8 segregation of duties, and a system of delegation and accountability. 11 indudes.. • a comprehensive rÈglSter of risks, updated and reviewed on a SÈM￿8nnUal basis,. • annual budgeting with an annual budget reviewed and agreed by the Board of Trustees.. 8fLd • periodic reviews by the Board of Truste85 of management accgunts and finanThal reports which present and 8Sses9 financial perforrHanee against budget and perforrnance indicalors. Revlew of effe¢fivon8ss As the Accountable Officer, the Prin¢lpal has respon5ibilily for reviewing the effectiveness of the syslem of bnlernal control. The Principal's review of thè effectiveness ol the system of internal control is informed by.. • ihe work of the external auditor8,' • the work of tre Head of Finance and other staff who have responsibility for the maintenance and developmenl ol the intemal conlrol frarnÈwork- Cily and Guilds of London Art School Limited 24 Statement of corporate governance and Intornal ¢ontrol Year lo 31 August 2025 • comments made by the organisat￿n,$ financial statements auditors in their management letters and other reports.. and + advi￿ provided by Trustees workiryJ through the Committees. There are no significant internal control weaknesses réported for the perlod. The senior man8gernent team regularly reviews key performance and risk indicators considers possible control issues brought to their allenlion. The Audit & Risk CDmmitlee re¢eives regular reports, Nthich include recommendations for improvemènt. and conducts an annual revEw of the arrangements for internal control. The Board of Trustees agenda itKludÉs a regular item for consideralDn ol risk and contr and receives reports Iherèon from the Audit & Risk Committee. The emphasis is on obtainiro the relevant degree ol assurance and not merely re￿rtIng by exception. Based on the abovè and repcwts by the Principal, the Board of Trustees is ol the opinion that the organisalion has an adequate and effedive framework for governance, risk management and control to manage the achievements ol the organi5alion's objectives for the year ende(I 31 August 2025 and it has fulfillèd it$ slalulory responsibility for 'the effective ar￿ effI￿ent Use of reSo￿rCeS. the solvency of the illslilulion and the safeguarding of their assets" Ragularlty. proprlety. and compliance The organisation has considered its TesLx)nsibility lo notify the Off￿e lor Students of material irregularity, impropriety and non-compliance with Office for Students terms and conditions of funding. We confirm, on behalF of the organisation, that after due enquiry and lo the best of its knO￿ledge, the Board of Trustees b&liev65 El is able lo identify any material irregularily or improper use of funds by the organisalion, or m*erial von-compliance wsth terrns and condilions ol funding under the organisalion's finanGial regulations. As part of our ¢onsideraliDn. we havè had due re9ard to wr financia regulations. If any in8lance3 are enlrfied after the date of this statement Ihesè will be notified to tha Office lor Students. Going Concèrn Details on the Board's going conGwn assessment are set OLJt on page 15. Approved b order of the Board of Trustee5 on 11 QI.IL and signed on its b8half by.. Jami Dr Lois Rowe Chair Principal and Acccountable Officer City and Guilds of London Art School Lirnited 25 Ind&pondent auditor'$ report Year to 31 August 2025 Indèpendent auditor's report to the members of Clty and Gullds of London Art School Llmited Oplnion We have audited the financial statements of City and Guilds of London Art School Limiled I'the charitable cornpany'l for the year ended 31 August 2025 whih comprise the statement of financial activities linduding the st2ternenl of changes in reservès), the balance sheet, the statetnent of cash flows, the principal accounting policies and the notes lo the finanryal slalernents. The finan¢i81 reporting framework that has been applied in their preparation is applitgble law and United Kingdom Accounting Stsndafds, induding Financial Reporting StsndaFd 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdotn Generally Accepted Accouniing Practice). In our opinion, the financial stalemellts-. • gwe a Iiue and fair view of thè state of the charitable company's affairs as at 31 August 2025 and of it5 income and expendilure. changes in reserves and cash flows for the ye2r then ended., • have been properly prepared in accordance wlh United Kingdom Generalty Accepted Accounting Practice.. and + have been prepared in a¢ttordance with the requirements of the Companies Act 2006. Basls for opinlon We conducted our audit in accordance with Intern81ional Standards on Auditing IUKI IISAS IUKII and applicablè law. Our responsibililies Ur￿&r those stand8rds are further described In the auditor's responsibilities lor the audit of the financial statements section of our report. Wè are independent of the Charrtable company In accordance wlth the eihical requirements that are relevant to oui audit ol the f1nancial siatements In the UK, including the FRC's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffici￿t and approprk2te to provide a basis for ￿r opinion. Conclusions relatlng to gtsing ¢oncern In auditing the financial slaternenls, we have concluded that the tru$lggs' use of the going concern basis of accounting in the prepar*ion of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainli85 relating lo events or conditions that, individually or colleclivety, may cast 5ignificanl doubl on the charitable company's ability to c¢)rtlinue as a going concern for a perK* ol at least ￿1Ve months from when the fi'nan¢ial slalements are authorised for issue. Our re$pork51bililies and the responsibilitie5 of the ITUStees wlh respecl Io going concern are described in the relevant sections of this report. City and Guilds of London Art School Limited 26 Independent auditor'B report Year lo 31 August 2025 Other infomiation The other information comprlses the inlormation Included In the annual report, induding thé trustees, report, other than the financi81 slatemtrnts and our auditor's report Ihereon. The Irtyslees ara resrK>nsible for the other information contained within the annual report. Our opinion on the finan￿81 5tatemeftls does not cover the other 1nlorfflal￿n and, except lo the extent otherwise explicitly st8ted our rtrport, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other inforrn8tion 8nd, in doing so. consider whelheT the other information is materially inconslslènt with the financial statements or our knowledge obtained in the course ol the audit or otherwise appears lo be tnateri8lly misstated. If we identify such material inconsistencies or apparent material miss181ements, we are required tr) delemine whethèr this gives rf5e to a material misstatement in the financial stalernents themselves. If, based on the work we have performed, we ¢onclude that there is a material mi55talernenl of this other information. we are required to report that fact. We have nothing to rerx•rt in this regard. Opinion$ on oth¢r matters prescrll)•d by the Companies Aet 2006 In tsur opinion, based on the work undertaken in the course of the audit.. • the information given in the trustees, report. which is 8150 the diTectors' report ft)r the purposes of company law, for the financial year for which the financial 5talemenl5 8re prepared is consistent with the financial statements., and + the Irustee5' report, which is also the directors, report for the purposes of company law, has been prepared in accordance with appli¢8ble1ggal requlrements. Opinions on other matters presGrlbed by the Office for Students In our opinion, in all material aspects.. • funds from whatever source administered by thè provrderfor specifr pvrposes have been properly 8pplied for those purposes for which they were received, and managed in accordance with r8levant legislation,. + funds provided by the Office for Studen15 and by Res83r¢h England have been applied in accordance with the relevant terms and conditions,. and • the requirernen15 of the Office for Student's Accounts Direction have been mel. Matters on which we are requir¢d to rèport by excèption In t￿￿ lightof the knowledge and understanding of thech8ritabl& ¢ompany and ts environment obtained in the course of the audit. we have not identified materlal misstatement5 in the Iiuslees. report. We have nothing lo report in respect c>f the fo)IIowin9 rnatters In relation to which the Companies Act 2006 requires us to report lo you rf. in our opinion.. City and Guilds of London Art Schocil Lirnited 27 Independent •uditorf8 report Year to 31 August 2025 adequate accounting records have not been kept. or returns adequate for our audit have nol been recèived from branches not visited by us., or the financial statements are rK)l in agreement with the accounb'ng ￿cordS and rèturns-, or • certain disclosures ol trustees, rernuneralion specified by law are not made,. or we have not received all the inforrnalion and expl8natlons we require for Ouf audit." or • the trustees were not entitled to prepare the finawial statements in a¢¢ordance with thg small companies regime and take advantage of the small companies. exempkn'ons in preparin9 the trustees, report and from the requirement lo prepare a strategic report. We have nolhino lo report in respect of the following matter in rdation to which the Off5ce for Students requires u5 to report to you, rf In our opinion". • the charitable company's grant and fee incorne, as disclosed in note I to these financial statements, has been materially misslaled. R•sponsibilities of truslo0s As explained more fully in the trustees, responsibilitles slaternenl. the trustee5 (who are also the director5 of the charitable company for the purposes of cotnpany lawl are responsible for the preparation of the Iinancial st8lements and for b8ing saiisfied that they gNe a true and lair view. and for such internal control as thè trustees determine is necessary lo enable the preparation of financial slalements that are free frorn material mi55talement, whether due to fraud or error. In preparing Ihefinancial staletnents, the trustees are responsible for assessing the charitable company'5 ability to continue as a going concern, disclosing, as applicable, matters related to g)ing cowern and uslng the going ctsncern basis of accountiru unless Ihe trustees either intend to liquid8te the Gharitable Company or to cease operatsons. or have no ￿aliStiC alternativè bul to do 50. Audltor's re6ponsibllities for th• audlt of th? financlal statements Our objectives are lo obtain reasonable assurance about whether the financial statement5 as a whole are free from m*erial misststeTnEnt. wheth8r due to fraud OT 8rror, and lo Issue an auditor's report that includ85 0￿r opinKbn. Reasonable assurance is a high level ol as5uranc8, bul is not a guarantee that an audrt conducteLI in accordanc8 with ISAS IUKI wll always delect a material missiatemenl when it exists. Mi551atemenls can arise from fraud or error and are eonsldered material if, individually or in the aggregate, they could reasonably be expected to infiu8nee the economic decisions of users tsken on thè basis of these financialslatgrnents. Irr8gularities. including fraud. are In$tsn￿S of non-compliance with laws arHJ rggu1at￿ns. We design procedures in line wllh our resFM)nsibililies, oullined above, to dele¢l materlal missl8lemenls in respèct of irregularities, Including fraud. The extent lo whlch our procedures are capable of detecting irregularities, including fraud, is detailed below. City and Guilds of London Art School Limited 28 Independent auditor's report Year 10 31 August 2025 (hjr approach to identityng and 8sse35ing the risks of material mis81al8m8nl in respect of regularilEs, including fraud and non-compliance with laws and regulations. was as follows.. the engagernenl partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identrfy or Tecognise nOn￿MplIance with applicable lauvs and regulations.. we obtained an understanding of the legal and regulatory fremeworks that are applicable to the charitablè Company and determined that the most significant traméworks which are directly relevant to specific assertions in the financial statements 8re those that relate to the reporting framework Islatemenl of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with Ihe Finawial Reporting Standard applicable in the United Kingdom and Republ￿ of Ireland IFRS 1021 and the Charlties Act 20111, Compan￿S Act 2006, those that relate lo data protection (General Oala Protection Regulalionl, certain conditions of Ofs registration including compliance wilh the Ofs, latest Accounts Direclion", and identified laws and regulations were comrnunicaled within Ihe audit team regularly and the tèam Temained alerl lo instances of non-compliance throughout the audit. We a55essed the susceptibility of the charitsble Gompany's financial slalemènts to material tnisstatemenl, including obtaining an understanding of how fraLJd might occur, by. making enquiries ot management as to th￿r knowledge of actual, suspected and 8116ged fraud.. and considering the intemal controls in place lo mltigate risks of fraud and nonll-complIan￿ with laws and règulations to enquiry of the trustees and other managernenl and the inspection of regulatory and legal correspondÈncÈ, If Any. Material misstalernents that arise due to fraud can be harder to detect than those thal arise from error as they may involve deliberale concealment or collus￿n. A further description of our responsibilities for the audit of the financial slalemenls is locaiad on thé Financial Reporting Council's website at www.frc.org.ukJauditorsresponsibililies. This descripllon forms pari ol our audilorfs report. Use of our rèport This report is made solely to the ch8n13ble company's members. as a body. in accordance with Chapter 3 (>f Part 16 of the Compani85 Act 2006. Our audit work has been undertaken so that we rnight slate 19 the charitable company's members those mallers we are requlred lo slate to Ihem in an audrfcor's report and for no other purpose. To the fullest extent pemiitted by law. we do not 8c¢epl or assume responsibility lo anyone other than the charitable Company and the charitable company's members a5 a body, ftjr our audit work. for this report. or for the opinlons we have formed. Catherine Bi5coe, Senior Statutory Auditor For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL 30 January 2026 City and Guilds ol London Arl Sch¢x)l Limlted 30 Statement of fTnan¢ial aetlwties (including ineom• and expenditure statomsnt, whlch In¢ludos 5tat&ment of changes In re$erves} Year lo 31 August 2025 Ye•r 10 Year to 31 August 31 Augu51 2025 2024 Totsl TDlal lynds funds Genera ReslDclEd Endowm￿nI fund lunds Notes Incomè and expenditure Incom• and erbdowments from.. Charit8ble activibes Art Sthool lees DDnalions and le9aC4es fts in Kind Investment incijme & inler*si retsi¥ed Other Total incorno 1 3.143.827 133.345 3.500 63.660 156.813 3.501.145 3,143,B27 2,938.708 763,943 637,567 3.500 75,3S7 74,932 162,4 81,849 4,149,111 3,733,056 630.598 11.697 $.671 647,966 EAp¢ndltur¢ r*i'. haritsble activib85 . Costs of operat￿9 Art School Teaching staff and pBt3(rnel SupportC051s Premises ProMob￿s ￿ publlclty . Bursaries, stholarshipts 8nd prizes TDtsI èxpendltUT• 6 1.359.318 4 1.147.613 667,543 51.023 31.203 3.256.700 86,661 62,183 1,445,979 1.356,382 2.336 1212,132 1.278,934 667,S43 548,831 S1.023 51,S99 519.963 1.027 3.89e,64D 3.688,873 472.701 622.545 15.059 17,395 Wel iD¢¢)m¢ lexpenthluTel bfrftsr• galns OTh Invesimonig and transfers Nel gains 00 investmenls Tr8D$fer be￿etn t￿￿9 244.445 17.996 25.421 8.507 1.142 I17.3￿) 23,140 252h71 49.643 46.1 21 Nel in¢omo rt•t mov4ment in funds 261.299 35.070 5,745 302.114 157.856 STATEMENT OF CHANGES IN RESERVES Net In¢ome and netmo¥*honi I fund$ 261,299 35,070 5.745 302,114 157.856 Reconciliation of Fund$ Fund balances broughtforward on 1 sèp10m￿r 2r124 57.950 n8.B39 770,861 1,567,e50 1,409,794 Fund balances urrièd foNArd at 31 August 2025 319.249 773.909 776,&16 1.869.7¢4 1,567,650 All of the charitable Company's activities are ¢Jerived from continuing operations during the ab)ve two fin8nci81 periods. All Tecognised gains and losses are inclLJded in the above slalemenl of financial activitses. Balance shoet 31 August 2025 2025 2025 2024 2024 Not8S Flxed assets Tangible assets Investrnenls 190.304 1.686.971 1,877.275 218.957 1.655.619 1,874.576 10 Current a559t5 Sto¢k$ Debtors Cash 41 bank In hand 11 12 13,041 186,883 1.637,401 1,837,325 13.296 244,339 985,686 1.243,321 Creditors.. arnounts falling within one year Net current assets Iliabiliti051 13 11,830.9461 11,494,691) 6,379 1251,3701 Creditors: amounts tsI￿n9 due after onè yo2r 14 113,8WJI I￿.558> Total net as9et$ 1,869,7fj4 1.567,650 RÈpresent¢d by.. The Funds of the ¢harlty Endov4menl funds Ir￿oMe funds". RestfiGted funds Unrestricted fvnd5= General fvnd 15 776,606 770,861 16 773,909 738,839 319,249 1,669,764 57.9%> 1,567,650 The finar￿la1 stalement5 have been prepar8d in accordance with the special provisron5 of Part 15 of the Companies Act 2006 relating lo small companies and wlh the Fin8nclal Reportillg Standard 102. Approved by the Board on fted on its behalf by.. GILL. a.1.2£ City and Guilds of London Art Scho mited.. A Company limited by guarantee, Compary Registration No. 07817519 (England and Wales) City and Guilds of London Art Schod Limited 32 Statement of cash flows 31 August 2025 Year to 31 August 2025 Y8ar to 31 August 2024 Note8 N*t ¢a$h flows from operating activities 585,187 1115,317} Net cash fls)ws from invasting aellvltles 54.896 63,742 Net osh llows from flnanclng activitle$ 15,4461 19,0491 Change in ush and cash equivalent$ In the year fj34.637 160,6241 Cash and castt equlvalgnts 8t thÈ bÈ9lnnlng of the year 1,019.548 1,080.172 ¢a8h and eash equlvalents at the end of the yoar D 1,654,185 1,019,548 Not88 to tho st¥tem&nt of cash flows for the year to 31 August 202S A Reconciliation of not Income to net cash (used 5nl operating actjvitles 2025 2024 N8t income D&preclatlon charge Dividends, interest and rents frLkn investments Effe¢l of capitalisalion of investment manager's lees D¢cr&a8e in stocks Dec￿aSe in debtors Increase Idecreasel in credltors Net ¢ash provlded by (used in 252N71 50,321 C15.357 46,183 55,618 174,9321 12,3951 2,384 77.181 IT28,4051 1124,3661 255 57,45fj 300,D41 585.1B7 operating activities B Cash flows from Investlng activiti•$: 2025 2024 Dlvld8nd8 and inte￿1 from inv&stm8nt5 Purchase of tarwjible fixed assets Receipts from the disposal of investynents Nel cash provlded by Investing 4Ctivities 75,357 121.6681 1.207 54.896 74,932 111.3381 148 63,742 C Cash flows frorn financing activities: 2025 2D24 Repaymen15 01 b¢tro￿ng 15,4461 15,4461 19,04gi 19,D491 City and Guilds of London Art Schod Limited 33 Statement of cash flows 31 Augusl 2025 D Analysis c•f ¢ash and ¢a5h oquSvalents 31 August 2025 31 ALyusI 2024 Cash at bank and In hand Cash hgld by Invgstmenl rnan4ers 1,637A01 16.784 1.654.185 985.686 33,862 1,019,548 City and Guilds of London Art School Limited 34 Prlncipal accounting poll¢ies 31 Atsgusl 2025 Basis of aeeounting The financial staternents have been prepared underthe historical cost convenlM)n with items initially recognised al cost or ITansaction value unless otherwise staled in the relevant accounting policy notelsl. The financial slalements hav8 been prepafed in accordance wlh Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applrcable to charities preparing their acoounts in accordance wlth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 I'charilies FRS 102 SORP'I, the Financial Reporting Standard appliGable in the UK and Republic ol Ireland IFRS 1021. th¢ Com￿nIeS Act 2006 and the latest Office for Sludents. Ac¢ounts Direction. The Charity constktutes a publ￿ benefit entity as defined by FRS 102. The accounts are presenled in sterling and are round8d to the nearest pouThJ. Crltlcal accountSng estimates and areas of Judgomtnt Preparation of the accounts requires the Trustees and management lo make $lgnrficanl judgements and estimates. The items in the accounts where Ihesejudgements and estimates have been rnade include.. • the useful economic INes attributed lo tangible fixed assets used to deterrnine the annual depreciation charge,. the provision against doubtful and bad debts in respect lo Art School fees.. and eslimales in re5￿cl of accrued expenditure. Going concem Thg Trustees have assessed whether Ihg us8 of Iho golng con￿rn assumplion is 8ppropri8le in preparlng these financial stsl8tnenls. The Trustees have made this assessment in respect of a perio(5 of one year from the date of approval of these financial statements. The Art School held free reserves of £772,805 as 8131 August 2025 12024.. £480.529} inclusive of expendable endowments available to provide additional fin8nckg1 support and I￿UldIty lo the Art School. The Board Intends to achieve, as circumstanc8s permit, an increase in the free reserves from P￿sent levels in order lo provide Iw4uidily to Tneel any fulLJre teM￿rary shortfalls in incoffle and lo provide adeqLJale working capital. The Arl School holds expendable endowments lolalling £597,527 12024.. £596.2881. These expendable endowments are available lo provide liquidity to the Art School rf needed. In light of the above, the Tru51ees have ￿ncluded Ihat there are no material ur￿rtaInlLes related to events or condilN?ns that may c8St Slgnrf￿ant doubt on the ability ol the Art School lo continue as a going concern. C1ty and Guilds of London Art School Lirniled 35 Prlncipal accounting pollcSes 31 August 2025 Incomg Income is recognised in the period in which the Art School is entitlad to receipt, it is probable that the incotne will be received, and the amount can be measured with reasonable ertainly. Fees receivable arKI ¢harges for s8rvices and use of promises are accounted for in the period in which the service is provided. Fees recewable include conlributN)ns received from restricted funds for stholarships, bursaries and other grants. Donations arè recognised when re￿iVed and Are only accrued Whe￿ the Art School can demonslrale enlillement to receipt arKI the amount is measurable 8nd receipl is probable. Investment income comwises dividends and interest re¢eivable. Dividends Ère rewgrn￿ed once the dividend has been declared and notification has been received of th¢ dNidend due. Interest payable on investment assets is recognised on 8n accruals basis. Interest on funds held or deposlt Is includéd when receivable and the amount eAn be measured reliably by the Charity,. this is normally upon notific8tlon of the interest paid or payable by the bank. Exp•nditure Expenditure is inGluded in the stslement of financi818CtNilies when in¢urr8d and indudes altribulable VAT which cannot be recovered. Expenditure comprises the following.. The costs of charitable activities involving expenditure on the Art School's primary Charilable purpose, i.e. the operation of the Art School. In addition bursaries, scholarships and prizes ar8 given 10 51udents. The costs of operatlng the Art School include the cost5 of p￿rnIses, leaching 51aff and personnel, support costs including governance costs, and costs of promoting and publicrsing the Art School and its activities. Included within support costs are 100% of the fees incurrèd in managing tt Sch)ol's investment pjlfolio. Bursaries, scholarships and prizes payable by the restricted funds ar& induded in statement of financial activit￿ts when approved, and when s81 off againsl the fees to which they relate. Liabilities are recognised as expenditure as soon as there is a legal or constrvctive obligation corntnitting the ch81itabl& company lo make a p8yment to a third party, it is probable that a transfer of economic beNelit5 will be required In settlement and the amount of the obligation Can be measuréd reliaNy. Expenditure includes any altribulable VAT which cannot be recovered. All expenditure is accounted for on an accruals basis. Expenditure comprises direct Costs and support eosts. City and Guilds of London Art School Limited 38 Princip￿ aecountlng pollclos 31 August 2025 T#n9ibl¢ fix￿ assets All assèts ¢osling more than £300 and with an &xpected useful life exceeding one year are capitalised. Assets are included in these financial sl8temènts at cost at the dale of aGqUlSitlon together with the cost of additions and improvements lo dale. Depreciation is provided at Ihe following annual rates in order to write off ea¢h asset over its estimattr(5 useful lrfe". • Fixtures and fittÉngs 10% on cost + Tods and equipment 20% on cost Computer and hi-lech equiprllenl 33% on oost + Website 20% on cost Debtor8 Debtor5 are re￿)gnised al the settlement amount. less any provision for non-recov8rability. Prepayments are valu8<18l the am￿nI prepaid. Cash at bank and In hand Cash al bank and in hand represents such accounts and instruments Ih818re avallable on demand or have a maturity of less than three months from the date ol acquisition Creditor$ Creditor5 are Tecognised wher) there is an obligation at the balance sheet date as a result of a past event. it is probable thal a transfer of economic benefit will be required in settlement, and the amourt of thè settlement can be estimated reliably. Creditors are recognisèd al the amount the charitable company anticipates il will pay to settle the debl. Inv•8tm•nts Investmtsnts are Included on the balance shèèt at their market value at thè end of Ihe fina￿181 period. RÈalised and unrealised gain5 and losses are credited, or deblted. to the statement of financial aclivitlèg in the year In which they arise. Financlal instrument8 The Art S¢hool only holds basic finan￿al Inslwments as defined in FRS 102. The financial assets and financial liabilities of the Art Schod and their measurement basis are as follows-. Financial 8888ts trade and other debt￿5 are basi¢ financial inslrurnents and are debt instruments measured al amortised cost as detailed ￿ nvle 12. Prepayments are not financial instrumenls. City and Guilds ol London Art School Lirnited 37 Prlncipal ac¢ountlng pollcies 31 August 2025 G8sh el b2nk- is classified as a basic fin8n¢i31 Instrument and is measured 8t face value. Financlal 118bilities trade creditors. accruals, the loan and other creditors are financial inslrumenls, and are measured at amortised cost as detailed ir) nole 13. Taxation ar￿ soci security are not induded in the financial instruments disclosure definilion. Deferred income is not deemed to be 8 fin8naal liabilty. as the cash setllement has already18ken place and there is an obligation to d8Iiver services rather than cash or 8nother financial inslrument. Stocks Stocks, comprisin9 artists, materials for resale. ere stated al Gost, being the lower of cost and nel realisable value. Fund accountlng The general fund Comprises those monies which may be used towards meeting the ch8ritable objectives of the Art School 81 the diSC￿lI0n of the Board. The reslricled funds are monies raised for, and Ih8ir use restricted lo. a specrfic purpose. or donation5 subject lo conditions Imposed by the dow. The endowment funds comprise both ￿rmanent and expendaNe endowments. Permanent èndowments are monies which must be held as c8Pltal indelinilely. The income therefrom Can be used for general purposes and is ¢iedited directty lo unreslricted funds. Expendable endowrnents are monies which were given lo the Art School as ¢apital but there is rK> r&str￿lon on them bdng converted into expendable income. Leased asséts Rentals applicable to operats'ng leases, where subslanlially 8110* the benefits and risks of ownership remaln with lh8 lÈssor, are charged on a straighl-line basis over the lease term. Penslon co8t8 Contributions to eM￿oyeeS, personal pension plans are debited lo the statement of financial a¢livities in the year in which they 8re payable lo the relevant plans. City and Guilds of London Art School Limited 38 Notes to the financial 5tstements 31 August 2025 l Grant and fe• Income Ye3f to 31 August 202$ Yearto 31 August 2024 Fee income fortsught awaids 3,143.827 3,143*27 2,938,708 2.938.708 The Sd)ool had no other types of grant and fee [r￿rne as delalled In clause 23 of the 0ffi¢g for Students Aceounts Direction. 2 Inv¢$tment Income and Intèrest reeèivabl• Restricted and General endowrnenl fund funds Yearto 31 August 2025 ttrtal Incorn8 from UK investmenls . Unit trusts aThl common Inveslmentfunds Bank Interest 56,567 7,093 63,eeo 11,697 68,264 7,093 75,357 11,697 Restricted Year lo Jl August 2024 Genernl e*xlowmsnt fund lunds Income fmrn UKinv&simerks . Unil Imsts and common investment ftsnds Bank Inle￿5t 51,487 6,483 57,970 16,962 6B.449 6,483 74,932 16,962 3 Promotion and publiclty Restricted and G&nÈr81 endowmenl fvnd funds Yearto 31 Au9USt 2025 total Marketing 51,023 51.023 51,023 51,023 Resiricted arJLI General endowmenl fund fynd$ Ye8r to 31 Auousl 2024 to Marketing 51,699 5t,699 51,699 51,699 City and Guilds of London Art School Limited 39 Notès to th8 flnancial statements 31 August 2025 4 Support C￿1$ Restricted nd General endowM8nt furtt fvnds Year to 31 August 2025 total Stsff costs Equipment. IT and d&preci3ti student mat&￿al5 and project expenses Oth&r 5UPPOrt costs Govemance costs.. Legal and professional f889 . statutory audit serrfKe$ . st8tLrtory audit seNKe5 for prior year 642.68 181.768 107.930 184.954 fj42,686 188,738 149,379 201,054 6.970 41.449 16.100 10,750 10,3YJ 3,175 1,147,613 10,750 16.350 3.175 1.212,132 64,519 R651r￿￿￿ Year lo 37 August 2024 total General 8ndowmeftl fund funds Staff Gost$ EQ￿pMent. ITendd&wecialion Student maleri8ls andproiectexpen$8$ Oth@rsupport Gosts Governanc8 cosIs.' . Logal 8llLI wofesslonal f885 Slalulory oudll s8rwc85 . Slalutory aL￿rt services fupriorye 624,448 194,964 123,556 190,958 624,448 201, 173 199,874 191943 6,209 76.338 1,985 33,461 15.875 71,760 7,194,402 33.461 75,875 11,160 1,278,934 84,532 S N¢1 ?xpendFtur• This is stated 8fter charging-. Reslrictad Year to and 31 August General endowmenl 2025 fund fund8 total Stsff costs Inotg 6} Auditorfs rèmuneration: . statut￿ audrt services . Statuttyy audit serrfices lor txior year Depreciation and bss on disposals Operating le880 rentals Land and buildings Equipment Bursaries, scholarships and prizes 2,002.004 86,661 2,088,665 16.￿0 3,175 43.879 16,350 3,175 50,321 6,442 374.1QO 91.457 31.203 374.100 91,457 519.963 488,760 Burs8r*s were paid to 91 individuaSs12024- 771 during the year. City and Guilds ol London Art School Limited 40 Notes to the flnancial statemènts 31 August 2025 This is slated after charging.. ReslrtGted Yearto and 31 August Genernl endoL*ment 2024 fund fun(15 tol81 Staff Gosls Inole 6) Audj'torfs ￿M￿ne￿b0￿. - staluioryaudil 8gryi¢8S . Slalui¢Yy 8udiÈ sefrvicgs lorpriory88r D8pm￿allOn 8nd loss on dispos81s Oper8bngl&85& reF*8lÈ L8nd 8ndbuilGlings . EqwpmeDt BurSar￿S, scholwship5 8ndpnzes 1,924,223 56.607 1,980.830 15,875 11.160 55.618 15,875 71,160 55,618 370.730 71,375 50,434 370,730 71,315 451,027 400,593 6 Staff ¢o#ts and Trustees, rèmuneratlon Ye3r to 31 Au9USt 2025 Yèar lo 31 Augu51 2024 St8ff ttlsts during the yearwere as fdlows.. Salarie5 SoGi* $o¢urity costs P8n8ron 1A65.752 143,923 84,gzi 1,694,596 327,489 66,5BO 2.088.665 1.433,489 106.939 65,969 1.608,397 348.768 25,665 1,980,83CI Self-employ8d tutors Other staff costs Other staff costs include 2 redundancy payments tolalling £26,250 which were paid during the year. Staff cosis analysed by function were as lollows.. YÈar to 31 August 2025 Year lo 31 August 2024 T8aching Support, administrat￿n and management 1,445.979 642.686 2,088,665 1,356,382 624,448 1,980,830 The average number of employees. all of whom are engaged in the operation of Ihe Art Scho(>l, analysed by fun¢tlon and on a full time equivalent basis was.. Year to 31 August 2025 Year to 31 Auoust 2024 Teachir Support, adminislralion and management 20 13 33 15 32 City and Guilds of London Art School Limited 41 Note¥ to th• financlal statements 31 August 2025 The average number of empl()yees, all of whom are engaged in the operation of the Art School. w8s 7512024- 771 for the year ended 31 August 2025. Many of these artr employed on a part-lime basis. The Principal's total remuneration in the year ended 31 August 2025 was as follows.. 2025 2024 Basi¢ salary Pension ¢ontsfjbutk)n 88.740 4,437 93.177 87,000 4,350 91.350 Th8 Board of Trustees Remuneration Committee thair¢d by the Chalr of the Board of TNslees considers the case for annual pay increases. The Principal 13 line managed by the Ch8ir of the Board and their salary, together with all other salaries, is conS￿ered by the Remuneration Committee with proposals made to the lull Board. The Principal and Director of Resources & Operations attend lo provide inforrn8tion. The Company Secretary is the clerk lo Ihe committee. The Principal, Director of Re50urces & Operations and Company Secretary are not members of the Remunération Committee, and do not attend when their own salar are under Cons￿eratiOn. The School has given regard lo the Higher Education Senior Staff Remuneration Code published by the Commlltee of University Chairs. As at 31 August 2025, the Accountable OffKerfs basic salary was 1.66 lime$12024 1.66 tlmesl th8 Tnedian pay of staff, where the rnedian pay is calculated on a full-time equivalent basis lor all staff conlracted on an annual salary basis. There were no performance related payrnents made to the Accountable off￿er in 2024125. No Trustees received any ￿Muneration or other emoluments in re5pecl of their services 88 a member of the Board during the year12024 none). There were no Trustees were employed by the S¢hool part-lime in thé year ended 31 August 202512024-nonel. £1,720 of expellses were resmbursed lo one Truslee during the year for tutoring service5 and arl materials lor the school12024- £951 to one Trust881 and a £3,000 Lxjrsary was awarded to one Truslee12024- £1.650 to one Trustee}. The numbers of employees earning greater than £60,000 during the year were as follows.. 2025 2024 £eo,001- £80,000 £8D.001-£90,000 Pènsion contributions in respect of th•se employèes amounted to £4,43712024- £4,350). The a99regate remunèiation, including employerfs pensK)n conlribubons, paid to key management personnel and employer's national insurance, was £437.09612024-£388,6311. Key man8gement personnel during the year consisted of tre PTincipal, Director of Resourc%s & Operations, five academlc Heads of Dtrpartment. and Head of Finance. The Art S¢hool has purchased insurance lo protect itself from any loss arising from the neglecl or defaults ol its Trustees, employees and 8gènts and lo indemnfy the Trustees or other officers against the consequences of any neglect or default on their part. The insuTance premium wovided covor of up to a maximum of £2 rnillion. City and Gtsllds of London Art School Limited 42 Notes to the financial Statem￿18 31 August 2025 7 Comparatlve information Analysis of incorne and expenditure in the year ended 31 Augu512024 tr￿tween restricted, er￿QWment an(J unrestricled funds.. Yearfo 31 Augu51 2024 Tolal lunds Gene fund RosfrKted furtd$ Endowment Mole5 In￿nIe 8ndexpendiltsre ncDnye andendowmonlslmm." Chariiaws aGlivilye$ ArtSchgolffe8s 2.938.708 98.t28 57.970 6Q.032 3.154.838 2,938,708 637.567 74,932 81,849 3.733,056 479,266 J6.962 2t.817 518,045 60,173 nveslmenlinrthxe & inlereslreGeived Other rolallnrA)mB 60,173 ExpendiluK& on.. Charilable . Costs ofoper3ting the Art S¢hwl . Teachu¥staff andpersonnel 1.299.T75 t.194.402 548,&31 51.699 50,434 3,145,141 26.60T 84,532 1,356.362 f.278,934 s48.￿1 51.699 451.027 3.68&873 Ptsmise$ Prornolions BrtdpubliGRy . St￿53np&, SGholarships?ndwizos Tolalexp8nthELwe 38&126 497,265 t4.467 44.467 Nelincome before gains oninvtrstlTltrnts 9.697 20.780 28.282 27,V25 147 ,391 46. 183 ttl,673 N&t9&in￿lI05$j on Nweslmet7ts Transfotbolwoenlunds 10 (27,829 (18.128) T&887 99,097 157.85 STAfEMENTOFCHANGES IN RESERVES Nelincom8 andnelm0￿n￿ft1Itt lunds (18,1281 76.887 99.097 157,856 Reconcilialionof Fujyds bal3n¢s$Jmightfiyward t SoN*mO$r2023 Fun 76,078 66t.952 fj71,761 1,409,794 Fund b8lfyn¢&s c3medton¥ard * 31 Augusl 2024 57,950 738,839 77Q8fj1 1,567,650 8 Tax*ion City and Guilds of London Art School Lirniled rs 8 regisler8rJ char¢ty and therefore is not liable lo income tsx or corporation lax on income deriveLI from Ils charitable aclivilies, as il falls thin the various exernplions aVaila￿e to registered charitEes. Cty and Guilds of London Art Schod Limited 43 Notes to th• financial slaternents 31 August 2025 9 Tangibl• fix8d assets New computer equipment Fixtur85 and fittings Tools and equipmenl Webslte Total cost At 1 Septembet 2024 Adértlon8 At 31 August 2025 569,049 1,699 S70,748 24,186 244,177 13.073 257250 133,128 6,896 140,024 970,540 21,668 992,208 24,186 OeprÈ¢iatlon Al 1 Septernber 2024 Charge Yor year Al 31 August 2025 379,834 36,372 416206 24,186 224,501 7.574 232,075 123,062 6,375 129,437 751,583 50,321 801.904 24,188 Nel book values At 31 August 2025 At 1 Septernber 2024 154,542 189,215 25.175 19,676 10A87 10.oe6 190,304 218,957 10 Investménts 2025 2024 Ust8d Inv8Stm8nts Gash Opening martetvalue at 1 September Dlsposals Capitalised investment managerfs fees Unrealised investment gains 1,621,758 11,2071 1,507,837 11481 2,395 111.673 1.623,757 33,862 1.655.619 49,63 1,670,187 16,784 1,686,971 Cash held by investment Manager Total marfÉ6t V81Lte of investments 8131 August Cost of listed Investmgnts- 31 Au 1,490,563 1,491,655 Listed investments and Cash held at 31 Augu512025 comprised the lollowng- 2025 2024 Charity Multi Asset Funds Cash held by inveslment rnanagers 1,670,187 16.784 1.686,971 1,621,757 33,862 1.655.619 All inve$tmenls were dealt In on a recognised stock exchangè. At 31 August 2025, the followin9 individual holdings were deemed malerial in the light of the markèt value of the portfolios-. Markat value %of rtfolio Cazenove Charfty Multi Assot Fund S Units G8P Dislnbutbon SUTL Cazenove Charfty Respons￿6 30.8 513,993 69.2 1.156.194 City and Gullds of London Art Schod Limited 44 Notes to the financial stat•m•nts 31 August 2025 Al 31 Augu512024, the followrng Indlvldual holdings ￿re deemod maler￿1 in the Iwht of thg market valu& of the portfolios.. Mart(8t vslue %of portlollo C8zenov8 Ch8rty MulliAssel Fund S Unils GBP ￿$t11butiOrt SUTL ￿Ze￿O¥e Charity R8sponsible 29.7 70.3 482,225 1, 139.535 11 St¢¢ks 2025 2024 Mat8rials forTesale 13,041 13.296 12 Dèbtors 2025 2024 Student fe?$ outstanding Other debtors Prepayrnents and ?￿Ned inc0rn8 City and Gullds Art Schod Prq)erty Trust (see not8 201 10,623 25,973 12e,419 23,868 186,883 115,764 13,893 73,352 41.330 244,339 13 Creditors: amount$ falling due within on¢ year 2025 2024 Student fees advanc8 Ideferred incom81 Trade creditors Taxation 8nd social security Olhertr8ditOTS CBIL Loan Accruals 1,411,858 25263 35.989 65.872 41,666 250,298 1,830,946 1,115,933 67,128 30,873 88,650 41,666 150,441 1.494,891 Included within th8 above is deferred Income. relating lo fees recewed in advance. as sel out below.. 2025 2024 Deferred incom9 trfoughl forward at 1 September 2024 Brought forward funds rdEas8d in the year Additional intome deferred during tre year Def8rr8d incomè carri64 forward al 31 August 2025 1,115,933 1.324,291 11,115.9331 11,324,2911 1,411,858 1.115.933 1.411,858 1,115,933 14 Creditors.. amounts falllng due afttrr on& y•ar 2025 2024 CBIL Lo8n- payable belween and flve years 13,890 55,556 13.890 55,556 Cily and Guild5 of London Art School Limited 4S Note$ to the flnancial statomènts 31 August 2025 The loan is unsecured and the Intgrèst rate allached lo th¢ loan is based on a fl08ling rate, and will be less than 2.9905Q/o per annum. 15 Endowment funds The capital funds of the Art School include permanent endowments and expendable endowments. The perrnanenl endowments are comprised of monies which musl be retained as C8Pit81 indefinitely. The expendable tsndowrnenls are comprised of monies which were glven lo the Art School as capilal but there is no restriction on them being converted into expendable income. At1 SeplernbÈr 2024 Gans, 108888 8nd transfers At31 August 2025 Incorne Expenditure Pemian¢nt endowments Edward Chadwyck-Healey Bequest and Memorial App8al Fund 174.573 174,513 17291 I7￿) 5.235 5.235 179,079 179,079 Expendable end￿rneTrts MHrgarel Ballardie ￿quest Idun Ravndal Memoria5 Legacy Olh8r endowments 158,8 15811 4,765 163.C174 270,531 166,867 596.288 115.5811 15051 116.6671 6,137 5,004 17,90fj 263.087 171.366 597,527 Total endowments 770.861 I17,3￿) 23,141 776,600 The income from the endowment fvnds is included In unrestricted general funds. Al I Sepl6mb8r 2023 Gwns, losses and translers Af31 Augusl 2024 InGome Exp8nthture Perm8nenl endowments Edward Chadwk4e8ley Bequest end MfjfftonalAppeal Fund 155,292 155,292 {4131 {4131 19.694 t9,694 174,573 174,673 Exp8nLl8ble gndowm&nls Marg8r8t B811ardt8 bequ8$1 Idun Ravndal Mem