City and Guilds Art School
Property Trust
Annual Report and Financial
ststements
31 August 2021
Company Lmniled by Guarantee
Registration Number
992490 (England and Wales)
Charity Registration Number
312871

Contents
Reports
Reference and administrative information
Trustees, ￿pOrt
Independent auditols report
Financial statements
Statement of financial activities
11
Balance sheet
12
Statement of cash flows
13
Principal accounting policies
15
Notes lo the financial slalements
18
City and Guilds Art School Property Trusl

Reference and administrative infomiation
Trustees
John Taylor MBE (Chairman)
Humphrey Carey
Aidan Crawshaw
Heather Hilburn
Brendan Finucane QC
William Parente CBE- retired 1010612021
Timothy Schroder- appointed 0411112020
Sir Alan Yarrow
Seeretary
Magnus von Wistinghausen
Registered office
Fishmongers, Hall
London Bridge
London
EC4R 9EL
Telephone
020 7626 3531
Prlnclpal offlce
124 Kennington Park Road
London
SE114DJ
Telephone
Facsimile
020 7735 231%%
020 7582 5361
Auditor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers
Barclays Bank plc
Soulhwark Branch
29 Borough High Street
London
SE1 1LY
Company reglstration number
992490 (England and Walesl
Charlty reglstratlon numbor
312871
City and Guilds Art School Property Trust 1

Trustees, report Year to 31 August 2021
The Board of Trustees I the Board'} of City & Guilds Art School Property Trust { the Charity'l
presents ils annual report and the audited financial statements for the year ended 31 August
2021.
The report has been prepared in accordance with Part 8 of the Charits'es 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 accounts'ng policies sel out therein
and comply with applicable law and Accounts"ng and Reporting by Charities. Statement of
Recommended Poctice applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland
IFRS 1021.
Constitution
The Charity is registered as 8 company and has the status ofa company limited by guarantee,
not having 8 share capit81. Its governing document is ils Memorandum and Articles of
Association dated 30 September 1970 and amended to allow for current govemance
arrangements on 7 March 2006.
Prlncipal alms and activities
The principal aim of the Charity, which was founded in 1879, is lo support the teaching and
training of students in the arts, crafts and sciences of the Fine Arts. Thi5 aclivity is consislenl
with the objects contained within the Memorandum of Association of the Charity.
On 31 March 2012. the educational activities of the City & Guilds of London Art School Ltd
I the Art School") were transferred lo CGLAS Trust (Company No.. 078175191 under a
business transfer agreement. CGLAS subsequently changed Its name lo the City & Guilds of
London Art School Limited and is continuing the educational activities of the Art School. The
Charrty changed its name on 17 April 2012 from the City and Guilds of London Art School to
the City & Guilds Art School Property Trust. The objects of the Charity have not changed
The Art School's land and buildings at 114- 124 Kennington Park Road were retsined by the
Charity whose principal activity today is to maintain and develop these properties for the
ongoing benefit of the Art School, in accordance with a phased maslerplan established in
2008109, This also includes the renting of additional property, such as the Old Vauxhall
Telephone Exchange Building in adjacent Kennings Way, as required to deliver the
maslerplan and lo support the Art School's development in other way5.
Governance. structure and management
Organisation
The Trustees are directors of the Charity 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-m8king body of the Charity. 11 is assisted by the Secretary, who is
appointed by the Board.
City and Guilds Art School Property Trust 2

Trustees, report Year to 31 August 2021
Govemance, structure and managernent Icontinuedl
Organisation (continued)
The Charity did not employ staff be￿een 31 March 2012 and 1 April 2019. On 1 April 2019
the salaried post of Director was created and continued until 31 August 2021. Administrative,
fundraising and other tasks are performed by staff employed by the City & Guilds of London
Art School. An annual charge is levied by the Art School in consideration of this.
Risk management
The Trustees have assessed the major risks to which the Charity is exposed. In particular.
these relate lo the Charity's finances, buildings and health and safety matters.
All areas of risk are monitored through the Charity's governance structure which identifies the
lines of responsibility and decision making
adminislralive and financial, and in particular
those relating lo the planning and execution of major building refurbishment projects.
The Trustees ensure that the Charity s operations are protected against significant risk
through an annual monitoring cycle and risk assessment. The Charity has a comprehensive
insurance cover against key areas of risk.. in addition to Public Liability Insurance cover up to
£10m and Directorfs Liability of cover of up lo £2m. The Charty's buildings are insured al their
full re-build value.
The Board is satisfied that systems are in place lo mibgale, or control where possible. the
Charity's exposure to these risks.
Key management personnel
The key management personnel of the Charity are the Trustees and, until 31 August 2021,
the Diwtor. Since then, the role of Company Secretary has been undertaken by the former
Director. The Trustees do not receive remuneration from the Char(ty.
Statement of Trustees, responsibilities
The Trustees (who are also directors of the Property Trust for the purposes of eompany lawl
are responsible for preparing the Trustees, report and financial slalements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Praclicel.
Company law requires the Trustees lo prepare financial statements for each financial year
which give a true and fair view of the stsle of affairs of the charitable company and of the
income and expenditure of the charitsble company for that period.
In preparing these financial statements, the Trustee5 are required lo..
select suitsble accounting policEs and then apply them consi51enlly',
observe the methods and principles in Accounting and Reporting by Charities.. Slalemenl
of Re¢ommended Practice applicable lo charities preparing their accounts in accordance
with the Financial Reporbng Standard applicable in the UK and Republic of I￿land IFRS
1021.,
City and Guilds Art School Property Trust 3

Trustees, report Year to 31 August 2021
Govemance, structure and management Iconlinuedl
Statement of Trustees, responslbllitles (conlinu8d)
• make judgements and eslimales that are reasonable and prudenL
+ s18te whether applicable United Kingdom Accounting Standards have been followed,
subject lo any material departures disclosed and explained in the financial statements.,
and
* prepare the financial statements on the going conTrfn basis unless it is inappropriate to
presume that the charitable company will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with
reasonable accuracy al any time the financial position of the charitable company and enable
them lo ensure that the financial slalements comply with the Companies Aet 2006. They are
also responsible for safeguarding the assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Each of the Trustees confirms that..
so far as the Trustee is aware, there is no relevant audit infom)alion of which the Charity's
auditors are unaware.. and
• the Trustee has taken all the steps that he or she ought to have taken as a Trustee in
order to make themselves aware of any relevant audit information and to establish that
the Charity's auditors are aware of that information.
This confimialion is given and should be interpreted in accordance with the provisions of $418
of the Companies Act 2006.
Board of Trustees
The members who are in office al the date of this report are listed on page 1.
No Trustee received any remuneration for services as a member of the Board12020- none)
and no Trustee was ieimbursed for Iravelling expenses (2020 - none).
Objectives and relevant policies
The Charity's objectives are set lo reflect ils educational aims and ethos. In setting these, the
Trustees have given due consideration to the Charity Commission's general guidance on
public benefit.
The Charity's key objects'ves for the year included..
* Maintaining the Charity's property in good order for the benefit of the Art School, through
a programme of annual maintenance and repair work.,
Extending Planning Permission and Listed Building Consent for the approved scheme to
renovate and partially redevelop Victorian studio buildings at the rear of 118-124
Kennington Park Road.,
City and Guilds Art School Property Trust 4

Trustees, report Year to 31 August 2021
Objectives and r8levant policies Iconb'nuedl
+ To continue lo support the Art School in ils work in any other ways appropriate, in line
with the Charity's slated objects.
Grant*lvlng pollcy
The Property Trust does not actively solicit grant appliealions, however from time lo time may
award grants lo inslilutions. In previous years the Property Trust has made grants to the City
and Guilds of London Art School. in order lo further the Trust's objective to support the Art
School. The grant amounts are discussed and approved by the Board of Trustees.
Activities and achievements
Development project and other refurbishmgnts
Al the beginning of the year, the Property Trust cornpleled the creation of a new suite of
conservation studios in the Art School's Geofgian lerffice buildings, along with new Fine Art
studios in the adjoining Old Vauxhall Telephone Exchange building in spaces rented from BT.
This supported the academic portfolio expansion In Conservation and addressing additional
space requirements lo operate the Art School during the Covid-19 pandemic, as well as
allowing future growth in recruitment across the Art School's course portfolio.
Due to the Covid-19 pandemic no further development work took pla￿ during the year, and
planning for the next phases of masterplan related works was put on hold for the lime being.
Financial Review
Results for the year
The Charity's funds structure is made up of unrestricted funds, the general fund and the
designated fixed asset fund. as well as ￿striCted funds th81 are held for specific purposes. In
order to separate the impact of the property development within the financial stalemenls, the
Charity established a designated fund to represent the value of its tangible fixed assets. When
the Charity incurs expenditure on tangible fixed assets, which is capilalised, the amounts are
transferred from other revenue funds lo the designated fund.
The restricted funds of the Charity relate lo funds received for the developrnenl of the
properties. These funds are either expended during the year on the properties or transferred
to the designated fixed asset fund when costs are incurred for work on the properties which
is capilalised. The Charity recorded an operating surplus on unrestricted funds before
transfers of £2.55712020- £43,808).
Due lo the temporary suspension of capital development work and the impact of the Covid
pandemic, the Charity raised £nNI of restricted donations during the year12020- £425,000).
The Charity expended £118,419 12020 £305,526) in ￿latIon to the development of ils
buildings during the year. This related lo the completion of the aforementioned development
projects at the beginning of the financial year. The Charity capitslised a total of £nil of fixed
asset addilions12020 - £58,479).
City and Guilds Art School Property Trust 5

Trustees, report Year to 31 August 2021
Financlal Revlew Iconlinuedl
Reserrfes policy and golng concem
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. At 31 August 2021 the Charity held n￿alIve free reserves of £18,564 due to a
transfer of a deficit in restricted funds. The Charity secured an additional loan facility lof
£150,000) in 2019120 to asslst with working capital needs during a period of redU￿d
development and related fundraising aclivily. This was fully drawn down during the year and
is repayable over a pellod of 3 years starting May 2021. The Board has reviewed the Charity's
cash flow position and consider that the Charity has sufficient working capital lo meet the
Charity's liabilities out of its core rental income as they fall due. The Trustees have concluded
that there are no material un¢ertainlies related lo events or conditions that may east significant
doubt on the ability of the Charity to continue as a going concern.
Flnanclal position
The balance sheet shows lotsl funds of £1,641,32712020 - £1,838,404) of which £Nil12020
£63.7571 is restricted. Restricted funds either raised for. and their use restricted lo, specific
purposes or comprising donations subject to donor imposed conditions, have beèn used in
accordance with these restrictions.
Unrestricted funds of the Charity at 31 August 2021 lolal £1,641,327 12020 - £1,774,646)
These funds 8re represented by general fund tangible fixed assets of £1.659,891 12020
£1.741,1061 and a free reserves deficit of £18.56412020- surplus of £33.5411
Future plans
While significant development activity has currently paused, the Propety Trust will continue
to work with the Art School on progressing with other works to undertake specific
improvements lo buildings and facilities on the Kenninglon sile, and to plan for the next
phases of mssterplan works in due course. A priority for the irnmediale future will lo renew
the Planning and Listed Building Consent for a scheme lo refurbish and partially redevelop
Victorian studio buildings 21 the rear of the Art School sile beyond Autumn 2022 for a further
period of three years.
The Charity's assets
Acquisitions and disposals of fixed assets during the year are recorded in the notes to the
financi81 stslements.
Approved by the Board on
JRJ (IknL ryoi
and signed on ils behalf by..
John Taylor MBE Ichaimianl
City and Guilds Art School Property Trust

Independent audltor's report Year lo 31 August 2021
Independent auditor's report to the members of Clty & Guilds Art School Property Trust
Oplnlon
We have audited the financial slalements of City and Guilds Art School Property Trust Ilhe
'charilable company'} for the year ended 31 August 2021 which comprise the statement of
finan¢ial aclivilies, the balan￿ sheet. the statement of cash flows, the principa1 aecounling
policies and the notes to the financial statements. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Stsndards,
including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in
the UK and Republic of Ireland. (United Kingdom Geneolly Accepted Acwunling Praclicel.
In our opinion, the firsancia5 statements..
give a true and fair view of the slate of the charitable company's affairs as at 31 August
2021 and of ils income and expenditure for the year then ended..
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS
IUKII and applicable law. Our responsibilities under those standards are further descr1bed in
the auditor's responsibilities for the audit of the financial statements section of our report. We
are independent of the charilab5e company in accordance with the ethical requirements that
are relevant to our audit of the financial slalemenls 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 obtsined is sufticient and
appropriate to provide a basis for our opinion.
Conclusions relating to going ¢oncem
In auditing the financial slalements, we have concluded that the Trustees, use of the going
concern basis of accounting in the preparation of the financial statements is appropriate
Based on the work we h3ve performed, we have not identified any material uncertainties
relating to events or condition5 that, individually or collectively. may cast significant doubt on
the charitable company's ability to continue as a going con￿rn for a period of at least ￿e1ve
months from when the financial stslements are aulhorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going con￿rn are
described in the relevant sections of this report.
other inforrnation
The trustees are responsible for the other information. The other information comprises the
information included In the annual report, other than the financial statements and our auditor's
report thereon. Our opinion on the financial ststemenls does not cover the other information
and, except to the extent otherwise explicitly slated in our reFX)rt, we do not express any form
of assurance conclusion Ihereon.
City and Guilds Art School Property Trust 7

Independent auditor's report Year to 31 August 2021
Other infomiation Iconlinuedl
In connection with our audit of the financial stalemenls, our responsibility is lo read the other
information and. in doing so, consider whether the other information is materially inconsislenl
with the financial statements or our knowledge obtained in the audit or otherwise appears lo
be materia5Iy misstated. If we identify such material inconsistencies or apparent material
misstatements. we are required lo determine whether there is a material misstslemenl in the
financial statements or a material misslalemenl of the other inforrnalion.11, based on the work
we have performed, we conclude that there is a material misstalementof this other information,
we are required lo report that fact.
We have nothing to ￿port in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
• the infomiation given in the Iruslees, report for the financial year for which the financial
slalement5 are prepared is consislenl with the financial statements", and
• the trustees. report has been prepared in accordance with applicable legal ￿qUIrements.
Matters on which we are requSred to report by exception
In the light of the knowledge and understsnding of the charitable company and ils environment
obtained in the course of the audit, we have not identified material misslalements in the
trustees, report. We have nothing lo report in respect of the following matters in relation to
which the Companies Act 2006 requires us to report lo you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have
not been received from branches not visited by us., or
• the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of trustees, remuneration specified by law are not made,. or
we have not received all the information and explanations we require for our audit., or
the trustee5 were not entitled lo prepare the financial statements in accordance with the
small companies regime and take advantage of the small companies, exemptions in
preparing the trustees, report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement, the trustees are responsible
for the preparation of the financial statement5 and for being satisfied that they give a true and
fair view, and for such internal control as the trustees determine is necessary lo enable the
preparation of financial statements that are free from material misststement, whether due to
fraud or error.
In preparing the financial slatemenls. the trustees are responsible for assessing the charitable
company's ability to continue as a going concem, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the trustees either
intend lo liquidate the charitable company or to cease oper81ions, or have no realistic
alternative but lo do so.
City and Guilds Art School Property Trust

Independent auditor's report Year to 31 August 2021
Auditor's responsibilitigs for the audit of the financial statements
Our objectives are lo obtain ￿asOnable assurance about whether the financial statements as
a whole are free from m2teiial misstatement, whether due lo fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of a55uran¢e.
bul is not 2 guarantee that an audit conducted in accordance with ISAS IUKI will always delect
a material misstslement when il exists. Misslalemenls can arise from fraud or error and a
considered material if, individually or in the aggregate, they could reasonably be expected lo
inflijence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-complian￿ with laws and regulation$. We
design procedures in line with our responsibilities, outlined above. to delect material
misstalemenls in respect of irregularities. including fraud. The extent lo which our procedures
are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of
irregularities, including fraud and non-¢ompli8nce with laws and regulations, was as follows".
the engagement partner ensured that the engagement team ￿llectIVelY had Ihe
appropriate competence, capabilities and skills to identify or recognise non-complianee
with applicable laws and regulats'ons.,
we obtained an understanding of the legal and regulatory frameworks that are applicable
lo the charitable company and determined that the most significant frameworks which
are directly relevant to specific assertions in the financial statements a￿ those that relate
lo the reporting framework Istatement of Recommended Practice.. Accounting and
Reporting by Charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021
and the Charities Act 20111, Companies Act 2006 and those that relate to data protection
(General Data Protection Regulalionl", and
identified laws and regulations were communicated within the audit team regularly and
the team remained aSert lo instances of non-compliance throughout the audit.
We assessed the susceplibilily of the charitable company s financial statements to material
misslalement, including obtaining an understanding of how fraud might occur, by".
making enquiries of management as to their knowledge of actual, suspected and alleged
fraud,. and
considering the internal controls in place to mitigate risks of fraud and non-compliance
with law5 and regulations.
To address the risk of fraud through management bias and override of controls, we..
performed analytical procedures lo identify any unusual or unexpected relationships.,
tested journal entries lo identify unusual transactions",
assessed whether judgements and assumptions made in determining the accounting
estimates were indicative of potential bias",
used dats analytics to investigate the rationale behind any significant or unusual
transactions,,
City and Guilds Art School Property Trust 9

Independent auditor's report Year lo 31 August 2021
Auditor's responsibilities for the audlt of the financial statements Icontinuedl
tested authorisalion controls on expenditure Items, ensuring all expenditure was
approved in line with the charitable company's financial procedures,. and
Perfomied subslanlive testing over Income lo gain assurance that the Income recognised
was materially complete.
In response lo the risk of irregularities and non-compliance with laws and regulations, we
designed procedures which included, but were not limited lo..
agreeing financial statement disclosures lo underlying supporting documentation.,
reading the minutes of meetings of those charged with govemance". and
enquiring of management as lo actual and potential liligalion and claims.
There are inherent limitations in our audit procedures described above. The more remov
that laws and regulations are from financial Iransaclions. the less likely it is that we would
become aware of non-compliance. Auditing standards also limit the audit procedures required
to identify non-compliance with laws and regulations lo enquiry of the directors and other
management and the inspèction of regulatory and legal correspondence, if any.
Material misslatemenls that arise due lo fraud can be harder lo detect than those that arise
from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located
on the Financial Reporting Council's website al ww.frc.org.uklauditorsresponsibililies. This
descripbon forms part of our auditor's report.
Use of our report
This report is made solely to the charitable ¢omp8ny's members, as a body, in accordan
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken
so that we might state lo the charitable company's members those matters we are required
to state to Ihern in an aLJdilor's report and for no other purpose To the fullest extent permitted
by law, we do not acTrpl or assume responsibility lo anyone other than the charitable
eomp8ny and the charitable company's members as a body, for our audit work, for this report,
or for the opinions we have formed.
7 April 2022
Hugh Swainson, Senior Stalulory Auditor
For and on behalf of Buzzacott LLP, Statutory Auditor
130 Wood Street
London
EC2V 6DL
City and Guilds Art School Propety Trust 10

ststement of financial activities Year to 31 August 2021
DRAFT
UnTrstri¢ted lund$
2021
Totsl
funds
2020
Total
funds
General D8sun8ted Restricted
fund
funds
funds
Notes
Income from..
Donation5
charitab￿ activities
Rent re￿IVable
Totsl In¢ome
425.QC
15 241.574
241.574
241.574
241.574
193.919
618,919
Expendlture on-
Charitable activili8S
Costs of opèrating Ihe Charfy
. Premis
. Support ¢osts
Total expendlture
137,392
101.625
239.017
81,215
118,419
337,028
101,62S
438,651
493,908
108.868
602.575
81.215
118.419
Not In¢om¢ l¢xp¢ndltstr¢l
2.557
181.2151 1118.4191 1197,077
16,344
Transfers belween fund8
9.10
154,6621
$4.862
Net movement in funds
152,1051 181.2151 163.7571 1197.0771
16,344
Fund balances brought lorward
at 1 September 2020
33,541
1,741,106
63.757 1,838,404 1.822,￿0
Fund balances caNied fotward
at 31 August 2021
118,5641 1,659,891
1,641,327 1,838.404
All of the Charity's activities derived from continuing operations during the above two financial
years.
The Charity has no ￿COgnised gains and losses other than those shown above.
A comparative statement for the p￿VIouS year is included in note 16.
City and Guilds Art School Property Trust 11

Balance Sheet 31 August 2021
2021
2021
2020
2020
Notes
Fixed assets
Tangible assets
1,659,891
1,741,106
Current asaèts
Debtors
Cash at bank and in hand
77.900
103,669
181,569
43.465
153,330
196.795
Creditor¥'. arn¢unts falling due
within one year
Net current assets
Totsl •ssèts lass current
7 1114,3901
199.4971
67,179
97,298
1,727,069
1,838,404
Crèditots: falling due after more
than one year
Total net assets
185,7421
1.641.327
1,838,404
The funds of the charity..
Income funds".
Restricted fund5
Unrestricted funds".
General fund
Designated funds
63,757
10
118,5641
1,659,891
1,641,327
33,541
1,741,106
1,838,404
Approved by the Board on ¥L,-J th .L Tr2yand signed on its behalf by..
John Taylor MBE (Chairman)
City and Guilds Art School Property Trust.. A company limited by guarantee, Company
Registration No. 992490 (England and Wales)
City and Guilds Art School Property Trust 12

Statement of cash flows 31 August 2021
Year tr
31 August
2021
Year to
31 August
2020
Notes
Net cash flows frorn operatlng aGtlvlt185
1135,4041
17.6731
Net cash flows from in inv95tsng a¢tivitl¢s
158,4791
Net Ush fltsws from financing activlties
85,742
116,0301
Change in ush and Ga5h equtvalents in the year
149.6621
182,1821
Cash and Ga5h equi¥alen15 al the beginning of the year
Cash and cash equlvalents at th8 end of the year
153.331
103,669
235,515
153,330
Notes to th8 cash flow statement for th8 year to 31 Augu$t 2021
Reconciliation of net 4ncomoto net cash {￿ed inl provided by operatlng activltles
2021
2020
Net incorne
DepreciatKn charge
Decrease lin¢reasel in debtors
Decrease in creditofs
Net cash (used Inl provlded by op8raUng actlvltl85
1197,0771
81,215
134,4341
14,892
1135,404
16.344
106.938
102.581
1233.5351
17,6731
Cash flows from investing actlvltles..
2021
2020
Purchase of tangible fixed a5set5
Net cash used In Investlng actfvitl83
158,4791
158,4791
C Cash flows from fonanclng actlvttées..
2021
2020
Repayments of bolrowing
New loan taken out
Net cash used In flnanclng actlvlt168
164,2581
150,000
85,742
116.0301
116,0301
D Analy$l$ of Gash and G•sh equlvalgrits
31 August
2021
31 August
2020
Cash at bank and in hand
103,669
1S3,331
City and Guilds Art School Property Trust 13

statement of cash flows 31 August 2021
An￿y55S of ¢hanges In not debt
Al 1
September
2020
At31
August
2020
Cash
flows
Cash al bank and in ha
153.331
149,6621
17.480
103,669
148,5441
185.7421
130,6171
Loan payments falling due within one year
Loan paymenis falling due after more than one year
Total
166,0241
185,7421
1117,9241
87.307
City and Guilds Art School Property Trust 14

Principal accounting policies 31 August 2021
Basls of accountlng
The financial statements have been prepared under the historical cost convention with items
initially recognised al cost or transa¢tion value un5ess otherwise stated in the relevant
accounting policy nolels}.
The financial Statements have been prepared in accordance with 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 UK and
Republic of Ireland IFRS 1021 I'charilies FRS 102 SORP'I, the Financial Reporting
standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act
2006.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded lo the nearest pound.
Critical accountlng estimates and areas of ludgement
Preparation of the 2ccounls requires the Tru51ees and mat)agement to make significant
judgements and eslimales.
The items in the accounts where these judgements and estimates have been made include..
• the usefu1 economic lives attributed lo tangible fixed assets used lo determine the
annu81 depreciation charge., and
eslimales in respect to accrued expenditure.
In addition lo the above, the full impact following the recent emergence of the global
coronaviru5 pandemic is still unknown. It is therefore not currently possible to evaluate all
the potential implications for the charity's activities, beneficiaries, funders, suppliers and the
wider economy.
As set out in the going concern accounting policy, the trustees have considered the impact
of the pandemic on the charity and have concluded that although there may be some
negative consequenTrs, it IS appropriate for the charity to continue lo prepare its accounts
on the going concern basis.
City and Guilds Art School Property Trust 15

Principal accountlng pollcies 31 August 2021
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 to a period of one year from the dale of approval of these financial
statements. 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 At 31 August 2021 the Charity held negative free reserves of £18,564
due to a transfer of a deficit in restricted funds. The Charity secured an additional loan facility
lof up lo £150,000) in 2019120 to assist with working capital needs during a period of
reduced development activity. This was fully drawn down during the year and is repayable
over a period of 3 years starting May 2021. The Trustees have reviewed the Charity's cash
flow position and consider that the Charity has sufficientworking capital to meet the Charity's
liabilitie5 Out of core rental income as they fall due and the financial statements have been
prepared on the going concem basis. The Trustees have concluded that there are no
material Un￿rtaIntieS related lo events or conditions that may cast significant doubl on the
ability of the Charity to continue as a going concem.
Income
Income is recognised in the period in which the Charity is entitled lo its receipt an(J the
amount can be measured with reasonable certainty.
Fees receivable and charges for services and use of premises are accounted for in the
period in which the service is provided.
Expendlture
Expenditure is included in the ststemenl of financial activities when incurred. Expenditure
comprises the costs of ¢harilable activities on the Charity's primary charitsble purpose, i.e.
the operation of the Charity. The cost$ of operats'ng the Charity include the costs of premises
and governance costs.
Grants payable are included in the slalemenl of financial activities when approved by the
trustee5 and when the intended recipient has either received all the funds, or has been
informed of the decision to make the grants and has satssfied all relevant and due terms and
conditions.
Tangible fixed assets
Assets are included in these financial slalements at cost al the date of acquisition together
wrth the cost of additions and improvements to date.
Depreciation is provided al the following annual rates in order lo write off each asset over
its estimated useful life..
• F￿ehOld property
2ts￿ on cost;
• Freehold propety improvements 4°A on ￿$1.
• Leasehold property
The minimum life of the lease.
City and Guilds Art School Property Trust 16

Principal accounting policies 31 August 2021
Debtors
Debtors are recognised al the settlement amount. less any provision for non-recoverabilily.
Prepayment5 are valued at the amount prepaid. They have been di5¢0unted to the present
value of the future cash receipt where such discounting is material.
Cash at bank and In hand
Cash al bank and in hand represents such accounts and instruments that are available on
demand or have a maturity of less than three months from the date of acquisition. Deposits
for more than three months but less than one year have been disclosed as short lemi
deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset
investment.
Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet
date as a result of a past event, il is probab5e that a transfer of economic benefit will be
required in settlement. and the amount of the settlement can be estimated reliably. C￿dItorS
and provisions are recognised al the amount the charity anticipates it will pay to settle the
debt. They have been discounted to the present value of the futu￿ cash payment where
such discounting is material.
Financial instruments
The Trust only holds basic financial instruments as defined in FRS 102. The financial assets
and financial liabilities of the Trust and their measurement basis are as follows..
Financial assets
trade and other debtors are basic financial instruments and are debt
instruments measured al amortised cost as detailed in note 6 Prepayments are not financial
inslrumenls.
Cash at bank- is classrfied as a basic financial instrument and is measured at face value.
Financial liabilities- trade creditors, accruals and other creditors are financial inslrumenls.
and are measured al amorb'sed cost as detailed in note 7. Taxation and social security are
not included in the financial instruments disclosure definstion. Deferred income is not
deemed to be a financial liability, as the cash settlement has already taken place and there
is an obligation to deliver services rather than cash or another financial inslrumenl.
Fund accounting
The general fund comprises those monie5 which may be used towards meeting the
charitable objectives of the Charity al the discretion of the Board.
Within unrestricted funds, the designated fund represents the nel book value of the Charity'5
langible fixed assets.
The restricted funds are monies raised for, and their use reslri¢led to, a specific purpose, or
donations subject to eonditions imposed by the donor.
City and Guilds Art School Property Trust 17

Notes to the financlal statements Year to 31 August 2021
1 Net expendlture
This is stated after charging..
Gener81 Designated
fund
funds
Restricted
funds
Total
2021
Audi(0rf5 ￿muneratiOn..
Slalutory audit Services
D8prèuation
Operating le8se rentsls
4.300
4,300
81,215
95.774
81.215
95,774
General Designated
fund
lunds
Restricted
lunds
Total
2020
Audilorfs remuneration".
Statutory audit services
Oepre(ll8tion
Operating lease rentals
3,950
3,950
106,938
49,846
106,938
49,846
2 Support costs
2021
2020
Salaries and management chaiges from the City & Guilds of London
Art School
Insuran
Legal and profe5sitsnal fees
Governance costs
Interest on loans and bank charges
71,000
15,766
4,132
5,185
5,542
101,625
69.577
15.498
11.922
5.350
6,320
108,668
3 Staff cost5 and Trustees, remuneration
The average number of stsff employed by the charity in the year was 1 al 0.4 FTE12020-
0.4FTEI, increased lo 0.6 FTE for six months for additional work carried oijt for the Art
School and refunded through a management Charge. The Charity's total staff costs in the
year were £41.58012020- £31,473}, of which £nil and £1,980 was in respect of employe¢s
Nl and pension contributions respectively, for the year lo August 2021 (£1,829 and £1,574
respectively for the period from April to August 20201. Management services were provided
to the Charity by the City and Guilds of London Art School costing a net £29,42012020
£41,077).
No Trustee received any remuneration or other emoluments in respect of their seNices as
a member of the Board during the year12020
none). No Trustees were reimbursed for
travelling expenses during the year12020 - none).
The Charity has purchased insurance to protect itself from any loss arising from the neglect
or defaults of ils Trustees, employee$ 2nd agents and to indemnify the Trustees or other
officers against the consequences of any neglect or default on their part. The insurance
premium provided cover of up to a maximum of £2 million (2020- £2 million}.
City and Guilds Art Schoo5 Property Trust 18

Notes to the financial statements Year lo 31 August 2021
3 Staff costs and Trustees, remuneration Icontinuedl
The aggregate remuneration of key management personnel was £41,58012020- £27,900).
In the year ended 31 August 2021, key management personnel Consisted of the Trustees
and the DirectorlSecret8ry.
4 Taxation
City & Guilds Art School Property Trust is a registered Charity and therefore is not liable lo
income lax or corporation tax on Income derived from ils charitable aclivilies, as il falls within
the various exemptions available lo registered charities.
5 Tangible fixed assets
Freehold
Freehold
land and
property
property improvements
Leasehold
property
Totsl
o¥t
At 1 Sepletnbèr 2020
Additions
At 31 August 2021
382,169
595.872
1,472,585
2.450.626
382,169
595.872
1,472.585
2,450.626
Depreciation
At 1 September 2020
Charge for year
Al 31 August 2021
336,298
13,031
349,329
208.249
8.035
216,284
164,975
60,148
225,123
709.522
81,214
790,736
Net book ¥•lues
At 31 Augu512021
At 31 Au9Us12020
32.840
45.871
379,588
387,624
1.247,462
1.307,610
1,659,890
1,741,105
No formal valuation of Freehold land and property has been conducted during the year, but
in the opinion of the Trustees, the market value of the freehold property is well in excess of
the figure shown above.
6 Debtors
2021
2020
Other debtors
VAT reclaimable on premises expendrture
77,900
43,465
43.465
77,900
City and Guilds Art School Property Trust 19

Notes to the financial ststements Year to 31 August 2021
7 Credltors". amounts falling due withln one year
2021
2020
Trade creditors
Loan.
Social security and other taxes
Other creditors
Accruals and deferred income
28.732
48,544
3,334
8.533
66,024
560
2.469
21,912
99.498
33,780
114,390
Included within creditors is the following deferred income, analy5ed as follows".
2021
2020
At 1 September
Deferred in the year
Released in thè year
Al 31 August
16,761
16,762
116,7621
16,762
18,029
16,762
116.0291
16,762
he 2021 loan balance above is in respect of a bank borrowing facility with Charity Bank in
respect of which the charity drew4own £150,000 11 is being paid back by the charity on a
monthly basis along with interest at 4.250kn above the Bank of England base rale per annum,
and will be fully repaid by April 2024. It is Secu￿ via a charge on the charity's 114 & 116
Kenninglon Park Road properts'es.
Credltors.. amounts falling after more than one year
2021
2020
Loan
8S,742
9 Restrictod funds
The income funds include restricted funds comprising the following donations and grants
held on trusts lo be applied for specific purposes..
B8lanc8
Balance
at31
August
2021
September
2020
Donations Expenditure
Transfer3
Development Fund
63.757
1118,4191
54,662
8alartce
atl
September
2019
8alar>o8
èt31
August
2020
Donatffjons E¥ponditu
Tfrxnsfe
Development Fund
42,765
425,CQO
(345,526)
(58,481J
63,757
City and Guilds Art School Property Trust 20

Notes to the financial ststements Year to 31 August 2021
9 Restrlcted funds Icontinuedl
The Development Fund represents funds donated for the specific purpose of funding the
Charity's Masterplan development. Expenditure on work which is capital in nature Is
transferred lo a designated fixed asset fund, as exPla￿ned in note 10 below. Expenditure
relating lo professional fees for design and other planning work on current and future
maslerplan phases are expended.
10 Unrestricted Funds
Balance
al 1
Septembei
2020
Balance
at1
Saptsmber
2021
Inctsme Expenditure
Transfers
General Fund
Designated Fund
33,541
1.741,106
1.774,647
241,574
1239,0171
{81,2151
1320,2321
154,6621
118,5641
1,659,891
154.6621 1,641,327
241,574
Balance
al 7
September
2Q19
Balanc8
8t I
September
2020
Income Expenditu
rransfers
Gener81 Fund
Designated Fund
(70.267)
1. T89.562
1, 779,295
793,919
{150, 1111
(106,9581
(257,0491
33,541
1.741. 106
1.774.647
58.487
58.481
193,919
Designated fixed assets funds.. In order lo separate the impact of the property development
within the financial ststemenls. the Charity established 8 designated fund to represent the
value of its tangible fixed assets. When the Charity incurs expenditure on tangible fixed
assets. the amounts are transferred from other revenue funds lo the designated fund.
A lolal of £nil {2020 £58.4811 was transferred to the designated fund during the year
representing capital additions. In 2020, £58,481 of this capital work was funded from
restricted revenue funds raised. This year, no capital work was funded from the general fund
12020 - nonel. The general fund showed a deficit of £18,564 {2020- surplus of £33,541) al
the end of the financial year.
City and Guilds Art School Property Trust 21

Notes to the financial statements Yearto 31 August 2021
11 Analysls of net assets between funds
General Designated
lund
funds
Restricted
funds
Total
2021
Fund bal¥nc•s at 31 August 2021
are represented by..
T3ngible fixed assets
Current assets
Credrtors.. amounts falling due wthin one
year
Credilors.. amoLJnt falling d￿e in more than
one year
Total nel assets
1,659,891
1,659,891
181.568
181.568
1114,3901
1114,3901
185.7421
118.5641 1,S59,891
185,7421
1,641,327
Genetsl Designated
fund
funds
R&stlFCted
funds
Total
2020
Fund balances at 31 August 2020
are reprèsèntsd by:
Tangible fixed assets
Current assets
Creditors.. amounts falling due within one
year
Credittsrs". amount falling due in more than
one year
Total net assets
1, 741, 106
1.741. 105
196,795
133,037
63,757
(99,497)
(99,497)
33,547
1, 741, 106
63. 757
1.838,403
12 Llabillty of mernbers
The Charity is consliluted as a cornpany limited by guarantee. In the event of the Charity
being wourid up members are required to contribute an amount not exceeding £1 each.
13 Leaslng commitments
Opèratlng leases
At 31 August 2021 the total of the Charity's future minimum payments under non-cancellable
operating leases was..
BLtildings
2021
2020
Amounts due within one year
Amounts due between one and five years
95,774
95,774
95.774
197.333
14 Capital cornmitments
As al 31 August 2021, the Charity had capital commitments of £nil12020 - £41,819)
City and Guilds Art School Property Trust 22

Noles to the financlal statements Year to 31 August 2021
15 Related party transactlons
During the year, one Trustee of The City & Guilds of London Art School served on the Board
of the City and Guilds Art School Property Trust- B Finucane. The City & Guilds of London
Art School 15 therefore considered a related paty.
The Trust recognised rental income from the Art School of £241,574 plus VAT in rent during
the year12020- £193.919 plus VATI
The Art School charged the Chanty a management fee for serVi￿S provided of £29,420
12020 - £41,677}
16 Comparatlve statement of financlal activities
un￿$triC￿d funds
2020
Total
funf15
General Designaied Restricted
fund
funds
funds
Incom? from:
Donations
Charitable activit￿$
Rent receivable
Total income
425.000
425.000
193.919
193,919
193,919
618,919
425.000
Expenditure on-
Charitable activrtvas
C051s of operating the Charity
. Premises
. Support ¢osts
Total expondtture
81.443
68,668
150.111
1LK,938
305,526
40,000
345,526
493,908
106,668
602,575
1￿,938
Net In¢om¢1gxpondlturel
43,808
1106.9381
79,474
16,344
Transfers fvnd5
58.481
158,4811
Net movement In fund5
43.808
148.4561
20,992
16.344
Fund balances brought forward
at 1 Septernber 2019
110,2671 1,789,582
42,765 1,822,060
Fund balance5 carried forward at
31 August 2020
33,Y1 1,741,1L
63,757 1,838,403
City and Guilds Art School Property Trust 23