City and Guilds Art School
Property Trust
Annual Report and Financial
statements
31 August 2022
Company Limited by Guarantee
Regi5trathon Number
00992490 (England and Wales)
Charity Regisiraiw Numb
312871

Contents
Reports
Reference and administrative infomialion
Truslee5' report
Independent auditor's report
Flnancial Statements
ststement of financial activities
12
Balan￿ sheet
13
Ststemenl of cash flows
14
Principal accounting policies
Notes to the financial statements
19
City and Guilds Art School Property Trust

Reference and administratlve information
Trustees
John Taylor MBE (Chairman}
Humphrey Carey
Aidan Crawshaw
Heather Hilburn
Brendan Finucane KC
Timothy Schroder
Sir Alan Yarrow
Secretary
Nieholas Rampley
Rogistgred office
Fishmongers, Hall
London Bridge
London
EC4R 9EL
Telephon&
020 7626 3531
Prlnclpal office
124 Kennington Park Road
London
SE11 40J
Telophone
Facsimile
020 7735 2306
020 7582 5361
Auditor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankors
Barclays Bank plc
Soulhwark Branch
29 Borough High Street
London
SE1 1LY
Company registratlon number
00992490 IEngland and Wales)
Charity règistration number
312871
City and Guilds Art School Propety Trust 1

Trustees. report Year lo 31 August 2022
The Board of Trustees {'the Board") of City & Guilds Art School Property Trust I'the Charit￿)
presents its annual report and the aud((ed financial slalements for the year ended 31 August
2022.
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 sel out therein
and comply with applicable law and Accounting ané Reporting by Charities= Sialemenl of
Recommended Practice applicable lo Gharrties preparing their accounts in accordance with
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland
IFRS 102).
Constitutlon
The Charity is registered as a company and has the status of a company limited by guarantee.
not having a share capital. Its governing document is ils Memorandum and Articles of
Association dated 30 September 1970 and amended lo allow for current governance
arrangements on 7 March 2006.
Principal aims and adivities
The principal aim of the Charity. which was founded in 1879. is to support the leaching and
training of students in the arts, crafts and sciences of the Fine Arts. This activity 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 ttte Art School") were Iransfeffed lo CGLAS Trust (Company No: 078175191 under a
business transfer agreement. CGLAS subsequently changed ils name lo the City & Guilds of
London Art School Limited and is continuing the educational activities of the Art School. The
Charity changed its name on 17 April 2012 from the City and Guilds of London Art School lo
the City & Guilds Art School Property Trust. The objects of the Charity have not changed.
The Art School's land and buildings al 114- 124 Kenninglon Park Road were retained 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 masterplan 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 lo deliver the
masterplan and to support the Art School's development in other ways.
Govemante. structure and management
Oryanisation
The Trustees are directors of the Charity for the Pufposes of the Companies Act 2006 and
are Trustees of the Charity for the pijrposes of Charity legislation.
The Board is the policy-rnaking 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 lo 31 August 2022
Governance. structure and management {conlinued)
Oryanisation (conlinued)
Adminislralive, fundraising and other tasks are performed by staff employed by the City &
Guilds of London Art School. An annual service 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 heatth and safety matter5.
All areas of risk are monitored through the Charity's governance slru¢lure 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 Charil¥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 lo Public Liability Insurance cover up lo
£10m and Director's Liability of cover of up to £2m. The Charity's buildings are Insured al their
full re-build value.
The Board is satisfied that systems are in place lo miligale, or control where possible, the
CharilVs exposure to these risks.
Key managemont Pgrsonnel
The key management personnel of the Charity are the Trustees and the Company Secretary.
The Trustees do not receive remuneration from the Charity.
Statement of Trustees. responsibllities
The Trustees (who are also directors of the Property Trust for the purposes of company18w}
are responsible for preparing the Trustees, report and financial ststements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom G8nerally
Accepted Aecounling Praclicel.
Company law requires the Trustees lo prepare financial statements for each financial year
which give a true 2nd fair view of the slate of affairs of the charitable company and of the
income and expenditure of the charitable company for that period.
In preparing these financial slalemenls. the Trustees a￿ required lo..
select suitable accounting policies and then apply them consistentjy,.
observe the methods and principles in Accounting and Reporting by Charities.. Sialemenl
of Recommende¢Y Practice applicable to charities preparing their accounts in accordance
with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
102)..
City and Guilds Art School Propety Trust 3

Trustees, report Year to 31 August 2022
Govemance, strurture and management Icontinued)
Statement of Trustoes, responsibilities (wntinued)
make judgements and estimates that are reasonable and prudent-
• slate whether applicable United Kingdom Accounting Standards have been followed,
subject to any material departures disclosed and explained In the financial slatemenls-,
and
• prepare the financial statements on the going concern basis unless it is inappropriate lo
presume Ihal the chaTrtable company will continue in operation.
The Trustees are responsible for keeping proper a¢¢ounting records that disclose with
reasonable accuracy al any time the financial position of the charitable company and enable
them to ensure that the financial slalemenls comply with the Companies Act 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 irTegularitie$.
Each of the Tnjstees confirms that..
so far as the Trustee is aware, there is no relevant audit infomiatson of which the Charity's
auditors are unaware,. and
the Trustee has taken all the steps that he or she ought lo have tsken as a Trustee in
order to make themselves aware of any relevant audit informatK)n and lo establish that
the Charity's auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418
of the Companies Act 2006.
Board of Trustees
The members who are in office al the dale of thi$ report are listed on page 1.
No Trustee received any remuneration for services as a member of the Board12021- none)
and no Trustee was reimbursed for travelling expenses12021 none).
Objectlves and relevant pollcles
The Charity's objectives are set lo 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.
The CharilVs key objectives 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 lo
renovate and partially redevelop Victorian studio buildings at the rear of 11&124
Kenninglon Park Road..
City and Guilds Art School Propety Trust 4

Trustees, report Year lo 31 August 2022
Objectives and relevant policies Iconlinuedl
• To continue to support the Art School in ils work in any other wayE appropriate, in line
with the Charity's slated objects.
Grant-glving policy
The Property Trust does not actively solicit grant applications, however from lime lo lime may
award grants lo instilulions. In previous years the Property Trust has made grants lo the City
and Guilds of London Art School, in order lo fvrther the Trust's objeelive lo support the Art
School. The grant amounts are (Jiscussed and approved by the Board of Trustees.
Activitles
Developmentproject and otherreffurbishments
No development work look place during the year, as the Art School consolidates ils position
and pul into place a new Strategic Plan which will help direct how the Trust can best support
it. During the course of the year the focus has therefore been on future developments and lo
that end the Trust has pursued the renewal of planning con$enl for Ihe'Phase 3, development
project for which consents had previously been granted, and in negotiation of the lease
renewal for the two floors of the Vauxhall Telephone Exchange building which the Trust rents
from British Telecom. Aside from that, the various repair and maintenance works completed
during the summer fflonlhs included roof repairs lo the Georgian buildings, replacement of
the flat roof over the WC block al the rear of the VicloriarTr Studio buildings, intensive cleaning
of the alriLsm entrance structure lo address wear and lear, and repairs lo the lower terrace
brick wall and railings lo address tree root damage.
Financial Revlew
Results for the year
The Charity's funds structure is made up of unreslricled funds, the general fund and the
designated fixed asset fund, as well as restricted funds that are held for specific purposes
{albeil theywere £nil al the balance sheet dale). In order to separate the impact of the property
development within the financial slalemenls, the Charity established a designated fund lo
represent the value of ils tangible fixed assets. When the Charity incurs expenditure on
tangible fixed assets, which is capitalised, the amounts are transferred from other revenue
funds lo the designated fund.
The reslricled funds of the Charity relate lo funds received for the development of the
properties, notwithstanding that no such funds were received in the cu￿ent year. These funds
would either be expended during the year on the properties or transferred lo the designated
fixed asset fund when costs are incurred for work on the properties which is capitalised. The
Charity recorded an operating deficit on unrestricted funds before transfers of £1,431 12021
£2.557).
The Charity expended £nil 12021 £118,419) in relation lo the development of its buildings
during the year. The Charity capitalised a total of £nil of fixed asset additions12021- £nill.
City and Guilds Art School Property Trust

Trustees, report Year to 31 August 2022
FlnanGlal R•vlew (continued)
Reserves policy and golng concern
The Board has examined the requirement for free reserves i.e. those funds not invested in
18ngible fixed assets, not designated for specific purposes, not reslricled and not otherwise
committed. Al 31 August 2022 the Charity held negative free reserves of £19,995 due lo
unforeseen unfunded professional fees costs. The Charity secured an additional loan facility
{of £150,000) in 2019120 to assist with working ¢apil21 needs during the current period of
reduced development and related fundraising activity which will be fully repaid in April 2024.
The Board has reviewed the Charity's future forecasts and cash flow position and consider
that the Charity will have sufficient working capital to meet the Charity's liabilities out of ils
core rental income as they fall due while recognising that, in exlremis, ils strong fixed asset
base would enable il lo have recourse further loan funding rf necessary. The Trustees have
concluded that there are no material uncertainties related lo events or conditions that may
cast signrficant doubt on the ability of the Charity lo continue as a going concern.
Flnancial position
The balance sheet shows total funds of £1,559,971 12021 - £1,641,327> of which £nil12021
£nill is reslricled. Restricted funds either raised for, and their use reslricled lo, specrfi
purposes or comprising donations subject to donor imposed conditions, have been used in
accordance with these reslriclions.
Unreslricled funds of the Charity at 31 August 2022 total £1,559,971 {2021 £1,641.327}.
These funds are represented by general fund tsngible fixed assets of £1,579,96612021
£1,659,891) and a free reserves deficit of £19,99512021- deficit of £18,564).
Future plans
While significant development activity has currently paused, the Property Trust will continue
lo work with the Art School on progressing with other works to undertake specrfic
improvements lo buildings and facilities on the Kenninglon sile la renovation of the frontsge
of the part of the Georgian terrace was undertaken early in 2022-23, for example). and lo plan
for the next phases of masterplan works in due course. A priority for the immediate future
continues to be secure renewal of the Planning and Listed Building Consenl for a scheme lo
refurbish and partially redevelop Victorian studio buildings al the Tear of Ihe Art School for a
further pericxj and lo keep under review how best this can be utilised to meet the Art School's
future needs.
The Charlty's assets
Acquisitions and disposals of fixed assets during the year are recorded in the notes lo the
financial statements.
Approved by the Board on
2L L S'L s and signed on its behaK by..
John Tayi
r MBE {Chairman
City and Guilds Art School Property Trust 6

Independent auditorfs report Year lo 31 Altgust 2022
Indepondenl audilor's report to the Mom￿r$ of City & Gullds Art School Property Trust
Opinion
We have audited the financial slalemenls of City and Guilds Art School Property Trust {Ihe
'charilable company'l for the year ended 31 August 2022 which comprise the stslemenl of
financial aclivilies, the balance sheet, the statement of cash flows, the principal accounting
policies and the notes lo the financial slalements. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards.
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in
the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial slalements..
• give a true and fair view of the slate of the charitable company's affair$ as at 31 August
2022 and of ils income and expendtture for the year then ended.,
have been propedy prepared in accordance with United Kingdom Gener811y 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 Intemalional Standards on Auditing IUKI IISAS
IUK}l and applicable law. Our ￿SponSIbl1111eS under those standards are further described in
the auditor's responsibilities for the audit of the financial sl8lemenls section of our report, We
are independent of the charitable company in accordance with the ethical requirements that
are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these
reqLtirements. We believe that the audit evidence we have obtained is sufficient and
appropriate lo provide a basis for our opinion.
Conclusions relating to going concem
In auditing the financial statements, we have concluded that the Trustees, use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not idenlffied any material uncertainties
relating lo events or conditions that, individually or collectively, may cast significant (Joubl on
the charitable company's ability to continue as a going concern for a period of al least twelve
months from when the financial statements are aulhorised for issue.
Oijr resp)nsibililies and the responsibilities of the trustees with respect lo going concern are
described in the relevant sections of this report.
City and Guilds Art School Property Trust 7

Independent auditorfs report Year lo 31 August 2022
Other infom)ation
The trustees are responsible for the other information. The other information comprises the
inft)rmalion Included in the annual report, other than the financial slalemenls and our auditor's
report Ihereon. Our opinion on the financial statements does not cover the other Information
and, except lo the extent otherwise explicitly slated in our report, we do not express any form
of assurance conclusion thereon.
In ¢onnection with our audit of the financial statements. 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 knO￿edge obtained in the audit or otherwise appears lo
be materially misslaled. If we idenirfy such material inconsistencies or apparent material
misstatements. we are required lo determine whether there is a material misstalemenl in the
financial slalements or a material misstatement of the other information. If, based on the work
we have performed, weconclude that there is a material misstalementof thi$ other information.
we are required to report that fact.
We have nothing to report in this regard.
Oplnlons on other matters prescribgd by the Companiès Act 2006
In our opinion. based on the work undertaken in the course of the audit..
* the infomiatson given in the trustees, report for the financial year for which the financial
Stalements are prepared is consistent with the financial slatemenls,. and
+ the trustees, report has been prepared in accordance wlh applicable legal requirements.
Matters on whlch we are requlred to report by exceptlon
In the light of the knowledge and understanding ofihe charitable company and 115 environment
obtained in the course of the audit, we have not identified material misstalemenls in the
Iruslees, report. We have nothing to report in respect of the following matters in relation to
which the Companies Act 2006 requires us lo 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 irb agreement wth 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 tTUStees were not entitled lo prepare the financial slalements in accordance with the
small companies regime and take advantage of the small companies, exemptions in
preparing the trijstees. report and from Ihe requirement to prepare a strategic report.
City and Guilds Art School Propety Trust

Independent auditor's report Year lo 31 August 2022
Responslbllltlès of trustees
As explained more fully in the trustee5' responsibilities slalemenl, the Iruslees are responsible
for the preparation of the financial statements and for being satisfied that they give a true and
fair view, and for such internal control as the trustees determine is necessary lo enable the
preparation of financial slalements that are free from material misslalemenl, whether due lo
fraud or error.
In preparing the financial slalemenls. the Iruslees are responsible for assessing the chariL8ble
company's ability lo continue as a going concem, disclosing, as applicable, matters related lo
going concern and using the going concern basis of accounting unless the trustees either
intend lo liquidate the charitable company or lo cease operations, or have no realistic
alternative but lo do so.
Auditor's responsibilitie8 for the audit of the flnancial statements
Our objectives are lo obtain reasonable assurance about whether the financial statements as
a whole are free from material misslalemenl, whether due to fraué or error, and lo issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect
a material misstalemenl when il exists. Misstatements can arise from fraud or error and are
considered materi81 if. individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial slalemenls.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
design procedures in line with our responsibilities, outlined above. lo delect material
misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures
are capable of detecting irregul8rilies, including fraud is detailed below.
Our approach lo identifying and assessing the risks of material misstatement in respe¢l of
irregularities, including fraud and non-compliance with laws and regulations, was as follows..
the engagement partner ensured that the engagement team collectively had the
appropriate competence, capabilities and skills lo identrfy or recognise non-compliance
with applicable laws and regulations,.
we obtain8d 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 specrfic assertions in the financial statements are those that relate
lo the reporting framework {Stalemenl of Recommende(J Pracllce.. 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 lo éats protection
(General Data Protection Regulalionl.. and
identrfied laws and regulations were communicated within the audit team regularly and
the team remained alert lo instances of non-compliance throughout the audit.
Cily and Guilds Art School Property Trust 9

Independent auditor's report Year lo 31 August 2022
Auditor's respon$ibiliti¢s for the audit of the flnanelal Statements Iconlinuedl
We assesseé the susceplibilily of the charitable company's financial statements lo material
misslalemenl. including obtaining an understanding of how fraud might occur, by..
making enqulries of management as to their knowledge of actual, suspected and alleged
fraud,. and
considering the internal controls in place lo mitigate risks of fraud and non4ompliance
with laws and regulations.
To address the risk of fraud through management bias and override of controls, we..
perfom)ed analytical procedures to identify any unusual or unexpected relationships,.
lesled journal entries to identify unusual Iransaclions,.
assessed whether judgements and assumptions made in determining Ihe accounting
estimates were indicative of potential bias.,
used data an8lytics lo investigate the rationale behind any significant or unusual
Iransacb'ons..
lesled aulhori5alion controls on expenditure items, ensuring all expenditure was
approved in line with the charitable company s financial procedures", and
Performed substantive lesling over income to gain assurance that the income recognised
was materially complete.
In response lo the risk of irregularities and non￿O￿p11ance wrth laws and regulations, we
designed procedures which included, bul were not limited to..
agreeing financial statement disdosures lo underlying supporting documentation-
reading the minutes of meetings of those charged with governancE,' and
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures des¢ribed above. The more removed
that laws and regulations are from financial Iransaclions, the less likely il is that we would
become aware of non-compliance. Auditing standards also limit the audit procedures required
to idenlrfy non-complian￿ with laws and regulations lo enquiry of the directors and other
management and the inspection of regulatory and legal correspondence, rf any.
Material misslalemenls that arise due to fraud can be harder to deted 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 slalements is located
on the Financi81 Reporting Council's website at www.frc.org uklauditorsresponsibilities. This
descnplion forms part of our auditor's report.
City and Guilds Art School Property Trust 10

Independent auditorfs report Year to 31 August 2022
Use of our report
This report is made solely lo the charitable company's members, as a body, in accordance
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken
so that we might slate to the ch8rilable companls members those mallers we are requlred
lo stale to them in an auditor's report and for no other purpose. To the fullest exlenl permitted
by law, we do not accept or assume responsibility to anyone other than the charitable
company and the charitable companls members as a body, for our audit work. for this report,
or for the opinions we have formed.
6uao• Llf
Hugh Swainson, Senior Stalulory Auditor
For and on behalf of Buzzacott LLP, Slalulory Auditor
130 Wood Street
London
EC2V 6DL
19 May 2023
City and Guilds Art School Propety Trust 11

Statement of financial activities Year lo 31 August 2022
Unrestdcted funds
2022
Total
fund8
2021
Total
funds
General De5ignalOd Re$bfjfa8d
fvnd
fund5
funds
)tes
In¢ome frorn:
Chantsble ac*vities
Rent re¢wvaNe
Totsl Incomo
15 246,020
246,020
246,020
246.020
241,574
241.574
Expondlture on:
Chantable activities
. Costs of operatir¥J the Charity
. Premises
. Support o)sls
Total Oxpondlturo
138,344
109,107
247.451
79.925
218,269
109,107
327,376
337,1Y26
101.625
438,651
79.925
N•t in¢orno l•xp•nditur•l
11.4311 179.9251
181,3561 1197,0771
Transfers bètw••n
9.10
N•t m0￿Ment in funds
11.4311 179.9251
181,3561 1197,0771
Fund balanc88 brought forward
at 1 S8Ptemb8r 2021
118.5641 1.659.891
1,641,327 1.838.404
Fund balances carrfed forward
at 31 August 2022
119.9951 1.579.966
1,559,971 1.641.327
l of the Charily's activities derived from continuing operations during the above tsvo financial
years.
The Charity has no recognised gains and losses other than those shown above.
A comparative slalement for the previous year is included in note 16.
City and Guilds Art School Property Trust 12

Balance Sheet 31 August 2022
2022
2022
2021
2021
Notes
Frxed ass•t5
Tangible as$e18
1,579,966
1,659,891
Current ass•ts
Debtors
Cash at bank aftd in hand
66,877
40.727
107,604
77.900
103,669
181,569
Crodlt¢r8.' amounts falling due
thin one year
Net current assets
Total assets less eurrent
{92,1231
1114,3901
15,481
67,179
1,595,447
1.727,069
Credltors.. f8llirvJ after more
than one year
Total net assets
135,476)
1,559,971
185,7421
1,641,327
The funds of thfr charlty:
Incorne fijnds..
Restricted funds
Unrestricted funds..
General fund
Designated funds
10
119,9951
1,579,966
1,559,971
118,5641
1,659,891
1,641,327
Approved by Ihe Board on
2 Z nknL Tr 2& and signed on ils behalf by..
John Ta
r MBE Ichairmanl
City and Guilds Art School Property Trust.. A company limited by guoranlee, Company
Registration No.00992490 (England and Walesl
22 March 2023
City and Guilds Art School Property Trust 13

Statemont of cash flows 31 August 2022
Yoar to
31 Au9USt
2022
Year lo
31 August
2021
Notes
N•t cash fl4)ws from op•ratlng actlvltles
{27,466} 1135,4041
N•t cash flows from Sn Investlng ac¢lvitles
Net cash flows from financlng activitles
{35,4761
85,742
Change In cash and cash equlvalents In tho ￿#r
{62,9421
149.6621
Cash and cash equivalents at the beginning of the ye8r
Cash #nd ¢a$h •quival•nts at the end of the ypar
103,669
40,727
153,331
103.669
Notes to the cash flow statement for thg ygar to 31 August 2022
A Rgconcillation of net expenditure to net cash (usod In) provlded by operatlng
actlvltles
2022
2021
Nel income
Deprec¢ation charge
Decrease lincreasel in debtors
Ilncreasel decrease in creditors, excluding repayments ol bormwing
Net cash (used Sn) provlded by operatlng actlvitl$$
181,3561 1197,0771
79,925
81,215
11,022
134,4341
137,0571
14,892
127,4661 1135.4041
B Cash flows from Investlng actlvltles:
2022
2021
Pur¢h8s8 of tangible fixad assèts
Net cash used in in¥estin9 activitiès
C Cash Ilows from finan¢ing a¢tivities:
2022
2021
Repayments of borrr)wi
New loan taken out
Nèt Cash us•d In flnanclng actlvltl•s
(35,4761
164,258}
150,000
85,742
135,4761
D Anal￿15 ot ca$h and eash •quival•nts
31 August
2022
31 Augijsl
2021
Cash at bank and in hand
40,727
103,669
City and Guilds Art School Property Trust 14

Statement of cash flows 31 August 2022
E Analysis of changes in net debt
A11
Sept6mb9r
2021
At31
August
2022
Cash
flows
Cash at bank and in hand
Loan payments falling due within one year
Loan payments falling due after morè than one year
Totsl
103,669
148,5441
{85.7421
130,6171
162.9421
11.8771
50.266
114.5531
40,727
150,4211
135,4761
145,1701
City and Guilds Art School Property Trusl 15

Principal accounting policies 31 Aijgust 2022
Basis of accounting
The financial slalements have been prepared under the historical cost convention with items
initially recognised al cost or transaction value unless othermse slated in the relevant
accounting policy nolels}.
The financial statements have been prepared in accordance with Accounting and Reporting
by Charities.. Slalement of Recommended Practice applicable lo charities preparing their
accounts in accordance with the Financial Reporting Sland8ré applicable in the UK and
Republic of Ireland IFRS 1021 {'Charities 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 conslilutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded lo the nearest pound.
Critical accounting estimatès and areas of judgement
Preparation of the accounts requires the Trustees and management lo make sKJnificanl
judgements and eslimales.
The items in the accounts where these judgements and estimates have been made include..
+ the useful economic lives atlribuled to tangible fixed assets used lo determine the
annual depreciation charge.
As set out in the going concern accounting policy, the trustees have considered the irnpaet
of the pandemic on the charity and have concluded that although there may be some
negative consequences, il is appropriate for the charity lo conlinue lo prepare ils accounts
on the going concern basis.
Going concgm
The Trustees have assessed whether the use of the going concern assumption is
appropriate in preparing these financial statements. The Twslees have made this
assessment in respect lo a period of one year from the dale of approval of these financial
slatemenls. The Board has examined the requirement for free reserves i.e. those funds not
invested in tangible fixed assets. not designated for specrfic purposes, not reslricled and not
otherwise commilled. At 31 August 2022 the Charity held negative free reserves of £19.995
due lo unforeseen unfunded professional fees costs
City and Guilds Art School Property Trust 16

Principal accounting policies 31 August 2022
The Trustees have reviewed the Charity's future forecasts and cash flow position. Having
secured an additional loan facility lof £150.0001 in 2019120 to assist with working capital
needs during the current period of reduced development and related fundraising activity.
they consider that the Charity will have sufficient working capital to meet the Charity's
liabilities out of ils core rental income as they fall due while recognising that, in extremis, ils
strong fixed asset base would enable il lo have recourse lo further loan funding rf necessary.
The Trustees have concluded that there are no material uncertainties related lo events of
conéilions that may cast significant doubt on the abilty of the Charity lo continue 8$ a going
concern.
Income
Income is Tecognised in the period in which the Charity is entitled lo ils receipt and the
amount can be measured with reasonable certainly.
Fees receivable and charges for serVI￿S and use of premises are accounted for in the
period in which the service Is provided.
Expendituro
Expenditure is included in the statement of financial actNilies when incurred. Expenditure
comprises the costs of charitable aclivilies on the Chartys primary charitable purpose, i.e.
the operation of the Charity. The costs of operating the Charity include the costs of premises
and governance costs.
Grants payable are included in the statement of financial activities when approved by the
Iruslees and when the intended recipient has either received all the funds. or has been
informed of the decision lo make the grants and has satisfied all relevant and due terms and
conditions.
Tangible flxed assets
Assets are included in these financial statements al cost at the date of acquisition together
with the c051 of additions and improvemenls lo date.
Depreciation is provided al the following annual rates in order to write off each asset over
ils eslimaled useful life..
Freehold property
2% on cost.
• Freehold property improvements
40A on cost.,
+ Leasehold properly
The minimum lrfe of the lease.
Debtors
Debtors are recognised at the settlement amount, less any provision for non-recoverabilily.
Prepayments are valued al the amount prepaid. They have been discounted to the present
value of the future cash receipt where such discounting is material.
City and Guilds Art School Propety Trust 17

Principal accounting policies 31 August 2022
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on
demand or have 8 maturity of less than three months from the dale of acquisition. Deposits
for more than three months but less than one year have been disclosed as short term
deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset
investment.
Credltors and provisions
Creditors and provisions are recognised when there is an obligation al the balance sheet
dale as a result of a past event, it is probable that a transfer of economic benefit will be
required in settlement, and the amount of the selllement can be estimated reliably. Credrtors
and provisions are recognised at the amount the charity anlicipales it will pay to settle the
debt. They have been discounted to the present value of the future cash payment where
such discounting is material.
Flnanclal 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..
Fin8nciel assets
trade and other debtors are basic financial instnjmenls and 2re debt
instruments measured at amortised cosl as detailed in note 6. Prepayments are nol financial
inslrumenls.
Cash al bank- is classified as a basic financial instrument and is measured at face value.
Financial li8bilrfies- trade creditors, accruals and other creditors are financial instruments,
and are measured al amortised cost as detailed in note 7. Taxation and social security are
not included in the financial instruments disclosure definition. Deferred income is not
deemed lo be a financial liability, as the cash settlement has already taken place and there
is an obligation lo deliver services rather than cash or another financial inslrumenl.
Fund accounting
The general fund Comprises those monies 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 net book value of the Charity's
tangible fixed assets.
The restricted funds are monies raised for, and their use restricted lo. a specrfic purpose, or
donations subject lo conditions imposed by the donor.
City and Guilds Art School Property Trust 18

Notos to the financial statements Year to 31 August 2022
1 Net expendlture
This is staled after charging-.
General Designated
fund
fijnds
Restricted
funds
Total
2022
Auditorfs remuneration-.
. Statutory audit servicès
Depreciat￿n
Operating 188se rentals
5.226
5,226
79,925
95,774
79,925
95,774
General Designaled Reslricted
fvrjd
funds
funds
Total
2021
Auditorfs Trnwneration..
. Stalulory audll servKes
Depreciation
Operating lease ￿ntaI$
4,300
4,300
81,275
95,774
81,215
95, 774
2 Support costs
2022
2021
Management charges frorn the City & Guilds of London
Art School
Staff Costs
Insuranc8
Legal and profèssional fees
Govemance costs
Interest on loans and bank char9es
51,778
43,796
27,204
15,766
4,132
5,185
5.$42
101,625
16.138
19.533
5,226
5,432
109,107
3 Staff costs and Trustees, remuneration
During the year, the charity had no employees on its payroll12021- 0.4FTEI. The Charity's
total staff costs in the year were therefore £nil12021 £27,204, of which £1,584 was in
respect of employer's Nl and Pension conlributions). Management services were provided
lo the charity by City and Guilds of London Art School to the value of £51,778 12021
£43.796).
No Trustee received any remuneration or other emoluments in respect of their servlces as
a member of the Board during the year12021
none). No Trustees were reimbursed for
Iravelling expenses during the year (2021- none).
The Charity has purchased insurance lo protect ilsew from any loss arising Irom the neglect
or defaults of ils Trustees, employees and agents and lo indemnify the Trustees or other
officers against the consequences of any neglect or default on their part. The insurance
premium provided cover of up lo a maximum of £2 million12021- £2 million).
City and Guilds Art School Property Trusl 19

Notes to the financial statements Yeai lo 31 August 2022
3 Staff costs and Trustoes, remuneration Iconlinuedl
The aggregate remuneration of key management personnel was £nil12021 - £41,580). In
the year ended 31 August 2022, key management personnel consisted of the Trustees and
the Company Secretary.
4 Taxation
City & Guilds Art School Property Trust is a registered Charity and therefore is not liable lo
income tax or corporation lax on income derived from ils charitable activities. as it falls within
the various exemptions available lo registered charities.
5 Tanglble flxed assets
Freehdd
Freehold
land and
propety
property improvements
Leasehold
propety
Totsl
Ctsst
At 1 September 2021
Add¢tions
At 31 August 2022
382.169
595.872
1,472,585
2,450,626
382,169
595,872
1,472,585
2,450,626
D•prnclatlon
At 1 September 2021
Charge for year
At 31 August 2022
349.329
11.741
361,069
216,284
8,036
224,320
225,123
60,148
285.271
790,736
79,925
870,660
Net book values
At 31 August 2022
At 31 August 2021
21,100
32,840
371,552
379,588
1.187,314
1,247,462
1,579,966
1.659,890
No formal valuation of Freehold land and property has been conéucled 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
2022
2021
Other debtors
66,877
66,877
77.900
77,900
City and Guilds Art School Propety Trust 20

Notes to the financial statements Year lo 31 August 2022
7 Credltors: amounts falling due within one yoar
2022
2021
Trade creditors
Loan"
Social se¢urity and other tsxes
A¢cruals and deferTed income
S.746
50.421
9,756
26,200
92,123
28,732
48,544
3,334
33,780
114.390
Included within creditors is the follo￿Trg deferred income, analysed as follows..
2022
2021
At 1 S8ptember
Deferred in the year
Released in the year
At 31 August
16.762
21,049
116,7621
21.049
16,762
16,762
116,7fj21
16,762
"The 2022 loan balance above is in respect of a bank borrowng facility wth Charity Bank in
respect of which the charity drew-(Jown £150,000. It is being paid back by the charity on a
monthly basis along with interest al 4.250/0 above the Bank of England base rale per annum,
and will be fully repaid by April 2024. 11 is secured via a charge on the charity's 114 & 116
Kennington Park Road properties.
Creditors.. amounts falling after more than one year
2022
2021
Loan
35,478
85,742
9 Restrlcted funds
The income funds include reslricled funds comprising the following donations and grants
held on trusts lo be appl￿d for specffic purposes..
Balance
at 1
Seplember
2021
Balance
at31
Augu$t
2022
Donations Expenditufe
Transfers
Development Fund
City and Guilds Art School Propety Trust 21

Notes to the financial statements Year to 31 August 2022
9 Restrlcted funds {conlinuedl
B818n¢&
B818nG8
8t31
August
2021
S8plgmbèr
2020 Donations Expenditure
Tran818rs
Development Fund
63, 757
(118,419J
54,662
The Development Fund Tepresents funds donated for the specrfic purpose of funding the
Charity's Maslerplan development. Expenditure on work which is capital in nature is
transferred lo a designated fixed asset fund, as explained in note 10 below. Expenéilure
relating lo professional fees for design and other planning work on current and future
maslerplan phases are expended.
10 Unrestrirtgd Funds
Balancè
at i
September
2021
Balance
September
2022
Incorne Expenditure
Transfars
G8n8ral Fund
Design81od Fund
118.5641
1,659,891
1,641,327
246,020
1247,4511
179,9251
1327,3761
119.9951
1,579,986
1.559,971
246,020
Balance
811
September
2020
Balance
al I
September
2021
Income Expenditure
Transfers
Gener81 Fund
Designated Fund
33,541
1,741, 106
1,774,647
241,574
(239,017)
(81,215)
(320,232)
(54,662J
(18,564)
1,659,891
1,641,327
241,574
(54,662)
Designated fixed assets funds.. In order lo separate the impact of the property development
within the financial statements. the Charity established a designated fund lo represent the
value of ils 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 total of £nil 12021
£nill was transferred lo the designated fund dLÈring the year
representing capital additions. In 2021, £54,662 of this capital work was fundetJ from
restricted revenue funds raised. This year, no capital work was funded from the general fund
12021
none). The general fund showed a deficit of £19,99512021 deficit of £18.564) at
the end of the financial year.
City and Guilds Art School Property Trust 22

Notes to the financial statements Year lo 31 August 2022
11 Analysls of net assets between funds
General Dèsignated
nd
funds
Restricted
funds
Total
2022
Fund balan¢o5 at 31 August 2022
#re repres•nt•d by:
Tangible fixed assets
Current assets
Creditors.. amounts falling due within one
year
Creditors.. amount falling due in more than
one year
Totsl net assets
1,579,966
1.579,966
107,604
107,604
192.1231
192.123
135,4761
119.9951 1,579.966
{35,4761
1,559.971
General Desynated
fund
funds
R08tricterJ
funds
Tot
2021
Ftsnd balances al 31 August 2021
are rep￿sented by..
T8ngible fixed assets
Current 8$sgts
C￿dIf0rs.' amounts falling due withln one
year
Cr8ditors.' amount falling du& An more than
C￿8 year
Tol81 netassets
1,659,891
1,659,891
181,568
181,568
(114,390J
(114,390J
(85,742)
(18,564) 1,659.891
(85, 742)
1,641,327
12 Liabillty of mombers
The Charity is constiluled as a company limited by guarantee. In the event of the Chartty
being wound up members are required lo contribute an amount not exceeding £1 each.
13 Leaslng commltments
Operating leases
At 31 August 2022 the lolal of the Charity's future minimum payments under non-cancellable
operating leases was..
Buildings
2022
2021
Amounts due wthin one year
Amounts due between onè and five years
7.981
95,774
7.981
14 Capital ￿mMItmentS
As al 31 August 2022, the Charity had capital commitments of £nil {2021- £nill.
City and Guilds Art School Property Trust 23

Notes to the flnanclal statements Year lo 31 August 2022
15 Related party transactlons
During the year. The City & Guilds of London Art School and Guilds Art School Property
Trust had shared management arrangements. The City & Guilds of London Art School is
therefore considered a related party.
The Trust recognised rental income from the Art School of £246.020 plus VAT in rent during
the year {2021- £241,574 plus VAT}.
The Art School charged the Charity a management fee for services provided of £44,577
12021- £29,420).
16 Comparative statement of financlal activlties
UnrestrGted lund$
2021
Total
funds
G￿er81 08SSgnal￿ Restricted
fund
funds
nds
Income from:
Donations
Charitable aCti%A￿eS
. Reni receivable
Total Incomo
241.574
241.574
241.574
241.574
Expendltufo on..
Charitable aGtswties
. Cests of operats.ng the Charity
Premises
. Support costs
Totsl •xpndltur•
137.392
101,625
239.017
81.215
118.419
337,026
101,625
438.651
81.215
118.419
incom• l•xpondlturel
2.557
181.2151 1118.4191 1197.077)
Tran8f8r8 botwoon funds
154.6621
54.662
Net movement In fund
152.1051 181.2151 163.7571 1197.077)
Fund b*lanco8 brought fon¥ard
#t 1 Séptsmbèr 2020
33.541 1,741.106
63.757 1,838,404
Fund balaftcès carrhd fon¥ard
•t 31 August 2021
118.5641 1,659.891
1.641,327
City and Guilds Art School Propety Trust 24