City and Guilds Art School
Property Trust
Annual Report and Financial
statements
31 August 2023
Cornpany ￿mited by Guarante*
RegistratiN Number
00992490 (England and Walesl
Chanty Registrat￿￿ Nurnber
312871

Contents
Reports
Reference and administrative information
Trustees, report
Independent auditor's report
Flnancial statements
Statement of financial activities
12
Balance sheet
13
Statement of cash flows
14
Principal accounting polrcies
Notes to the financial 5ts1&menls
16
19
City and Guilds Art School Property Trust

Reference and administrative irrformation
Trustees
John Taylor MBE Ichalrmanl
Humphfey Carey
Aidan Crawshaw
Heather Hilburn
Brendan Finucane KC
Timolhy Schroder
Sir Alan Yarrow
Sacretary
Nkholas Rampley
Rag18tored offlce
City and Guilds of London Art &ho
124 Kenninglon Park Road
London SE11 4DJ
T•laphon•
020 7626 3531
Principal offic•
124 Kennington Park Road
London
SE114DJ
Telophono
F￿SIMIl0
020 7735 2306
020 7582 5361
Audilor
Buzzacotl LLP
130 Wood Street
London
EC2V 6DL
Bankers
Ba￿lay$ Bank plc
Soulhwark Branch
29 Borough High st￿et
London
SE1 1LY
Company registration number
00992490 (England and Wales)
Charity registration number
312871
City and Guilds Art School Property Trust 1

Trustees, report Year lo 31 August 2023
The Board of Twstees I'the Board") of City ar)d Guilds Art Schix)I Property Trust I'the
Charity") presents its annual report and the audited financial statements for the year ended
31 August 2023.
The report has been prepared In accordance wlth Part 8 of the Charllies Act 2011 and Is also
the report ol 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 and Reporting by Charities.. Statement of
Recommended Practice appluble lo charities preparing their aGcounls in accordance wilh
the Financial Reporting Standard applicable in the United Kirodom and Republic of Ireland
IFRS 1021.
Constltutlon
The Charity is registered as a company and has the slalus of a company limited by guarantee,
not having a share capital. Its goveming 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 activities
The principal aim of the Charity, which was founded in 1879, is lo support the leaching and
training of students in the arts, crafts and sciences of the Fine Arts. This activity is consistent
with the objects contaifjed within the Memorandum of Associalron of the Charity.
On 31 March 2012. the educational activities of the City and Guilds of London Art School Ltd
I"Ihe Art School'l were transferred lo CGLAS TTUSt {Comp2ny No.. 078175191 under a
business transfer agreement. CGLAS subsequently changed ils name lo the City and Guilds
of London Art School Limited and is conlinuing the educational activities of the Art School.
The Charity changed its rbame on 17 AFxiI 2012 from the City and Guilds of London Arl School
to the City and Guilds Art School Property Trust. The objects of the Charity have not changed.
The Art School's Sand and buildings al 114- 124 Kenninglon Park Road were retained by the
Charity whose principal activity today is lo maintain and develop these properties for the
ongoing benefrf( of the Art School, in aecoréance with a phased maslerplan established in
2008109. This also indudes the renting of additional property, such as the Old Vauxhall
Telephone Exchange Building in adjacent Kennings Way, as required lo deliver the
maslerplan and to support the Art School's development in other ways.
GovprnanGg. slruGture and management
Organisdtion
The Trustees are directors of the Charity for the purposes of the Cornpanies Act 2006 and
are Trustees of the Charity for the purposes of Charity legislation.
The Board is the policy-making txxly of the Charity. 11 is assisted by the Secretary, is
appointed by the Board.
City and Guilds Art School Property Trust 2

Trustees, report Year lo 31 August 2023
Govemance. structure and managomont Icontinued}
Oryanlsation (Continued)
AémlnislralNe, fundraising and other tasks are perfofmed by staff employed by the City and
Guilds of London Art School. An annual management charge is levied by the Art School In
consideralion of this.
Ri$k management
The Trustees have assessed the major risks lo 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 Monitc￿ed through the Charity's govemance structure which identifies the
lines of respon5ibilty and decision making
administrative and financial. and in particular
those relating to the planning and exe¢ulion 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 lo
£10m and Director's Liability of cover of up lo £2m. The Charity's buildings are insured at Ihelr
full re-build value.
The Board Is satisfied that 5yslems are in place to miligale, or control wh8r8 p0s9ible, the
Charity's exposure to these risks.
Key management Pgrsonnel
The key management personnel of the Charity are the Trustees and the Company Secretary.
The Trustees do not receive remuneration from the Charity. The Company Secretary is an
employee of the Cty and Guilds of London Art School and his seNices form part of the tasks
for which the Art School levies a management charge as mentsoned above.
Statoment of Trustees. responsibilities
The Trustees (who are also directors of the Property Trust for the purposes of company lawl
are responsible for preparing the Trustees, report and financial statements in accordance with
applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally
Accepted Accounting Practice}.
Company law requires the Trustees to prepare financial statements for eaeh financial year
which give a true and fair view of the slate of affairs of the charitable company and of the
income and expenditure of the charitable company for that perh)d.
In preparing these financial stalemenls, the Trustees are required lo:
select suitsble accounting policies and then apply them consistently.,
+ observe the methods and principles in Accounting and Reporting by Charllles.. Statement
of Recommended Practice appllcable to charities pr&paring their accounts in acGordan¢e
wlth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS
1021.,
make judgements and estimates that are reasonable ar)d prudent,.
City and Guilds Art Schcx)I Property Trust 3

Trustees. report Year lo 31 August 2023
GovernanG¢, structur• and managemont (conlinuedl
Statemont of frust•es' rospon&bilitles (continued)
stale whether applicable United Kingdom Accounting Standards have been followed,
subject to any material departures di%losed and explained in the financial stslements,.
and
• prepare the financial slalemenls on the going concern basis unless il is inappropriale to
presume that th8 charilable company will continue in operation.
The Trustees are responsible for keeplng proper accounting records that disclose wilh
reasonable attcuracy at any lime the financial position of the charitable company and enable
them to ensure that the financ￿1 slalements 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 other irregularities.
Each of the Trustees confirms that..
so fai as the Trustee is aware, the￿ is no relevant audit infomialion ofwhich 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 lo make themselves aware of any relevant audit information and to e$tablish that
the Chanly's audrtors are aware of that information.
This confirmation is given and should be interweled 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 Ihis report are listed on page 1.
No Trustee received any iemuneralion for services as a member of the Board (2022- none)
and no Trusl8e was reimbursed lor Iravelling expenses (2022- non8).
Objectlvos and relevant pollcies
The Charity s objectives are set to fefleel its educational aims and ethos. In setting these, the
Trustees have given due consideration to the Charty Commission's general guidance on
public benefit.
The Charity's key objectives for the year included..
+ Maintaining th8 Charity's propety in good order for the benefit of the Arl School, through
a programme of annual maintenance and repair work.,
Extending Planning Permission and Listed Bulldlng Consent for the approved scheme lo
renovate and partially redevelop Victorian studio bulldings al the rear of 118-124
Kenninglon Park Road.,
• To continue lo support the Art School in ils work in any oth8r ways appropriate. in line
with the Charrty's staleé objects.
City and Guilds Art School Property Trust 4

Trustsos. report Year 10 31 August 2023
Grant-glvlng policy
The Property Trust does not actively soli¢il grant applications, however from time to lime may
award grants to inslitulions. In previous years the Property Trust has made grants lo the City
and Guilds of London Art School, in order to further the Trust's objective to support the Art
School. The grant amounts are discussed and approved by the Board of Trustegs.
Actlvltles
Development project and other refurblshment5
No major development work look place during the year, as the Art School consolidales its
position and puls 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 consent for the 'Phase 3,
devdopmenl project for whith consents had previously been granted, and in negolialion of
the lease renewal for the ￿ floors of the Vauxhall Telephone Exchange building which the
Trust rents from British Telecom. Aside from that the main Tefurbishmenl work the Trust
supported was the exlemal redecoration and renovation of part ofthe Georgian terrace's main
frontage.
Flnanclal Review
Results for the year
The Charity's funds structure is made up of tsvo unrestri¢led funds, the g&n&ral fund and the
designated r￿ed asset fund, as well 05 restricted funds that are held for specific purposes. In
order to separate Ihe impact of the property development wthin the financial slatemenls. the
Charity established a designated fijnd to represenl the value of ils tangible fixed assets. When
the Charity incurs expenditure on tangible fixed assets, which is capitalised, the amounls are
transferred from other revenue funds to the designated fund.
The reslricled funds of the Charity relate lo funds received for the development of the
properties. These funds are either expended during the year on the properties or transferred
to the de$ign8led fixed asset fund when costs are incurred for work on the properties which
is capitslised. The Charity recorded an operating surplus on unrestricted funds before
transfers of £4,48312022 - £1,431 }.
Due to the t8mporary suspension of significant development activity pending review of the
acwmmodation and facilities needed lo meet the Art School's longer-lerm requirements, the
Charity raised £nil of r8slricled donations during the year {2022 - £nil).
The Charity expended £6,36012022 £nill in relation to the development of its buildings
during the year. The Charlly capitalised a tolal of £6.360 of fixed assel add(Lions12022- £nill.
City and Guilds Art School Property Trust 5

Trustees, report Year to 31 August 2023
Flnancial Review (continued)
Reserves pollcy and going con¢ern
The Board has examined the requirement for free reserves i.e. those funds not invest&l in
tangible fixed assets. not designated for specrfic purposes, not reslricted and not otherwise
committed. Al 31 August 2023 the Charity held negative free reserves of £21,872. The Charity
secured a loan facility lof £150.000) in 2019120 to assist with working capital needs during a
period of reduced development and related fundraising activity. Thi8 loan is fully drawn down
and is due lo be repaid in April 2024. The Board has carefvlly reviewed the Charity's cash
flow position. 11 considers that, given ils limited plans for the immediate future and the ending
of ils interest commitments and repayments in regard lo the above loan, careful cash-flow
management especially in respect of ils obligations to and amounts due from the Art School,
will. nO￿11hS￿nd1rv the current free reserves deficit position, provide the Charity with
sufficient working capital lo meet ils liabilities oul of ils core rental income as they fall due.
However, it also recognises that should its liquidity needs require it, the Charity's assets would
provide adequate se¢urity lo obtain a further loan. The Trustees have concluded that there
are no material uncertainties related lo ever)Is or conditions that may cast signrficant doubt
on the ability of the Charity lo continue as a going concern.
Flnancial poslflon
The balance sheet shows total funds of £1,484,631 (2022 - £1.559,9711 of which £nil12022
£nill is reslricled. Restricted funds either raised for, and their use reslricled to, spe¢ific
purposes or comprising donations subject lo donor imposed conditions, have been used in
accord8nce with these r8striclions.
Unreslricled funds of the Charity al 31 August 2023 total £1,484,631 (2022 - £1.559,971).
These funds are represented by tangible fixed assets of £1.506,50312022- £1,579,966) and
a free reserves deficit of £21,87212022- £19,995).
Future plans
The Trust has pul or) pause signif￿an1 development activity pending review of the
accommodation and facilities needed to meet the Art School's longer-term requirements. A
first slep in that review will be to undertake a feasibility study to detemiine the polelllial
Capacity for development of the Kenninglon Park Road site. In the meantirne, the Property
Trust will continue to work with the Art School on progre55ing specrfic improvements lo
buildings and facilities on the sile la renovation of the frontage of the part of the Georgian
terrace was un(Jertaken early in 2022-23, for example). as limited resources will allow.
Th¢ Charity's assets
Acquisitions and disposals of r￿ed as5els during the year are recorded in the notes to the
financial stalemenls.
Approved by the Board on I'l m qr<L ? o 'a '
and signed on ils behalf by..
John Tayl
MBE (Chairman)
City and Guilds Art School Property Trust 6

Independent auditor'$ report Year to 31 August 2023
Indgpgndont audftor'8 report to the members of City and Gullds Art School Property Trust
Oplnlon
We have audited the financial statements of City and Guilds Art Schod Property Trust Ilhe
'charilable company'} for the year ended 31 August 2023 which comprise the slalemenl of
finan¢ial activities. the balance sheet, the slatement of cash flows, the principal accounting
policies and the notes to the financial statements. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdgm Accounting Stsndards.
including Financial Reporting Standard 102 'The FinarKial Reporting Standard applicable in
the UK and Republic of Ireland, (United Kingdom G8nerally Accepted A¢counting Pra¢lice).
In our opinion, the financial statements..
give a true and fair view of the state of the charitable company's affairs as al 31 August
2023 and of its income and expenditure for the year then ended",
• have been properly p￿pared in accordance with United Kingdom Generally AcGepled
Accounllng Practice,. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS
IUKII and applicable law. Our responsibilities uThYer those standards are further des¢ribeé in
the auditorfs responsibilities for the audit of the financial slalemenls section of our report. We
are independent of the charitable company in ￿COrdanCe wilh 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 elhi¢al responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and
appropriole lo provide a basis for our opinion.
Concluslons relaling to going concem
In auditing the financial statement5, we have concluded that the Trustees. use of the going
concern basis of accounting in the preparation of the financial slalemenls is approprlate.
Based on the work we have perfomied, we have nol identified any material uncertainties
relating lo events or conditions that, individually or collectivdy, may cast significant doubt on
the charrtable company's ability to continue as a going concern for a period of at least twelve
months from when the financial statements are authorised for issue.
Our responsibiliti6s and the responsibilities of the trustees wrth respect lo going ¢oncem are
described in the relevant sections of this report.
City and Guilds Art School Property Trusl 7

Independent auditor's report Year to 31 August 2023
Other infomiation
The trustees are responsible for the other information. The other information comprises Ihg
infomialion included in the annual report. other than the financial statements and our auditorfs
report thereon. Our opinion on the financial 8tatemenls does not cover the other information
and. except to the exlenl otherwise explicitly slated in our report, we do not express any form
of assurance conclusion thereon.
In conllection with our audit of the finan¢ial slalements. our responsibility is to read the olhor
information and, in doing so. consider whether the other information is materially inconsistent
with the financial slalemenls or our knO￿edge obtained in the audit or otherwise appears lo
be materially misslaled. If we idenlfy such material inconsistencies or apparent material
misslalemenls, we are required lo determine whether there is a material misstslemenl in the
financial slalemenls or a material misslaternenl of the other informalk)n. If, base(1 on the work
we have performed, we condude thallhere is a material misstatement of Ihls other information,
we are required lo report that fact.
We have nothing lo report In this regard.
Oplnlons on other matters proscrlbed by the Companies Act 2006
In our opinion, based on ihe work undertaken in the course of the audit.,
• the information given in the trustees, report for the financial year for which the financial
Statements are prepared is ¢onsislenl with the financial statements-, and
• the trustees, report has been prepared in accordan￿ with applicable legal requirements.
Matters on which we arè required to report by exceptlon
In the light of the krK￿ledge and understanding of the charitable company and ils environment
obtained in the course of the audit, we have not idenlrfied material misstalemenls in the
trustees, report. We have nothing to report in respect of the following m2tters in relation lo
which the Companies Act 2006 requires us lo report to you if, in our opinion".
adequate accounling records have not been kept, or returns adequate for our audit have
not been received from branGhes not visited by us., or
+ the financial statements are not in agreement with the accounb'ng records and ￿turn$-, or
certain disclosures of trustee5' remuneration specified by law are not made., or
we have not received all the information and explanations we require for our aLtdil,' or
• the Iruslees 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.
City and Guilds Art School Propety Trust 8

Independent auditor's report Year lo 31 August 2023
Respon8ibilille8 of trustgès
As explained more fully in the trustees, responsibilities statement, Ihe Iru51ees are responsible
for the preparation of the financial statements and for being s?tisf￿ 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 stalernenls that are free from material misstatement. whether due lo
fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the Gharilable
company's ability to eonlinue as a going concern. discbsing, as applicable, matters related lo
going concern and using the going concern basi8 of accounting unless the Iruslees either
intend lo liquidale the charitable company or to ￿8$e operations. or have no realistic
allernalive bul to do 50.
Audltor's rosponsibililies for the audlt of the financial ststements
Our objeGlives a￿ lo obtain reasonable assurance about whether the financial statements as
a whole are free from malerial misstatement. whether due to fraud or error. and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance,
bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delecl
a material misslalement when il exists. Misstalemenls can ar￿e from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expe¢led lo
innuence the economic decisiorts of users taken on Ihe basis of these fjnancial statements.
Irregularities, including fraud. are instances of non-compliance with laws and regulations. We
deS￿n procedures in line with our responsibilities, outlined above. lo detect material
misstatements in respect of irregularities, including fraud. The exlenl lo which our procedures
are capable of detecting irregularities, including fraud is detailed below.
Our approach to Klentrfying and assessing the risks of material misslatemenl in respect of
irregularities. including fraud and r￿n-COMplianCe with laws and regulations, wa5 as follows..
the engagement partner ensured Ihal the engagement 18am collectively had the
appropriate competence. capabilities and skills to identify or recognise non-compliance
with applicable laws and ￿gUlatiOnS..
we obtained an understanding of the legal and regulatory frameworks that are applicable
lo the charitable company and determined that the most signrficanl frameworks which
are directly relevant to specific assertions in the financial slalemenls are those that relate
lo the reporting framework Islalement of Recommended Practice.. Accounting and
Reporting by Charities p￿paring their accounts in accordance with the Financial
Reporting Standard applicable in the United Kingdom and Republic of IrelaThY IFRS 1021
and the Charities Act 20111, Companies Act 2006 and those that relale lo dats protection
(General Data Protection RegulatioTJ}.' and
Idenlrfied laws and regulalions were communicated within the audit team regularly and
the team remained alert lo instances of non•compliance throughout the audit.
City and Guilds Art Schcx)I Propety Trust

Independent auditor's report Year lo 31 August 2023
Audito￿¥ responsibilities for th• audit of tho financlal statefflonts Icontinuedl
We assessed the su$￿ptIbl1itY of the charitable company's financial statements to material
misstatement, including obtaining an understanding of how fraud might 0￿Ur. by..
making enquiries of man￿ement as to their knowledge of actual. suspected and alleged
fraud,. and
considering the internal controls in place lo miligale risks of fraud and non-complian¢e
with laws and regulation5.
To address the risk of fraud through management bias and override of controls, we..
perform8d analytical procedures to identify any unusual or unexpected relationships.,
reviewed joumal entries to idenlrfy unusual transactions..
assessed whether judgements and assumptions made in determining the accounting
estimates Wa￿ indicative of potential bias.,
used data analytics to invgsligate the rationale behind any signrficanl or unusual
transactions,.
tested authori5alion controls on expenditure items, ensuring all expenditure was
approved in line with the chantable company's financial pro¢edures,' and
performed substantive testing over income lo gain assurar￿e that the income recognise
was materialty complete.
In response lo the risk of irregularities and non4ompliance with laws and wulalions, we
designed procedures which induded. but were not limited lo:
agreeing financial statement disclosures to underlying supporting documenlalion,.
reading the minutes of meetings of those charged with governance,. and
enquiring of management as lo actLJal and potential liligalion and claims.
There are inherent limilalions in our audit procedures described above. The more removed
that laws and regulations are from financial Iransaclions. the less likely il is that we would
become aware of non-complk9nce. Auditing standards also limit the audit pr¢)cedures ￿uIre
lo identify non<ompliance with laws and regulations lo enquiry of the directors and other
management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due lo fraud can be harder lo delect than those Ihal arise
from error as they may involve deliberate ¢oncealment or collusion.
A further description of our responsibilities for the audit of the financial stslemenls is located
on the Financial Reporting Council's website at www.frc.org.uklauditor$responsibililies. This
description forms part of our auditor's report.
City and Guilds Art School Propety Trust 10

Independent auditovs report Year to 31 August 2023
Use of our report
This report is made solely to 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 b@en undertaken
so that we might stsle to the charitable company's members those mallers we are required
lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone oiher than the charitsble
company and the charitable companys members as a body, for our audit wrxk, for this report.
or for the opinions we have formed.
I.ZZo
Hugh Swainson. Senior Ststutory Auditor
For and on behalf of Buzza¢ott LLP
130 Wood Street
London
EC2V 6DL
26 March 2024
City and Guilds Ari School Property Trust 11

Statement of financial activitios Year to 31 August 2023
UnresknGted funds
2023
T¢>tsi
nds
2022
Total
funds
General Desiwaled Restnd
fund
fijnds
funds
Nolas
IncomA from..
Donalons
Charitable actiwtie8
. Rent re￿Vab
Totsl Income
15 303.744
303,744
303,744
303,744
246.020
246.020
Expenditure on:
Charltablé g¢ti￿tIeS
. Costs of operatsng the ￿aTrty
. Premls8S
. Support cos15
Totsl oxp¢ndltur•
206,037
93.224
299.261
79.823
285.BeQ
93.224
379,084
218.269
109.107
327.376
79,823
Net Incorne lexpondltvr•l
4,483
179,8231
75.3401
181.3561
Transfèrs b¢lw¢*n funds
10
16.3601
6,3eK)
Nèt mfftrnent in lunds
11.8771 173,4631
5.3401
181.3561
Fund balancès bm9ht lorward
at 1 September 2022
119.9951 1,579,986
1,559.971 1,641.327
Fund balancès rarrled fc*ward
at 31 August 2023
121.8721 1,506,503
1,484631 1,559.971
All of the Charity's activities derived from continuing operations during the above financial
years.
The Charity has no re¢ogniseiJ gains and losses other than those shown above.
A Gomparative statement for the previous year is included in note 16.
City and Guilds Art School Property Trust 12

Balance Shoot 31 Augusl 2023
2023
2023
2022
2022
Nolgs
Fix•d assets
Tangible assgts
1,506,503
1.579.966
Current 888¢ts
Debtors
Cash at bank arKI in harKI
66,877
40,727
107,604
107.848
157,694
Crgdiiors: amounts falling ¢Jue
within one year
7 I179,$66
{92,1231
Nèl current Iliabilrtiesl asgets
121,872)
15.481
Total assets l•ss current
1084,631
1,595,447
Credlt4ys: falliThJ thje after more
Ihan one year
Total nèt 088ots
135.4761
1.559,971
1.484.631
Tho lunds of tho charfty:
Incorne funds..
. Restrlcted fijnds
Unreslrited fund$'.
. Gener81 fund
. Designated funds
10
(21,8721
1,506,503
1.484,631
{19,9951
1,579,966
1,559.971
Approved by the Board on l & mar,L. 90,4
and slgned on ils behaff by-
John Taylor MBE (Chairman)
City and Guilds Art School Pro￿ Trust.. A company limited by guarantee. Company
Registration No. 00992490 (England and Wales)
City and Guilds Art Schthjl Property Tnjst 13

Statemont of cash flows 31 August 2023
Yoor to
31 August
2023
Yeartr)
31 August
2022
Notes
N•t c8$h flows provld•d by (used In} operatlng actfviti¥$
123.674
127,4661
Not Gash flthvs lus•d Inl Investlng activitiès
16,3601
Net cash flthvs (used inl financing a¢tlvltl•s
{50.1931
135,4761
Ch•ng8 In cash and cash oqulval•nt• in th¢ y•ar
67.121
162.942
Cash And cash equivalents at the beginning of the year
Cash and cash oqulvalonts at the end of the year
40,727
107.848
103,669
40,727
Notes to the Cash flow statement for the year to 31 August 2023
A R•conclllatlon of net incorno to net cash provlded by {used inl op•ratlng actlvFtles
2023
2022
Net {expenditurel
Deprecialion chargg
Decrease in debtors
Increase Idecreasel in creditors
Not cash provlded by Iusgd In} opèrating actlvlil•8
175,3401
79,823
17,031
102,160
123.674
181,3561
79,925
11,022
137,0571
127,4861
B Cash flows from investing activitles:
2023
2022
Purchase of tangible fixed assets
Net cash (used Inl Investing a¢tlvltl•$
6,360
6,360
C Cash flows from financing actlvltles:
2023
2022
Repayments of borrowing
Net cash {used Inl financlng 4¢tiviti•$
50.1931
150,1931
135,4761
135,4761
D Analysls of cash and ¢a8h èqulvalents
31 August
2023
31 August
2022
Cash at bank and in h8nil
107,848
40,727
City and Guilds Art School Property Trust 14

Statement of cash flows 31 Augusl 2023
E Analysis of ¢hang¢$ in n•t debl
At1
September
2022
At31
August
2023
Cash
ows
Cash at bank and in hand
Loan payments falling due wthln one year
Loan paymenls falling due after more than one year
Total
40,727
150.4211
135,476
45,170
67,121
14,718
35.476
117.315
107,848
135,703>
72,145
City and Guilds Art School Propety Trust 15

Principal accounting policios 31 August 2023
Basls of accounlTng
The financial 51atemenls hav8 been wepared under the historical cost conventson wilh items
inilially recognised at cost or transaction value unless olhefwise stated in the relevant
accounting policy nole{s}-
The financial statements have been prepared in accordance with Accounting and Reporting
by Charities= Stalemenl of Recommended Practice applicable to charities preparing their
accounts in accordance wilh 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 Republic of Ireland IFRS 1021 and the Companies Act
2006.
The charity constitutes a public benefit entity as defi'ned by FRS 102.
The accounts are kyesenled in sterling and are rounded lo the nea￿$1 pound.
Critical accounting estimates and areas of Judgement
Preparation of the accounts requires the Trustees and management to make significarbt
judgements and estimates.
The items in the accounts where these judgements and estimates have been maée include-
• the useful economic lives attributed to tangible fixed assets used to determine the
annual depreciation charge., and
eslimat8s in respect lo accrued expenditure.
Going Concern
The Trustees have assessed whether th8 use of the going concern assumption is
appropriate in preparing these financial statements. The Trustees have made Ihls
assessment in respect to a period of one year from the date of approval of these financial
statements. The Board has examineé the requirement for free reserves i.e. those funds nol
invested in tangible fixed assets, not d8signated for specific purpose5, not restricted and not
otherwise commilled. Al 31 August 2023 the Charity held negative free reserves of £21,872.
The Charity secured a loan facility {of £150,000} in 2019120 to assist with working capital
needs during a period of reduced development and related fundraising actwity. This loan is
fully drawn down and is due lo be repaid in April 2024.
City and Guilds Art School Property Trust 16

Principal accounting policies 31 August 2023
Golng Concgm {¢onlinued}
The Board has carefully reviewed the Charity's cash Ilow posits'on. It ¢on$iders that, given
its limited plans for the immediate future and the ending of its interest commitments and
repayments in regard lo the above loan, careful cash-flow management especially in respect
of its obligations to and amounts due from the Art School, will. nO￿lthStandIng the current
fee reserves deficit position, provide the Charity wilh sufficient working capital to meet ils
liabilities out of ils core renlal iru)me as they fall due. However, it also recognises that
should ils liquidity needs require it, the Charity'5 assets would provide adequate security to
obtain a further loan. The Trustees have concluded that Iher8 are no material uncertainties
related lo events or conditions that rnay cast significant doubt on th8 ability of the Charity lo
continue as a going concern.
Incom•
Income is recognised ir¢ the period in whlch the Charity Is entitled to its receipt and the
amount can be measured vAth 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 slalement of financial activlties when in￿rred. Expenditur8
comprises the eosts of charitable activities on the Charity's primary charitable purpose, i.e.
the operalDn of Ihg Charity. The costs of operating the Charity include the costs of premises
and governance costs.
Grants payable are included in the stalemenl of financial activilwd when approved by the
trustees and when the intended recipient has either received all the funds, or has been
Informed of the decision to make the grants and has satisfied all relevant and due terms and
¢ondrtions.
Tangible flxed assets
Assets are included in these financial slalements al cost at the dale of acquisition together
wrth the cost of additions and improvements to dale.
Depreciation is provided al the following annual rates in order to wrÉle off each asset over
its eslimated useful lrfe..
Freehold property
2% on cost,.
* Freehold property improvements
4% on cost.,
Leasehold rffoperty
The minimum lrfe of the lease.
Debtors
D8btors are recognised at the settlement amount, less any provis*)n for non•recoverability.
Prepayments are valued al the amount prepaid. They have been discounted lo the present
value of the future cash receipt where such discounting is materlal.
City and Guilds Art SGhool Property Trust 17

Principal accounting polici93 31 August 2023
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 dale of acquisition. Deposits
for more Ihars three months but less than one year have been disclosed as short term
deposits. Cash placed on deposlt for more than one year is disclosed as a fixed asset
investment.
Creditors and provlslons
c￿ditOrS and provisions are recognised when there is an obligation al the balance sheet
dale as a result of a past event. it is probable Ihal a transfer of economic benefit will be
required in selllement. and Ihe amount of the selllement can be eslimaled reliably. Creditors
and provisions are recognised al the amount the charity anticipates it will pay to settle the
debt. They have been discounted lo the present value of the future cash payment where
such discounting is material.
Financlal Instruments
The Trust only holds basic financial instruments as defined in FRS 102. The financial ass8ts
and financial liabilities of the Trust and their me?suremenl basis are as follows=
Financial assets - trade arml other debtors are basic financial instruments and are debt
inslrumenls measured al am(Kti5ed cost as detailed in note 6. Prepayments are not financial
instruments.
Cash al bank- is classrfied as a basic financial instrument and is measured al face value.
Financial liabilities- 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 InstrL¢menls disdosure definition. Deferred income is not
deemed to be a financial liability, as the cash selllemenl has already taken place and there
is an obligation lo deliver services rather than Cash or another financial instrumenl.
Fund aGcountlng
The general fund comprise8 those monies which may be used towards meeting the
charitable objectives of the Charity at the discretion of the Board.
Within unreslricled funds. the designaled fund represents the net book value of the Charity's
tangible fixed ass81s.
The restricted funds are monies raised for, and their use reslricled to, a specific purpose. or
donations subject lo conditions imposed by the donor.
City and Guilds Art School Propety Trust 18

Notes to Ihe financial statements Year to 31 August 2023
1 Net expenditure
This is slated aftw charging..
Genero1 Oesignaled
nd
nds
Restn'cted
funds
T¢)tal
2023
Audilorfs remunerallon..
. Statutory audit se￿ICeS
Depreciation
Operabnglgase rentals
4.450
4.450
79,823
145,620
79.823
145.620
Gen8ral D9s1gnat￿ Restricled
fuftiy
funds
funds
Total
2022
Auditorfs remuner8tm'
. ststul(Myaudi¢ services
Deprecialio
Operahng lease renlals
5.226
5,226
79,925
95,774
79,925
95,774
2 Support costs
2023
2022
Managernenl ¢harg8s from the Clty and Guilds of London
Art School
Insurance
Legal and professional fe88
GovemBnce costs
Intsr88t on loans and bank charges
57,261
16,154
10,425
fj2,778
16,138
19,533
5.22
5,432
109.107
4,934
93,224
3 Staff costs and Trustees, remuneration
The average number of staff employed by the charity in the year was nil12022 - nill. The
Charity's total staff costs in the year were therefore £nil {2022- £nil)-
No Trustee receNed any remuneration or other emoluments in respect of their services as
a member of the Board during the year12022 - none). No TTuslees were reimbursed for
travelling expenses during the year12022- none}.
The Charity has purchased insurance to prolecl itself from any loss arising from ihe neglect
or defaults of ils Trustees, employees and agents and lo indemnify the Trustees or other
ofFIGers against the consequences of any neglect or default on their part. The insurance
premium provided cover of up lo a maximum of £2 million12022- £2 mllllon}.
The aggregate remuneration of key management personnel was £nil12022 - £nlil. In the
year ended 31 August 2023, key management personnel consisted of the Trustees and the
Company Secretary who was an employe8 of the City and Guilds of London Art School.
4 Taxatlon
City and Guilds Arl School Property TrLJSt is a registered Chafily and therefore is not liable
to income tax or corporation tax on income derived from ils charitable activit￿, as it falls
within Ihe various exeMpl￿n$ available lo registered charities.
City and Guilds Art School Propety Trust 19

Notes to the financial ststements Year lo 31 Augusl 2023
5 Tanglble fixed ass¢ts
Freehold
Frééhold
land and
property
property improvements
L@8sèhdd
prop9rty
TotAI
Cost
At 1 Septembef 2022
Additions
382.169
595.872
1,472.585
2,450.626
6,360
2.456,986
At 31 August 2023
382,169
595,872
1,478.945
Deprnciation
At 1 Sèptèmber 2022
Cha￿e for year
At 31 AthJust 2023
361,069
11,496
372,S65
224,320
8,036
232,356
285,271
60.291
345,562
870,660
79,823
950,483
Net book v•lu•s
At 31 A￿juSt 2023
At 31 A￿uSt 2022
9,604
21.100
363,516
371,552
1.133,383
1,187.314
1,506,503
1,579,906
No formal valuation of Freehold land and property has been conducted dursng the year, but
in the opinion of the Trustees, the market value of the freehold propety is well in excess of
the figure shown above.
6 Debtors
2023
2022
Other debtors
49,846
49,846
66.877
66,877
7 Creditors: amounts fallSng due wlthln ono year
2023
2022
Trade Creditors
Loan.
SLKial s8¢Ulity and othgr taxes
ot￿r creditors
Accruals and deferred incoff
5,746
50,421
9,756
35,703
10,302
57,404
76,157
179,566
26.200
92,123
Yhe loan balance above is in respeel of 8 bank borrowing facility wilh Charity Bank in
respect of which the Charity has drawn down £150.000. 11 is belng paid back on a monthly
basis along with interest al 4.25•A above the Bank of England base rale per annum, and will
be fully repaid by April 2024. It is secured via a charge on the Charity's 114 and 116
Kennington Park Road properti'es.
City and Guilds Arl School Property Trust 20

Notes to the financial ststements Year to 31 August 2023
7 Credltors.. amount$ falling due wlthln ong year (conlinu8dl
Induded within creditofs ks the followin9 deferred income, analys￿ as follows..
2023
2022
At 1 Sèptember
Deferred in the year
Rel8a8ed in thg year
At 31 August
21,049
71,157
121,0491
71,157
16,762
21,049
116,7621
21,049
8 Crèditors: amounts falllng after more than one yèar
2023
2022
Loan
35,476
9 Restricted funds
The income funds include restricted funds comprising the followiTrJ donations and grants
held on trusts to be applied for specrfic purposes:
Bala
at1
Seplemb¢f
2022
Balance
at31
August
2023
CJonatkJns Expenditure
TransfeTS
Development Fund
Balance
B818n¢&
at31
August
2022
September
2021
Dortallons Exponditure
rransfers
08v81opm8llt Fund
The Development Fund represents funds donated for the spectfic purpose of funding the
Charity's Maslerplan developmenl. Expenditure on work which is capital in nature is
transferred lo a designated fixed asset fund, as explained in note 10 below. Expenditure
relating to professional fees for design and other planning work on current arKI future
ma51erplan phases are expended.
City and Guilds Art School Property Trust 21

Notss to the financial statements Yèar to 31 August 2023
10 Unrnstrlcted Funds
Balance
al i
September
2022
Balance
September
2023
Income Expendilure
Transfers
General Fund
Dgsignatgd Fund
I19,9￿)
1.579,966
1,559,971
303,744
1299,2611
179,8231
1379,0841
16,3601
6,360
121,8721
1,$08.503
1,484,631
303,744
Balance
al I
S&pton7bor
2021
Balance
atl
Sèplombor
2022
Income Exp8nditurt Trènsfers
G8nerèlFund
D8sNgnal8d Fund
118,5641
1,659,891
1,641.327
246,020
1247.4511
179,9251
1327,3761
119,9951
1,579.96
1,559,971
246,020
Designated fixed assets funds: In order lo 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 expendrture on tangible fixed
assets, the amounts are transferred from other revenue funds lo the designated fund.
A total of £6.360 12022 £nill was transferred to the designated fund dLJring the year
representing capital addit￿￿5. No capital work was funded from the reslricled funds12022
none). The gerwal fund showed a deficit of £21.872 {2022- deficit of £19.995) al the end
of the financial year.
11 Analysis of not a8s•ts between funds
Gengral Designated
fund
funds
Restricted
funds
Totsl
2023
Fund balancès at 31 August 2023
arg rgpre5ented by:
Tangib￿ fixed 88sets
Curr&nl assats
Creijllors: amounts falllng due within one
year
Credilors.. amount tslling due in more than
one year
Total nel assets
1.5C6,503
1,506,503
157,694
157,694
1179,5661
1179,5661
121.8721 1,506,503
1,484.631
City and Guilds Art SclK)ol Property Trust 22

Notes to thg financial statements Year lo 31 August 2023
11 Anal￿13 of net assets between funds {conlinued}
General Designat8d
lund
funds
Reslrioled
funds
Total
2022
Fund balances al 37 August 2022
a￿ represented by..
Tary1b￿ fixèd 8ssets
Cu￿ent assets
Cr8dilors.' 8mountg IBlllng due trwtth'n one
year
Credilors.. amount falling tlu& in more (han
on8 yèar
Total net assefs
1.579,966
1.579,966
107,e04
lo7.￿4
192,1231
192,1231
35,476
119.9951 1,579,966
{35,476
1,559,971
12 Liability of members
The Charity is consliluted as a company limited by guarantee. In the evenl of the Charity
being wound up members are required lo contribute an amount not exceeding £1 each.
13 Leasing commltment8
Operating leases
At 31 August 2023 the total of the Charity's future minlmum payments under non-cancellable
operaling leases was,
BuTrldlngs
2023
2022
Amounts duè within one year
Amounts due between one and five yoars
145,200
582,900
7,981
The buildings operating lease relates lo the sub-lease of premises in the Old Vauxhall
Telephone Exchange in Kennings Way for the period up lo the first break clause. The
previous lease expired in late September 2022 and Heads of Terms for a new lease from
the dale of that expiry were agreed at an Ir￿reased rental which ha5 been duly accounted
for in 2022123.
14 Capital commitments
As al 31 Augu$l 2023. Ihe Charity had capital commitments of £nil12022- £nil).
15 Related party transactions
Administrative, fundraising and other tasks are perfomied by staff employed by the City and
Guilds of London Art School. An annual management charge is levied by the Art School in
cortsideralion of this. The Clly and Guilds of London Art School is therefore considered a
related party. The Art School charged the Charity a management fee for services provided
of £57,261 (2022- £62,778), which was outstanding at the year end. The Trust recognised
rental income from the Art School of £303,744 plus VAT in rent during the year12022
£246,020 plus VAT), of which £49.846 was oulslanding al the year end.
City and Gullds Art School Property Trusl 23

Notes to the financial statements Year lo 31 August 2023
16 Comparative statern•nt of flnancial activities
Unfftslrictedfvnds
2022
Totsl
funds
Gerjrt D8si9n81ed RestrAcÈe
fund
funds
funds
Notes
InGOm• from..
Donalthis
ChaTrl8ble
. Rentreceitryble
Total
15 24&020
244020
246.020
246,020
E￿d1￿M oft".
Charitèbl8 aCtwlOÈs
. Cosls olopersting Ihg Charfty
138,344
109, 107
247,451
79,925
218,269
109,107
327,376
.. Support C0515
Total•xp•hdtsw•
79,925
Nel Income {exp•ndit4we)
{1,431J (79,925)
(41,356)
9,10
N•tmov•mentin lumls
(1,431) 179,9251
1,356)
Fundb818nces brwhtlgrnard
al I50pt￿nhor 2021
(18,564) 1,659,891
1.641.327
Fundbalanc•s cwrlodforw•rd
at 31 Aygtsst2022
(19,995) 1,579,966
1.55P,9TI
City and Guilds Art School Prop8rty Trust 24