City and Guilds Art School
Property Trust
Annual Report and Financial
statements
31 August 2024
Company Limited by Guarantee
Registration Number
992490 (England and Wales}
Charity Repislralion Number
312871

Contents
R•ports
Reference and administrative information
Trustees, report
Independent auditor's report
Financial statements
Statement of financial activities
12
Balance sheet
Statement of cash flows
14
Principal accounting policies
16
Notes to the financial statements
19
City and Guilds Art School Property Trust

Reference and administrative information
Trustees
John Taylor MBE (Chairman)
Robin Broadhurst CVO CBE (appointed 27th
November 2024)
Humphrey Carey
Aidan Crawshaw (resigned 121h March 2025)
Heather Hilbum
Brendan Finucane KC
Timothy Schroder
Sir Alan Yarrow
Secretary
Nicholas Rampley
Registered office
City and Guilds of London Art School
124 Kennington Park Road
London SE114DJ
Telephone
020 7626 3531
Prlncipal office
124 Kennington Park Road
London
SE114DJ
Telephone
Facsimlle
020 7735 2306
020 7582 5361
Audltor
Buzzacott LLP
130 Wood Slreet
London
EC2V 6DL
Bankèrs
Barclays Bank plc
Southwark Branch
29 Borough High Street
London
SE1 1LY
Company registration number
992490 (England and Wales}
Charity registratlon number
312871
City and Guilds Art School Property Trust I

Trustees, report Year to 31 August 2024
The Board of Trustees ("the Board") of City and Guilds Art School Property Trust ("the
Charity.) presents its annual report and the audited financial statements for the year ended
31 August 2024.
The report has been prepared in accordance with Part 8 of the Charities Act 2011 and is also
the report of the directors for the purposes of the Companies Act 2006.
The financial statements have been prepared under the accounting policies set out therein
and comply with applicable law and Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland
(FRS 102).
Constitution
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 its Memorandum and Arlicles of
Association dated 30 September 1970 and amended to allow for current governance
arrangements on 7 March 2006.
Principal alms and artivities
The principal aim of the Charily. which was founded in 1879. is to support the teaching and
training of students in the arts, crafts and sciences of the Fine Arts. This activity is consistent
with the objects contained within the Memorandum of Association of the Charity.
On 31 March 2012, the educational activities of the City and Guilds of London Art School Ltd
('the Art School") were transferred lo CGLAS Trust (Company No. 07817519) under a
business transfer agreement. CGLAS subsequently changed ils name to the City and Guilds
of London Art School Limited and is continuing the education81 activities of the Art School.
The Charity changed its name on 17 April 2012 from the City and Guilds of London Art School
to the City and Guilds Art School Property Trust. The objects of the Charity have not changed.
The Art School's land and buildings at 114- 124 Kennington Park Road were 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 to deliver the
masterplan and to support the Art School's development in other ways.
Governance, structure and management
Organisation
The Trustees are directors of the Charity for the purposes of the Companies Act 2006 and
are Trustees of the Charity for the purposes of Charity legislation.
The Board is the policy-making body of the Charity. It is assisted by the Secretary, who is
appointed by the Board.
City and Guilds Art School Property Trust 2

Trustees, report Year to 31 August 2024
Governance, structure and management (continued)
Organisatlon (continued)
Administrative, fundraising and other tasks are performed by staff employed by the City and
Guilds of London Art School. An annual management charge is levied by the Art School in
consideration of this.
Rlsk management
The Trustees have assessed the major risks to which the Charity is exposed. In particular,
these relate to the Charity's f5nances, buildings and health and safety matters.
All areas of risk are monitored through the Charity's governance structure which identifies the
lines of responsibility and decision making
administrative and financial, and in particular
those relating to the planning and execution of major building refurbishment projects.
The Trustees ensure that the Charity's operations are protected against significant risk
through an annual monitoring cycle and risk assessment. The Charity has a comprehensive
insurance cover against key areas of risk. in addition to Public Liability Insurance cover up to
£10m and Directorfs Liability ofcover of up to £2m. The Charity's buildings are insured at their
full re-build value.
The Board is satisfied that systems are in place to mitigate. or control where possible, the
Charity's exposure to these risks.
Key management personnel
The key management personnel of the Charity are the Trustees and the Company Secretary.
The Trustees do not receive remuneration from the Charity. The Company Secretary is an
employee of the City and Guilds of London Art School and his services form part of the tasks
for which the Art School levies a management charge as mentioned above.
Statement of Trustees, responsibllltlos
The Trustees (who are also directors of the Property Trust for the purposes of company law)
are responsible for preparing the Trustees, report and financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year
which give a true and fair view of the state of affairs of the charitable company and of the
income and expenditure of the charitable company for that period.
In preparing these financial statements, the Trustees are required to=
select Sultable accounting policies and then apply them consistently.,
observe the methods and principles in Accounting and Reporting by Charities.. Statement
of Recommended Practice applicable to charities preparing their accounts in accordance
with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
make judgements and estimates that are reasonable and prudent.
City and Guilds Art School Property Trust 3

Trustees, report Year to 31 August 2024
Governance, structure and management (continued)
Statement of Trustees, responsibilities (continued)
state whether applicable United Kingdom Accounting Standards have been followed,
subject to any material departures disclosed and explained in the financial statements.,
and
• prepare Ihe financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with
reasonable accuracy at any time the financial position of the charitable company and enable
them to ensure that the financial statements comply with the Companies Act 2006. They are
also responsible for safeguarding the assets of the Charitable company and hence for taking
reasonable sleps for the prevention and detection of fraud and other irregularities.
Each of the Trustees confirms that:
so far as the Trustee is aware, there is no relevant audit information ofwhich the Charity's
auditors are unaware., and
+ the Trustee has laken all the steps that he or she ought lo have taken as a Trustee in
order to make themselves aware of any relevant audit information and to establish that
the Charity's auditors are aware of that information.
This 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 date of this report are listed on page 1.
No Trustee received any remuneration for services as a member of Ihe Board (2023- none)
and no Trustee was reimbursed for travelling expenses (2023 - none).
Objectives and relevant policies
The Charity's objectives are sel to reflect its educational aims and ethos. In setting these, the
Trustees have given due consideration to the Charity Commission's general guidance on
public benefil.
The Charity's key objectives for the year included=
• Maintaining the Charity's propety in good order for the benefit of the Art School, through
a programme of annual maintenance and repair work..
• Extending Planning Permission and Listed Building Consent for the approved scheme to
renovate and partially redevelop Victorian studio buildings al the rear of 118-124
Kennington Park Road,.
• To continue to support the Art School in its work in any other ways appropriate, in line
with the Charity's staled objects.
City and Guilds Art School Property Trust 4

Trustees, report Year to 31 August 2024
Grant-giving policy
The Property Trust does not actively solicit grant applications, however from time to time may
award grants to institutions. In previous years the Property Trust has made grants to 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 Trustees.
Activities
Development project and other refurbishments
No major development work took place during the year. as the Art School consolidates its
position and implements its 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 long-term
developments and to that end the Trust has continued to pursue the renewal of planning
consent for the 'Phase 3, development project for which consents had previously been
granted. and finalising of the terms of the lease renewal for the two ffloors of the Vauxhall
Telephone Exchange building which the Trust rents from British Telecom. It also
commissioned a feasibility report from Purcell architects to determine the potential capacity
for development of the Kennington Park Road sile and thereby inform the possible options to
meet the Art School's future accommodation needs.
Financial Ravlew
Results for the year
The Charity's funds structure is made up of ￿0 unrestricted funds, the general fund and the
designated fixed asset fund, as well as restricted funds that are held for specific purposes. In
order to separate the impact of the property development within the financial statements, the
Charity established a designated fund to represent the value of its tangiblefixed assets. When
the Charity incurs expenditure on langible fixed assets, which is capitalised, the amounts are
transferred from other revenue funds to the designated fund.
The restricted funds of the Charity relate to funds received for the development of the
properties. These funds are either expended during the year on the properties or transferred
to the designated fixed asset fund when costs are incurred for work on Ihe properties which
is capitalised. The Charity recorded an operating surplus on unrestricted funds before
transfers of £33,538 (2023- £4.483).
Due to the temporary suspension of significant development activity pending review of the
accommodation and facilities needed to meet the Art School's longer-term requirements, the
Charity raised £nil of restricled donations during the year (2023 - £nil).
The Charity expended £nil (2023- £nil) in relation to the development of its buildings during
the year. The Charity capitalised a total of £51,290 of fixed asset additions (2023 - £6,360)
representing chiefly new roofing and health and safety related items.
City and Guilds Art School Property Trust

Trustees. report Year to 31 August 2024
Financial Review (Continued)
Reserves policy and going ¢on¢em
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 restricted and not othemise
committed. At 31 August 2024 the Charity held negative free reserves of £39,624. 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 activity. This loan is fully drawn down
and was repaid in April 2024. The Board has carefully reviewed the Charity's cash flow
position. It considers that. given its limited plans for the immediate future and the ending of its
interest commitments and repayments in regard to the above loan, careful cash-flow
management especially in respect of its obligations to and amounts due from the Art School,
will, notwithstanding the current free reserves deficit position, provide the Charity with
sufficient working capital to meet its liabililies out of its core rental income as they fall due.
However, il also recognises that should its liquidity needs require it, the Charity's assets would
provide adequate security to obtain a further loan. The Trustees have concluded that there
are no material uncertainties related to events or conditions that may cast signrficant doubt
on the ability of the Charity to continue as a going concern.
Financlal posltlon
The balance sheet shows total funds of £1,440,042 (2023 - £1,484,631) of which £nil (2023
£nil) is restricted. Restricted funds either raised for, and their use restricted to, specrfic
purposes or comprising donations subject to donor imposed conditions, have been used in
accordance with these restrictions.
Unrestricted funds of the Charity at 31 August 2024 total £1,440,042 (2023 £1,484.631)-
These funds are represented by tangible fixed assets of £1,479,666 (2023- £1,506,503) and
a free reserves deficit of £39.624 (2023- £21,872 deficit).
Future plans
The Trust has continued to pause significant development activity pending review of the
accommodation and facilities needed to meet the Art School's longer-lerm needs and will be
undertaking further evaluation of options for meeting the Art School's longer-term space
requirements. In the meantime, the Property Trust will continue to work with the Art School
on progressing specrfic improvements to buildings and facilities on the site (a priority being
the ongoing cycle of repairs to roofing), as limited resources will allow.
The Charity's assets
Acquisitions and disposals of fixed assets during the year are recorded in the notes to the
financial statements.
Approved by the Board on
Iz <nw7cL ?oLf and signed on its behalf by..
John Tayl
r MBE (Chairman)
City and Guilds Art School Property Trust 6

Independent auditor's report Year to 31 August 2024
Independent auditor's report to the members of Clty and Guilds Art School Property Trust
Opinion
We have audited the financial statements of City and Guilds Art School Property Trust (the
'charitable company,) for the year ended 31 August 2024 which comprise the statement of
financial activities, the balance sheet, the stalement 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 lawand United Kingdom Accounting Standards,
including Financial Reporting Standard 102 'The Financial Reporling Standard applicable in
the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice}.
In our opinion, the financial statements..
+ give a true and fair view of the state of the charitable company's affairs as at 31 August
2024 and of its income and expenditure for the year then ended-,
+ have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS
(UK)) and applicable law. Our responsibilities under those standards are further described in
the auditor's responsibilities for the audit of the financial statements section of our report. We
are independent of the charitable company in accordance 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 ethical responsibilities in accordance wilh these
requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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 stalemenls is appropriate.
Based on the work we have performed, we have not identified any material uncertainties
r81ating to events or conditions thal, individually or collectively, may cast significant doubt on
the charitable 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 responsibilities and the responsibilities of the trustees with respect to going concern are
described in the relevant sections of this report.
City and Guilds Art School Property Trust 7

Independent auditor's report Year lo 31 August 2024
Other informatlon
The trustees are responsible for the other information. The other information comprises the
information included in the annual report, other than the financial statements and our auditorfs
report thereon. Our opinion on the financial statements does not cover the other informalion
and, except lo the extent otherwise explicitly stated in our report, we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears lo
be materially misstated. If we identify such malerial inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misstatement in the
financial statements or a material misstatement of the other information. If, based on Ihe work
we have performed, we concludethatthere is a material misstatement ofthis other information,
we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course of the audit..
• the information given in the trustees, report for the fi'nancial year for which the financial
statements are prepared is consistent with the financial statements,. and
+ the trustees, report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light oflhe knowledge and understanding of the charitable company and its environment
obtained in the course of the audit, we have not identified material misstatements in the
trustees, report. We have nothing to report in respect of the following matters in relation to
which the Companies Act 2006 requires us to report to you if. in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have
nol been received from branches not visited by us,. or
• the financial statements are not in agreemenl with Ihe 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 trustees were nol entitled to prepare the financial statements in accordance with the
small companies regime and take advantage of the small companies, exemptions in
preparin9 the trustees, report and from the requirement to prepare a strategic report.
City and Guilds Art School Property Trust

Independent auditor's report Year to 31 August 2024
R¢sponsibllities of trustees
As explained more fully in the trustees, responsibilities statement, the truslees 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 to enable the
preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable
company's ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the trustees either
intend to liquidate the charitable company or to cease operations. or have no realistic
alternative but to do so.
Audltor's responsibilities for the audit of th• financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as
a whole are free from material 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,
but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect
a material misstatement when il exists. Misstatements can arise from fraud or error and are
considered material rf, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
design procedures in line wilh our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent to which our procedures
are capable of detecting irregularities. including fraud is detailed below.
Our approach to identifying and assessing the risks of malerial misstatement in respect of
irregularities, induding 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 to identrfy or recognise non-compliance
with applicable laws and regulations.,
we obtained an understanding of the legal and regulatory frameworks that are applicable
to the charitable company and determined that the most significant frameworks which
are directly relevant to specific assertions in the financial statements are those that relate
to the reporting framework (Statement of Recommended Practi￿. Accounting and
Reporting by Charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)
and the Charities Act 2011), Companies Act 2006 and those thal relate to data protection
(General Data Protection Regulation),. and
identified laws and regulations were communicated within the audit team regularly and
the team remained alert to instances of non-compliance throughout the audit.
City and Guilds Art School Property Trust 9

Independent auditor's report Year to 31 August 2024
Audltor's responsibilities for the audit of the financial statem8nts (continued)
We assessed the susceplibility of the charitable company's financial statements to material
misstatement, including obtaining an understanding of how fraud might occur, by-
making enquiries of management as to their knowledge of actual, suspected and alleged
fraud,. and
considering the internal controls in place to mitigate risks of fraud and non-compliance
with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identrfy any unusual or unexpected relationships.,
reviewed journal entries to identify unusual transactions.,
assessed whether judgements and assumptions made in determining the accounting
estimates were indicative of potential bias..
tesled authorisation controls on expenditure items, ensuring all expenditure was
approved in line with the charitable company's financial procedures,, and
performed substantive testing over income to gain assurance that the income recognised
was malerially complete.
In response to the risk of irregularities and non-compliance with laws and regulations, we
designed procedures which included. but were not limited lo:
agreeing financial statement disclosures to 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 audil procedures described above. The more removed
that laws and regulations are from financial transactions, the less likely it is that we would
become aware of non-compliance. AudiÉing standards also limit the audit procedures required
to identify non-compliance with laws and regulations to enquiry of the directors and other
management and the inspection of regulatory and legal correspondence, if any.
Material misstatemenls that arise due to fraud can be harder to detect than those that arise
from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial slatements is located
on the Financial Reporting Council's website at www.frc.org.uk]auditorsresponsibilities. This
description forms part of OLJr auditorfs report.
City and Guilds Art School Property Trust 10

Independent auditor's report Year to 31 August 2024
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 been undertaken
so that we might state to the charitable company's members those matters we are required
to state to 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 other than the charitable
company and the charitable company's members as a body, for our audit work, for this report,
or for the opinions we have formed.
Hugh Swainson. Senior Statutory Auditor
For and on behalf of Buzzacott LLP
130 Wood Street
London
EC2V 6DL
City and Guilds Art School Property Trust 11

Statement of financial activitias (including income and expenditure account) Year to 31 August 2024
Unrestricigd fvnds
2024
Total
funds
2023
Totsl
funds
General Designated Restricted
fund
lunds
funds
Notes
Incoma from:
Donations
Charitable aetiviliès
Rent receivable
Totsl incom8
15 307.573
307.573
307.573
307.573
303.744
303.744
Expenditurè on:
Charitsble acts'vili&s
. Costs of operating the Charity
Premlses
. Support costs
Total exp¢ndlture
159,343
114.692
274,035
78,127
237,470
114.692
352,162
285.860
93.224
379.084
78,127
Net income l￿p9ndItUr0I
33.538
178,1271
144,S89) {75.3401
Transfers between funds
10
151,2901
51,290
Net movement in funds
117.7521
126,837)
(44.589) {75.3401
Fund balance5 brought fortyard
at 1 September 2023
121.8721 1,506,503
1.484,631 1,559.971
Fund balances carried forward
at 31 August 2024
139,6241 1.479,666
1,440,042 1,484.631
All of the Charity's activities derived from continuing operations during the above two financial
years.
The Charity has no recognised gains and losses other than those shown above.
A comparative statement for the previous year is included in note 16.
City and Guilds Art School Propety Trust 12

Balance Sheet 31 August 2024
2024
2024
2023
2023
Notes
Fixed assets
Tangible assets
1,479.666
1,506.503
Current assets
Debtors
Cash at bank and in hand
99,692
57,766
157,458
49,846
107,848
157,694
Creditors.. amounts falling due
within one year
7 (197,082)
1179,566)
Net current (liabilities)
(39,624)
{21,872)
Total ass8ts less current
liabllltles
1,440,042
1,484,631
Total net assels
1,440,042
1,484.631
The funds of the charity:
Income fijnds:
. Reslticted funds
Unrestricted funds:
. General fund
. Designated funds
(39,6241
1,479,666
1,440,042
121,872}
1,506,503
1,484,631
The financial statements have been prepared in accordance with the special provisions of
Part 15 of the Companies Act 2006 relaling to small companies and with the Financial
Reporting Standard 102.
Approved by the Board on fknL ?C*
and signed on its behalf by..
John Tay
or MBE (Chairman)
City and Guilds Art School Property Trust: A company limited by guarantee, Company
Registration No. 992490 (England and Wales)
City and Guilds Art School Property Trust 13

Statement of cash flows 31 August 2024
Year to
31 August
2024
Yearto
31 August
2023
Notes
Net cash fl¢)ws provided by operatlng activitles
38,184
123.674
Net cash flows (used In) investing activltles
{51,290)
(6,360)
Net cash flows {used In) financlng aclivilies
(36.975)
(50,193)
Change in cash and cash equlvalenls in the year
(50,081)
67,121
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
107,848
57.766
40,727
107,848
Notes to the cash flow stal•ment for the year to 31 August 2024
A Reconciliation of net Income to net cash provlded by operating activltles
2024
2023
Net (expenditure)
Depreciation charge
{Increase) decrease in deblors
Increase in creditors
Net cash provided by operating activities
{44,589)
78,127
{49,846)
54,492
38,184
{75,340}
79,823
17.031
102,160
123.674
Cash flows from investing activities:
2024
2023
Purchase of tangible fixed assets
Net cash (used In) Investing actlvllle8
{51,290)
151,290)
(6,360}
(6,360}
C Cash flows from financing activities:
2024
2023
Repayments of borrowing
Net cash (used in) Ilnancing activities
{36,975)
{39.975)
{50,193}
{50,193}
D Analysis of cash and cash equivalenls
31 August
2024
31 August
2023
Cash at bank and in hand
57,766
107,848
City and Guilds Art School Property Trust 14

Statement of cash flows 31 August 2024
E Analysis of changes in net debt
Al1
September
2023
At31
August
2024
Cash
flows
Cash at bank and in hand
Loan payments falling due within one year
Loan payments falling due after more than one year
Total
107,848
{35.703}
150,081)
35,703
57,766
72,145
(14,378}
57,766
City and Guilds Art School Property Trust 15

Principal accounting policies 31 August 2024
Basis of accounting
The financial statements have been prepared under the historical cost convention with items
initially recognised at cost or transaction value unless otherwise stated in the relevant
accounting policy note{s).
The financial statements have been prepared in accordance wilh Accounting and Reporting
by Charilies- Staternenl of Recommended Practice applicable to charities preparing their
accounts in accordance with Ihe Financial Reporting Slandard applicable in the UK and
Republic of Ireland IFRS 102) ('Charities FRS 102 SORP'}, the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act
2006.
The charity constitutes a public benefit entily as defined by FRS 102.
The accounts are presented in slerling and are rounded to the nearest pound.
Critical accountlng estimates and areas of judgement
Preparation of the accounts requires the Truslees and management to make significant
judgements and estimates.
The items in the accounts where Ihese judgements and estimates have been made include:
• the useful economic lives attributed to tangible fixed assets used to determine the
annual depreciation Charge. and
estimates in respect to accrued expenditure.
Going concern
The Trustees have assessed whether the use of the going concern assumption is
appropriate in preparing these financial statements. The Trustees have made this
assessment in respect to a period of one year from the dale of approval of these financial
statements. The Board has examined the requirement for free reserves i.e. those funds not
invesled in tangible fixed assets, nol designated for specific purposes. not restricted and not
otherwise committed. At 31 August 2024 the Charity held negative free reserves of £39,624.
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 activity. This loan is
fully drawn down and was repaid in April 2024.
City and Guilds Art School Property Trust 16

Principal accounting pollcies 31 August 2024
Going Concern (continued)
The Board has carefully reviewed the Charity's cash flow position. It considers that, given
its limited plans for the immediate future and the ending of its interest commitments and
repayments in regard to the above loan, Careful cash-flow management especially in respect
of its obligations to and amounts due from the Art School, will, noMithstanding the current
fee reserves deficit position, provide the Charity with sufficient working capital to meet its
liabilities out of its core rental income as they fall due. However, il also recognises that
should its liquidity needs require it, the Charity's assets would provide adequate security to
obtain a further loan. The Trustees have concluded that there are no material uncertainties
related to events or conditions that may cast signrficant doubt on the ability of the Charity to
ntinue as a going concern.
Income
Income is recognised in the period in which the Charity is entitled to its receipt and the
amount can be measured with reasonable certainty.
Fees receivable and charges for services and use of premises are accounted for in the
period in which the service is provided.
Expenditure
Expenditure is included in the slatement of financial activities when incurred. Expenditure
comprises the costs of charitable activities on Ihe Charity's 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
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
conditions.
Tangible flxed assets
Assets are included in these financial statements at cost at the date of acquisition together
with the cost of additions and improvements to date.
Depreci8tion is provided at the following annual rates in order to write off each asset over
its estimated useful life=
• Freehold property
20/0 on cost,.
• Freehold propety improvements
4 % on cost.,
• Leasehold property
The minimum life of the lease.
Debtors
Debtors are recognised at the settlement amount, less any provision for non-recoverability-
Prepayments are valued at the amount prepaid. They have been discounted to the present
value of the fulure cash receipt where such discounting is material.
City and Guilds Art School Property Trust 17

Principal accounting policies 31 August 2024
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on
demand or have a malurity of less than three monlhs from the (Sate 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.
Creditors and provisions
Credilors and provisions are recognised when there is an obligation at the balan￿ sheet
date as a result of a past evenl. it is probable that a transfer of economic benefit will be
required in settlement, and the amount of the settlemenl can be estimated reliably. Creditors
and provisions are recognised at the amount the charity anticipates 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.
Financial instrumants
The Trusl only holds basic financial instruments as defined in FRS 102. The financial assets
and f inancial liabilities of the Trust and their measurement basis are as follows:
Financial assets
trade and other debtors are basic financial instruments and are debt
instruments measured at amortised cost as detailed in note 6. Prepayments are not financial
instruments.
Cash at bank- is classified as a basic financial instrument and is measured at face value.
FinanGial liabilities - trade creditors, accruals and other creditors are financial instruments,
and are measured at amortised cost as detailed in note 7. Taxation and social security are
not included in the financial instruments disclosure definition. Deferred income is nol
deemed to be a financial liability, as the cash settlemenl has already taken place and there
is an obligation to deliver services rather than cash or another financial instrument.
Fund accounting
The general fund comprises those monies which may be used lowards meeting the
charitable objectives of the Charity at 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 to, a specific purpose, or
donations subjecl to conditions imposed by the donor.
City and Guilds Art School Property Trust 18

Notes to the financial statements Year to 31 August 2024
1 Net expenditure
This is stated after charging:
General Designated
fund
funds
Restricted
funds
Totsl
2024
Auditorfs remuneration..
ststutory audit seTViCèS
Depreciation
Operating leas8 rentals
5,345
5,345
78,127
145,620
78,127
145.620
General Designated Resfricted
fund
funds
funds
Total
2023
Audilorfs ￿MUneratiOn..
Stalutory audit services
Depreciation
Operating lease rentals
4,450
4,450
79,823
145.620
79,823
145,620
2 Support costs
2024
2023
Management charges from thè City and Guilds of London
Art School
Insuran
Legal and professional fees
Govemanc8 cosls
Interest on loans and bank charges
53,805
19,010
35,356
5,345
1,376
114,692
57.261
16,154
10,425
4.450
4.934
93,224
3 Staff costs and Trustees, remuneration
The average number of staff employed by the charity in the year was nil (2023 - nil). The
Charity's total staff costs in the year were therefore £nil (2023- £nil}-
No Trustee received any remuneration or other emoluments in respect of their services as
a member of the Board during the year (2023 - none). No Trustees were reimbursed for
travelling expenses during the year {2023- none).
The Charity has purchased insurance to protect itselffrom any loss arising from the neglect
or defaults of its Trustees, employees and agents and to indemnify the Trustees or other
officers against the consequences of any neglect or default on their part. The insurance
premium provided cover of up to a maximum of £2 million (2023 - £2 million).
The aggregate remuneration of key management personnel was £nil (2023 - £nil). In the
year ended 31 August 2024, key management personnel consisted of the Trustees and the
Company Secretary who was an employee of the City and Guilds of London Art School.
4 Taxation
City and Guilds Art School Property Trust is a registered Charity and therefore is not liable
to income tax or corporation tax on income derived from its charitable activities, as it falls
within the various exemptions available to registered charities.
City and Guilds Art School Property Trust 19

Notes to the financial statements Year to 31 August 2024
5 Tangible fixed assets
Freehold
Freehold
land and
propety
property improvements
Leasehold
prope
Total
Cost
At 1 September 2023
Additions
382,169
1,413
383,582
595,872
1,478,945
49,877
1,528,822
2,456,986
51,290
2.508,276
At 31 August 2024
595,872
Depreciation
At 1 September 2023
Charge for year
At 31 August 2024
372,565
6,539
379,104
232,356
8.036
240,392
345,562
63,552
409,114
950,483
78,127
1,028,610
Net book values
At 31 August 2024
At 31 August 2023
4,478
9,604
355,480
363,516
1,119,708
1,133,383
1,479,666
1,506,503
No formal valuation of Freehold land and property has been conducted during the year. but
in the opinion of the Trustees, the market value of the freehold property is well in excess of
the figure shown above.
6 Debtors
2024
2023
Other debtors
99,692
99,692
49,846
49,846
7 Creditors: amounts falllng due within one year
2024
2023
Trade creditors
Loan.
Social security and other taxes
Other creditors
Accruals and deferred income
16,625
35,703
10,302
57,404
76,157
179,566
12,380
41,330
126,747
197,082
'The loan was repaid fully in 2024 and hence no further payments are due.
City and Guilds Art School Property Trust 20

Notes to the financial statements Year to 31 August 2024
7 Creditors: amounts falling due within one year (continued)
Included within creditors is the following deferred income, analysed as follows and which
relates lo a provision for an increase in rent pending the renewal of a lease..
2024
2023
At 1 September
Dèferred in the year
Released in the year
At 31 August
71,157
71,902
(21,311)
121,747
21,049
71,157
(21,049)
71,157
8 Restricted funds
The income funds include restricted funds comprising the following donations and grants
held on trusts to be applied for specrfic purposes..
Balance
at1
September
2023 Donations Expenditure
Balance
at31
August
2024
Transfers
Development Fund
Balance
at1
Saptember
2022
Balance
at31
August
2023
Donations Expenditure
Transfers
Developn￿nI Fund
The Development Fund represents funds donated for Ihe specific purpose of funding the
Charity's Masterplan developmenl. Expenditure on work which is capital in nature is
transferred to a designated fixed asset fund, as explained in note 9 below. Expenditure
relating to professional fees for design and other planning work on current and future
masterplan phases are expended.
City and Guilds Art School Property Trust 21

Notes to the financial statements Year to 31 August 2024
9 Unrestrlcted Funds
Balance
at1
September
2023
Balance
September
2024
Income Expendiiure
Transfers
General Fund
Designated Fund
(21,872)
1,506.503
1.484.631
307.573
(274,035)
{78,127)
(352,162)
(51.290}
51.290
(39,624)
1,479,666
1,440,042
307.573
Balance
at1
September
2022
Balance
atl
September
2023
Incon￿ Expenditure
Transfers
General Fund
Dgsignated Fund
(19, 995)
1,579,966
1,559,971
303. 744
(299,261)
(79.823)
(379,084)
(6,360)
6,360
(21,872)
1, 506,503
1.484,631
303, 744
Designated fixed assets funds: In order to separate the impact of the property development
within the financial statements, the Charity established a designated fund to represent Ihe
value of ils tangible fixed assets. When the Charity incurs expenditure on tangible fixed
assets, the amounts are transferred from other revenue funds to the designated fund.
A total of £51.290 (2023 - £6,360) was transferred to the designated fund during the year
representing capital additions. No capital work was funded from the restricted funds (2023
none). The general fund showed a deficit of £39,624 {2023- deficit of £21,872) at the end
of the financial year.
10 Analysis of net assets between funds
General Designated
fund
fijnds
Restricted
funds
Total
2024
Fund balances at 31 August 2024
are represented by:
Tangible fixed assets
Current assets
Creditors: amounts falling due within one
year
Total net assets
1,479,666
1,479,666
157,458
157,458
1197,082)
(39,624) 1.479,666
(197,082)
1,440,042
City and Guilds Art School Property Trust 22

Notes to the financial statements Year to 31 August 2024
11 Analysis of net assets between funds (continued)
General Design8ted
fund
funds
Restricted
funds
Total
2023
Fund balances at 31 August 2023
8re represented by..
Tangible lixed a$sels
Gu￿ent assgfs
Creditors.. amounts falling due withln one
year
Credilors.. amount falling due in mor8 than
one year
Total net asset8
1,506,503
1,506,503
157,694
157,694
(7 79,566)
(179,566)
(21,872) 1, 506,593
1,484,631
12 Liability of members
The Charity is constituted as a company limited by guarantee. In the event of the Charity
being wound up members are required lo contribute an amount not exceeding £1 each.
13 Leasing commltments
Operating leases
At 31 August 2024 the total of the Charity's future minimum payments under non-cancellable
operating leases was:
Buildings
2024
2023
Amounts due within one year
Amounts due between one and five years
145,620
291,290
145,200
436,910
The buildings operating lease relates to the sub-lease of premises in the Old Vauxhall
Telephone Exchange in Kennings Way for the period up to the first break clause. The
previous lease expired in late September 2022 and Heads of Terms for a new lease from
the date of that expiry were agreed at an increased rental which has been duly accounted
for in 2023124.
14 Capital commitments
As at 31 August 2024, the Charity had capital commitments of £nil (2023- £nil).
15 Rèlated party transactions
Administrative, fundraising snd other tasks are performed by staff employed by the City and
Guilds of London Art School. An annual management charge is levied by the Art School in
consideration of this. The City 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 £53.737 (2023- £57,405), of which £41,330 was outstanding al the year end. The Trust
recognised rental income from the Art School of £307,573 plus VAT in rent during the year
(2023- £303,744 plus VAT), of which £nil was outstanding at the year end.
City and Guilds Art School Property Trust 23

Notes to the financial statements Year to 31 August 2024
16 Comparative statement of financial activities
Unreslricted funds
2023
Total
funds
Gener81
fund
Dewgnaled Restric18d
funds
funds
Notes
Income from..
Donations
Ch8rilable aGtivAlies
. Rentreceivable
Tolal income
15 303,744
303,744
303,744
303.744
Expendrture on."
Charitable activities
Costs Ofope￿ting the Charity
. Premises
. Support costs
Tol81 expenditur8
206.037
93,224
299.261
79,823
285,860
93,224
379.084
79,823
Net income (expenditure)
4,483
(79,823)
(75,34OJ
Transfers be￿en funds
10
(6.360)
6,360
Net movement in funds
(1.8TTJ
(73,463)
(75,340J
Fund balances brought fotwgrd
at 1 September 2022
(19.995)
1,579,966
1,559,971
Fund b818nces carried foN&rd
al 31 August 2023
(21,872)
1,506.503
1,484,631
City and Guilds Art School Property Trust 24