CHARITY REGISTRATION NUMBER: 800261 PAINTER STAINERS FINE ART TRUST FUND Unaudited Financial Statements 18 October 2024 MCLEAN REID Chartered accountsnts 1 Forstal Road Aylesford Kent ME20 7AU
PAINTER STAINERS FINE ART TRUST FUND
Financial Statements Year ended 18 October 2024
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| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
PAINTER STAINERS FINE ART TRUST FUND Trustsas. Annual Report (contlnued) Year ended 18 October 2024 The trustees present their report and the unaudtted financial statements of the charity for the year ended 18 October 2024. Reference and administrative detai18 Reglstered charfty name PAINTER STAINERS FINE ART TRUST FUND Charlty reglstration number 800261 Prlnclpal office Palnters, Hall 9 Little Trinity Lane London The trustees Mr J Briant Dr P Broadhead Mr P J Huddleston Mr B Pryor Independent examlner McLean Reid Chartered Accountants 1 Forstal Road Aylesford Kent ME20 7AU Structure, governance and managoment The Fine Art Trust Fund is constituted under a Trust Deed dated 27 September 1988 and is a Registered Charity. Trustee8 are appointed by virtue of their offices held within the Worshipful Company of Painter-stsiners. Publlc Benefit Statement The Trustees confirm that thoy have refarred to the Charty Commission's general guidance on public benefrt when reviewing the charlty's aims and objedives, and in the planning of future actlvitles, and are satisfied that the requirements are fulfilled. Objectlves and actlvltles The object of the charity is the advancement of the arts, culture and heritage and to protect, repair, restore and to preserve such items for the benefit of the inhabitants of The City of London and the livery of the INorshipful Company of Painter-stainers. The Charity has complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission and regard to a public benefit statement, by continuing to exhibit its treasures, plate and pictures at Painters, Hall, London-which is open to the public.
PAINTER STAINERS FINE ART TRusf FUND Trustees. Annual Report {¢ondnuedJ Year ended 18 October 2024 Achievements and perfomiance During the year the Charity has continued to carry out its objectives. Flnanclal reviow The net incomin9 resources after other recognised gains and k)sses totalled £36,285 surplus when compared with a £5.357,273 last year. This increased the total funds of the Charity to £6,192,768. The Charity intends to retain its heritage assets. The unrestricted reserves of the Charty are available to cary out its objectives and no restridion is placed on the use of these resenies. Reserves Policy The Trustees regularly review the reserves of the Charity against the background of continuing support for beneficiaries in difficult circumstances, maximising charitable impact and striking 8 balance between building a long-term investmertt fund and meeting short-tenn charitable expenditure. Unrestricted reserves held at the reporting date of 18 October 2024 were £6,192.768 (2023: £8,156,483), Going Concern The Trustees have considered whether it is appropriate to prepare the Charitys financial statements on a going COnM basis. In doing so it has considered the following: the substantial assets of the Charity. the advanment of the arts, culture and heritage and to protect, repair, restore and to preserve such items forthe benefit of the inhabitants of The City of London and the livery of the Worshipful Company of Painter-stainers. The Trustees have a reasonable expectation that the Charity will continue to operate and ,to meet its liabilities as they fall due over the period of their assessment. In the opinion of the Trustees, it is appropriate to prepare the Charity's financial statements for the year ended 18 October 2024 on a going concem basis. Furthermore, they have identified no material UnrtaIntieS surrounding the Charity's abilty to continue to operate as a going concern during a period of at least twelve months from the date of approval of .the financial statements.
PAINTER STAINERS FINE ART TRUST FUND Trustees, Annual Report {¢ondnued) Year ended 18 October 2024 Trustees. responsibilities statement The trustees, who are also directors for the pUOseS of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the chartty trustees to prepare financial statements for each year which give 8 true and fair view of the state of affairs of the charrfable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financlal statements, the trustees are required to: select suitable accounting policies and then apply them consistently,. obseNe the methods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inapproprlate to presume that the charity will continue in busine88. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial st8tements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees, annual report was approved on 11 August 2025 and signed on behalf of the board of trustees by: Mr P J Huddleston Trustee
PAINTER STAINERS FINE ART TRUST FUND Independent Examin8r's Report to the Trusteos of PAINTER STAINERS FINE ART TRUST FUND Year ended 18 October 2024 I report to the trustees on my examination of the financial statements of Painter Stainers Fine Art Trust Fund {'the charty,) for the year ended 18 October 2024. R8sponsibilities and basls of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (Ihe Act.). I report in respect of my examination of the charity's financial statements carried OLrt under section 145 of the 2011 Act and in carrying OLrt my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examlnerfs statement I have completed my examination. I confim that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act; or the financial statements do not accord with those records,. or the financial statements do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts gkve a 'true and fail view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. rA Reid Independent Examiner 1 Forstal Road Aylesford Kent ME20 7AU
PAINTER STAINERS FINE ART TRUST FUND Statsment of Flnancial Activities Year ended 18 October 2024 2024 Unrestrided funds Total funds Total funds 2023 Noto Income and endowments Donations and legacies other trading activities Investment income 40,425 1,028 1,672 43,125 40,425 1,028 1,872 18,210 1,046 1,566 Total Income 43,125 20,822 Expenditure Expenditure on charitable activities Total expenditure 9,836 9,636 9,874 9,874 9,636 9,636 Gains on impaimient or dlsposal of assets 2,796 2,796 5,346,325 Net Income and net movemeht In funds 36,285 36,285 5,357,273 Reconciliatlon of funds Total funds brought forward Total funds carrled forward 6,156,483 6,192,768 6,156,483 799,210 6,192,768 8,1,483 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 13 forni part of these financial statements.
PAINTER STAINERS FINE ART TRUST FUND ststement of Financial Position 18 October 2024 2024 2023 Note Fixed assets Heritage assets Investments 12 6,108,645 13 58,815 6,108,645 39,455 6,148,100 6,167,460 Current assèts Debtors Cash at bank and in hand 14 29,121 8,882 38,003 11,763 8,882 20,645 Credltors: amounts falllng due wlthln one year Not current assets 15 12,695 12,262 25,308 6,192,768 6,192,768 8,383 Total assets less currgnt IlabllltJ•s 6,156,483 6,156,483 Net assets Funds of the charlty Unrestricted funds 6,192,768 6.156,483 Total charlty funds 16 6,192,768 6.156,483 These financial statements were approved by the board of trustees and authorised for issue on 11 Augu8t 2025, and are signed on behalf of the board by.. Mr P J Huddleston Trustee Tho notes on pages 7 to 13 forni part of those Ilnanclal statemonts.
PAINTER STAINERS FINE ART TRUST FUND Notss to the Financial Statements Year ended 18 October 2024 General informatlon The charty is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 9 Little Trinity Lane, London, EC4V 2AD. Statement of compllance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practic8 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. Accountlng policiès Basis of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Disclosure exemptlons The entty satisfies the criteria of being a qualfying entity as defined in FRS 102. It is a small charity as defined by SORP 2015 (FRS102). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102.. (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect th6 amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of frjture events that are believed to be reasonable under the circumstanc8S. Fund accounting Unrestricted funds are available for use at the discretion of th8 trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustaes for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub-classes: restricted income funds or endowment nds.
PAINTER STAINERS FINE ART TRUST FUND Notss to the Financial Statements (continued) Year ended 18 October 2024 Accountlng pollcles (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair vaiue of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliabty measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted seNice. This is classffied as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restrict8d. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the ststement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charty in undertaking activities that fvrther its charitable aims for the benefrt of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly.to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
PAINTER STAINERS FINE ART TRUST FUND Notes to the Financial Ststements (continued) Year endad 18 October 2024 Herftage assets Heritage assets measured under the cost model are recognised initially recorded at acquisition cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Heritage assets measured under the revaluation model are recorded at fair value less any accumulated impaimient losses. Where information on the cost or value of an asset is not available and cannot be obtained at a cost which is commensurate with the benefits to users of the financial statements, the asset shall not be recognised In the statement of financial position. Invastments Listed investments a measured at falr value with changes In falr value being recognised in income or expenditure. Impalmient of flxed assets A review for indicators of impairment Is carried out at each reportlng date, with the recoverable amount being estimated where such indicators exist. INhere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination 18, from the acquisition date, allocated to each of the ca8h4Jenerating units that are expecled to benefrt from the syn8rgie8 of the combination, irraspective of whether other assets or liabilities of the charty are assigned to those units. Flnancial Instrument8 A h'nancial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financlal Instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dat8. If there is objective evidence of impairment, an impaimient loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
PAINTER STAINERS FINE ART TRUST FUND Notes to the Financial Statements (continu•dJ Year ended 18 October 2024 Donations and legacies Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Donations Donations 40,425 40,425 18,210 18,210 Other tradlng activiti08 Unrèstricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fundraising events 1,028 1.028 1,046 1,046 Investment Income Unrestricted Total Funds Unrestricted Total Funds Fund6 2024 Fund8 2023 Income from cash investments Bank interest receivable 1,652 20 1,652 20 1,492 74 1,492 74 1,672 1,672 1,566 1,566 Expendlture on charltable actlvltles by fund typo Unre8tricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Charitable activities Support costs 7,074 2,562 9,636 7,074 2,562 6,887 2,987 6,887 2,987 9,636 9,874 9,874 10
PAINTER STAINERS FINE ART TRUST FUND Notes to the Flnancial Statements (continued) Year ended 18 October 2024 Expenditure on charitablé activities by actlvlty typ8 Acttvities undertaken directly Support Total funds costs 2024 Total fund 2023 Charitable activities Governance costs 7,074 7,074 2,562 6,887 2,987 2.562 7,074 2,562 9,636 9,874 Audltors remunaratlon 2024 2023 Fees payable for the audit of the financlal statements 1,680 10. Independent examlnatlon fees 2024 2023 Fees payable to the independent examiner for. Independent examination of the financial statements 720 11. Trustee remuneratlon and 8xpens8S No remuneration or other benefft5 from employment with the charity or a related entity were received by the trustees. 12. Herltage assats Furniture, works of art. Plctures & books & prints manuscripts Historic silver plate Total Cost or valuatlon At 19 October 2023 and 18 October 2024 2.221,410 1,579,260 2,307,975 6,108,645 Accumulated depreclatlon At 19 October 2023 and 18 October 2024 Carrylng amount At 18 October 2024 2,221,410 1,579,260 2,307,975 6,108,645 At 18 October 2023 2,221,410 1,579.260 2,307,975 6,108,645 The amounts shown are as per valuation by Doerr Dallas in 2022. 11
PAINTER STAINERS FINE ART TRUST FUND Notes to the Financlal Statemonts {conlinu8d) Year ended 18 October 2024 13. Investments Cash or cash equivalents Cost or valuation At 19 October 2023 Additions Fair value movements 39,455 16,564 2,796 At 18 October 2024 58,815 Impalmient At 19 October 2023 and 18 October 2024 Carrylng amount At 18 October 2024 58,815 At 18 October 2023 39,455 All investments shown above are held at valuation. 14. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 60 5,371 23,690 60 5,284 6,419 29.121 11,763 15. Credftors: amounts falllng due within on8 year 2024 2023 Trade creditors Accruals and deferred income 9,575 3.120 7,462 4,800 12.695 12,262 12
PAINTER STAINERS FINE ART TRUST FUND Notes to the Flnancial Statements (continugd) Year ended 18 October 2024 16. Analysls of charitabl8 funds Unrestrlcted funds At19 October 2023 Gains and At18 losses October 2024 Income Expenditure Unrestricted funds 6,156,483 43,125 (9,636) 2,796 6,192,768 At19 October 2022 Gains and At.18 losses October 2023 Income Expenditure Unrestricted funds 799,210 20,822 (9.874) 5,346.325 6.156,483 17. Analysis of net assets.between funds Unrestricted Total. Funds 2024 Heritage assets Investments Current assets Creditors less than 1 year Net assets 6,108,645 58,815 38,003 (12,695) 6,192,768 6,108.645 58.815 38,003 (12.695> 6,192,768 Unrestricted Total Funds Funds 2023 Heritsge assets Investsnents Current assets Creditors less than 1 year Net assets 6,108.645 6,108,645 39,455 20,645 (12,262) 6,156,483 20,645 (12,262) 6,156,483 18. Related parties The charity is owed £22,010 from The Worshipful Company of Painter-stainers at 18 October 2024 (2023 - £6,419), an entty under the same control as the Painter Stainers Fine Art Trust Fund. 13