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** 

||**Page**|
|---|---|
|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 COn￿M basis. In doing so it has considered the following:
the substantial assets of the Charity.
the advan￿ment 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
Un￿rtaIntieS 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 pU￿OseS 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