CHELSEA ARTS CLUB TRUST ANNUAL REPORT grH APRIL 2021 CHELSEA ARTS CLUB TRUST Al￿[AL REPORT 5TH APIUU 2021 cowrENTS Page Trust¢es and Advisors Trustees 'Report Independent Exavniner's ReiM)rt Statem¢nt of Financial Aclivities Balance Sheet Notes to the Aewunts 10 11-17 CHELSEA ARTS CLUB TRUST TRUSTEES AND ADVISORS TRUSTEES Lynton Talbot- ChaiTman Stephen Bartley Andrew Bottrill - Honorary Treasurer Don Grant Amanda Reekie Debra Welch INDEPENDEwf EXAMINER M.J. Rooney FCA F.W. Smith, Riches & Co.. 15 Whitehall, London. SWIA 2DD. TRUST OFFICE 143 Old Church StreeL London. SW3 6EB. REGISTERED CHARITY MJMBER 802835 BANKERS C. HoaTe & Co.. 37 Fleet StreeL London, EC4P 4DQ. CHELSEA ARTS CLUB TRUST TRusfEES 'REPORT The Trustees present their annual rewrt and financial statements of the Tntst for the year ended 5th April. 2021. The finan¢ial statcments hav¢ been prepared in ac¢ordance with the accounting rM)li¢ies set out in note I to the accounts and ¢omply with thc charity's trust the Chariti¢s Act 2011, the Charities Statement of Recommended Prnctice (sccond cdition) and the Financial Reportin8 Standard applicabl¢ itt the United Kingdom and Republic of Ireland (FRS 102). I. OBJECTIVES AND AcftVlTIES The purp)ses of the Trust are the promotion of art and design edu>ion and to provide help and support for artists and designers. The TnEstees confirni that they have referred to the Charity Commission's guidance on publi¢ benefit when reviewing the TTUSt's aims and objectives. in planning future acttvities, and setting the grant making wlicy for the year. The Trnst was set up to encourdge art and design education. and provide help and support for artists and designers. The opportunity to be creative. free from finaT]ciaI constraints. can eTnpower individuals and lead to innovation. The chance for the wid¢st IX)Ssibl¢ audiences to see. use. or experience. art and design can inspire. enhance knowledg¢ and even improve quality of life. With this in mind, th¢ Trust w)vides a rdnge of bursarie4 scholarships, awards. and prizes to enhance education and offcrs financial supw)rt and opportunities for artists and designers. Through these awards it has been able to help a significant nwnber of emerging artists undertake inspiring and sometimes life-changing projects that would not otherwise have been wssible, and help srf them on professional career paths. Trust also aims to promote art and design through exhibition4 publication4 talk5, ev¢nts, partnerships and mentoring. Partnerships have been vital to the Trust's succ¢ss and it h&5 establishoj some exciting links including collaborations with the Royal Borough of Kensington and Chelsea and industy connections with architectural practices and art and design professionals. The Trust also works closely with the main London art schools. It continues to seek partners to help develop new prOJ￿ts. The strategy of thc Trust continues to include: Supporting arts educational projects and workshops. Funding college bursaries for those who are talcnted but unable to sthdy due to lack of money. Establishing a mentoring network to supN￿t the development of professional skills and promote knowledg¢ sharing. 2. ACHIEVEMENfs AIYD PERFORMANCE The main current achievements of the Tn￿ include:. Chelsea Arts aub Trnst Speci21 Projeet Awards Working closely with London art schools such as Goldsmith4 Chelsea College of Art and Design, The Royal College of Arl the Royal Academy. and The Slade School. the Trust has given a range of Special Project Awards for MA students to fulfil a major research project which otherwise would not have been possible. Award recipients are selected by the professors at their ￿S￿¢tIve sclKX)Is. CHELSEA ARTS CLUB TRUST TRUSTEES 'REPORT 2. ACHIEVEMENTS AND PERFORMANCE (continued) Chelsea Arts Club TrustfLguzi Roboz Scholardbips Zsuzi Roboz (1929_2012) was an artisL knhemian and much loved member of Chelsea Arts Club. Through a b¢quest from her cstate, annual scholarships were established in her name to pay the f¢¢s and a ma*rials allowanc¢ for MA Fine Art painting students. Chelsea Arts Club TrusUBarry Flanagan ATFard for PhD Study This award is madc possible by a generous donation from the estat¢ of the artisL Barry Flanagan and covers university fees for a PhD student engaged in visual arts-related sttMli¢s. Th¢ recipient is nominated by invited research professors. Chelsea Arts Club Trust Charity Awards Chelsea Arts Club Trust is committed to work with communty art groups. This year, these have included the following charities. A¢cumulate- The charity provides creative workshops to youn& hom¢less Erople who are living in hostels or temporary accommodation in London Auto Italia is an artist-run organisation and project SP￿ that commissions new worK bringing together intcrnational networks of artists commTtted to the development of emerging practi¢es and discussions in contemporary art Iniva (Institute of International Visual Arts) is an evolvin& radical visual arts orgartisation dedicated to developing an artistic progrdmme that refiects on the wial and wlitical impact of globalisation The Showroom commissions and Pr(￿uCeS art and discours¢ that provides an engaging, collaiw)rativ¢ programm¢ challenging what art can ￿ and do for a wide rdng¢ of audience4 including art professionals and th¢ local community Chelsea Arts Club Trust ReSeA￿h Fellow Thanks to a specific anonymous donatioo the award of Research Fellow was created to support a recent graduate from Chelsea College of Art and tksign. Overseen by the Director of Exhibitions at Chelsea space gallery this award offers an Opmnity for academic research and prd¢tical trdining in a professional art world environment. A set of transferable core skills and stsndard5 will give valuable insights and ¢nhan¢¢ the recipicnt's pot¢ntial future employability. Trusteey Awards One-off materials and research awards to individuals in the early sts8es of their care¢r. CHELSEA ARTS CLUB TRUST TRiISTEES 'REPORT 2. ACHIEVEMENTS AND PERFORMANCE (￿ntinued) Other Other activities have included supporting studio rcnt for ￿lergIng artists" supporting small artist-run 8allerÉ¢s which provide exhibiting space for emerging artists: funding artists 'publi¢ations which can help educate the public about art and artists. Any of these awards may b¢ rcvived in the future as funds and opportunity present themselves. 3. FINANCIAL REVtEW The Trust is reliant on donations from the public. Donations totslled £82.615 in the ¢uttent year {2020: £63.918). Of the £53.560 paid in grants £30,560 was paid to individuals and £23.000 to institutions. The amount of ￿Ar￿1¢t¢d reserves held at year end was £21Y)J21 (2020: £166361). These are held for the firture public ￿TrefIt of the charity. 4. STRUCTURE, GOVERNANCE AYL D mANAGEME￿r The Trust was established on 22nd January. 1990 and is governed by a trust decd dated 22nd JaTtuary. 1990. togeih¢r with deeds of amendment dated 18th October. 2007 and 18th July. 2008. unIn￿r￿ated registered charity, Charity numkr 802835. The Trust is an The Trust olTice and the Present Trustees and their advisors are dTsclosed on page l. The Tr￿st has a website at www.chelseaartsclubtrust.org. The is athninistered and managed by not less than five or more than nine Trusfres. New Trustees are appointed by the existing Trustees on the basis of the benefit that their pere¢ived area of expertise will bring to thc Tn￿L The Trustees meet ev¢ry two months to agree strategy and areas of activity for the Trust, including consideration of grdnt making. The Trustees who Serv￿ throughout the year. other than as shown below. were as follows:_ Lynton Talbot- Chaimian {apry)inted 14th October. 2020) Stephen Bartley Andrew Bottrill- Honorary Tre&sur¢r (appointsl 16th De¢emlKr. 2020) Don Grant Amanda Reekie Donald Srnith (Tetired 14th (ktob¢r. 2020) Debra Welch Phillip Roberts r¢tir&l as Honorary Treasurer on 16th December. 2020. 5. KEY IUSKS AIW MITIGATION ThTEGIES The Trustee5 a¢tively review the mai(Y risks which face the TTUSt on a ￿gUlar basis. They believ¢ that maintaining reserves al adequate levels. combined with an annual miew of the controls over key fInancial systems will provide sufficient resources in the event of adverse conditions. Th¢ Trustees have also examined other operational and bu5in¢ss risks faced by the Trust and believe that the systems in place to mitigats significant risks offers the Trust adequate protection. CHELSEA ARTS CLUB TRUST TRUSTEES 'REPORT 5. KEY RISKS AND MtTIGATION STRATEGIES (continugd) The principal risk is of a reduction in the value of the TTUSt'5 assets which would caus¢ a fall in th¢ value of the grants which it could make. Howevermost ofthe working ¢apttal is cash at bank and the Trustees consider such a risk to be minimal. No grant ￿lpIcnI is dependent wholly on our supporL The Trustees have considered the risks arising from the COVID-19 pandemic. This risk is consid¢red modcst in view of the Trust's very small administrative cots and advance commitment4 and the fact that the level of grants is &ss¢ssed on the basis of cash held. 6. CONFLicf OF INTEREST The Trustees have adopted a policy which requires TnLStees to declare any potential conflict of interest. 7. INVESTMEiYf POLICY AND RETURNS Th¢ T￿ste¢S hav¢ th¢ power to make any investhlent that they see fiL The Trustees have considered the most appropriat¢ policy for investing fund& and they hold the majority of the Trust's funds on bank deposit. Th¢ Trustees consider th¢ return on these deposits refie¢ts current market conditions. 8. WEBSITE tktails of the activities of the Tn￿t are set out in its website www.chels¢aartsclubtrust.org. 9. INSTAGRAM Updates to the activities of the Trust can be viewed on the Chelsea A￿ Club Trust's Insthgram site. 10. STATEMENT OF TRUSTEES 'RESPONSIBILITIES The Trustees are responsible for preparing the Annual ReN)rt and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England & Wales requires the Trustees to pr¢pare financial ￿ateMentS for each financial year in accordonce with the United Kin8dom Gen¢rally Accepted Accounting Practict (United Kingdom Accounting Standards and applicable law). Th¢ Trustees must not approve the financial statements unl¢ss they are satisfied that they give a true and fair view of the state of affairs of the eharity and of the incoming resource5 and application of resource4 including the income and expenditure, of the Charity for that period. In preparing these financial statements, the Tft￿ ar¢ required to: select suitsble a￿O￿ntIng wlicies and apply them consistently: observ¢ the methiKls and principles in thc Charities SORP: make judgments and accounting estimates that are reasonable and PTudenL stat¢ whether applicable UK Accounting Standards have been follow& subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue to operate. CHELSEA ARTS CLUB TRusr TRUSTEES'REPORT 10. STATEMENT OF TRusfEES'RESPONSIBILrriES {continued) The Trustees are Trsponsible for keeping sufficient ￿CoUntIng records ihat disclose with reasonable aa¢uracy at any time the financial ￿>sitIon of the chartry and enable them to ensure that the financial stateTnents comply with the Charities Act 2011, the Charity (Accounts and RetM)rts) Regulations 2008 and the provisions of the Irust deed. They are also responsible fOrsafegu3￿Ing the assets of the charity and hence fortaking r¢asonable steps for th¢ prevention and detection of fraud and other irregularitie& The Trustees are resp)nsible for the mainlenance and integrtty of the statutory and finan¢ial inforniation included on ihe Trust's website. Legislation in the United Kingdom governing the preparation and diknymination of financial staithients may differ from legislation in other jurisdictions. This report was approved by the TnL8t¢es on 27th January 2022 and sign¢d on their behalf. Lynton Tmlbot Chairnjan of the Tn￿le¢S CHELSEA ARTS CLUB TRUST INDEPENDENf EXAMINER'S REPORT TO THE TRUSTEES OF CHELSEA ARTS CLUB TRUST Independent Examiner'$ Rewtyrt to the Trnstees of Cheiqea Arts Club Truy¢ I report to the Trustees on my examinalion of the financial Stat￿]ents of Chelsea Arts Club Trnst (kne charity,) for the year ended 5th April, 2021 which compris¢ the Statement of Financial Activtties, the Balance Sheet and related notes. This re￿rt is mad¢ solely to the charity's Truste¢& as a IKKIY, in accordance with section 145 of thc Charities Act 2011. My work has txen undertaken so thai I might state to the charity's Trustees those mattels l am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume resFM)nsibility to anyone other than the charity and the charity's Trnstees as a body. for my work, for this rep)r¢ or for the opinions I have fonned. Responsibiliti￿ and basis ofrep)rt As the Trustees ofthe charity you are reswinsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in resp¢¢t of my examination of the chariws fllwicial statements carried out under section 145 of the Act and in carrying out my examination I have followa all the applicable Directions given by the Charity Commission under section 145{5Xb) of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matter5 that an auditorconsiders in giving th¢ir opinion on the financial statements. The planning and ￿lld￿t of an audit goes beyond the limited assuranc¢ that an independent examination Can provide. Consequently l express TKI opinion &s to whether the financial statements present a 'true and fair 'view and my rerM)rt is limited to those specific matters set out in the Inde￿ndent examiner s statement. Independent e￿mineRS statement I have completed my examination. I confirn) that no material matters have ￿me to my attention in connection with the examinaiion giving me cause to klieve that in any material respect." accounting rwords were not kept in reS￿t of the charity as r4uired by Wion 130 of the Act. or thc financial Sta￿nefits do not accord with those records" the financial statements do not comply with th¢ applicable Tequirements concerning the form and content of accounts set out in the Charities (Accounts and Re￿rts) Regulations 2008 other than any requirement that the accounts give a 'true and fair. view which is not a matter considered as part of an independent examination. CHELSEA ARTS CLUB TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHEISEA ARTS CLUB TRusr Independent euminerfs statement (continued) I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this re￿rt in order to enable a prop¢r understanding of the financial statements to b¢ r¢ached. MJ. Rooney FC F.W. Smith, Riches & Co.. 15 Whitehall. London, SWIA 2DD. 2P January 2022 CHELSEA ARTS CLUB TRUST rATEMENT OF FINANc￿L ACTIVTTIES FOR THE YEAR ENDED sfH APRI4 2021 2021 2020 Restricted U#rtstricted fuDds funds Tol*l Total INCOME AND EXPENDITURE In¢ome Voluntary income: Donations (notc 2) Incoming resources from charitable acltvities". Fund raising charitable auctions (note 3) 14.5(M) 68.115 82.615 63,918 17,315 17,315 Total ineoming resources 14.51X) 85.430 99.930 64,378 Expendilure Independent examiner's fee Sundry expenses (note 4) Prize awards and other grants (note 5) (420) (420) (420) (990) (990) (868) (12.500) (41.060) (53.560) (48,491) Total expenditure {12.500} (42,470) (54,970) (49.799) NET INCOME FOR THE YEAR 42.960 44,960 14.599 FUND BALANCE AT sfH APRIL 2020 2.500 166.361 168,861 154.262 FUND BALANCE AT sfH APRIL 21121 £4.500 £209.321 £213,821 £168,861 All amounts relate to continuing activtties. All recognised surpluses and defIcits are Includ￿ in the statement of fllwicial activities which shows the total net movement in funds for the year. The notes on pages I I to 17 forni an integral part of these accounts. 10. CHELSEA ARTS CLUB TRusr 2021 Tan￿￿ fixed asth (notc 6} 6,056 6.056 CURRENT ASSETS D¢btors (ll￿e 7) C&*h at baDk in halld 17.1W2 146,553 208.(A ?08.605 163,645 {840) (840) 207.765 162.805 NET ASSEIS £213.821 £168,861 Unrckricted fithds 4.51x1 209J21 2,51)0 166.361 £213AI £]68￿61 Approved by the Trusre£s of Che]*&A￿ Club Tnjst and signed ¢Jn theirbejdf on 27th January, 2022. Lynton Talbot The noks on PAgcs l I to 17 an ititspal pat of thcs¢ CHELSEA ARTS CLUB TRUST NOTES TO THE ACCOU 5TH APRIL. 2021 I. ACCOUNTING POLICIES Ac¢ounting convention Th¢ financial statement5 have been prepared underthe historical eost conventton with items recognised at cost or Iransaction value unless otherwise stated in the relevant notes to these accounts. Th¢ financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019. the FRnancial Rewjrting Standard applicabl¢ in the United Kingdom and Republic of Ireland (FRS 102) and the Charitie5 Act 2011. The Trust constitutes a public ben¢frt entity as defined by FRS 102. Goillg concern In assessing the ability t() continue as a going concern. the TnLSt¢es have Considered that th¢ Trusvs Itquidity position would be sufficient to Tneet tts immediafr c￿1 flow requirements for ￿tt￿re grdnt making. For this reason, the Trnstees believe it is approwiate to continu¢ to adopt the goin8 concern basis in preparing these account5. Criti￿1 aewuntlttg judgements and key gouree8 of estimatiOD uncertainty In the application of the accounting ￿11¢1¢* Trustee5 are ttquired to make judgements. estimates. and assumptions aknut the carrying value of assets and liabiliiies that are not Teadily apparent from other sources. The estimates and underlying &ssumptions are bas￿1 on historical experience and other factors that are r¢l¢vant. Actual results may differ from these estimates. The estimates and underlying assumptiot]s ar¢ reviewed on an ongoing basis. Revisions lo accounting estimates are r¢¢ognised in the period in which the estimate 15 revised if the estimate is revised if the revision affects only that ￿riod. or in the peri(xl of the revision and future periods if the revision affected current and futur¢ periods. In the view of the Trustees. no assumptions concerning the future or estimation uncertatnty affecting assets or liabilities at the balance sheet date ar¢ likely to result in a materia] adjustment to their carrying amounts in the next financial year. The following accounting PK>lici¢s have tren applid consistently in dealing with items which ar¢ considered material in relation to the Trust's accounts. Income recognitio All income is recognised once the Trust has entitlement to the income, it is pmbabl¢ that the income will be received and the amount of incom¢ receivable can be measured reliably. Donations are recogni5ed once rec¢iva or once the Trustees consider that receipt is highly probable. In the event that a donation 15 subJ￿l to condilions that require a level of performance before the Trust is entitled to thc fund5. thc income is deferred and noi recognised until eitherthose conditions are fully meL or the fulfilment of those Conditions is wholly within the ¢ontrol of thc Trust and it is probable thai those wnditions will be fvlfilled in the reporting peTiod. 12. CHELSEA ARTS CLUB TRUST NOTES TO THE ACCOUNTS 5TH APRtL. 2021 l. AccouNfING POLICIES (continu¢d) Ineome reeogllition (continued) t*gacy gifts are recognised on a case by case basis following the granting of probate when the administratorl¢xecutor for th¢ estate has communicated in writing boih the amount and settlement date. In the event that the gift is in th¢ forn) of an awl other than cash or a financial asset traded on a recognised st(Kk exchange. recognition is subject to the value of the gift ￿}ng reliably measurable with a d¢gree of reasonable accuracy and the title having ken transferred to the Tft￿t. Interest on funds held on deposit is included when ￿e¢1Vable and the amount can be measured ￿liablY by the Trust. this is normally upon notificatiijn of thc intercst paid or payable by the bank. Income from the sale or auction of Items acquired by the Trust is recognised when title for those items have been transferred to the purchaser and th¢ funds for the sale are re￿Ived. Expenditure reeognition Liabilities are r¢¢ognised as expenditure as soon as there is a legal or constructive obligation committing th¢ Trust to that expenditure. it is probable that settlement will be tYquir¢d and th¢ amount of the obligation can be m¢asur¢d reliably. All expenditure Is accounted for on an accruals basis. All expenses including support costs and governance Costs are allocated or apportioned to the applicable expenditure headings. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. In thc case of an unconditional grdnt offer this is accrued on¢e th¢ recipient has be¢n notified of th¢ grant award. The notification gives the recipient a reasonable ex[￿tatiOn that they will receive the one-year or multi-year grant. Grants award5 that are subj¢¢t to thc recipieni fulfilling perfomance conditions ar¢ only accrued when the recipient has ken notified of Ihc grant and any tEmainin8 unfulfilled condition attached to that gI￿t is outside of the Control of th¢ Trn5L Irrecoverabk VAT Irrecoverable VAT is charged against the category of ￿sourceS expended for which it was incurre Governan¢e costs Governance costs comprise all costs Involving the public accounlability of th¢ Trust and its compliance with regulation and goixl practice. These co&5 include costs related to the independent examiner's fee together with other overhead costs. Charitable activitio¥ Costs of charitablc activities include prize awards and grants made. CHEJtsEA ARTS CLUB TRUST NOTES TO THE ACCOUNrs 5TH APIUL, 2021 13. I. ACCOUNfING POLICIES (continued) Tangible fixed and depreciation Tangibl¢ r￿ed assets consist of a number of pt¢ce5 of art. They are held at historic cost. The residual value of the ￿etS is ¢onsidered to be higher than the carrying value, therefore no depreciation is charged. Flngllti￿ instruments The Trust has chosen to adopi Sections I l and 12 of FRS 102 in respect of financial inslruments. Short lerm debiors andcre(h'io Debtots and creditors with no stated interest rat¢ and receivable or payable within one year are recorded at transaction price. Any losses arising from impairn)entar¢ recognised in the Statement of Financial Activities in 'administrative expense5. Cash Imdcash equivalents Cash and cash equivalents comprise cash at bank and in hand. Offsetting Financial assets and liabilities are offset and the net amounts presented in the acc4)unts when there is a legally enforceable right to set off the recognised amounts and th¢rc is an intrntion to settle on a net basis or to realise the asset and settl¢ the liability simultaneously. Fund strneture The Trust h&s a single pernianent fund. The ternis of the tTh￿ deed allow the income to be accumulated and th¢ capital to be spent if the Trnstees so detemiine. Restricfrd funds are funds which atr to be US￿ in accordance with SFEcific restrictions imposed by the donor or trust deed. Unrestricted funds comprise those funds which the Trust¢es ar¢ free to use for any purpose in furtherane¢ of the charitable objects. Un￿Stric1ed fiinds include designated fund5 wh¢rc th¢ Trustee4 ai their discretion. wish to create a fund for a specific purpose. 14. CHETtsEA ARTS CLUB TRUST NOTES TO THE ACCOU 5TH APRI4 2021 2. DONATIONS 2021 2020 Resiricted Unrestricted runds Trds Total Share of surplus from sale of Christmas and other cards sold at Chelsea Arts Club Other donations Totsl .054 67.061 1.054 81,561 531 63.387 14.500 £14,500 £68.115 £82.615 £63,918 3. CHARTTABLE Au￿loNs 21121 2020 Unrestrleted funds Reasons lo be Cheerfvl donated artwork sold at auction at Chclsea Arts Club Living The l)ream donatal artwork sold at auction at Chelsea Arts Club 460 17.315 £17,315 £460 4. SUNDRY EXPENSES 2021 2020 Unrestricted funds Bank charges Hospitality costs for prize award winner4 TTUStees ' expenses and mlsccllaneous costs 278 27 712 £868 Trustee5' ex￿SeS included trnvel. refreshments and the cost of infornial strategy meetings. CHELSEA ARTS CLUB TRUST NOTES TO THE AccouNrs srH APRIL 2021 15. 5. PRIZE AWARDS AND OTHER GRA 2021 2020 Restricted UDrestricted fuDds fund$ Totsl Total Grants to institutions Grants lo individuals 3.000 9,500 20,0(KI 21.060 23.000 30.560 7,841 40,650 £12,5(Kl £41.060 £53,560 £48,491 Recipients of inslitlttional grants: London Group (Stan Smith Award) Mahler & Lewitt Studios Chelsea Academy Kids on the Green Accumulate- The Art School For The Hom¢le Auto Italia Iniva- Institute of International Visual Arts The Showroom 2021 2020 750 3.000 1,591 2,500 3,000 5,0(K) 5,000 5.000 £23,000 £7.841 CHELSEA ARTS CLUB TRUST NOTES TO THE ACCOUNrs 16. 5TH APRI4 2021 6. TANGIBLE FIXED ASSETS Paintings and artwork owned by the Tn Painting by Margot Holt Painting by Laura Ballard Silkscreen print on perspex by EliZa￿th Peeble5 Sands¢ape by Wendy conr￿1￿ Painting by Shelly Castle Painting by Ranjana Choudhuri In view of the circumstances in which the above paintings and artwork were purchased - as part of a prize award- the Trustees do not PTOW)se to give an estimate of their market value. Oil painting of Stan Smith by Geofftey Humphries Oil painting by Will Martyr °Water Lilies" by Ithel Colquhoun. donated by the Tn￿tee5 of the Estate of AHS (Peter) Megaw, CBE Painting of °Chels¢a Arts Club Ball 1920- by Claud tA)vat Fr2ser 2,000 3.000 1,050 At 5th April, 2021 and 2020 £6,056 The Trustees are of the opinion that (ybtainin8 a valuation of the donated painting would outweigh th¢ benefit lo the Trnst of doing so. 7. DEBTORS Amount owed by Chelsea Arts Club Trnding LimiteAJ 2021 £0 2020 £17.092 8. FINANaAL INSTRUMENTS Financial assets that are debt instruments measured at amortised cost comprise other debtors. At the year¢nd, the Trust had no liabiltties that were ¢lassifJ¢d &% financial instrumerts. CHELSEA ARTS CLUB TRUST ADDITIONAL NOTES TO THE ACCOUNI 5TH APRIL, 2021 17. At 5th April, 2021 the Tn￿1 is comrnitted to ￿Y the balance of ongoRng grants monthly a5 prize awards. Amount due, to be paid.. In the year ending 5th April. 2022 £4,167 The Trustees consider the alx)ve commitment will b¢ funded from existing reserves and ongoing donations received. No Trustees, or persons conne¢ted with th¢ Trnst¢es have r¢ceived any remunerdtion from the Trust. In the opinion of the Trustees there are no related party ttansactions falling to be dis¢losed in these accounts. 10. COVllk19 The durdtion and impact of the COV11%19 pandemic, &s well as the effectiveness of ongoing measures to combat its continuing threat, remain unclear. It is not possible lo estimate the duration and severity of these consequences reliably. nor their impact on the financial w)sition and results of the Trust for future accounting periods. The Trustees consider that the amount of th¢ cash balances held is suificient to fund anticipated flow requirements.