ART FUND SERVICES LIMITED

Company Registration Number:
01487654 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2021

Period of accounts

Start date: 1 January 2021

End date: 31 December 2021

ART FUND SERVICES LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2021

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

ART FUND SERVICES LIMITED

Directors' report period ended 31 December 2021

The directors present their report with the financial statements of the company for the period ended 31 December 2021

Principal activities of the company

The principal activity of the company is selling merchandise, affinity holidays and advertising space on behalf ofNational Art Collections Fund (Art Fund). Since March 2020 the coronavirus pandemic has affected the incomeof Art Fund Services Limited (AFSL). In 2019 approximately one third of income was derived from commission onthe sale of holidays by partner agencies. In 2020 commission from holiday sales, which were mainly overseas,has reduced to zero since the lockdown period begun and may take some time to recover once the current crisisis over. As the roadmap out of lockdown continues in 2021, AFSL is expecting to start generating commissionfrom UK holiday sales.

Political and charitable donations

All profits in the year are donated to Art Fund by way of Gift Aid.



Directors

The directors shown below have held office during the whole of the period from
1 January 2021 to 31 December 2021

Jeremy Palmer
Jenny Waldman


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
9 May 2022

And signed on behalf of the board by:
Name: Jeremy Palmer
Status: Director

ART FUND SERVICES LIMITED

Profit And Loss Account

for the Period Ended 31 December 2021

2021 2020


£

£
Turnover: 63,335 55,741
Cost of sales: ( 42,600 ) ( 42,600 )
Gross profit(or loss): 20,735 13,141
Administrative expenses: ( 10,409 ) ( 9,489 )
Operating profit(or loss): 10,326 3,652
Profit(or loss) before tax: 10,326 3,652
Profit(or loss) for the financial year: 10,326 3,652

ART FUND SERVICES LIMITED

Balance sheet

As at 31 December 2021

Notes 2021 2020


£

£
Fixed assets
Intangible assets:   0
Total fixed assets: 0
Current assets
Stocks: 3 60 60
Debtors: 4 8,398 8,620
Cash at bank and in hand: 112,116 107,644
Total current assets: 120,574 116,324
Creditors: amounts falling due within one year: 5 ( 117,295 ) ( 113,045 )
Net current assets (liabilities): 3,279 3,279
Total assets less current liabilities: 3,279 3,279
Total net assets (liabilities): 3,279 3,279
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 3,179 3,179
Total Shareholders' funds: 3,279 3,279

The notes form part of these financial statements

ART FUND SERVICES LIMITED

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 9 May 2022
and signed on behalf of the board by:

Name: Jeremy Palmer
Status: Director

The notes form part of these financial statements

ART FUND SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents income from advertising

    Other accounting policies

    Stock - Stick has been valued at lower of cost and net realisable valueDistributions - Taxable profits transferred to the parent entity, a registered charity, are recognised as distributions from equity when the company has made an irrevocable commitment to the parent to pay the taxable profits.

ART FUND SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 2. Employees

    2021 2020
    Average number of employees during the period 0 0

ART FUND SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

3. Stocks

2021 2020
£ £
Stocks 60 60
Total 60 60

ART FUND SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Debtors

2021 2020
£ £
Trade debtors 8,398 8,620
Total 8,398 8,620

ART FUND SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Creditors: amounts falling due within one year note

2021 2020
£ £
Other creditors 117,295 113,045
Total 117,295 113,045